UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
DC 20549




Form
10-Q





(Mark
one)




x
            Quarterly
      Report Under Section 13 or 15(d) of the Securities Exchange Act of
      1934For the quarterly period ended June 30, 2008o
            Transition
      Report Under Section 13 or 15(d) of the Securities Exchange Act of
      1934





For the transition period fromto







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 o




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer”, “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):




Large accelerated
      filer
              o
              Accelerated
      filer
              oNon-accelerated
      filer
              o
              Smaller reporting
      company
              x


Indicate
      by check mark whether the registrant is a shell company (as defined in
      Rule 12b-2 of the Exchange Act):YES x NO o




State
      the number of shares outstanding of each of the issuer's classes of common
      equity as of the latest practicable date: August 11 2008:
      4,527,962












Signet
International Holdings, Inc.




Form 10-Q
for the Quarter ended June 30, 2008




Table of
Contents




PagePart I - Financial
      InformationItem 1 -
      Financial Statements
            3Item 2 -
      Management's Discussion and Analysis or Plan of Operation
            15Item 3 -
      Quantitative and Qualitative Disclosures About Market Risk
            17Item 4 -
      Controls and Procedures
            18Part II - Other
      Information
            18Item 1 - Legal
      Proceedings
            18Item 2 - Recent
      Sales of Unregistered Securities and Use of Proceeds
            18Item 3 -
      Defaults Upon Senior Securities
            18Item 4 -
      Submission of Matters to a Vote of Security Holders
            18Item 5 - Other
      Information
            19Item 6 -
      Exhibits
            19Signatures













Part 1


Item
1 - Financial Statements




Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)
 Consolidated
Balance Sheets
 June 30,
2008 and December 31, 2007
  (Unaudited)


June
      30,
            
            
            December
      31,2008
            
            
            2007ASSETSCurrent
      AssetsCash
      in bank
            
            $
            13,871
            
            
            $
            42,434Other
      AssetsBroadcast
      and intellectual properties,
              net
      of accumulated amortization of $-0-
            
            
            4,007,249
            
            
            
            4,007,249Total
      Assets
            
            $
            4,021,120
            
            
            $
            4,049,683LIABILITIES
      AND SHAREHOLDERS’ EQUITY (DEFICIT)LiabilitiesCurrent
      LiabilitiesAccounts
      payable - trade
            
            $
            103,256
            
            
            $
            87,128Other
      accrued liabilities
            
            
            203,625
            
            
            
            209,175Accrued
      officer compensation
            
            
            391,170
            
            
            
            286,170Total
      Current Liabilities
            
            
            698,051
            
            
            
            582,423Commitments
      and ContingenciesShareholders’
      Equity (Deficit)Preferred stock - $0.001 par value
              50,000,000 shares authorized
              5,000,000 shares designated,
              issued and outstanding, respectively
            
            
            5,000
            
            
            
            5,000Common stock - $0.001 par value.
              100,000,000 shares authorized.
              4,507,962 and 4,504,962 shares issued and outstanding,
      respectively
            
            
            4,508
            
            
            
            4,505Additional
      paid-in capital
            
            
            4,689,538
            
            
            
            4,688,741Deficit
      accumulated during the development stage
            
            
            (1,375,977
            )
            
            
            (1,230,986
            )Total
      Shareholders’ Equity (Deficit)
            
            
            3,323,069
            
            
            
            3,467,260Total
      Liabilities and Shareholders’ Equity
            
            $
            4,021,120
            
            
            $
            4,049,683


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, 2008 and 2007 and


Period
from October 17, 2003 (date of inception) through June 30, 2008




(Unaudited)


Period
      from17-Oct-03Six
      months
              
              
              Six
      months
              
              
              Three
      months
              
              
              Three
      months
              
              
              (date
      of inception)ended
              
              
              ended
              
              
              ended
              
              
              ended
              
              
              throughJune
      30,
              
              
              June
      30,
              
              
              June
      30,
              
              
              June
      30,
              
              
              June
      30,2008
              
              
              2007
              
              
              2008
              
              
              2007
              
              
              2008Revenues
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -ExpensesOrganizational
      andformation expenses
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              89,801Officer
      compensation
              
              
              35,000
              
              
              
              35,000
              
              
              
              17,500
              
              
              
              17,500
              
              
              
              326,670Other
      salaries
              
              
              58,500
              
              
              
              52,500
              
              
              
              26,000
              
              
              
              30,250
              
              
              
              242,125Other
      general andadministrative expenses
              
              
              51,491
              
              
              
              62,837
              
              
              
              19,964
              
              
              
              37,552
              
              
              
              526,951“Consulting
      expense”related to sale ofcommon stock atless than “fair value”
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              181,430Total
      Expenses
              
              
              144,991
              
              
              
              150,087
              
              
              
              63,464
              
              
              
              85,302
              
              
              
              1,366,977Loss
      from Operations
              
              
              (144,991
              )
              
              
              (150,087
              )
              
              
              (63,464
              )
              
              
              (85,302
              )
              
              
              (1,366,977
              )Other
      ExpenseInterest
      expense
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (9,000
              )Loss
      beforeProvision
      forIncome
      Taxes
              
              
              (144,991
              )
              
              
              (150,087
              )
              
              
              (63,464
              )
              
              
              (85,302
              )
              
              
              (1,375,977
              )Provision
      for Income Taxes
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -Net
      Loss
              
              
              (144,991
              )
              
              
              (150,087
              )
              
              
              (63,464
              )
              
              
              (85,302
              )
              
              
              (1,375,977
              )OtherComprehensive
      Income
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -Comprehensive
      Loss
              
              $
              (144,991
              )
              
              $
              (150,087
              )
              
              $
              (63,464
              )
              
              $
              (85,302
              )
              
              $
              (1
      ,375,977
              )Loss
      per weighted-average share of common stock outstanding,
                  computed on Net Loss - basic andfully diluted
              
              $
              (0.03
              )
              
              $
              (0.04
              )
              
              $
              (0.01
              )
              
              $
              (0.02
              )
              
              $
              (0.35
              )Weighted-average
      numberof shares of commonstock outstanding
              
              
              4,505,391
              
              
              
              4,242,743
              
              
              
              4,505,819
              
              
              
              4,381,939
              
              
              
              3,897,141


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, 2008 and 2007 and


Period
from October 17, 2003 (date of inception) through June 30, 2008




(Unaudited)


Three
      months
              ended
              June
      30,
              2008
            
            
            Three
      monthsended
              June
      30,
              2007
            
            
            Period
      from
              October
      17, 2003
              (date
      of inception)
              through
              June
      30,
              2008Cash
      Flows from Operating ActivitiesNet
      Loss
            
            $
            (144,991
            )
            
            $
            (150,087
            )
            
            $
            (1,375,977
            )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
            
            
            -
            
            
            
            -
            
            
            
            125,000“Compensation expense” related to sale of common stock at less than “fair
      value”
            
            
            -
            
            
            
            -
            
            
            
            181,430Increase
      (Decrease) inAccounts
      payable - trade
            
            
            16,128
            
            
            
            (2,323
            )
            
            
            28,256Accrued
      liabilities
            
            
            64,500
            
            
            
            57,540
            
            
            
            203,625Accrued
      officers compensation
            
            
            35,000
            
            
            
            35,000
            
            
            
            391,170Net
      cash used in operating activities
            
            
            (29,363
            )
            
            
            (59,870
            )
            
            
            (395,686
            )Cash
      Flows from Investing Activities
            
            
            -
            
            
            
            -
            
            
            
            -Cash
      Flows from Financing ActivitiesCash
      proceeds from note payable
            
            
            -
            
            
            
            -
            
            
            
            90,000Cash
      paid to retire note payable
            
            
            -
            
            
            
            -
            
            
            
            (90,000
            )Cash
      proceeds from sale of common stock
            
            
            800
            
            
            
            6,800
            
            
            
            436,189Purchase
      of treasury stock
            
            
            -
            
            
            
            -
            
            
            
            (50,000
            )Cash
      paid to acquire capital
            
            
            -
            
            
            
            -
            
            
            
            (10,447
            )Capital
      contributed to support operations
            
            
            -
            
            
            
            -
            
            
            
            33,815Net
      cash provided by financing activities
            
            
            800
            
            
            
            6,800
            
            
            
            409,557Increase
      (Decrease) in Cash and Cash Equivalents
            
            
            (28,563
            )
            
            
            (53,070
            )
            
            
            13,871Cash
      and cash equivalents at beginning of period
            
            
            42
      ,434
            
            
            
            153,847
            
            
            
            -Cash
      and cash equivalents at end of period
            
            $
            13,871
            
            
            $
            100,777
            
            
            $
            13,871Supplemental
      Disclosures of Interest and Income Taxes PaidInterest
      paid during the period
            
            $
            -
            
            
            $
            9,000
            
            
            $
            9,000Income
      taxes paid (refunded)
            
            $
            -
            
            
            $
            -
            
            
            $
            -Supplemental Disclosures of
      Non-Cash Investing and Financing ActivitiesAcquisition
      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,
2008 and 2007




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 $1,376,000.
  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 was accounted for as a “reverse acquisition” whereby Signet
Entertainment Corporation was 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.
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,
2007.  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 amended
instructions for Form 10-Q, issued on January 4, 2008, 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,
2008.






6






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007






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 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.


7






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007




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, 2008 and 2007, 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, 2008 and 2007, 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, 2008 and 2007, 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 enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007




Note
F - Income Taxes




The
components of income tax (benefit) expense each of the six month periods ended
June 30, 2008 and 2007 and for the period from October 17, 2003 (date of
inception) through June 30, 2008, are as follows:


Six months ended
      June 30, 2008
            
            
            Six months ended
      June 30, 2007
            
            
            Period from October
      17, 2003 (date of inception) through June 30, 2008Federal:Current
            
            $
            -
            
            
            $
            -
            
            
            $
            -Deferred
            
            
            -
            
            
            
            -
            
            
            
            --
            
            
            
            -
            
            
            
            -State:Current
            
            
            -
            
            
            
            -
            
            
            
            -Deferred
            
            
            -
            
            
            
            -
            
            
            
            --
            
            
            
            -
            
            
            
            -Total
            
            $
            -
            
            
            $
            -
            
            
            $
            -




As of
June 30, 2008, the Company has a net operating loss carryforward of
approximately $638,000 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) for each of the six month periods ended
June 30, 2008 and 2007 and for the period from October 17, 2003 (date of
inception) through June 30, 2008, respectively, differed from the statutory
federal rate of 34 percent as follows:


Six  months
      ended June 30, 2008
            
            
            Six months ended
      June 30, 2007
            
            
            Period from October
      17, 2003 (date of inception) through June 30, 2008Statutory rate
      applied to income before income taxes
            
            $
            (49,000
            )
            
            $
            (51,000
            )
            
            $
            (468,000
            )Increase
      (decrease) in income taxes resulting from:State income
      taxes
            
            
            -
            
            
            
            -
            
            
            
            -Timing of
      deductions for accrued compensation
            
            
            32,000
            
            
            
            24,000
            
            
            
            190,000Non-deductible
      consulting fees related to issuanceof common stock at less than “fair value”
            
            
            -
            
            
            
            -
            
            
            
            61,700Other,
      including reserve for deferred taxasset and application of net operating loss carryforward
            
            
            17,000
            
            
            
            27,000
            
            
            
            216,300Income tax
      expense
            
            $
            -
            
            
            $
            -
            
            
            $
            -






9






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007




Note
F - Income Taxes - Continued




Temporary
differences, consisting primarily of the prospective usage of net operating loss
carryforwards, statutory deferrals of accrued compensation and non-cash expense
charges for securities issued/sold at less than “fair value”  give
rise to deferred tax assets and liabilities as of June 30, 2008 and December 31,
2007, respectively:




June
      30,
              2008
            
            
            December
      31,
              2007Deferred tax
      assetsNet
      operating loss carryforwards
            
            $
            215,000
            
            
            $
            194,000Timing
      of deductions for accrued compensation
            
            
            190,000
            
            
            
            122,000Less
      valuation allowance
            
            
            (405,000
            )
            
            
            (316,000
            )Net
      Deferred Tax Asset
            
            $
            -
            
            
            $
            -




Note
G - 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 5,000,000 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.
 
 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.






10






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007




Note
G - Preferred Stock - Continued
 
 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
H - 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.
 
 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.






11






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007






Note
H - Common Stock Transactions - Continued
 
 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.
 
 On August
30, 2007, the Company sold, in a private transaction, 12,500 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 June
5, 2008, the Company sold, in a private transaction, 3,000 shares of
unregistered, restricted common stock for cash proceeds of $800, which
approximated the fair value and closing quoted price of the Company’s common
stock on the transaction date.  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
I - 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 currently requires monthly
payments of approximately $1,000.  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 three month periods ended June 30, 2008 and 2007, respectively, the
Company paid or accrued an aggregate of approximately $12,000 and $11,000 for
rent under all of 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.






(Remainder
of this page left blank intentionally)






12






Signet
International Holdings, Inc. and Subsidiary


(a
development stage enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007




Note
I - 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 enterprise)


Notes
to Consolidated Financial Statements - Continued


June 30,
2008 and 2007




Note
I - 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.
  Note
J - Subsequent Event
 
 On July
23, 2008, we executed an Option to Purchase Asset Agreement (Agreement) with
Access Media Group, Inc. (a Florida Corporation) dba AMG TV, headquartered in
Jensen Beach, FL, to acquire 100% of the assets, satellite delivery service
contracts, customer service agreements in the USA and the Caribbean, including
the business operations located in Pittsburgh and North New Jersey for an agreed
purchase price is $3 million, payable as set forth in the Agreement, and the
issuance of 100,000 shares of our restricted, unregistered common
stock.  The term of our option is one (1) year and expires on July 22,
2009.  As consideration for the Agreement, the Company issued 20,000
shares of restricted, unregistered common stock to Access Media Group,
Inc.
 
 The
Company has 180 days to complete the acquisition after serving notice to AMG TV
that the Company intends to exercise the option and is actively pursuing capital
resources in order to exercise the option and integrate these operations
according to the Company’s Business Plan.






(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-Q 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 and Plan of Operation
 
 Period ended June 30, 2008
and 2007
 
 We had no
revenue for either of the respective six or three months ended June 30, 2008 and
2007, respectively.
 
 General
and administrative expenses for the six months ended June 30, 2008 and 2007 were
approximately $63,464 and $85,302, respectively.  These costs relate
principally to the maintenance of our corporate offices, continued efforts
towards the implementation of our business plan and our compliance with our
reporting requirements under the Securities Exchange Act of 1934, as
amended.
 
 For the
six months ended June 30, 2008 and 2007, we accrued compensation to our chief
executive officer, Ernie Letiziano of $35,000 for each respective six 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, 2008 and 2007, respectively, was
approximately $(63,464) and $(85,302).  Our earnings per share for the
respective six and three month periods ended June 30, 2008 and 2007 were
approximately $(0.03) and $(0.01) for 2008 and approximately $(0.04) and $(0.02)
for 2007, 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, 2008 and 2007, respectively, the Company had working capital of
approximately $(293,000) and $(34,000), exclusive of accrued officer
compensation. Both Mr. Letiziano and our staff, including Mr. Donaldson, have
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
Business




We have
begun the initial implementation of our business plan relating to the
acquisition of LPTV stations by initiating the negotiation of Sale & Share
Exchange Contracts with the owners of various identified LPTV
Stations.  Although we have had no revenues generated to date, we
expect to realize revenues from operations of the LPTV stations once an
agreement is finalized and executed and we take control of an LPTV
Station.  Ernie Letiziano, our sole officer, director will not
relinquish control of Signet to any of the acquired LPTV stations resulting from
any acquisition agreement.  In addition, since our business plan calls
for the acquisition of any LPTV station(s) with the issuance or exchange of our
common stock in exchange for either the ownership security interest in the LPTV
station or an acquisition of the LPTV station’s assets and operations, we
continue to believe that we should not incur any significant cash expenditures
other than incidental expenses such as telephone, travel and general and
administrative expenses.
 
 We have a
defined and immediate need for both operating and acquisition capital in future
periods.  At the present time, management has no commitments for
raising additional operating capital.  Accordingly, our future cash
requirements are anticipated to be met through the sale of additional equity
securities, short-term loans from executive officers and/or the proceeds of
additional equity offerings in conjunction with the acquisition of LPTV
station(s).
 
 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, or
private offerings of securities.
 
 Liquidity
has been maintained through the current period through our two successful
funding rounds of both debt and equity offerings.  We anticipate that
any funds we secure from future round(s) of financing will enable us to acquire
our initial LPTV station(s), some using a cash consideration component, provide
additional working capital to support our daily operations and, possibly acquire
some stations currently incurring operating losses with future upside potential,
purchase or develop broadcast programming and initiate Triple Play Media
operations.  Our estimated capital requirements for these phases of
our plan range as high as $30 to $50 million, plus up to an additional $15
million to support Triple Play.  Currently, we do not have any
specifically identified source(s) of such potential financing.
 
 Based
upon our review and understanding of the marketplace today, we continue to
believe that we will be able to take the appropriate steps to effectuate the
acquisition of LPTV station(s).  However, our current financial
condition and the condition of the capital markets in today’s environment may
not allow us to complete any acquisition in a timely manner.
 
 Our
current monthly cash requirements do not include any post-acquisition costs of
operating the LPTV stations.  We are unsure of the expenses to be
required for operating the stations since we have not acquired any specific
station to benchmark their current operating status and expenditure
levels.  However, in the event that the stations do not generate the
anticipated revenues, we may be unable to pay any shortfall from our current
cash on hand.  We may have to 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.
 
 There
will be no costs associated with Big Vision 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 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 in our current
financial condition, we remain confident that we will be able to acquire some
profitable LPTV stations in exchange for our common stock and integrate their
operations into our financial statements subsequent to their
acquisition.
 
 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.
 
 On July
23, 2008, we executed an Option to Purchase Asset Agreement (Agreement) with
Access Media Group, Inc. (a Florida Corporation) dba AMG TV, headquartered in
Jensen Beach, FL, to acquire 100% of the assets, satellite delivery service
contracts, customer service agreements in the USA and the Caribbean, including
the business operations located in Pittsburgh and North New Jersey for an agreed
purchase price is $3 million, payable as set forth in the Agreement, and the
issuance of 100,000 shares of our restricted, unregistered common
stock.  The term of our option is one (1) year and expires on July 22,
2009.  As consideration for the Agreement, we issued 20,000 shares of
restricted, unregistered common stock to Access Media Group, Inc. and we have up
to 180 days to complete the acquisition after serving notice to AMG TV that we
intend to exercise the option.  Our management is actively pursuing
the necessary capital resources to exercise the option and integrate these
operations according to our Business Plan.


16






(3)  Capital
Resources and Liquidity




As of
June 30, 2008, we had approximately $14,000 in cash.  Our monthly cash
requirements presently average  $10,500 per month.  Given
our current circumstances, we will have to obtain additional sources of cash to
preserve our plan of operation or terminate all activities.
 
 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.
 
 As
reflected in the accompanying financial statements, we are in the development
stage with no operations. Our ability to continue as a going concern is
dependent on our ability to raise additional capital and implement our business
plan. The financial statements do not include any adjustments that might be
necessary if we are unable to continue as a going concern. We have no plans to
pay no salaries per month to our sole officer and employee until we are properly
funded. We intend to raise additional capital to continue our operations
although there is no assurance we will be successful. Currently we have no
material commitments to make capital expenditures.
 
 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.
 
 Management
believes that actions presently being taken to obtain additional funding and to
implement our strategic plans continue to provide the opportunity for us to
continue as a going concern.  Management continues to refine and
pursue the necessary capital resources for the development and implementation of
our business plan.  As such, the Company remains as a “development
stage company.”
 
 (4) 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 of our financial
statements.  While all these significant accounting policies impact
our financial condition and results of operations, we view certain of these
policies as critical. Policies determined to be critical are those policies that
have the most significant impact on our financial statements and require
management to use a greater degree of judgment and estimates.  Actual
results may differ from those estimates. Our management believes that given
current facts and circumstances, it is unlikely that applying any other
reasonable judgments or estimate methodologies would cause effect on our
consolidated results of operations, financial position or liquidity for the
periods presented in this report.
 
 Item
3 - Quantitative and Qualitative Disclosures About Market Risk
 
 The
Company may be subject to certain market risks, including changes in interest
rates and currency exchange rates.  At the present time, the Company
does not undertake any specific actions to limit those exposures.




17






Item
4 - 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-15 and
15d-15 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.
 
 (b)
              Changes
      in Internal Controls
 
 During
the quarter ended June 30, 2008, 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
 
 From time
to time, as we acquire operating properties, we may become subject to various
legal proceedings that are incidental to the ordinary conduct of its
business.  Although, to date, there have been no such proceedings, we
do not anticipate that any future proceedings, either individually or in the
aggregate, will become material to our business or be likely to result in a
material adverse effect on our future operating results, financial condition, or
cash flows.
 
 Item
2 - Recent Sales of Unregistered Securities and Use of Proceeds
 
 On June
5, 2008, the Company sold, in a private transaction, 3,000 shares of
unregistered, restricted common stock for cash proceeds of $800, which
approximated the fair value and closing quoted price of the Company’s common
stock on the transaction date.  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.
 
 Subsequent
to the execution of the July 23, 2008 Option to Purchase Asset Agreement
(Agreement), we issued 20,000 shares of restricted, unregistered common stock to
Access Media Group, Inc. (a Florida corporation), doing business as AMG TV, to
acquire 100% of Access Media Group’s assets, satellite delivery service
contracts, and  customer service agreements in the USA and the
Caribbean, including the business operations located in Pittsburgh and North New
Jersey. (See Item 5)
 
 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
 
 On July
23, 2008, we executed an Option to Purchase Asset Agreement (Agreement) with
Access Media Group, Inc. (a Florida Corporation) dba AMG TV, headquartered in
Jensen Beach, FL, to acquire 100% of the assets, satellite delivery service
contracts, customer service agreements in the USA and the Caribbean, including
the business operations located in Pittsburgh and North New Jersey for an agreed
purchase price is $3 million, payable as set forth in the Agreement, and the
issuance of 100,000 shares of our restricted, unregistered common
stock.  The term of our option is one (1) year and expires on July 22,
2009.  As consideration for the Agreement, we issued 20,000 shares of
restricted, unregistered common stock to Access Media Group, Inc. and we have up
to 180 days to complete the acquisition after serving notice to AMG TV that we
intend to exercise the option.  Our management is actively pursuing
the necessary capital resources to exercise the option and integrate these
operations according to our Business Plan.










18






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: August 11,
      2008
            /s/ Ernest W.
      LetizianoErnest W.
      LetizianoPresident and
      Director