**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      DC 20549**





**Form
        10-QSB**








(Mark
      one)


R  Quarterly
      Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934





**For
      the quarterly period ended June 30, 2007**





£  Transition
      Report Under Section 13 or 15(d) of the Securities Exchange Act of
      1934







For
      the
      transition period from ______________ to _____________











Commission
      File Number: 000-51185





**Signet
      International Holdings, Inc.**


(Exact
      name of small business issuer as specified in its charter)





Delaware
            16-1732674(State
                of incorporation)
            (IRS
                Employer ID Number)





205
      Worth Avenue, Suite 316, Palm Beach, Florida 33480


(Address
      of principal executive offices)





(561)
      832-2000


(Issuer's
      telephone number)














Check
      whether the issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Exchange Act during the past 12 months (or for such shorter period
      that the registrant was required to file such reports), and (2) has been subject
      to such filing requirements for the past 90 days. YES X NO Indicate by check
      mark whether the registrant is a shell company (as defined in Rule 12b-2 of
      the
      Exchange Act):





YES R NO £





State
      the
      number of shares outstanding of each of the issuer's classes of common equity
      as
      of the latest practicable date:





July
        30, 2007: 4,492,462





Transitional
      Small Business Disclosure Format (check one): YES £ NO R




















**Signet
      International Holdings, Inc.**




Form
      1
      0-QSB for the Quarter ended June 30, 2007




Table
      of
      Contents






**Part
                  I - Financial Information**
              PageItem
                  1 Financial Statements
              3Item
                  2 Management's Discussion and Analysis or Plan of
                  Operation
              15Item
                  3 Controls and Procedures
              18**Part
                  II - Other Information**Item
                  1 Legal Proceedings
              19Item
                  2 Recent Sales of Unregistered Securities and Use of
                  Proceeds
              19Item
                  3 Defaults Upon Senior Securities
              19Item
                  4 Submission of Matters to a Vote of Security HoldersItem
                  5 Other Information
              19Item
                  6 Exhibits
              19**Signatures**
              19








2






**Item
        1**
 **Part
        1 - Financial Statements**
  **Signet
        International Holdings, Inc. and Subsidiary**
 (a
        development stage enterprise)
 **Consolidated
        Balance Sheets**
 June
        30,
        2007 and 2006
  **(Unaudited)**
  **ASSETS**
   
 June
                  30, 2007
              
              
              June
                  30, 2006**Current
                  Assets**Cash
                  in bank
              
              $
              100,777
              
              
              $
              204,229**Total
                  Current Assets**
              
              
              100,777
              
              
              
              204,229**Other
                  Assets**Broadcast
                  and intellectual properties,
                net
                  of accumulated amortization of $-0-
              
              
              4,007,249
              
              
              
              -**Total
                  Assets**
              
              $
              4,108,026
              
              
              $
              204,229**LIABILITIES
                  AND SHAREHOLDERS’ EQUITY (DEFICIT)****Liabilities****Current
                  Liabilities**Accounts
                  payable - trade
              
              $
              24,220
              
              
              $
              11,909Other
                  accrued liabilities
              
              
              110,875
              
              
              
              90,337Accrued
                  officer compensation
              
              
              286,170
              
              
              
              182,418**Total
                  Current Liabilities**
              
              
              421,265
              
              
              
              284,664**Long-Term
                  Liabilities**Contracts
                  payable on broadcast properties and intellectual
                  properties
              
              
              75,000
              
              
              
              -**Total
                  Liabilities**
              
              
              496,265
              
              
              
              284,664**Commitments
                  and Contingencies****Shareholders’
                  Equity (Deficit)**Preferred
                  stock - $0.001 par value
                50,000,000
                  shares authorized
                5,000,000
                  issued and outstanding, respectively
              
              
              5,000
              
              
              
              5,000Common
                  stock - $0.001 par value
                100,000,000
                  shares authorized.
                4,492,462
                  and 4,102,000 shares
                issued
                  and outstanding, respectively
              
              
              4,492
              
              
              
              4,102Additional
                  paid-in capital
              
              
              4,676,251
              
              
              
              737,592Deficit
                  accumulated during the development stage
              
              
              (1,073,982
              )
              
              
              (827,129
              )**Total
                  Shareholders’ Equity (Deficit)**
              
              
              3,611,761
              
              
              
              (80,435
              )**Total
                  Liabilities and Shareholders’ Equity**
              
              $
              4,108,026
              
              
              $
              204,229




The
        financial information presented herein has been prepared by
        management
 without
        audit by independent certified public accountants.
 The
        accompanying notes are an integral part of these financial
        statements.






3




**Signet
      International Holdings, Inc. and Subsidiary**


(a
      development stage enterprise)


**Consolidated
      Statements of Operations and Comprehensive Loss**


Six
      and
      Three months ended June 30, 2007 and 2006 and


Period
      from October 17, 2003 (date of inception) through June 30, 2005




(Unaudited)








Six
                  months
                ended
                  June
                      30,
                    2007
              
              
              Six
                  months
                ended
                  June
                      30,
                    2006
              
              
              Three
                  months
                ended
                  June
                      30,
                    2007
              
              
              Three
                  months
                ended
                  June
                      30,
                    2006
              
              
              Period
                  from
                October
                  17, 2003
                (date
                    of inception)
                  through
                  June
                      30,
                    2007**Revenues**
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -**Expenses**Organizationaland
                  formation expenses
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              89,801Officer
                  compensation
              
              
              70,000
              
              
              
              34,498
              
              
              
              35,000
              
              
              
              16,998
              
              
              
              291,670Other
                  salaries
              
              
              17,250
              
              
              
              17,375
              
              
              
              12,750
              
              
              
              8,375
              
              
              
              87,875Other
                  general andadministrative
                  expenses
              
              
              62,837
              
              
              
              368,137
              
              
              
              37,552
              
              
              
              345,729
              
              
              
              597,636**Total
                  Expenses**
              
              
              150,087
              
              
              
              420,010
              
              
              
              85,302
              
              
              
              371,102
              
              
              
              1,066,982**Loss
                  from Operations**
              
              
              (150,087
              )
              
              
              (420,010
              )
              
              
              (85,302
              )
              
              
              (371,102
              )
              
              
              (1,066,982
              )**Other
                  Expense**Interest
                  expense
              
              
              -
              
              
              
              (4,436
              )
              
              
              -
              
              
              
              -
              
              
              
              (9,000
              )**Loss
                  before****Provision
                  for Income Taxes**
              
              
              (150,087
              )
              
              
              (424,446
              )
              
              
              (85,302
              )
              
              
              -371,102
              
              
              
              (1,075,982
              )**Provision
                  for Income Taxes**
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -**Net
                  Loss**
              
              
              (150,087
              )
              
              
              (424,446
              )
              
              
              (85,302
              )
              
              
              (371,102
              )
              
              
              (1,075,982
              )**Other
                  Comprehensive Income**
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -**Comprehensive
                  Loss**
              
              $
              (150,087
              )
              
              $
              (424,446
              )
              
              $
              (85,302
              )
              
              $
              (371,102
              )
              
              $
              (1,075,982
              )Loss
                  per weighted-average shareof
                  common stock outstanding,computed
                  on Net Loss -basic
                  and fully diluted
              
              $
              (0.04
              )
              
              $
              (0.11
              )
              
              $
              (0.02
              )
              
              $
              (0.10
              )
              
              $
              (0.29
              )Weighted-average
                  number ofshares
                  of common stockoutstanding
              
              
              4,242,743
              
              
              
              3,881,917
              
              
              
              4,381,939
              
              
              
              3,876,890
              
              
              
              3,733,215






The
          financial information presented herein has been prepared by
          management
 without
          audit by independent certified public accountants.
 The
          accompanying notes are an integral part of these financial
          statements.






4




**Signet
        International Holdings, Inc. and Subsidiary**
 (a
        development stage enterprise)
 **Consolidated
        Statements of Cash Flows**
 Six
        months ended June 30, 2007 and 2006 and
 Period
        from October 17, 2003 (date of inception) through June 30, 2007
  **(Unaudited)**
  Six
                  months
                ended
                June
                  30,
                2007
              
              
              Six
                  months
                ended
                June
                  30,
                2006
              
              
              Period
                  from
                October
                  17,
                2003
                (date
                  of inception)
                through
                June
                  30,
                2007**Cash
                  Flows from Operating Activities**Net
                  Loss
              
              $
              (150,087
              )
              
              $
              (424,446
              )
              
              $
              (1,073,982
              )Adjustments
                  to reconcile net income to net cash
                provided
                  by operating activitiesDepreciation
              
              
              -
              
              
              
              -
              
              
              
              -Organizational
                  expenses paid with issuance
                of common and preferred stock
              
              
              -
              
              
              
              -
              
              
              
              50,810Expenses
                  paid with common stock
              
              
              -
              
              
              
              250,000
              
              
              
              306,430Increase
                  (Decrease) inAccounts
                  payable - trade
              
              
              (2,323
              )
              
              
              11,909
              
              
              
              24,220Accrued
                  liabilities
              
              
              22,540
              
              
              
              56,398
              
              
              
              110,875Accrued
                  officers compensation
              
              
              70,000
              
              
              
              33,998
              
              
              
              286,170**Net
                  cash used in operating activities**
              
              
              (59,870
              )
              
              
              (72,141
              )
              
              
              (295,477
              )**Cash
                  Flows from Investing Activities**
              
              
              -
              
              
              
              -
              
              
              
              -**Cash
                  Flows from Financing Activities**Cash
                  proceeds from note payable
              
              
              -
              
              
              
              -
              
              
              
              90,000Cash
                  paid to retire note payable
              
              
              -
              
              
              
              (90,000
              )
              
              
              (90,000
              )Cash
                  proceeds from sale of common stock
              
              
              6,800
              
              
              
              15,000
              
              
              
              422,889Purchase
                  of treasury stock
              
              
              -
              
              
              
              (50,000
              )
              
              
              (50,000
              )Cash
                  paid to acquire capital
              
              
              -
              
              
              
              -
              
              
              
              (10,447
              )Capital
                  contributed to support operations
              
              
              -
              
              
              
              -
              
              
              
              33,812**Net
                  cash provided by financing activities**
              
              
              6,800
              
              
              
              (125,000
              )
              
              
              396,254**Increase
                  (Decrease) in Cash and Cash Equivalents**
              
              
              (53,070
              )
              
              
              (197,141
              )
              
              
              100,777Cash
                  and cash equivalents at beginning of period
              
              
              153,847
              
              
              
              401,370
              
              
              
              -Cash
                  and cash equivalents at end of period
              
              $
              100,777
              
              
              $
              204,229
              
              
              $
              100,777**Supplemental
                  Disclosures of Interest and Income Taxes Paid**Interest
                  paid during the period
              
              $
              9,000
              
              
              $
              9,000
              
              
              $
              9,000Income
                  taxes paid (refunded)
              
              $
              -
              
              
              $
              -
              
              
              $
              -**Supplemental
                  Disclosures of Non-Cash Investing and Financing
                  Activities**Acquisition
                  of broadcast and intellectual properties with
                long-term
                  contracts payable and common stock
              
              $
              4,007,249
              
              
              $
              -
              
              
              $
              4,007,249




The
            financial information presented herein has been prepared by
            management
 without
            audit by independent certified public accountants.
 The
            accompanying notes are an integral part of these financial
            statements.
   5
  **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage enterprise)
 **Notes
          to Consolidated Financial Statements**
 June
          30,
          2007 and 2006
  **Note
          A - Organization and Description of Business**
  Signet
          International Holdings, Inc. was incorporated on February 2, 2005 in accordance
          with the Laws of the State of Delaware as 51142, Inc.
  On
          September 8, 2005, pursuant to a Stock Purchase Agreement and Share Exchange
          (Agreement) by and among Signet International Holdings, Inc. (Signet);
          Signet
          Entertainment Corporation (SIG) and the shareholders of SIG (Shareholders)
          (collectively SIG and the SIG shareholders shall be known as the “SIG Group”),
          Signet acquired 100.0% of the then issued and outstanding preferred and
          common
          stock of SIG for a total of 3,421,000 common shares and 5,000,000 preferred
          shares of Signet’s stock issued to the SIG Group. Pursuant to the agreement, SIG
          became a wholly owned subsidiary of Signet.
  Signet
          Entertainment Corporation was incorporated on October 17, 2003 in accordance
          with the Laws of the State of Florida. SIG was formed to establish a television
          network “The Gaming and Entertainment Network”.
  The
          Company is considered in the development stage and, as such, has generated
          no
          significant operating revenues and has incurred cumulative operating losses
          of
          approximately $1,074,000.
   **Note
          B - Preparation of Financial Statements**
  The
          acquisition of Signet Entertainment Corporation by Signet International
          Holdings, Inc. effected a change in control of Signet International Holdings,
          Inc. and is accounted for as a “reverse acquisition” whereby Signet
          Entertainment Corporation is the accounting acquirer for financial statement
          purposes. Accordingly, for all periods subsequent to the “reverse merger”
transaction, the financial statements of the Signet International Holdings,
          Inc.
          will reflect the historical financial statements of Signet Entertainment
          Corporation from it’s inception and the operations of Signet International
          Holdings, Inc. subsequent to the September 8, 2005 transaction
          date.
  The
          Company follows the accrual basis of accounting in accordance with accounting
          principles generally accepted in the United States of America and has a
          year-end
          of December 31.
  The
          preparation of financial statements in conformity with accounting principles
          generally accepted in the United States of America requires management
          to make
          estimates and assumptions that affect the reported amounts of assets and
          liabilities and disclosure of contingent assets and liabilities at the
          date of
          the financial statements and the reported amounts of revenues and expenses
          during the reporting period. Actual results could differ from those
          estimates.
  Management
          further acknowledges that it is solely responsible for adopting sound accounting
          practices, establishing and maintaining a system of internal accounting
          control
          and preventing and detecting fraud. The Company’s system of internal accounting
          control is designed to assure, among other items, that 1) recorded transactions
          are valid; 2) valid transactions are recorded; and 3) transactions are
          recorded
          in the proper period in a timely manner to produce financial statements
          which
          present fairly the financial condition, results of operations and cash
          flows of
          the Company for the respective periods being presented.
  During
          interim periods, the Company follows the accounting policies set forth
          in its
          annual audited financial statements filed with the U. S. Securities and
          Exchange
          Commission on its Annual Report on Form 10-KSB for the year ended December
          31,
          2006. The information presented within these interim financial statements
          may
          not include all disclosures required by generally accepted accounting principles
          and the users of financial information provided for interim periods should
          refer
          to the annual financial information and footnotes when reviewing the interim
          financial results presented herein.
  In
          the
          opinion of management, the accompanying interim financial statements, prepared
          in accordance with the U. S. Securities and Exchange Commission’s instructions
          for Form 10-QSB, are unaudited and contain all material adjustments, consisting
          only of normal recurring adjustments necessary to present fairly the financial
          condition, results of operations and cash flows of the Company for the
          respective interim periods presented. The current period results of operations
          are not necessarily indicative of results which ultimately will be reported
          for
          the full fiscal year ending December 31, 2007.
    6
  **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
  **Note
          B - Preparation of Financial Statements - Continued**
  The
          accompanying consolidated financial statements contain the accounts of
          Signet
          International Holdings, Inc. and its wholly-owned subsidiary, Signet
          Entertainment Corporation. All significant intercompany transactions have
          been
          eliminated. The consolidated entities are collectively referred to as
“Company”.
   **Note
          C - Going Concern Uncertainty**
  The
          Company remains in the process of implementing it’s business plan, which will
          require the raising of additional capital. As such, the Company is considered
          to
          be a development stage company.
  The
          Company's continued existence is dependent upon its ability to generate
          sufficient cash flows from operations to support its daily operations as
          well as
          provide sufficient resources to retire existing liabilities and obligations
          on a
          timely basis.
  The
          Company anticipates that future sales of equity securities to fully implement
          it’s business plan or to raise working capital to support and preserve the
          integrity of the corporate entity may be necessary. There is no assurance
          that
          the Company will be able to obtain additional funding through the sales
          of
          additional equity securities or, that such funding, if available, will
          be
          obtained on terms favorable to or affordable by the Company.
  If
          no
          additional capital is received to successfully implement the Company’s business
          plan, the Company will be forced to rely on existing cash in the bank and
          upon
          additional funds which may or may not be loaned by management and/or significant
          stockholders to preserve the integrity of the corporate entity at this
          time. In
          the event, the Company is unable to acquire sufficient capital, the Company’s
          ongoing operations would be negatively impacted.
  It
          is the
          intent of management and significant stockholders to provide sufficient
          working
          capital necessary to support and preserve the integrity of the corporate
          entity.
          However, no formal commitments or arrangements to advance or loan funds
          to the
          Company or repay any such advances or loans exist. There is no legal obligation
          for either management or significant stockholders to provide additional
          future
          funding.
  While
          the
          Company is of the opinion that good faith estimates of the Company’s ability to
          secure additional capital in the future to reach our goals have been made,
          there
          is no guarantee that the Company will receive sufficient funding to sustain
          operations or implement any future business plan steps.
   **Note
          D - Summary of Significant Accounting Policies**
  1. Cash
          and cash equivalents
  For
          Statement of Cash Flows purposes, the Company considers all cash on hand
          and in
          banks, certificates of deposit and other highly-liquid investments with
          maturities of three months or less, when purchased, to be cash and cash
          equivalents.
  2. Organization
          costs
  The
          Company has adopted the provisions of AICPA Statement of Position 9 8-5,
          “Reporting on the Costs of Start-Up Activities” whereby all organizational and
          initial costs incurred with the incorporation and initial capitalization
          of the
          Company were charged to operations as incurred.
  3. Research
          and development
          expenses
  Research
          and development expenses are charged to operations as incurred.
   7
   **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
  **Note
          D - Summary of Significant Accounting Policies - Continued**
  4. Advertising
          expenses
  The
          Company does not utilize direct solicitation advertising. All other advertising
          and marketing expenses are charged to operations as incurred.
  5. Income
          Taxes
  The
          Company uses the asset and liability method of accounting for income taxes.
          At
          June 30, 2007 and 2006, respectively, the deferred tax asset and deferred
          tax
          liability accounts, as recorded when material to the financial statements,
          are
          entirely the result of temporary differences. Temporary differences represent
          differences in the recognition of assets and liabilities for tax and financial
          reporting purposes, primarily accumulated depreciation and amortization,
          allowance for doubtful accounts and vacation accruals.
  As
          of
          June 30, 2007 and 2006, the deferred tax asset related to the Company’s net
          operating loss carryforward is fully reserved. Due to the provisions of
          Internal
          Revenue Code Section 338, the Company may have no net operating loss
          carryforwards available to offset financial statement or tax return taxable
          income in future periods as a result of a change in control involving 50
          percentage points or more of the issued and outstanding securities of the
          Company.
  6.     Earnings
          (loss) per share
  Basic
          earnings (loss) per share is computed by dividing the net income (loss)
          available to common shareholders by the weighted-average number of common
          shares
          outstanding during the respective period presented in our accompanying
          financial
          statements.
  Fully
          diluted earnings (loss) per share is computed similar to basic income (loss)
          per
          share except that the denominator is increased to include the number of
          common
          stock equivalents (primarily outstanding options and warrants).
  Common
          stock equivalents represent the dilutive effect of the assumed exercise
          of the
          outstanding stock options and warrants, using the treasury stock method,
          at
          either the beginning of the respective period presented or the date of
          issuance,
          whichever is later, and only if the common stock equivalents are considered
          dilutive based upon the Company’s net income (loss) position at the calculation
          date.
  At
          June
          30, 2007 and 2006, and subsequent thereto, the Company’s issued and outstanding
          preferred stock is considered anti-dilutive due to the Company’s net operating
          loss position.
  **Note
          E - Fair Value of Financial Instruments**
  The
          carrying amount of cash, accounts receivable, accounts payable and notes
          payable, as applicable, approximates fair value due to the short term nature
          of
          these items and/or the current interest rates payable in relation to current
          market conditions.
  Interest
          rate risk is the risk that the Company’s earnings are subject to fluctuations in
          interest rates on either investments or on debt and is fully dependent
          upon the
          volatility of these rates. The Company does not use derivative instruments
          to
          moderate its exposure to interest rate risk, if any.
  Financial
          risk is the risk that the Company’s earnings are subject to fluctuations in
          interest rates or foreign exchange rates and are fully dependent upon the
          volatility of these rates. The company does not use derivative instruments
          to
          moderate its exposure to financial risk, if any.
   8
  **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
 **Note
            F - Broadcast and Intellectual Properties Contract
            Payables**
  On
          April
          20, 2007, the Company entered into a new purchase agreement with Freehawk
          for
          100% of the rights to 21 television series to be produced by Freehawk
          exclusively for Signet. The total consideration paid by the Company for
          these
          rights was 270,000 shares of restricted, unregistered common stock and
          a $50,000
          promissory note. Based on an independent third-party appraisal, the Company
          valued this transaction at approximately $2,870,625. The common stock was
          issued
          pursuant to an exemption from registration under Section 4(2) of the Securities
          Act of 1933, as amended, and no underwriter was used in this
          transaction.
  On
          May
          22, 2007, the Company acquired the exclusive television rights to “Tales From
          The moe.Republic”, by John E. Derhak. This full-length novel is in the process
          of being published and is currently being sold in an abridged, autographed
          limited edition through the website www.moerepublic.org. Total
          consideration paid by the Company for these rights was 113,662 shares of
          restricted, unregistered common stock and a $25,000 promissory note. Based
          on an
          independent third-party appraisal, the Company valued this transaction
          at
          approximately $1,136,600. The common stock was issued pursuant to an exemption
          from registration under Section 4(2) of the Securities Act of 1933, as
          amended,
          and no underwriter was used in this transaction.
  **Note
          G - Income Taxes**
  The
          components of income tax (benefit) expense each of the six month periods
          ended
          June 30, 2007 and 2006 and for the period from October 17, 2003 (date of
          inception) through June 30, 2007, are as follows:
  Six Months
                      ended
                  
                  Six Months
                      ended
                  
                  Period
                      from
                    October
                      17, 2003
                    (date
                      of inception)
                    throughJune 30,
                  
                  June 30,
                  
                  June
                      30,2007
                  
                  2006
                  
                  2007Federal:Current
                  
                  $
                  -
                  
                  $
                  -
                  
                  $
                  -Deferred
                  
                  
                  -
                  
                  
                  -
                  
                  
                  --
                  
                  
                  -
                  
                  
                  -State:Current
                  
                  
                  -
                  
                  
                  -
                  
                  
                  -Deferred
                  
                  
                  -
                  
                  
                  -
                  
                  
                  --
                  
                  
                  -Total
                  
                  $
                  -
                  
                  $
                  -
                  
                  $
                  -
  As
          of
          June 30, 2007, the Company has a net operating loss carryforward of
          approximately $535,000 for Federal and State income tax purposes.. The
          amount
          and availability of any future net operating loss carryforwards may be
          subject
          to limitations set forth by the Internal Revenue Code. Factors such as
          the
          number of shares ultimately issued within a three year look-back period;
          whether
          there is a deemed more than 50 percent change in control; the applicable
          long-term tax exempt bond rate; continuity of historical business; and
          subsequent income of the Company all enter into the annual computation
          of
          allowable annual utilization of the carryforwards.
  (Remainder
          of this page left blank intentionally)
   9
   **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
  **Note
          G - Income Taxes - Continued**
  The
          Company's income tax expense (benefit) for each of the six month periods
          ended
          June 30, 2007 and 2006 and for the period from October 17, 2003 (date of
          inception) through June 30, 2007, respectively, differed from the statutory
          federal rate of 34 percent as follows:
 Six Months
                      ended
                  
                  Six Months
                      ended
                  
                  Period
                      from
                    October
                      17, 2003
                    (date
                      of inception)
                    throughJune
                      30,
                  
                  June 30,
                  
                  June
                      30,2007
                  
                  2006
                  
                  2007Statutory
                        rate applied to income before income taxes
                  
                  $
                  (51,000
                  )
                  $
                  (144,000
                  )
                  $
                  (365,000
                  )Increase
                        (decrease) in income taxes resulting from:State income taxes
                  
                  
                  -
                  
                  
                  -
                  
                  
                  -Timing of deductions for accrued compensation
                  
                  
                  23,800
                  
                  
                  11,900
                  
                  
                  97,000Non-deductible consulting fees related to issuanceof common stock at less than “fair value”
                  
                  
                  -
                  
                  
                  42,500
                  
                  
                  62,000Other, including reserve for deferred taxasset and application of net operating loss
                        carryforward
                  
                  
                  27,200
                  
                  
                  89,600
                  
                  
                  206,000Income
                        tax expense
                  
                  $
                  -
                  
                  $
                  -
                  
                  $
                  -
  Temporary
          differences, consisting primarily of the prospective usage of net operating
          loss
          carryforwards and statutory deferrals of accrued compensation give rise
          to
          deferred tax assets and liabilities as of June 30, 2007 and 2006,
          respectively:
  June
                    30,
                  2007
                
                
                June
                    30,
                  2006Deferred
                    tax assetsNet
                    operating loss carryforwards
                
                $
                182,000
                
                
                $
                114,000Timing
                    of deductions for accrued compensation
                
                
                97,000
                
                
                
                63,000Less
                    valuation allowance
                
                
                (279,000
                )
                
                
                (177,000
                )Net
                    Deferred Tax Asset
                
                $
                -
                
                
                $
                -
 
 **Note
            H - Preferred Stock**
 On
          March
          14, 2007, the Company formally designated a series of Super Preferred Stock
          of
          the Company’s 50,000,000 authorized shares of the capital preferred stock of the
          Corporation. The designated Series A Convertible Super Preferred Stock
          (the
          "Series A Super Preferred Stock"), to consist of 5,000,00 shares, par value
          $.001 per share, which shall have the following preferences, powers,
          designations and other special rights:
  Voting:
                    Holders of the Series A Super Preferred Stock shall have ten
                    votes per
                    share held on all matters submitted to the shareholders of the
                    Company for
                    a vote thereon. Each holder of these shares shall have the option
                    to
                    appoint two additional members to the Board of Directors. Each
                    share shall
                    be convertible into ten (10) shares of common
                    stock.
  Dividends:
                    The holders of Series A Super Preferred Stock shall be entitled
                    to receive
                    dividends or distributions on a pro rata basis with the holders
                    of common
                    stock when and if declared by the Board of Directors of the Company.
                    Dividends shall not be cumulative. No dividends or distributions
                    shall be
                    declared or paid or set apart for payment on the Common Stock
                    in any
                    calendar year unless dividends or distributions on the Series
                    A Preferred
                    Stock for such calendar year are likewise declared and paid or
                    set apart
                    for payment. No declared and unpaid dividends shall bear or accrue
                    interest.
   10
   **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
  **Note
          H - Preferred Stock - Continued**
  Liquidation
 Preference
                Upon
                    the liquidation, dissolution and winding up of the Company, whether
                    voluntary or involuntary, the holders of the Series A Super Preferred
                    Stock then outstanding shall be entitled to, on a pro-rata basis
                    with the
                    holders of common stock, distributions of the assets of the Corporation,
                    whether from capital or from earnings available for distribution
                    to its
                    stockholders.
  The
          Board
          of Directors has the authority, without further action by the shareholders,
          to
          issue, from time to time, preferred stock in one or more series for such
          consideration and with such relative rights, privileges, preferences and
          restrictions that the Board may determine. The preferences, powers, rights
          and
          restrictions of different series of preferred stock may differ with respect
          to
          dividend rates, amounts payable on liquidation, voting rights, conversion
          rights, redemption provisions, sinking fund provisions and purchase funds
          and
          other matters. The issuance of preferred stock could adversely affect the
          voting
          power or other rights of the holders of common stock.
  On
          October 20, 2003, in conjunction with the formation and incorporation of
          Signet
          Entertainment Corporation, SIG issued 4,000,000 shares of preferred stock
          to the
          incorporating persons. This transaction was valued at approximately $40,000,
          which approximates the value of the services provided.
  On
          July
          19, 2005, the Company issued 1,000,000 shares of preferred stock to an
          existing
          shareholder and Company officer for services related to the organization
          and
          structuring of the Company and it’s proposed business plan. This transaction was
          valued at approximately $10,000, which approximates the value of the services
          provided.
  Concurrent
          with the reverse merger transaction, these shareholders exchanged their
          Signet
          Entertainment Corporation preferred stock for equivalent shares of Signet
          International Holdings, Inc. Series A Super Preferred stock, as described
          above.
  **Note
          I - Common Stock Transactions**
  On
          October 17, 2003 and November 1, 2003, in connection with the incorporation
          and
          formation of the Company, an aggregate of approximately 3,294,000 shares
          of
          restricted, unregistered shares of common stock and were issued to various
          founding individuals. This combined preferred stock and common stock issuances
          were collectively valued at approximately $40,810, which approximated the
          fair
          value of the time provided by the individuals and the related out-of-pocket
          expenses.
  On
          June
          16, 2004 and December 3, 2004, the Company sold, in three separate transactions
          to three unrelated individuals, an aggregate 70,000 shares of restricted,
          unregistered common stock for $35,000 cash. These shares were sold pursuant
          to
          an exemption from registration under Section 4(2) of the Securities Act
          of 1933,
          as amended, and no underwriter was used any of the three
          transactions.
  Between
          July 20, 2005 and August 26, 2005, Signet Entertainment Corporation sold
          an
          aggregate 57,000 shares of common stock to existing and new shareholders
          at a
          price of $0.01 per share for gross proceeds of approximately $570. As this
          selling price was substantially below the “fair value” of comparable
          transactions, the Company recognized a charge to operations for consulting
          expense equivalent to the difference between the established “fair value” of
          $1.00 per share (as determined by the pricing in the September 2005 Private
          Placement Memorandum) and the selling price of $0.01 per share.
  On
          September 9, 2005, the Company commenced the sale of common stock pursuant
          to a
          Private Placement Memorandum in a self-underwritten offering. This Memorandum
          is
          offering for sale to persons who qualify as accredited investors and to
          a
          limited number of sophisticated investors, on a best efforts basis, up
          to
          2,000,000 of our common shares at $1.00 per share, for anticipated gross
          proceeds of $2,000,000. The common shares will be offered through the Company’s
          officers and directors on a best-efforts basis. The minimum investment
          is
          $1,000, however, the Company might, at it’s sole discretion, accept
          subscriptions for lesser amounts. Funds received from all subscribers will
          be
          released to the Company upon acceptance of the subscriptions by the Company’s
          management. Through December
          31, 2006, the Company has sold an aggregate 381,000 shares for gross proceeds
          of
          $381,000 under this Memorandum.
   11
  **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
  **Note
          I - Common Stock Transactions - Continued**
  On
          March
          31, 2006, the Company repurchased 50,000 shares of common stock from the
          estate
          of a deceased shareholder which purchased said shares for $50,000 cash
          pursuant
          to the aforementioned September 2005 Private Placement Memorandum for $50,000
          cash. In June 2006, the Company’s Board of Directors cancelled these shares and
          returned them to unissued status.
  On
          June
          22, 2006, the Company issued 250,000 shares of unregistered, restricted
          common
          stock, valued at $0.50 per share or $125,000, in payment of consulting
          fees. As
          the agreed-upon value of the services provided was less than the “fair value” of
          comparable transactions, the Company has recognized an additional charge
          to
          Consulting Fees equivalent to the difference between the established “fair
          value” of $1.00 per share (as determined by the pricing in the September 2005
          Private Placement Memorandum) and the agreed-upon value of $0.50 per share
          in
          the corresponding line item in the Company’s Statement of
          Operations.
  On
          April
          16, 2007, the Company issued 270,000 shares of unregistered, restricted
          common
          stock for the acquisition of certain broadcast and other production rights.
          These shares were sold pursuant to an exemption from registration under
          Section
          4(2) of the Securities Act of 1933, as amended, and no underwriter was
          used in
          this transaction.
  On
          May 2,
          2007, the Company sold, in a private transaction, 6,800 shares of unregistered,
          restricted common stock at a price of $1.00 per share for cash. These shares
          were sold pursuant to an exemption from registration under Section 4(2)
          of the
          Securities Act of 1933, as amended, and no underwriter was used in this
          transaction.
  On
          May
          22, 2007, the Company issued 113,662 shares of unregistered, restricted
          common
          stock for the acquisition of intellectual properties related to literary
          works.
          These shares were sold pursuant to an exemption from registration under
          Section
          4(2) of the Securities Act of 1933, as amended, and no underwriter was
          used in
          this transaction.
  **Note
          J - Commitments**
  Leased
          office space
  The
          Company operates from leased office facilities at 205 Worth Avenue, Suite
          316
          Palm Beach, FL 33480 under an operating lease. The lease agreement was
          originally expired to expire in July 2009 and has been subsequently amended
          to a
          month-to-month basis. The lease requires monthly payments of approximately
          $928.
          The Company is not responsible for any additional charges for common area
          maintenance.
  The
          Company also reimburses two non-executive personnel and one executive officer
          for the use of their personal home offices, which are not exclusive to
          the
          Company’s business, at approximately $250 per month. These agreements are on a
          month-to-month basis.
  For
          the
          respective years ended December 31, 2006 and 2005, the Company paid an
          aggregate
          of $34,755 and $16,738 for rent under these agreements.
  Triple
          Play Management Agreement
  On
          October 23, 2003, Signet Entertainment entered into a Management Agreement
          with
          Triple Play Media Management (Triple Play) of Peoria, Arizona. Triple Play
          is
          engaged to be the management company to manage and operate any acquired
          Signet
          facility (facilities) on a permanent basis for Signet for a period of ten
          years
          (the initial period) with an automatic extension of an additional ten years
          unless the dissenting party gives proper notice.
   12
  **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
  **Note
          J - Commitments - Continued**
  Triple
          Play Management Agreement- continued
  To
          facilitate this Management Agreement, Signet will endeavor to raise capital
          contributions through a Private Placement Offering, Regulation 506 and
          /or a
          Public Offering and show evidence of the total capital funds required for
          the
          establishment of the Network including providing funds for the budgeted
          operations of the business for the term of this agreement plus extensions.
          Signet will also provide a minimum of 17,500 square feet of permanent structure
          (connector facility), fully equipped to accommodate full- service television
          studios, sound stages and various production equipment within completely
          air-conditioned and heated work places and mobile modular production unit
          (s)
          fully equipped and a Eutelsat satellite Hot Bird and delivery system. Triple
          Play will, in turn, perform the following actions: a) acquire and maintain
          various licenses; b) compliance with local ordinances and state laws; c)
          maintain complete books of account, which shall comply with requirements
          of any
          governmental agency including all Federal Communications commission (FCC)
          regulations; d),provide an annual budget to Signet, addressing all operating
          activities, including a reserve for repairs, refurbishment, and replacements
          to
          maintain the premises and equipment in good condition; e) make no expenditures
          other than those items provided in an annual budget; f) maintain books
          and
          records to be made available to Signet representatives; g) have complete
          creative control and authority to determine all matters concerning decor,
          design, arrangement, format and all production presentations including
          creative
          design, absolute control and discretion with respect to the operation of the
          premises; and h) be responsible for all necessary and proper insurances
          safeguarding against all reasonably foreseeable risks on a replacement
          cost
          basis of coverage to both parties , the business and its assets.
  Upon
          Signet’s raising the necessary required funding through a secondary offering,
          Signet will begin funding the working capital requirements of Triple Play
          for a
          share of Triple Play’s profit. The working capital commitment is based on
          mutually agreed budgets and is projected to amount approximately $15 million,
          inclusive of management fees. This advance of management fees would be
          drawn
          down by Triple Play over approximately the first 12 months of its operations
          which would begin once Signet has access to the secondary offering funding.
          This
          advance will be recovered by Signet from Triple Play’s future cash flows. In
          return, Signet will receive 87.5 % of Triple Play’s monthly gross revenues less
          Triple Play’s monthly operating expenses.
  For
          the
          services, Triple Play shall render to Signet, Signet shall pay management
          fees
          to Triple Play based upon Triple Play’s gross revenues, as follows: a) 12% of
          Triple Play’s gross revenues, provided that Triple Play realizes a minimum pre
          tax net profit of 25%, plus b) 1/2% (one half percent) of Triple Play’s gross
          revenues for Triple Play’s costs of licenses and permits for international air
          waves and feeds duties and taxes, satellite transmission links, down links,
          including earth stations. The fees in a) and b), noted above, shall become
          due
          from Signet within 90 days after the close of each calendar year based
          on a
          determination by independently prepared Certified Public Accountants’ reports.
          These reports will account for advances Signet has made.
  Triple
          Play’s Chief Executive Officer, Richard Grad, one of Signet’s founding
          shareholders, will be paid by Signet, a signing bonus of $50,000 upon the
          funding of a future Signet offering. Signet will also pay to Mr. Grad the
          following annual compensation during the entire term of this agreement,
          including extensions thereto: 1) a guaranteed annual salary of $200,000.(Two
          Hundred Thousand), per year payable at the beginning of each month at the
          rate
          of twelve equal installments and will be subsequently deducted from each
          annual
          management fee settlement noted above; 2) an allowance of $1,500 for moving
          and
          relocation expenses and 3) ordinary and reasonable employee benefits related
          to
          health insurance. It is specifically noted that Mr. Grad will function
          solely as
          an independent contractor representing Triple Play and will not be construed
          as
          a Signet employee.
   13
  **Signet
          International Holdings, Inc. and Subsidiary**
 (a
          development stage company)
 **Notes
          to Consolidated Financial Statements - Continued**
 June
          30,
          2007 and 2006
  **Note
          J - Commitments - Continued**
  Big
          Vision Management Contract
  On
          July
          22, 2005, Signet Entertainment entered into a Management Agreement with
          Big
          Vision Studios, a Nevada Limited Liability Company (Big Vision) located
          in both
          Las Vegas, Nevada and Burbank, California whereby Big Vision will be the
          exclusive supplier of High Definition Equipment and Studio rental for Signet.
          This agreement is for a period of one (1) year, commencing with the submission
          by Signet’s of evidence of the total capital funds required for the
          establishment of Signet’s Network including providing funds for the budgeted
          operations of the business for the term of this agreement plus extensions
          to Big
          Vision, with an automatic extension of an additional five years unless
          the
          dissenting parry gives proper notice. Signet has agreed to pay a reduced
          fee to
          Big Vision, at a discount negotiated off of Big Vision’s published standard rate
          card, for the first year of Signer’s operations. After the initial year, Signet
          has agreed to pay Big Vision based on Big Vision’s published standard rate card
          at that point in time plus an additional 15% in consideration of Big Vision’s
          concession in rates for the first year. Signet has agreed to continue paying
          pursuant to Big Vision’s published standard rate card plus 15% for as long as
          this agreement is in place. All fees will be paid as they become due and
          payable
          according to Big Vision’s requirements.
  (Remainder
          of this page left blank intentionally)
   14
  **Part
          I - Item 2**
  **Management’s
          Discussion and Analysis of Financial Condition and Results of
          Operations**
  **(1)**  **Caution
          Regarding Forward-Looking Information**
  Certain
          statements contained in this quarterly filing, including, without limitation,
          statements containing the words "believes", "anticipates", "expects" and
          words
          of similar import, constitute forward-looking statements. Such forward-looking
          statements involve known and unknown risks, uncertainties and other factors
          that
          may cause the actual results, performance or achievements of the Company,
          or
          industry results, to be materially different from any future results,
          performance or achievements expressed or implied by such forward-looking
          statements.
  Such
          factors include, among others, the following: international, national and
          local
          general economic and market conditions: demographic changes; the ability
          of the
          Company to sustain, manage or forecast its growth; the ability of the Company
          to
          successfully make and integrate acquisitions; raw material costs and
          availability; new product development and introduction; existing government
          regulations and changes in, or the failure to comply with, government
          regulations; adverse publicity; competition; the loss of significant customers
          or suppliers; fluctuations and difficulty in forecasting operating results;
          changes in business strategy or development plans; business disruptions;
          the
          ability to attract and retain qualified personnel; the ability to protect
          technology; and other factors referenced in this and previous
          filings.
  Given
          these uncertainties, readers of this Form 10-QSB and investors are cautioned
          not
          to place undue reliance on such forward-looking statements. The Company
          disclaims any obligation to update any such factors or to publicly announce
          the
          result of any revisions to any of the forward-looking statements contained
          herein to reflect future events or developments.
  **(2)**  **Results
          of Operations, Liquidity and Capital Resources or Plan of
          Operation**
  Period
          ended June 30, 2007 compared to June 30, 2006
  We
            had no
            revenue for either of the respective six months ended June 30, 2007 and
            2006,
            respectively.
  General
          and administrative expenses for the six months ended June 30, 2007 and
          2006 were
          approximately $150,000 and $420,000, respectively. These costs relate
          principally to the maintenance of our corporate offices and the implementation
          of our business plan.
  For
          the
          six and three months ended June 30, 2007 and 2006, we accrued compensation
          to
          our chief executive officer, Ernie Letiziano of $35,000 ($17,500 for each
          respective three month period). Effective January 1, 2007, we engaged the
          services of and commenced the accrual of executive compensation of $17,500
          per
          quarter to Thomas Donaldson for his role in implementing the Company’s business
          plan for future growth and/or acquisitions in the broadcast
          marketplace.
  Our
            net
            loss for the six months ended June 30, 2007 and 2006, respectively was
            approximately $(1 50,000) and $(420,000) Our earnings per share for the
            respective quarters ended June 30, 2007 and 2006 was approximately $(0.04)
            and
            $(0. 11) based on the respective weighted-average shares issued and outstanding
            at the end of each quarter.
  The
          Company does not expect to generate any meaningful revenue or incur operating
          expenses for purposes other than fulfilling the obligations of a reporting
          company under The Securities Exchange Act of 1934 unless and until such
          time
          that the Company’s operating subsidiary begins meaningful
          operations.
  At
          June
          30, 2007 and 2006, respectively, the Company had working capital of
          approximately $(34,300) and $102,000, exclusive of accrued officer compensation.
          Both Mr. Letiziano and Mr. Donaldson have both agreed to defer payment
          of their
          accrued compensation until such time that we have adequate cash flows to
          service
          these obligations without undue hardship to our operations and expansion
          plans.
  It
          is the
          intent of management and significant stockholders, if necessary, to provide
          sufficient working capital necessary to support and preserve the integrity
          of
          the corporate entity. However, there is no legal obligation for either
          management or significant stockholders to provide additional future funding.
          Should this pledge fail to provide financing, the Company has not identified
          any
          alternative sources. Consequently, there is substantial doubt about the
          Company's ability to continue as a going concern.
  The
          Company's need for capital may change dramatically as a result of any business
          acquisition or combination transaction. There can be no assurance that
          the
          Company will identify any such business, product, technology or company
          suitable
          for acquisition in the future. Further, there can be no assurance that
          the
          Company would be successful in
          consummating any acquisition on favorable terms or that it will be able
          to
          profitably manage the business, product, technology or company it
          acquires.
   15
  Plan
          of Operations
  In
              March
              2007, upon the approval of our equity securities for trading on the
              Over the
              Counter Bulletin Board, we began implementation of that part of our
              business
              plan relating to the acquisition of LPTV stations by offering Sale
& Share
              Exchange Contracts with the LPTV Stations. Although we have had no
              revenues
              generated to date, we expect to realize revenues from operations of
              the LPTV
              stations once agreements are finalized and executed and we take control
              of an
              LPTV station. Ernest Letiziano, our sole officer, director will not
              relinquish
              control of the Company to any of the acquired LPTV stations resulting
              from any
              of the agreement. In addition, since the acquisition of the LPTV stations
              will
              be based upon issuing our stock in exchange for the LPTV station’s stock, we
              will incur no cash expenditures other than incidental expenses such
              as
              telephone, travel and general and administrative expenses. These expenses
              that
              we will incur related to the LPTV acquisition have been anticipated
              and are part
              of our monthly expenses in the total amount of $10,500 per month as
              set forth
              below. The funds provided for the monthly expenses, including the expenses
              for
              acquisition of the LPTV stations, came from the issuance of shares
              raised by us
              in our private placement which commenced in September 2005 and was
              completed in
              January 2006. Our cash flow requirements of $10,500 per month will
              be
              accommodated adequately by our current cash balance of $ 100,777. The
              first six
              months of  2007 have required the use of approximately $59,800 in
              operating cash, which we believe to be on target for our current and
              previously
              disclosed projections. We anticipate that our cash requirements will
              remain
              fairly consistent until such time that we complete an acquisition or
              acquisitions of operating broadcast properties. We do not anticipate
              significant
              expenses for the negotiating and finalizing of the agreements since
              we will
              undertake the due diligence ourselves and do not have to incur travel
              expenses
              to visit the stations. In addition, we have already anticipated these
              expenses
              as part of monthly budget.
  It
          is the
          intent of management and significant stockholders, if necessary, to provide
          sufficient working capital necessary to support and preserve the integrity
          of
          the corporate entity. Although we have verbal assurances from Mr. Letiziano
          that
          he will provide such interim working capital, there is no legal obligation
          for
          either management or significant stockholders to provide additional future
          funding. We may raise additional funds through public offerings of equity,
          securities convertible into equity or debt, private offerings of
          securities.
  Concurrent
          with our acquiring other LPTV stations for stock during 2007, we intend
          to seek
          additional equity or debt financing. To date we have been able to raise
          funds in
          two funding rounds through both debt and equity offerings. We anticipate
          that
          the funds we secure from our next round of financing will enable us to
          purchase
          additional LPTV stations, some with a cash consideration, and provide additional
          working capital to enable us to possibly acquire some stations making losses,
          purchase programming and initiate Triple Play Media operations. Cash costs
          for
          this phase of our plan will include: $25,000 related to the funding round
          plus
          up to $30 million to support the acquisitions of more LPTV stations, plus
          up to
          $15 million to support Triple Play. This phase of our plan will continue
          throughout 2007. Currently, we have no specific plans to raise additional
          financing and we do not have any specific source(s) of such potential financing.
          However, since our shares were approved for trading, we have begun negotiations
          with several potential funding sources to assist with the acquisitions
          of the
          stations. To date, we have no agreements or understandings in place for
          this
          funding.
  We
          waited
          until our Registration Statement on Form SB-2 was declared effective to
          commence
          negotiating in earnest with at least one LPTV station. In previous periods,
          we
          began to identify target LPTV station(s). We continue to use the online
          site,
www.LPTV.com, to identify stations that are for sale. We have, to date,
          identified various station(s) that we plan to approach in order to initiate
          acquisition negotiations. Our selection criteria is principally focused
          on
          station(s) that are currently available for sale, have a potential audience
          of
          at least 550,000 TV households, are rated Class A, and are located, in
          our
          opinion, in a growing market. As stated above, we have identified several
          stations or groups of stations under common control; however, we have only
          started preliminary contacts to commence negotiations or discussions. Based
          upon
          our review of the marketplace, we believe that we will be able to take
          the
          following steps to effectuate the acquisition of LPTV stations in the time
          periods set forth below. However, the time periods set forth below are
          only
          based upon our estimates and may or may not be completed as anticipated
          due to
          the variances in the time it takes to complete the necessary negotiations
          and/or
          consummating business transactions in the current business climate in the
          United
          States and the ultimate willingness of the sellers to consummate the
          transaction(s).
  1.
                  Building
                      upon our activities which started in the 4thquarter
                      of
                      2006, we continue the targeting and acquisition process of
                      reviewing those
                      markets of dominant influence (the ratings of TV households
                      in each
                      market.). We expect the expenses for our review of the markets
                      to be
                      limited to the time spent by Mr. Letiziano, our sole officer
                      and director.
                      We anticipate that any additional expenses will be under $1,000
                      can be
                      paid from our current cash in hand.
 16
  2.
                    During
                            2007, we have continues to identify and contact the selected
                            LPTV stations
                            that are currently operating at a profit and in good
                            standing with the
                            FCC. We expect the expenses for same to be to be limited
                            to the time spent
                            by Mr. Letiziano, our sole officer and director. We anticipate
                            that any
                            additional expenses will be under $1,000 and will be
                            paid from our current
                            cash in hand.
 3.
                After
                      identification of appropriate stations, we have initiated contact
                      with
                      some  LPTV station owners and legal counsel and have
                      negotiatedand sign non-circumvention agreements and Letters
                      of Intent.
                      Upon execution of a letter of intent we have commenced our  due
                      diligence which  includes the review of financial statements,
                      customer base, survey of equipment and the review of compliance
                      with FCC
                      regulations researched through public records. Since our arrangements
                      will
                      be based upon a share exchange contract, we will not incur
                      any cash
                      expenses other than those incidental expenses already budgeted
                      in our
                      monthly expenses. We will not need to travel to undertake our
                      due
                      diligence and intend to have the due diligence completed and
                      reviewed by
                      Mr. Letiziano. Based upon same we do not expect the expenses
                      for the due
                      diligence and negotiations to be more than $1,000 and will
                      be paid from
                      our current cash in hand.
  4.
                At
                      the present time, we anticipate to have negotiated and finalized
                      an
                      agreement to purchase at least one LPTV station and file though
                      FCC
                      counsel applications for approval from the FCC to operate the
                      target LPTV
                      station(s) by the end of the third quarter 2007. The approval
                      period takes
                      from 60-90 days. We expect the expenses, which shall include
                      legal fees
                      and application fees to be less than $5,000 and will be paid
                      from our
                      current cash on hand.
  5.
                Once
                    the FCC has granted approval, we will then become owner of the
                    LPTV
                    station and will be responsible for the daily expenses associated
                    with
                    operating the business. The fees and expenses for operating these
                    stations
                    will be paid from the revenues which we anticipate we will generate
                    from
                    the LPTV station. At this time we are unsure of the expenses
                    for operating
                    the stations since we have not commenced our due diligence on
                    any specific
                    station. However, in the event that the stations do not generate
                    the
                    anticipates revenues then we will pay the fees and expenses from
                    our
                    current cash on hand or will rely on shareholder loans to cover
                    such costs
                    until the station generates sufficient revenues or until we can
                    obtain
                    additional debt or equity
                    financing.
  6.
                  After
                      our first acquisition, we will continue to identify and negotiate
                      with
                      additional LPTV stations. The funds to operate the LPTV stations
                      will be
                      derived from revenues generated or from cash on hand. In the
                      event that
                      the stations do not generate the anticipates revenues then
                      we will pay the
                      fees and expenses from our current cash on hand or will rely
                      on
                      shareholder loans to cover such costs until the station generates
                      sufficient revenues or until we can obtain additional debt
                      or equity
                      financing. The fees and expenses for the due diligence, negotiations
                      and
                      expenses for the additional stations will be the same as set
                      above and
                      will be paid from current cash on hand, revenues or stockholder
                      loans.
 To
          date,
          we continue to primarily identify target stations by searching the Internet.
          The
          name and call letters of these stations are posted on various web sites.
          Our
          intention is to finance payment of these stations by issuing the sellers
          common
          stock as well cash payments to be negotiated. We can not be certain that
          any of
          the stations will agree to a purchase and/or share exchange arrangement.
          Since
          our research and contacts will be made through our office, we do not expect
          to
          incur any additional expenses other than the normal general and administrative
          expenses presently being paid.
  We
          believe we can satisfy our cash requirements for our operations over the
          next
          twelve months with our current cash reserves. We anticipate that our operational
          and general and administrative expenses will approximate $126,000 on an
          annual
          basis, based on the acquisition of one LPTV station. Management currently
          anticipates that we will be able to cover these expenses with our current
          remaining cash reserves of approximately $100,777 as of June 30, 2007.
          The
          components that went into our determination of required on going expenses
          include the following monthly estimated cash requirements:
  Accounting
                      Fees
                  
                  $
                  2,000Legal
                      fees
                  
                  
                  3,500General
                      and administrative expenses
                  
                  
                  2,500Travel
                      and station survey expenses
                  
                  
                  1,500Other
                      miscellaneous
                  
                  
                  1,000**Total**
                  
                  $
                  10,500
  As
          set
          forth above, this monthly outlay does not include the costs of operating
          the
          LPTV stations. We are unsure of the expenses for operating the stations
          since we
          have not commenced our due diligence on any specific station. However,
          in the
          event that the stations do not generate the anticipates revenues then we
          will
          pay the fees and expenses from our current cash on hand or will rely on
          shareholder loans to cover such costs until the station generates sufficient
          revenues or
          until
          we can obtain additional debt or equity financing. The fees and expenses
          for the
          due diligence, negotiations and expenses for the additional stations will
          be
          paid from current cash on hand, revenues or stockholder loans.
  17
  There
          will be no costs associated with the Big Vision contract/agreement until
          services have been provided by Big Vision at which time we will be generating
          revenues to cover these costs. Until such time we receive additional financing
          and proceed with our business plan, we have no other contractually obligated
          expenses. We cannot assure investors that we will be able to raise sufficient
          capital. In the absence of additional funding, we may not be able to purchase
          some of the stations we have identified. Even without significant new funding
          later this year or early 2008, we still anticipate being able to acquire
          some
          profitable LPTV stations for stock and consolidate both their revenues
          and
          earnings.
  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 funding rounds may vary significantly depending
          upon the exact amount of funds raised and status of the implementation
          of our
          business plan when these funds are raised.
  Apart
          from building the board of directors and employees of LPTV stations we
          acquire
          as subsidiaries, we do not expect any significant changes in the number
          of
          employees.
  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.
  Our
          significant accounting policies are summarized in Note D in our accompanying
          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.
  **Item
          3 - Controls and Procedures**
  (a)
          Evaluation of Disclosure Controls and Procedures
  The
          Company maintains disclosure controls and procedures that are designed
          to ensure
          that information required to be disclosed in its Exchange Act reports is
          recorded, processed, summarized and reported within the time periods specified
          in the U. S. Securities and Exchange Commission's rules and forms, and
          that such
          information is accumulated and communicated to the Company's management,
          including the Company's Chief Executive Officer and Chief Financial Officer,
          as
          appropriate, to allow timely decisions regarding required disclosure. Management
          necessarily applied its judgment in assessing the costs and benefits of
          such
          controls and procedures, which, by their nature, can provide only reasonable
          assurance regarding management's control objectives.
  The
          Company carried out an evaluation, under the supervision and with the
          participation of its management, including its Chief Executive Officer
          and Chief
          Financial Officer, on the effectiveness of the design and operation of
          its
          disclosure controls and procedures pursuant to Exchange Act Rules 13a-1
          5 and 1
          5d-1 5 as of the end of the period covered by this report. Based upon that
          evaluation, the Company’s Chief Executive Officer and Chief Financial Officer
          concluded that the Company's disclosure controls and procedures are effective
          in
          timely alerting them to information relating to the Company required to
          be
          included in the Company's Exchange Act reports.
  While
          the
          Company believes that its existing disclosure controls and procedures have
          been
          effective to accomplish their objectives, the Company intends to continue
          to
          examine, refine and document its disclosure controls and procedures and
          to
          monitor ongoing developments in this area.
   18
  (b)
          Changes in Internal Controls
  During
          the quarter ended June 30, 2007, there were no changes (including corrective
          actions with regard to significant deficiencies or material weaknesses)
          in the
          Company's internal control over financial reporting that have materially
          affected, or are reasonably likely to materially affect, the Company's
          internal
          control over financial reporting.
  **Part
          II - Other Information**
  **Item
          1 - Legal Proceedings**
  None
  **Item
          2 - Recent Sales of Unregistered Securities and Use of
          Proceeds**
  On
          April
          16, 2007, the Company issued 270,000 shares of unregistered, restricted
          common
          stock for the acquisition of certain broadcast and other production rights.
          These shares were sold pursuant to an exemption from registration under
          Section
          4(2) of the Securities Act of 1933, as amended, and no underwriter was
          used in
          this transaction.
  On
          May 2,
          2007, the Company sold, in a private transaction, 6,800 shares of unregistered,
          restricted common stock at a price of $1.00 per share for cash. These shares
          were sold pursuant to an exemption from registration under Section 4(2)
          of the
          Securities Act of 1933, as amended, and no underwriter was used in this
          transaction. The net remaining proceeds of above transactions remain in
          the
          Company’s bank accounts as of June 30, 2006 and are to be used in future periods
          for working capital purposes.
  On
          May
          22, 2007, the Company issued 113,662 shares of unregistered, restricted
          common
          stock for the acquisition of intellectual properties related to literary
          works.
          These shares were sold pursuant to an exemption from registration under
          Section
          4(2) of the Securities Act of 1933, as amended, and no underwriter was
          used in
          this transaction.
  **Item
          3 - Defaults on Senior Securities**
  None
  **Item
          4 - Submission of Matters to a Vote of Security Holders**
  The
          Company has held no regularly scheduled, called or special meetings of
          shareholders during the reporting period.
  **Item
          5 - Other Information**
  None
  **Item
          6 - Exhibits and Reports on Form 8-K**
  Exhibits
 31.1             Certification
          pursuant to Section 302 of Sarbanes-Oxley Act of 2002
 32.1             Certification
          pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
 
  **SIGNATURES**
  In
          accordance with the requirements of the Exchange Act, the registrant caused
          this
          report to be signed on its behalf by the undersigned, thereunto duly
          authorized.
  **Signet
                    International Holdings, Inc.**Dated:
                      July 31, 2007
                  */s/
                      Ernest W. Letiziano*Ernest
                      W. LetizianoPresident
                      and Director




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