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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                         Amendment No. 1 to Form 10-QSB

(Mark one)

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

                  For the quarterly period ended June 30, 2006

[ ]  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 NO X

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: August 19, 2006: 4,102,000
                                          ---------------------------

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

<PAGE>

                      Signet International Holdings, Inc.

                 Form 10-QSB for the Quarter ended June 30, 2006

                                Table of Contents

                                                                                                      Page
Part I - Financial Information

  Item 1 Financial Statements                                                                           3

  Item 2 Management's Discussion and Analysis or Plan of Operation                                     15

  Item 3 Controls and Procedures                                                                       17

Part II - Other Information

  Item 1 Legal Proceedings                                                                             18

  Item 2 Recent Sales of Unregistered Securities and Use of Proceeds                                   18

  Item 3 Defaults Upon Senior Securities                                                               18

  Item 4 Submission of Matters to a Vote of Security Holders                                           18

  Item 5 Other Information                                                                             18

  Item 6 Exhibits                                                                                      18

Signatures 18

<PAGE>

Item 1
Part 1 - Financial Statements

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
                           Consolidated Balance Sheets
                             June 30, 2006 and 2005

                                   (Unaudited)

                                                                          June 30,            June 30,
                                                                            2006                2005
                                                                         ---------           ---------
                                     ASSETS
                                     ------
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Current Assets

   Cash in bank                                                          $ 204,229           $  50,000
                                                                         ---------           ---------

Total Assets                                                             $ 204,229           $  50,000
                                                                         =========           =========

                 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
```

```
Liabilities
   Current Liabilities
     Note payable                                                        $      --              50,000
     Accounts payable - trade                                               11,909                  --
     Other accrued liabilities                                              90,337              35,000
     Accrued officer compensation                                          182,418             116,670
                                                                         ---------           ---------

     Total Current Liabilities                                             284,664             201,670
                                                                         ---------           ---------

     Total Liabilities                                                     284,664             201,670
                                                                         ---------           ---------

Commitments and Contingencies

Shareholders' Equity (Deficit)
   Preferred stock - $0.001 par value
     50,000,000 shares authorized
     5,000,000 and 4,000,000 shares
     issued and outstanding, respectively                                    5,000               4,000
   Common stock - $0.001 par value
     100,000,000 shares authorized
     4,102,000 and 3,364,000 shares
       issued and outstanding, respectively                                  4,102               3,364
   Additional paid-in capital                                              737,592             102,257
   Deficit accumulated during the development stage                       (827,129)           (226,291)
                                                                         ---------           ---------
                                                                           (80,435)           (116,670)
   Stock subscription receivable                                                --             (35,000)
                                                                         ---------           ---------

   Total Shareholders' Equity (Deficit)                                    (80,435)           (151,670)
                                                                         ---------           ---------

   Total Liabilities and Shareholders' Equity                            $ 204,229           $  50,000
                                                                         =========           =========

   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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
          Consolidated Statements of Operations and Comprehensive Loss
             Six and Three months ended June 30, 2006 and 2005 and
```

```
     Period from October 17, 2003(date of inception) through June 30, 2006

                                   (Unaudited)

                                                                                               Period from
                                                                                            October 17, 2003
                                                                                                (date of
                                     Six months   Six months    Three months    Three months   inception)
                                        ended       ended           ended          ended        through
                                      June 30,     June 30,        June 30,       June 30,      June 30,
                                      2006          2005            2006           2005            2006
                                  -----------    -----------    -----------    -----------    -----------

Revenues                          $        --    $        --    $        --    $        --    $        --

Expenses
   Organizational
      and formation expenses               --             --             --             --         89,801
   Officer compensation                34,498         35,000         16,998         17,500        186,168
   Other salaries                      17,375         10,500          8,375          5,250         52,625
   Other general and
      administrative expenses         368,137          9,875        345,729          4,968        489,535
                                  -----------    -----------    -----------    -----------    -----------
   Total Expenses                     420,010         55,375        371,102         27,718        818,129
                                  -----------    -----------    -----------    -----------    -----------

Loss from Operations                 (420,010)       (55,375)      (371,102)       (27,718)      (818,129)

Other Expense
   Interest expense                    (4,436)            --             --             --         (9,000)
                                  -----------    -----------    -----------    -----------    -----------

Loss before
   Provision for Income Taxes        (424,446)       (55,375)      (371,102)       (27,718)      (827,129)

Provision for Income Taxes                 --             --             --             --             --
                                  -----------    -----------    -----------    -----------    -----------

Net Loss                             (424,446)       (55,375)      (371,102)       (27,718)      (827,129)

Other Comprehensive Income                 --             --             --             --             --
                                  -----------    -----------    -----------    -----------    -----------

Comprehensive Loss                $  (424,446)   $   (55,375)   $  (371,102)   $   (27,718)   $  (827,129)
                                  ===========    ===========    ===========    ===========    ===========

Loss per weighted-average share
   of common stock outstanding,
   computed on Net Loss -
   basic and fully diluted        $     (0.11)   $     (0.02)   $     (0.10)   $     (0.01)   $     (0.32)
                                  ===========    ===========    ===========    ===========    ===========

Weighted-average number of
   shares of common stock
   outstanding                      3,881,917      3,464,000      3,876,890      3,464,000      3,571,190
                                  ===========    ===========    ===========    ===========    ===========

  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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
                      Consolidated Statements of Cash Flows
                       Six months ended June 30, 2006 and 2005 and
       Period from October 17, 2003 (date of inception) through June 30, 2006

                                   (Unaudited)

                                                                                                   Period from
                                                                                                   October 17,
                                                                                                      2003
                                                                Six months       Six months    (date of inception)
                                                                   ended            ended            through
                                                                 June 30,         June 30,          June 30,
                                                                   2006             2005              2006
                                                                 ---------        ---------        ---------
Cash Flows from Operating Activities

   Net Loss                                                      $(424,446)       $ (55,375)       $(827,129)
   Adjustments to reconcile net income to net cash
     provided by operating activities
       Depreciation                                                     --               --               --
       Organizational expenses paid with issuance
         of common and preferred stock                                  --               --           50,810
       Expenses paid with common stock                             250,000               --          306,430
       Increase (Decrease) in
         Accounts payable - trade                                   11,909               --           11,909
         Accrued liabilities                                        56,398           10,500           90,337
         Accrued officers compensation                              33,998           35,000          182,418
                                                                 ---------        ---------        ---------

Net cash used in operating activities                              (72,141)          (9,875)        (185,225)
                                                                 ---------        ---------        ---------

Cash Flows from Investing Activities                                    --               --               --
                                                                 ---------        ---------        ---------

Cash Flows from Financing Activities
   Cash proceeds from note payable                                      --           50,000           90,000
   Cash paid to retire note payable                                (90,000)              --          (90,000)
   Cash proceeds from sale of common stock                          15,000               --          416,089
   Purchase of treasury stock                                      (50,000)              --          (50,000)
   Cash paid to acquire capital                                         --               --          (10,447)
   Capital contributed to support operations                            --            9,875           33,812
                                                                 ---------        ---------        ---------

Net cash provided by financing activities                         (125,000)          59,875          389,454
                                                                 ---------        ---------        ---------

Increase (Decrease) in Cash and Cash Equivalents                  (197,141)          50,000          204,229

Cash and cash equivalents at beginning of period                   401,370               --               --
                                                                 ---------        ---------        ---------

Cash and cash equivalents at end of period                       $ 204,229        $  50,000        $ 204,229
                                                                 =========        =========        =========

Supplemental Disclosures of Interest and Income Taxes Paid
   Interest paid during the period                               $   9,000        $      --        $   9,000
                                                                 =========        =========        =========
   Income taxes paid (refunded)                                  $      --        $      --        $      --
                                                                 =========        =========        =========

   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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
                   Notes to Consolidated Financial Statements
                             June 30, 2006 and 2005

Note A - Organization and Description of Business

Signet International Holdings, Inc. (Company) was incorporated on February 2,
2005 under the Laws of the State of Delaware as 51142, Inc. The Company's
initial business plan was to engage in any lawful corporate undertaking,
including, but not limited to, selected mergers and acquisitions.

On September 8, 2005, pursuant to a Stock Purchase Agreement and Share Exchange
(Agreement) by and among the Company, Signet Entertainment Corporation (SIG) and
the shareholders of Signet Entertainment Corporation (a private Florida
corporation) (Shareholders) (collectively SIG and the SIG shareholders shall be
known as SIG Group); the Company acquired 100.0% of the then issued and
outstanding shares of SIG in exchange for the issuance of an aggregate 3,421,000
shares of the Company's common stock to the SIG shareholders. Pursuant to the
Agreement, SIG became a wholly owned subsidiary of the Company. At the
transaction date, the then-sole shareholder of the Company was also the
controlling shareholder, chief executive officer and director of SIG.

Signet Entertainment Corporation (SIG) 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 acquisition of the SIG by the Company effected a change in control of the
Company and will be accounted for as a "reverse acquisition" whereby the Company
is the accounting acquiror for financial statement purposes. Accordingly, for
all periods subsequent to the combination transaction, the financial statements
of the Signet International Holdings, Inc. will reflect the historical financial
statements of the Company and the operations of Signet International Holdings,
Inc. subsequent to the transaction date.

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 $827,000.

Note B - Preparation of Financial Statements

The acquisition of the SIG by the Company effected a change in control of the
Company and will be accounted for as a "reverse acquisition" whereby the SIG is
the accounting acquiror for financial statement purposes. Accordingly, for all
periods subsequent to the combination transaction, the financial statements of
the Signet International Holdings, Inc. will reflect the historical financial
statements of the SIG and the operations of Signet International Holdings, Inc.
subsequent to the 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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

Note B - Preparation of Financial Statements - Continued

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 which contains the
Company's audited financial statements for the year ended December 31, 2005. 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, 2006.

Note C - Going Concern Uncertainty

The Company is still in the process of developing it's business plan and raising
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 future sales of equity securities to facilitate either
the consummation of a business combination transaction or to raise working
capital to support and preserve the integrity of the corporate entity. However,
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 operating capital is received during the next twelve months,
the Company will be forced to rely on existing cash in the bank and upon
additional funds 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 advances from management and/or significant
stockholders, 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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

Note D - Summary of Significant Accounting Policies - Continued

2. Organization costs

     The Company has adopted the provisions of AICPA Statement of Position 98-5,
     "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.

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, 2006 and 2005, 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, 2006 and 2005, 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, 2006 and 2005, and subsequent thereto, the Company's issued and
     outstanding preferred stock is considered anti-dilutive due to the
     Company's net operating loss position.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

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.

Note F - Note Payable

Note payable consists of the following at June 30, 2006 and 2005, respectively:

                                                                                  June 30,          June 30,
                                                                                    2006              2005
                                                                              ------------------------------------
$90,000 note payable to an individual.  Interest at 10.0%.
   Principal and accrued interest due at maturity in June
   2006.  Collateralized by controlling interest in the
   common stock of Signet International Holdings, Inc.

   Note paid in full on June 30, 2006.                                            $       -          $   50,000
                                                                                  =========          ==========

Note G - Income Taxes

The components of income tax (benefit) expense for each of the six month periods
ended June 30, 2006 and 2005 and for the period from October 17, 2003 (date of
inception) through June 30, 2006, are as follows:

                                                                          Period from
                                                                           October 17,
                                                                           2003 (date
                                       Six months      Six months         of inception)
                                          ended           ended              through
                                         June 30,        June 30,           June 30,
                                          2006            2005                2006
                                        -------          -------             ------

       Federal:
         Current                        $     -          $     -            $     -
         Deferred                             -                -                  -
                                        -------          -------             ------
                                              -                -                  -
                                        -------          -------             ------
       State:
         Current                              -                -                  -
         Deferred                             -                -                  -
                                        -------          -------             ------
                                              -                -                  -
                                        -------          -------             ------
         Total                          $     -          $     -            $     -
                                         ======          =======             ======

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

Note G - Income Taxes - Continued

As of June 30, 2006, the Company has a net operating loss carryforward of
approximately $300,000 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.

The Company's income tax expense (benefit) each of the six month periods ended
June 30, 2006 and 2005 and for the period from October 17, 2003 (date of
inception) through June 30, 2006, respectively, differed from the statutory
federal rate of 34 percent as follows:

                                                                                  Period from
                                                                                    October 17,
                                                                                    2003 (date
                                                 Six months       Six months       of inception)
                                                    ended            ended           through
                                                   June 30,         June 30,         June 30,
                                                    2006             2005             2006
                                                  ---------        ---------        ---------
Statutory rate applied to

   income before income taxes                     $(144,000)       $ (18,800)       $(281,000)
Increase (decrease) in income taxes
   resulting from:
     State income taxes                                  --               --               --
     Non-deductible officers compensation            12,000           11,900           63,000
     Non-deductible charge for common stock
       issued at less than "fair value"              43,000               --           62,000
     Other, including reserve for deferred
       tax asset and application of net
       operating loss carryforward                   89,000            6,900          156,000
                                                  ---------        ---------        ---------

Income tax expense                                $      --        $      --        $      --
                                                  =========        =========        =========

Temporary differences, consisting primarily of the prospective usage of net
operating loss carryforwards give rise to deferred tax assets and liabilities as
of June 30, 2006 and 2005, respectively:

                                                                  June 30,         June 30,
                                                                   2006              2005
                                                              --------------    --------------
       Deferred tax assets

         Net operating loss carryforwards                       $114,000           $23,300
         Officer compensation deductible when paid                63,000            39,700
         Less valuation allowance                               (177,000)          (63,000)
                                                              --------------    --------------

         Net Deferred Tax Asset                                 $      -           $     -
                                                              ==============    ==============

                (Remainder of this page left blank intentionally)

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

Note H - Preferred Stock

The Company's By-Laws allow for the issuance of up to 50,000,000 shares of
$0.001 par value Preferred Stock.

Holders of shares of preferred stock are entitled to one vote for each share on
all matters to be voted on by the stockholders. Holders of preferred stock do
not have cumulative voting rights. Holders of preferred stock are entitled to
share ratably in dividends, if any, as may be declared from time to time by the
Board of Directors in its discretion from funds legally available therefore. In
the event of a liquidation, dissolution or winding up of the Company, the
holders of preferred stock are entitled to share pro rata all assets remaining
after payment in full of all liabilities. All of the outstanding shares of
preferred stock are fully paid and non-assessable. Holders of preferred stock
have no preemptive rights to purchase our preferred stock. There are no
conversion or redemption rights or sinking fund provisions with respect to the
preferred stock.

The Board of Directors has the authority, without further action by the
shareholders, to issue from time to time the 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 the
Company, the Company issued 4,000,000 shares of preferred stock to the
incorporating persons.

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.

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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

Note I - Common Stock Transactions - Continued

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 June 30, 2006, the Company has sold 381,000 shares for gross
proceeds of $381,000 under this Memorandum.

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.

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 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, 2005 and 2004, the Company paid an
aggregate of $16,738 and $16,702 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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

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.

<PAGE>

               Signet International Holdings, Inc. and Subsidiary
                        (a development stage enterprise)
             Notes to Consolidated Financial Statements - Continued
                             June 30, 2006 and 2005

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.

Broadcast Property Acquisition

On April 13, 2006, Signet executed a Letter of Agreement to Purchase with
Freehawk Productions, Inc. of Royal Palm Beach, Florida whereby Signet would
acquire 20 original one-half hour screenplays and four (4) additional episodes
per screenplay for a total of 100 separate broadcast properties to be delivered
over a 36-month period from April 13, 2006. The agreed-upon purchase price for
the total 20 one half-hour ready-to-air shows and the accompanying supplemental
80 one half- hour ready-to-air episodes is $3,000,000.00. This price includes
all of the rights, title and privileges related to the ownership of said
broadcast properties. On August 19, 2006, by mutual agreement, Signet and
Freehawk rescinded this Agreement and intend to enter into a restructured
agreement in a future period.

<PAGE>

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

General discussion and Plan of Operation

We were incorporated in the State of Delaware under the name 51142 Inc. on
February 2, 2005 as a blank check company to engage in any lawful corporate
undertaking, including, but not limited to, selected mergers and acquisitions.
On July 8, 2005, pursuant to the terms of a Stock Purchase Agreement, Signet
Entertainment Corporation, a Florida corporation, purchased all of our issued
and outstanding common stock for cash consideration of $36,000. Subsequently, we
changed our name to Signet International Holdings, Inc. Pursuant to the
agreement, Signet Entertainment became our wholly owned subsidiary.

Our wholly owned subsidiary, Signet Entertainment was incorporated on October
17, 2003 for the purpose of launching a Gaming and Entertainment Television
Network. We expect to cover major Poker and Blackjack tournaments as well as
other major high stakes casino games, although we - or any of our partners -
have not entered any formal agreements to do so. The network will also cover
other major sports events such as horse racing and selected global events which
have a sports and entertainment format we believe will appeal to our viewers
including: sports awards ceremonies; entertainment awards ceremonies; celebrity
sports events; celebrity gaming events; and other interesting and newsworthy
events, foreign and domestic.

Signet Entertainment's largest source of revenue will come from advertising,
specifically from various resorts and casinos, liquor and tobacco companies and
sporting sites in North and South America, Europe, Asia and Africa. We will
cover all of our events including poker and other casino tournaments via
satellite and cable, once satellite and cable contracts have been executed.
Signet Entertainment will also realize income from infomercials and sports and
entertainment programming that offer subject matter that are all-encompassing to
the network's format. Signet Entertainment intends creating future programming
to include "The Television Charity Channel" which will feature regularly
scheduled weekly programming.

In order to launch its gaming and entertainment television network, Signet
Entertainment entered into agreements with Triple Play Media Management, Inc.
("Triple Play") and Big Vision, Inc. ("Big Vision"). Pursuant to the agreements,
Triple Play will operate our facilities and provide programming content while
Big Vision will provide the equipment and technology to establish the production
facility.

Triple Play has developed conceptual content as scripts or treatments.
Production of this programming in contingent upon the funding. As such, Triple
Play is not obligated to deliver this programming to us at any time certain.
Triple Play has not yet made formal arrangements with any other domestic or
foreign production company to uplink or to receive any programming. Further,
Triple Play has not entered into any agreement with any casino business or
entity, or any agreements to air any tournaments. Our agreement provides that
with funding, Triple Play will organize, develop and operate a fully equipped
production footprint (home base), and direct, produce and edit, gather and cover
live newsworthy events from the Las Vegas area. With the use of modular (TV
equipment truck), and satellite delivery systems, Triple Play will uplink the
news reels and we will broadcasts these to other communities in the USA and
abroad. Likewise, other production companies will be able to uplink their news
reels to Triple Play.

On April 13, 2006, we executed a Letter of Agreement to Purchase with Freehawk
Productions, Inc. of Royal Palm Beach, Florida whereby Signet would acquire 20
original one-half hour screenplays and four (4) additional episodes per
screenplay for a total of 100 separate broadcast properties to be delivered over
a 36-month period from April 13, 2006. The agreed-upon purchase price for the
total 20 one half-hour ready-to-air shows and the accompanying supplemental 80
one half- hour ready-to-air episodes is $3,000,000.00. This price includes all
of the rights, title and privileges related to the ownership of said broadcast
properties. On August 19, 2006, by mutual agreement, Signet and Freehawk
rescinded this Agreement and intend to enter into a restructured agreement in a
future period.

Furthermore, we intend to acquire Low-Powered Television (LPTV) stations as a
means for distributing our programming to viewers. LPTV stations offer national
advertisers highly defined audiences. The LPTV service was established by the
Federal Communications Commission (FCC) in 1982 and was primarily intended to
provide opportunities for locally oriented television service in small
communities within larger urban areas. LPTV stations transmit on one of the
standard VHF or UHF television channels. The distance at which a station can be
viewed depends on a variety of factors such as: antenna height, transmitter
power, transmitting antenna and the nature of the terrain. Generally LPTV
stations span approximately 20 miles from their tower in all directions. We plan
on targeting LPTV stations that are sanctioned by the Federal Communication
Commission with current and clear license to operate and feature: Class A
rating, high-distribution (high number of TV households), favorable market
location, up-to-date equipment, tower delivery systems, and studio properties.
We have not entered into any negotiations or agreements, preliminary or
otherwise, to purchase such stations.

In the last quarter of fiscal year 2006, we expect to begin implementation of
that part of our business plan relating to the acquisition for stock of LPTV
stations. Although no revenues have been generated to date, we expect that with
the first acquisition of an LPTV will come first revenues. Directors fees and
any cash costs for this and other acquisitions in fiscal 2006 will be met from
the funds made available by our private placement completed in May 2006.

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 through first
quarter of 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
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 more 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.

We believe we can satisfy our cash requirements for our operations over the next
twelve months with our current cash reserves. The cash balance at June 30, 2006
was approximately $204,000. We anticipate for the next 12 months, excluding the
costs of any LPTV station acquisitions, our operational as well as general and
administrative expenses excluding any consolidated costs from our profitable
LPTV subsidiaries will total $126,000. We anticipate that will be able to cover
these expenses with our current cash reserves. The components that went into our
determination of required on going expenses include the following monthly costs:

         Accounting fees                          $ 2,000
         Legal fees                                 3,500
         General & administrative expenses          2,500
         Travel and surveys                         1,500
         Other expenses                             1,000
                                                  -------

         Total                                    $10,500
                                                   ======

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.

We are a developmental-stage company and have not yet commenced operations. We
will require additional funds to implement our business plan. There is no
assurance that we 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 us.

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 2007, we still anticipate being able to acquire some profitable
LPTV stations for stock and consolidate both their revenues and earnings.

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.

No revenues have been generated to date. We expect limited revenues with our
initial LPTV acquisitions increasing as we raise additional funds and acquired
more stations. Therefore we will continue to operate on a reduced budget until
such time as further funding becomes available. However, there can be no
guarantee that we will ever generate any revenues.

Because we have no viable operations we are dependent upon significant
shareholders to provide sufficient working capital to maintain the integrity of
the corporate entity, our independent auditor has expressed substantial doubt
about the company's ability to continue as a going concern.

Six month periods ended June 30, 2006 and 2005

The Company had no revenue for either of the respective six month periods ended
June 30, 2006 and 2005, respectively.

General and administrative expenses for each of the six month periods ended June
30, 2006 and 2005 were approximately $243,000 and $55,000, respectively.
Included in the June 30, 2006 expenditures is the effect of a June 22, 2006
issuance of 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 recognized a non-cash charge to operations 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 as "Compensation expense related to
common stock sold at less than "fair value".

During June and July 2005, the Company received funds totaling approximately
$90,000, through a promissory note, to support operations. This borrowing was
repaid in full, including accrued interest of $9,000, on June 30, 2006. Interest
expense on these borrowed funds totaled approximately $4,436 for the six months
ended June 30, 2006.

Net loss for the three months ended June 30, 2006 and 2005, respectively, were
approximately $(424,,000) and $(55,000). Earnings per share for the respective
three month periods ended June 30, 2006 and 2005 was approximately $(0.11) and
$(0.02) as calculated on the respective weighted-average shares issued and
outstanding at the end of each six month period.

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, 2006 and 2005, respectively, the Company had working capital of
approximately $102,000 and $(35,000), exclusive of accrued officers
compensation.

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.

Item 3 - Controls and Procedures

(a)  Evaluation of Disclosure Controls and Procedures

     Under the supervision and with the participation of our management,
     including our principal executive officer and principal financial officer,
     we conducted an evaluation of our disclosure controls and procedures, as
     such term is defined under Rule 13a-15(e) promulgated under the Securities
     Exchange Act of 1934, as amended (Exchange Act), as of January 31, 2005.
     Based on this evaluation, our principal executive officer and principal
     financial officer concluded that our disclosure controls and procedures are
     effective in alerting them on a timely basis to material information
     relating to our Company required to be included in our reports filed or
     submitted under the Exchange Act.

(b)  Changes in Internal Controls

   There were no significant changes (including corrective actions with regard
   to significant deficiencies or material weaknesses) in our internal controls
   over financial reporting that occurred during the second quarter of Calendar
   2006 that has materially affected, or is reasonably likely to materially
   affect, our 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 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. During the quarter ended June 30,
   2006, the Company sold an additional 15,000 shares for gross proceeds of
   $15,000 pursuant to this Private Placement Memorandum. Through June 30, 2006,
   the Company has sold a cumulative 381,000 shares for gross proceeds of
   $381,000 to a various investors under this Private Placement Memorandum.

   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.

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
     31.1Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002
     32.1Certification 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:  January 16, 2007                     /s/  Ernest W. Letiziano
                                                  Ernest W. Letiziano
                                                  President and Director
```