**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      DC 20549**





**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 March 31, 2007**





o  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 S NO £





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





State
      the
      number of shares outstanding of each of the issuer's classes of common equity
      as
      of the latest practicable date:  May
      12, 2007: 4,102,000





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











**Signet
      International Holdings, Inc.**





Form
      10-QSB for the Quarter ended March 31, 2007





Table
      of
      Contents










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








2





**Item
      1**


**Part
      1 - Financial Statements**





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


(a
      development stage enterprise)


**Consolidated
      Balance Sheets**


March
      31,
      2007 and 2006





**(Unaudited)**


March
                  31,
              
              March
                  31,2007
              
              2006**ASSETS****Current
                  Assets**Cash in bank
              
              $
              121,569
              
              $
              354,512**Total
                  Assets**
              
              $
              121,569
              
              $
              354,512**LIABILITIES
                  AND SHAREHOLDERS’ EQUITY (DEFICIT)****Liabilities****Current
                  Liabilities**Note
                  payable
              
              $
              -
              
              $
              90,000Accounts
                  payable - trade
              
              
              17,260
              
              
              8,800Other
                  accrued liabilities
              
              
              95,125
              
              
              40,125Accrued
                  officer compensation
              
              
              251,170
              
              
              165,920**Total
                  Current Liabilities**
              
              
              363,555
              
              
              311,628**Commitments
                  and Contingencies****Shareholders’
                  Equity (Deficit)**Preferred stock - $0.001 par value50,000,000 shares authorized5,000,000 shares issued and outstanding, respectively
              
              
              5,000
              
              
              5,000Common stock - $0.001 par value100,000,000 shares authorized.4,102,000 and 3,902,000 sharesissued and outstanding, respectively
              
              
              4,102
              
              
              3,902Additional paid-in capital
              
              
              737,592
              
              
              537,792Deficit accumulated during the development stage
              
              
              (988,680
              )
              
              (453,810
              )(241,986
              )
              
              92,884Treasury stock - at cost (50,000 shares)
              
              
              -
              
              
              (50,000
              )**Total Shareholders’ Equity (Deficit)**
              
              
              (241,986
              )
              
              42,884**Total Liabilities and Shareholders’ Equity**
              
              $
              121,569
              
              $
              354,512




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**


Three
      months ended March 31, 2007 and 2006 and


Period
      from October 17, 2003 (date of inception) through March 31, 2007





**(Unaudited)**


Period
                  from17-Oct-03Three
                  months
              
              Three
                  months
              
              (date
                  of inception)ended
              
              ended
              
              throughMarch
                  31,
              
              March
                  31,
              
              March
                  31,2007
              
              2006
              
              2007**Revenues**
              
              $
              -
              
              $
              -
              
              $
              -**Expenses**Organizational
                  and formation expenses
              
              
              -
              
              
              -
              
              
              89,801Officer
                  compensation
              
              
              35,000
              
              
              17,500
              
              
              256,670Other
                  salaries
              
              
              4,500
              
              
              9,000
              
              
              75,125Other
                  general and administrative expenses
              
              
              25,285
              
              
              22,408
              
              
              376,654“Compensation
                  expense” related to saleof
                  common stock at less than “fair value”
              
              
              -
              
              
              -
              
              
              181,430**Total
                  Expenses**
              
              
              64,785
              
              
              48,908
              
              
              979,680**Loss
                  from Operations**
              
              
              (64,785
              )
              
              (48,908
              )
              
              (979,680
              )**Other
                  Expense**Interest
                  expense
              
              
              -
              
              
              (2,219
              )
              
              (9,000
              )**Loss
                  before Provision for Income Taxes**
              
              
              (64,785
              )
              
              (51,127
              )
              
              (988,680
              )**Provision
                  for Income Taxes**
              
              
              -
              
              
              -
              
              
              -**Net
                  Loss**
              
              
              (64,785
              )
              
              (51,127
              )
              
              (988,680
              )**Other
                  Comprehensive Income**
              
              
              -
              
              
              -
              
              
              -**Comprehensive
                  Loss**
              
              $
              (64,785
              )
              $
              (51,127
              )
              $
              (988,680
              )Loss
                  per weighted-average shareof
                  common stock outstanding,computed
                  on Net Loss -basic
                  and fully diluted
              
              $
              (0.02
              )
              $
              (0.01
              )
              $
              (0.27
              )Weighted-average
                  number of sharesof
                  common stock outstanding
              
              
              4,102,000
              
              
              3,887,167
              
              
              3,686,437








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**


Three
      months ended March 31, 2007 and 2006 and


Period
      from October 17, 2003 (date of inception) through March 31, 2007





**(Unaudited)**


Period
                  from17-Oct-03Three
                  months
              
              Three
                  months
              
              (date
                  of inception)ended
              
              ended
              
              throughMarch
                  31,
              
              March
                  31,
              
              March
                  31,2007
              
              2006
              
              2007**Cash
                  Flows from Operating Activities**Net
                  Loss
              
              $
              (64,785
              )
              $
              (51,127
              )
              $
              (988,680
              )Adjustments
                  to reconcile net income to net cashprovided
                  by operating activitiesDepreciation
              
              
              -
              
              
              -
              
              
              -Organizational
                  expenses paid with issuanceof
                  common and preferred stock
              
              
              -
              
              
              -
              
              
              50,810Expenses
                  paid with common stock
              
              
              -
              
              
              -
              
              
              125,000“Compensation
                  expense” relatedto
                  sale of common stock atless
                  than “fair value”
              
              
              -
              
              
              -
              
              
              181,430Increase
                  (Decrease) inAccounts
                  payable - trade
              
              
              (9,283
              )
              
              8,800
              
              
              17,260Accrued
                  liabilities
              
              
              6,790
              
              
              10,750
              
              
              95,125Accrued
                  interest payable
              
              
              -
              
              
              2,219
              
              
              -Accrued
                  officers compensation
              
              
              35,000
              
              
              17,500
              
              
              251,170**Net
                  cash used in operating activities**
              
              
              (32,278
              )
              
              (11,858
              )
              
              (267,885
              )**Cash
                  Flows from Investing Activities**
              
              
              -
              
              
              -
              
              
              -**Cash
                  Flows from Financing Activities**Cash
                  proceeds from note payable
              
              
              -
              
              
              -
              
              
              90,000Cash
                  paid to retire note payable
              
              
              -
              
              
              -
              
              
              (90,000
              )Cash
                  proceeds from sale of common stock
              
              
              -
              
              
              15,000
              
              
              416,089Purchase
                  of treasury stock
              
              
              -
              
              
              (50,000
              )
              
              (50,000
              )Cash
                  paid to acquire capital
              
              
              -
              
              
              -
              
              
              (10,447
              )Capital
                  contributed to support operations
              
              
              -
              
              
              -
              
              
              33,812**Net
                  cash provided by financing activities**
              
              
              -
              
              
              (35,000
              )
              
              389,454**Increase
                  (Decrease) in Cash and Cash Equivalents**
              
              
              (32,278
              )
              
              (46,858
              )
              
              121,569Cash
                  and cash equivalents at beginning of period
              
              
              153,847
              
              
              401,370
              
              
              -Cash
                  and cash equivalents at end of period
              
              $
              121,569
              
              $
              354,512
              
              $
              121,569**Supplemental
                  Disclosures of Interest and Income Taxes Paid**Interest
                  paid during the period
              
              $
              -
              
              $
              -
              
              $
              -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.


5





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


(a
      development stage enterprise)


**Notes
      to Consolidated Financial Statements**


March
      31,
      2007 and 2006





**Note
      A - Organization and Description of Business**





Signet
      International Holdings, Inc. was incorporated on February 2, 2005 in accordance
      with the Laws of the State of Delaware as 51142, Inc.





On
      September 8, 2005, pursuant to a Stock Purchase Agreement and Share Exchange
      (Agreement) by and among Signet International Holdings, Inc. (Signet); Signet
      Entertainment Corporation (SIG) and the shareholders of SIG (Shareholders)
      (collectively SIG and the SIG shareholders shall be known as the “SIG Group”),
      Signet acquired 100.0% of the then issued and outstanding preferred and common
      stock of SIG for a total of 3,421,000 common shares and 5,000,000 preferred
      shares of Signet’s stock issued to the SIG Group. Pursuant to the agreement, SIG
      became a wholly owned subsidiary of Signet.





Signet
      Entertainment Corporation was incorporated on October 17, 2003 in accordance
      with the Laws of the State of Florida. SIG was formed to establish a television
      network “The Gaming and Entertainment Network”.





The
      Company is considered in the development stage and, as such, has generated
      no
      significant operating revenues and has incurred cumulative operating losses
      of
      approximately $924,000.





**Note
      B - Preparation of Financial Statements**





The
      acquisition of Signet Entertainment Corporation by Signet International
      Holdings, Inc. effected a change in control of Signet International Holdings,
      Inc. and is accounted for as a “reverse acquisition” whereby Signet
      Entertainment Corporation is the accounting acquirer for financial statement
      purposes. Accordingly, for all periods subsequent to the “reverse merger”
transaction, the financial statements of the Signet International Holdings,
      Inc.
      will reflect the historical financial statements of Signet Entertainment
      Corporation from it’s inception and the operations of Signet International
      Holdings, Inc. subsequent to the September 8, 2005 transaction
      date.





The
      Company follows the accrual basis of accounting in accordance with accounting
      principles generally accepted in the United States of America and has a year-end
      of December 31.





The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date
      of
      the financial statements and the reported amounts of revenues and expenses
      during the reporting period. Actual results could differ from those
      estimates.





Management
      further acknowledges that it is solely responsible for adopting sound accounting
      practices, establishing and maintaining a system of internal accounting control
      and preventing and detecting fraud. The Company’s system of internal accounting
      control is designed to assure, among other items, that 1) recorded transactions
      are valid; 2) valid transactions are recorded; and 3) transactions are recorded
      in the proper period in a timely manner to produce financial statements which
      present fairly the financial condition, results of operations and cash flows
      of
      the Company for the respective periods being presented.





During
      interim periods, the Company follows the accounting policies set forth in its
      annual audited financial statements filed with the U. S. Securities and Exchange
      Commission on its Annual Report on Form 10-KSB for the year ended December
      31,
      2006.


The
      information presented within these interim financial statements may not include
      all disclosures required by generally accepted accounting principles and the
      users of financial information provided for interim periods should refer to
      the
      annual financial information and footnotes when reviewing the interim financial
      results presented herein.





In
      the
      opinion of management, the accompanying interim financial statements, prepared
      in accordance with the U. S. Securities and Exchange Commission’s instructions
      for Form 10-QSB, are unaudited and contain all material adjustments, consisting
      only of normal recurring adjustments necessary to present fairly the financial
      condition, results of operations and cash flows of the Company for the
      respective interim periods presented. The current period results of operations
      are not necessarily indicative of results which ultimately will be reported
      for
      the full fiscal year ending December 31, 2007.


6


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


(a
      development stage company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006





**Note
      B - Preparation of Financial Statements - Continued**





The
      accompanying consolidated financial statements contain the accounts of Signet
      International Holdings, Inc. and its wholly-owned subsidiary, Signet
      Entertainment Corporation. All significant intercompany transactions have been
      eliminated. The consolidated entities are collectively referred to as
“Company”.





**Note
      C - Going Concern Uncertainty**





The
      Company remains in the process of implementing it’s business plan, which will
      require the raising of additional capital. As such, the Company is considered
      to
      be a development stage company.





The
      Company's continued existence is dependent upon its ability to generate
      sufficient cash flows from operations to support its daily operations as well
      as
      provide sufficient resources to retire existing liabilities and obligations
      on a
      timely basis.





The
      Company anticipates that future sales of equity securities to fully implement
      it’s business plan or to raise working capital to support and preserve the
      integrity of the corporate entity may be necessary. There is no assurance that
      the Company will be able to obtain additional funding through the sales of
      additional equity securities or, that such funding, if available, will be
      obtained on terms favorable to or affordable by the Company.





If
      no
      additional capital is received to successfully implement the Company’s business
      plan, the Company will be forced to rely on existing cash in the bank and upon
      additional funds which may or may not be loaned by management and/or significant
      stockholders to preserve the integrity of the corporate entity at this time.
      In
      the event, the Company is unable to acquire sufficient capital, the Company’s
      ongoing operations would be negatively impacted.





It
      is the
      intent of management and significant stockholders to provide sufficient working
      capital necessary to support and preserve the integrity of the corporate entity.
      However, no formal commitments or arrangements to advance or loan funds to
      the
      Company or repay any such advances or loans exist. There is no legal obligation
      for either management or significant stockholders to provide additional future
      funding.





While
      the
      Company is of the opinion that good faith estimates of the Company’s ability to
      secure additional capital in the future to reach our goals have been made,
      there
      is no guarantee that the Company will receive sufficient funding to sustain
      operations or implement any future business plan steps.








**Note
      D - Summary of Significant Accounting Policies**





1.  Cash
      and cash equivalents





For
      Statement of Cash Flows purposes, the Company considers all cash on hand and
      in
      banks, certificates of deposit and other highly-liquid investments with
      maturities of three months or less, when purchased, to be cash and cash
      equivalents.





2.
            Organization
                costs





The
      Company has adopted the provisions of AICPA Statement of Position 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 company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006





**Note
      D - Summary of Significant Accounting Policies - Continued**





4.





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
      March 31, 2007 and 2006, respectively, the deferred tax asset and deferred
      tax
      liability accounts, as recorded when material to the financial statements,
      are
      entirely the result of temporary differences. Temporary differences represent
      differences in the recognition of assets and liabilities for tax and financial
      reporting purposes, primarily accumulated depreciation and amortization,
      allowance for doubtful accounts and vacation accruals.





As
      of
      March 31, 2007 and 2006, the deferred tax asset related to the Company’s net
      operating loss carryforward is fully reserved. Due to the provisions of Internal
      Revenue Code Section 338, the Company may have no net operating loss
      carryforwards available to offset financial statement or tax return taxable
      income in future periods as a result of a change in control involving 50
      percentage points or more of the issued and outstanding securities of the
      Company.





6.
            Earnings
                (loss) per share





Basic
      earnings (loss) per share is computed by dividing the net income (loss)
      available to common shareholders by the weighted-average number of common shares
      outstanding during the respective period presented in our accompanying financial
      statements.





Fully
      diluted earnings (loss) per share is computed similar to basic income (loss)
      per
      share except that the denominator is increased to include the number of common
      stock equivalents (primarily outstanding options and warrants).





Common
      stock equivalents represent the dilutive effect of the assumed exercise of
      the
      outstanding stock options and warrants, using the treasury stock method, at
      either the beginning of the respective period presented or the date of issuance,
      whichever is later, and only if the common stock equivalents are considered
      dilutive based upon the Company’s net income (loss) position at the calculation
      date.





At
      March
      31, 2007 and 2006, and subsequent thereto, the Company’s issued and outstanding
      preferred stock is considered anti-dilutive due to the Company’s net operating
      loss position.





**Note
      E - Fair Value of Financial Instruments**





The
      carrying amount of cash, accounts receivable, accounts payable and notes
      payable, as applicable, approximates fair value due to the short term nature
      of
      these items and/or the current interest rates payable in relation to current
      market conditions.





Interest
      rate risk is the risk that the Company’s earnings are subject to fluctuations in
      interest rates on either investments or on debt and is fully dependent upon
      the
      volatility of these rates. The Company does not use derivative instruments
      to
      moderate its exposure to interest rate risk, if any.





Financial
      risk is the risk that the Company’s earnings are subject to fluctuations in
      interest rates or foreign exchange rates and are fully dependent upon the
      volatility of these rates. The company does not use derivative instruments
      to
      moderate its exposure to financial risk, if any.











8


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


(a
      development stage company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006





**Note
      F - Note Payable**





Note
      payable consists of the following at March 31, 2007 and 2006,
      respectively:




March
                  31,
              
              March
                  31,2007
              
              2006$90,000
                  note payable to an individual. Interest at 10.0%.Principal
                  and
                  accrued interest due at maturity onJuly
                  1,
                  2006. Collateralized by controlling interestin
                  the
                  common stock of Signet International Holdings,Inc.
                  (formerly 51142, Inc.). Note fully funded in July 2005and
                  paid in full in May 2006.
              
              $
              -
              
              $
              90,000




**Note
      G - Income Taxes**





The
      components of income tax (benefit) expense each of the three month periods
      ended
      March 31, 2007 and 2006 and for the period from October 17, 2003 (date of
      inception) through March 31, 2007, are as follows:




Period
                  from17-Oct-03Three
                  months
              
              Three
                  months
              
              (date
                  of inception)ended
              
              ended
              
              throughMarch
                  31,
              
              March
                  31,
              
              March
                  31,2007
              
              2006
              
              2007Federal:Current
              
              $
              -
              
              $
              -
              
              $
              -Deferred
              
              
              -
              
              
              -
              
              
              --
              
              
              -State:Current
              
              
              -
              
              
              -
              
              
              -Deferred
              
              
              -
              
              
              -
              
              
              --
              
              
              -Total
              
              $
              -
              
              $
              -
              
              $
              -




As
      of
      March 31, 2007, the Company has a net operating loss carryforward of
      approximately $486,000 for Federal and State income tax purposes.. The amount
      and availability of any future net operating loss carryforwards may be subject
      to limitations set forth by the Internal Revenue Code. Factors such as the
      number of shares ultimately issued within a three year look-back period; whether
      there is a deemed more than 50 percent change in control; the applicable
      long-term tax exempt bond rate; continuity of historical business; and
      subsequent income of the Company all enter into the annual computation of
      allowable annual utilization of the carryforwards.














(Remainder
      of this page left blank intentionally)






9





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


(a
      development stage company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006











**Note
      G - Income Taxes - Continued**





The
      Company's income tax expense (benefit) for each of the three month periods
      ended
      March 31, 2007 and 2006 and for the period from October 17, 2003 (date of
      inception) through March 31, 2007, respectively, differed from the statutory
      federal rate of 34 percent as follows:




Period
                  from17-Oct-03Three
                  months
              
              Three
                  months
              
              (date
                  of inception)ended
              
              ended
              
              throughMarch
                  31,
              
              March
                  31,
              
              March
                  31,2007
              
              2006
              
              2007Statutory
                  rate applied to income before income taxes
              
              $
              (22,000
              )
              $
              (17,400
              )
              $
              (336,000
              )Increase
                  (decrease) in income taxes resulting from:State
                  income taxes
              
              
              -
              
              
              -
              
              
              -Timing
                  of deductions for accrued compensation
              
              
              13,400
              
              
              9,000
              
              
              109,000Non-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
              
              
              8,600
              
              
              8,400
              
              
              165,300Income
                  tax expense
              
              $
              -
              
              $
              -
              
              $




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 March 31, 2007 and 2006,
      respectively:




March
                  31,
              
              March
                  31,2007
              
              2006Deferred
                  tax assetsNet
                  operating loss carryforwards
              
              $
              165,500
              
              $
              85,300Timing
                  of deductions for accrued compensation
              
              
              85,600
              
              
              69,000Less
                  valuation allowance
              
              
              (251,100
              )
              
              (154,300
              )Net
                  Deferred Tax Asset
              
              $
              -
              
              $




**Note
      H - Preferred Stock**





On
      March
      14, 2007, the Company formally designated a series of Super Preferred Stock
      of
      the Company’s 50,000,000 authorized shares of the capital preferred stock of the
      Corporation. The designated Series A Convertible Super Preferred Stock (the
      "Series A Super Preferred Stock"), to consist of 5,000,00 shares, par value
      $.001 per share, which shall have the following preferences, powers,
      designations and other special rights:




Voting:
                Holders
                    of the Series A Super Preferred Stock shall have ten votes per
                    share held
                    on all matters submitted to the shareholders of the Company for
                    a vote
                    thereon. Each holder of these shares shall have the option to
                    appoint two
                    additional members to the Board of Directors. Each share shall
                    be
                    convertible into ten (10) shares of common
                    stock.
  Dividends:
                The
                    holders of Series A Super Preferred Stock shall be entitled to
                    receive
                    dividends or distributions on a pro rata basis with the holders
                    of common
                    stock when and if declared by the Board of Directors of the Company.
                    Dividends shall not be cumulative. No dividends or distributions
                    shall be
                    declared or paid or set apart for payment on the Common Stock
                    in any
                    calendar year unless dividends or distributions on the Series
                    A Preferred
                    Stock for such calendar year are likewise declared and paid or
                    set apart
                    for payment. No declared and unpaid dividends shall bear or accrue
                    interest.





10


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


(a
      development stage company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006











**Note
      H - Preferred Stock - Continued**




LiquidationPreference
              Upon
                  the liquidation, dissolution and winding up of the Company, whether
                  voluntary or involuntary, the holders of the Series A Super Preferred
                  Stock then outstanding shall be entitled to, on a pro-rata basis
                  with the
                  holders of common stock, distributions of the assets of the Corporation,
                  whether from capital or from earnings available for distribution
                  to its
                  stockholders.




The
      Board
      of Directors has the authority, without further action by the shareholders,
      to
      issue, from time to time, preferred stock in one or more series for such
      consideration and with such relative rights, privileges, preferences and
      restrictions that the Board may determine. The preferences, powers, rights
      and
      restrictions of different series of preferred stock may differ with respect
      to
      dividend rates, amounts payable on liquidation, voting rights, conversion
      rights, redemption provisions, sinking fund provisions and purchase funds and
      other matters. The issuance of preferred stock could adversely affect the voting
      power or other rights of the holders of common stock.





On
      October 20, 2003, in conjunction with the formation and incorporation of Signet
      Entertainment Corporation, SIG issued 4,000,000 shares of preferred stock to
      the
      incorporating persons. This transaction was valued at approximately $40,000,
      which approximates the value of the services provided.





On
      July
      19, 2005, the Company issued 1,000,000 shares of preferred stock to an existing
      shareholder and Company officer for services related to the organization and
      structuring of the Company and it’s proposed business plan. This transaction was
      valued at approximately $10,000, which approximates the value of the services
      provided.





Concurrent
      with the reverse merger transaction, these shareholders exchanged their Signet
      Entertainment Corporation preferred stock for equivalent shares of Signet
      International Holdings, Inc. Series A Super Preferred stock, as described
      above.




**Note
      I - Common Stock Transactions**





On
      October 17, 2003 and November 1, 2003, in connection with the incorporation
      and
      formation of the Company, an aggregate of approximately 3,294,000 shares of
      restricted, unregistered shares of common stock and were issued to various
      founding individuals. This combined preferred stock and common stock issuances
      were collectively valued at approximately $40,810, which approximated the fair
      value of the time provided by the individuals and the related out-of-pocket
      expenses.





On
      June
      16, 2004 and December 3, 2004, the Company sold, in three separate transactions
      to three unrelated individuals, an aggregate 70,000 shares of restricted,
      unregistered common stock for $35,000 cash. These shares were sold pursuant
      to
      an exemption from registration under Section 4(2) of the Securities Act of
      1933,
      as amended, and no underwriter was used any of the three
      transactions.





Between
      July 20, 2005 and August 26, 2005, Signet Entertainment Corporation sold an
      aggregate 57,000 shares of common stock to existing and new shareholders at
      a
      price of $0.01 per share for gross proceeds of approximately $570. As this
      selling price was substantially below the “fair value” of comparable
      transactions, the Company recognized a charge to operations for consulting
      expense equivalent to the difference between the established “fair value” of
      $1.00 per share (as determined by the pricing in the September 2005 Private
      Placement Memorandum) and the selling price of $0.01 per share.






11






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


(a
      development stage company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006





**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 March 31, 2007, 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.





**Note
      J - Commitments**





Leased
      office space





The
      Company operates from leased office facilities at 205 Worth Avenue, Suite 316
      Palm Beach, FL 33480 under an operating lease. The lease agreement was
      originally expired to expire in July 2009 and has been subsequently amended
      to a
      month-to-month basis. The lease requires monthly payments of approximately
      $928.
      The Company is not responsible for any additional charges for common area
      maintenance.





The
      Company also reimburses two non-executive personnel and one executive officer
      for the use of their personal home offices, which are not exclusive to the
      Company’s business, at approximately $250 per month. These agreements are on a
      month-to-month basis.





For
      the
      respective years ended December 31, 2006 and 2005, the Company paid an aggregate
      of $34,755 and $16,738 for rent under these agreements.





Triple
      Play Management Agreement





On
      October 23, 2003, Signet Entertainment entered into a Management Agreement
      with
      Triple Play Media Management (Triple Play) of Peoria, Arizona. Triple Play
      is
      engaged to be the management company to manage and operate any acquired Signet
      facility (facilities) on a permanent basis for Signet for a period of ten years
      (the initial period) with an automatic extension of an additional ten years
      unless the dissenting party gives proper notice.








(Remainder
      of this page left blank intentionally)


12


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


(a
      development stage company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006





**Note
      J - Commitments - Continued**





Triple
      Play Management Agreement -
      continued





To
      facilitate this Management Agreement, Signet will endeavor to raise capital
      contributions through a Private Placement Offering, Regulation 506 and /or
      a
      Public Offering and show evidence of the total capital funds required for the
      establishment of the Network including providing funds for the budgeted
      operations of the business for the term of this agreement plus extensions.
      Signet will also provide a minimum of 17,500 square feet of permanent structure
      (connector facility), fully equipped to accommodate full- service television
      studios, sound stages and various production equipment within completely
      air-conditioned and heated work places and mobile modular production unit (s)
      fully equipped and a Eutelsat satellite Hot Bird and delivery system. Triple
      Play will, in turn, perform the following actions: a) acquire and maintain
      various licenses; b) compliance with local ordinances and state laws; c)
      maintain complete books of account, which shall comply with requirements of
      any
      governmental agency including all Federal Communications commission (FCC)
      regulations; d),provide an annual budget to Signet, addressing all operating
      activities, including a reserve for repairs, refurbishment, and replacements
      to
      maintain the premises and equipment in good condition; e) make no expenditures
      other than those items provided in an annual budget; f) maintain books and
      records to be made available to Signet representatives; g) have complete
      creative control and authority to determine all matters concerning decor,
      design, arrangement, format and all production presentations including creative
      design, absolute control and discretion with respect to the operation of the
      premises; and h) be responsible for all necessary and proper insurances
      safeguarding against all reasonably foreseeable risks on a replacement cost
      basis of coverage to both parties , the business and its assets.





Upon
      Signet’s raising the necessary required funding through a secondary offering,
      Signet will begin funding the working capital requirements of Triple Play for
      a
      share of Triple Play’s profit. The working capital commitment is based on
      mutually agreed budgets and is projected to amount approximately $15 million,
      inclusive of management fees. This advance of management fees would be drawn
      down by Triple Play over approximately the first 12 months of its operations
      which would begin once Signet has access to the secondary offering funding.
      This
      advance will be recovered by Signet from Triple Play’s future cash flows. In
      return, Signet will receive 87.5 % of Triple Play’s monthly gross revenues less
      Triple Play’s monthly operating expenses.





For
      the
      services, Triple Play shall render to Signet, Signet shall pay management fees
      to Triple Play based upon Triple Play’s gross revenues, as follows: a) 12% of
      Triple Play’s gross revenues, provided that Triple Play realizes a minimum pre
      tax net profit of 25%, plus b) 1⁄2% (one half percent) of Triple Play’s gross
      revenues for Triple Play’s costs of licenses and permits for international air
      waves and feeds duties and taxes, satellite transmission links, down links,
      including earth stations. The fees in a) and b), noted above, shall become
      due
      from Signet within 90 days after the close of each calendar year based on a
      determination by independently prepared Certified Public Accountants’ reports.
      These reports will account for advances Signet has made.





Triple
      Play’s Chief Executive Officer, Richard Grad, one of Signet’s founding
      shareholders, will be paid by Signet, a signing bonus of $50,000 upon the
      funding of a future Signet offering. Signet will also pay to Mr. Grad the
      following annual compensation during the entire term of this agreement,
      including extensions thereto: 1) a guaranteed annual salary of $200,000.(Two
      Hundred Thousand), per year payable at the beginning of each month at the rate
      of twelve equal installments and will be subsequently deducted from each annual
      management fee settlement noted above; 2) an allowance of $1,500 for moving
      and
      relocation expenses and 3) ordinary and reasonable employee benefits related
      to
      health insurance. It is specifically noted that Mr. Grad will function solely
      as
      an independent contractor representing Triple Play and will not be construed
      as
      a Signet employee.








(Remainder
      of this page left blank intentionally)






13




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


(a
      development stage company)


**Notes
      to Consolidated Financial Statements - Continued**


March
      31,
      2007 and 2006











**Note
      J - Commitments - Continued**





Big
      Vision Management Contract





On
      July
      22, 2005, Signet Entertainment entered into a Management Agreement with Big
      Vision Studios, a Nevada Limited Liability Company (Big Vision) located in
      both
      Las Vegas, Nevada and Burbank, California whereby Big Vision will be the
      exclusive supplier of High Definition Equipment and Studio rental for Signet.
      This agreement is for a period of one (1) year, commencing with the submission
      by Signet’s of evidence of the total capital funds required for the
      establishment of Signet’s Network including providing funds for the budgeted
      operations of the business for the term of this agreement plus extensions to
      Big
      Vision, with an automatic extension of an additional five years unless the
      dissenting parry gives proper notice. Signet has agreed to pay a reduced fee
      to
      Big Vision, at a discount negotiated off of Big Vision’s published standard rate
      card, for the first year of Signer’s operations. After the initial year, Signet
      has agreed to pay Big Vision based on Big Vision’s published standard rate card
      at that point in time plus an additional 15% in consideration of Big Vision’s
      concession in rates for the first year. Signet has agreed to continue paying
      pursuant to Big Vision’s published standard rate card plus 15% for as long as
      this agreement is in place. All fees will be paid as they become due and payable
      according to Big Vision’s requirements.





Broadcast
      Property Acquisition





On
      April
      13, 2006, Signet executed a Letter of Agreement to Purchase with Freehawk
      Productions, Inc. whereby Signet was to 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, commencing
      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 was $3,000,000.00. This transaction was to include 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.





On
      April
      20, 2007, the Company entered into a new purchase agreement with Freehawk for
      100% of the rights to 21 television series to be produced by Freehawk
      exclusively for Signet. The total consideration to paid by the Company for
      these
      rights will be 320,000 shares of restricted, unregistered common stock and
      a
      $50,000 promissory note.











(Remainder
      of this page left blank intentionally)











14


**Part
      I - Item 2**





**Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations**


**(1)**
            **Caution
                Regarding Forward-Looking
                Information**








Certain
      statements contained in this quarterly filing, including, without limitation,
      statements containing the words "believes", "anticipates", "expects" and words
      of similar import, constitute forward-looking statements. Such forward-looking
      statements involve known and unknown risks, uncertainties and other factors
      that
      may cause the actual results, performance or achievements of the Company, or
      industry results, to be materially different from any future results,
      performance or achievements expressed or implied by such forward-looking
      statements.





Such
      factors include, among others, the following: international, national and local
      general economic and market conditions: demographic changes; the ability of
      the
      Company to sustain, manage or forecast its growth; the ability of the Company
      to
      successfully make and integrate acquisitions; raw material costs and
      availability; new product development and introduction; existing government
      regulations and changes in, or the failure to comply with, government
      regulations; adverse publicity; competition; the loss of significant customers
      or suppliers; fluctuations and difficulty in forecasting operating results;
      changes in business strategy or development plans; business disruptions; the
      ability to attract and retain qualified personnel; the ability to protect
      technology; and other factors referenced in this and previous
      filings.





Given
      these uncertainties, readers of this Form 10-QSB and investors are cautioned
      not
      to place undue reliance on such forward-looking statements. The Company
      disclaims any obligation to update any such factors or to publicly announce
      the
      result of any revisions to any of the forward-looking statements contained
      herein to reflect future events or developments.





**(2)**  **Results
      of Operations, Liquidity and Capital Resources or Plan of
      Operation**





Period
      ended March 31, 2007 and 2006





We
      had no
      revenue for either of the respective three months ended March 31, 2007 and
      2006,
      respectively.





General
      and administrative expenses for the three months ended March 31, 2007 and 2006
      were approximately $25,300 and $22,400, respectively. These costs relate
      principally to the maintenance of our corporate offices and the implementation
      of our business plan.





For
      the
      three months ended March 31, 2007 and 2006, we accrued compensation to our
      chief
      executive officer, Ernie Letiziano of $17,500 for each respective three month
      period. Effective January 1, 2007, we engaged the services of and commenced
      the
      accrual of executive compensation of $17,500 per quarter to Thomas Donaldson
      for
      his role in implementing the Company’s business plan for future growth and/or
      acquisitions in the broadcast marketplace.





Our
      net
      loss for the three months ended March 31, 2007 and 206, respectively was
      approximately $(65,000) and $(51,000). Our earnings per share for the respective
      quarters ended March 31, 2007 and 2006 was approximately $(0.02) and $(0.01)
      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
      March
      31, 2007 and 2006, respectively, the Company had working capital of
      approximately $9,200 and 215,500, exclusive of accrued officer compensation.
      Both Mr. Letiziano and Mr. Donaldson have both agreed to defer payment of their
      accrued compensation until such time that we have adequate cash flows to service
      these obligations without undue hardship to our operations and expansion
      plans.




It
      is the
      intent of management and significant stockholders, if necessary, to provide
      sufficient working capital necessary to support and preserve the integrity
      of
      the corporate entity. However, there is no legal obligation for either
      management or significant stockholders to provide additional future funding.
      Should this pledge fail to provide financing, the Company has not identified
      any
      alternative sources. Consequently, there is substantial doubt about the
      Company's ability to continue as a going concern.





The
      Company's need for capital may change dramatically as a result of any business
      acquisition or combination transaction. There can be no assurance that the
      Company will identify any such business, product, technology or company suitable
      for acquisition in the future. Further, there can be no assurance that the
      Company would be successful in consummating any acquisition on favorable terms
      or that it will be able to profitably manage the business, product, technology
      or company it acquires.






15





**Plan
      of Operations**





In
      March
      2007, upon the approval of our equity securities for trading on the Over the
      Counter Bulletin Board, we began implementation of that part of our business
      plan relating to the acquisition of LPTV stations by offering Sale & Share
      Exchange Contracts with the LPTV Stations. Although we have had no revenues
      generated to date, we expect to realize revenues from operations of the LPTV
      stations once agreements are finalized and executed and we take control of
      an
      LPTV Stations. Ernest Letiziano, our sole officer, director will not relinquish
      control of the company to any of the acquired LPTV stations resulting from
      any
      of the agreement. In addition, since the acquisition of the LPTV stations will
      be based upon issuing our stock in exchange for the LPTV station’s stock, we
      will incur no cash expenditures other than incidental expenses such as
      telephone, travel and general and administrative expenses. These expenses that
      we will incur related to the LPTV acquisition have been anticipated and are
      part
      of our monthly expenses in the total amount of $10,500.00 per month as set
      forth
      below. The funds provided for the monthly expenses, including the expenses
      for
      acquisition of the LPTV stations, came from the issuance of shares raised by
      us
      in our private placement which commenced in September 2005 and was completed
      in
      January 2006. Our cash flow requirements of $10,500.00 per month will be
      accommodated adequately by our current cash balance of $170,947. The first
      three
      months of Calendar 2007 have required the use of approximately $32,000 in
      operating cash , which we believe to be on target for our current and previously
      disclosed projections. We anticipate that our cash requirements will remain
      fairly consistent until such time that we complete an acquisition or
      acquisitions of operating broadcast properties. We do not anticipate significant
      expenses for the negotiating and finalizing of the agreements since we will
      undertake the due diligence ourselves and do not have to incur travel expenses
      to visit the stations. In addition, we have already anticipated these expenses
      as part of monthly budget.




It
      is the
      intent of management and significant stockholders, if necessary, to provide
      sufficient working capital necessary to support and preserve the integrity
      of
      the corporate entity. Although we have verbal assurances from Mr. Letiziano
      that he will provide such interim working capital, there is no legal obligation
      for either management or significant stockholders to provide additional future
      funding. We may raise additional funds through public offerings of equity,
      securities convertible into equity or debt, private offerings of
      securities.





Concurrent
      with our acquiring other LPTV stations for stock during 2007 we intend to seek
      additional equity or debt financing. To date we have been able to raise funds
      in
      two funding rounds through both debt and equity offerings. We anticipate that
      the funds we secure from our next round of financing will enable us to purchase
      additional LPTV stations, some with a cash consideration, and provide additional
      working capital to enable us to possibly acquire some stations making losses,
      purchase programming and initiate Triple Play Media operations. Cash costs
      for
      this phase of our plan will include: $25,000 related to the funding round plus
      up to $30 million to support the acquisitions of more LPTV stations, plus up
      to
      $15 million to support Triple Play. This phase of our plan will continue
      throughout 2007. Currently, we have no specific plans to raise additional
      financing and we do not have any specific source(s) of such potential financing.
      However, since our shares were approved for trading, we have begun negotiations
      with several potential funding sources to assist with the acquisitions of the
      stations. To date we have no agreements or understandings in place for this
      funding.




We
      waited
      until our Registration Statement on Form SB-2 was declared effective to commence
      negotiating in earnest with at least one LPTV station. In previous periods,
      we
      began to identify target LPTV station(s). We continue to use the online site,
      www.LPTV.com, to identify stations that are for sale. We have, to date,
      identified various station(s) that we plan to approach in order to initiate
      acquisition negotiations. Our selection criteria is principally focused on
      station(s) that are currently available for sale, have a potential audience
      of
      at least 550,000 TV households, are rated Class A, and are located, in our
      opinion, in a growing market. As stated above, we have identified several
      stations or groups of stations under common control; however, we have only
      started preliminary contacts to commence negotiations or discussions. Based
      upon
      our review of the marketplace, we believe that we will be able to take the
      following steps to effectuate the acquisition of LPTV stations in the time
      periods set forth below. However, the time periods set forth below are only
      based upon our estimates and may or may not be completed as anticipated due
      to
      the variances in the time it takes to complete the necessary negotiations and/or
      consummating business transactions in the current business climate in the United
      States and the ultimate willingness of the sellers to consummate the
      transaction(s).





1.
            
            Building
                upon our activities which started in the 4thquarter of 2006, we continue the targeting and acquisition process
                of
                reviewing those markets of dominant influence (the ratings of TV
                households in each market.). We expect the expenses for our review
                of the
                markets to be limited to the time spent by Mr. Letiziano, our sole
                officer
                and director. We anticipate that any additional expenses will be
                under
                $1,000 can be paid from our current cash in
                hand.






16





2.
            
            During
                2007, we will continue to identify and contact the selected LPTV
                stations
                that are currently operating at a profit and in good standing with
                the
                FCC. We expect the expenses for same to be to be limited to the time
                spent
                by Mr. Letiziano, our sole officer and director. We anticipate that
                any
                additional expenses will be under $1,000 and will be paid from our
                current
                cash in hand.





3.
            
            After
                identification of appropriate stations, we will then initiate contact
                with
                the LPTV station owner and legal counsel and negotiate to sign
                non-circumvention agreements and Letters of Intent. Upon execution
                of a
                letter of intent we will perform due diligence which will include
                the
                review of financial statements, customer base, survey of equipment
                and the
                review of compliance with FCC regulations researched through public
                records. We will only identify and commence negotiations at such
                time as
                our registration statement is declared effective by the SEC. Since
                our
                arrangements will be based upon a share exchange contract, we will
                not
                incur any cash expenses other than those incidental expenses already
                budgeted in our monthly expenses. We will not need to travel to undertake
                our due diligence and intend to have the due diligence completed
                and
                reviewed by Mr. Letiziano. Based upon same we do not expect the expenses
                for the due diligence and negotiations to be more than $1,000 and
                will be
                paid from our current cash in hand.





4.
            
            At
                the present time, we anticipate to have negotiated and finalized
                an
                agreement to purchase at least one LPTV station and file though FCC
                counsel applications for approval from the FCC to operate the target
                LPTV
                station(s) by the middle of Calendar 2007. The approval period takes
                from
                60-90 days. We expect the expenses, which shall include legal fees
                and
                application fees to be less than $5,000 and will be paid from our
                current
                cash on hand.





5.
            
            Once
                the FCC has granted approval, we will then become owner of the LPTV
                station and will be responsible for the daily expenses associated
                with
                operating the business. The fees and expenses for operating these
                stations
                will be paid from the revenues which we anticipate we will generate
                from
                the LPTV station. At this time we are unsure of the expenses for
                operating
                the stations since we have not commenced our due diligence on any
                specific
                station. However, in the event that the stations do not generate
                the
                anticipates revenues then we will pay the fees and expenses from
                our
                current cash on hand or will rely on shareholder loans to cover such
                costs
                until the station generates sufficient revenues or until we can obtain
                additional debt or equity
                financing.





6.
            
            After
                our first acquisition, we will continue to identify and negotiate
                with
                additional LPTV stations. The funds to operate the LPTV stations
                will be
                derived from revenues generated or from cash on hand. In the event
                that
                the stations do not generate the anticipates revenues then we will
                pay the
                fees and expenses from our current cash on hand or will rely on
                shareholder loans to cover such costs until the station generates
                sufficient revenues or until we can obtain additional debt or equity
                financing. The fees and expenses for the due diligence, negotiations
                and
                expenses for the additional stations will be the same as set above
                and
                will be paid from current cash on hand, revenues or stockholder
                loans.





To
      date,
      we continue to primarily identify target stations by searching the Internet.
      The
      name and call letters of these stations are posted on various web sites. Our
      intention is to finance payment of these stations by issuing the sellers common
      stock as well cash payments to be negotiated. We can not be certain that any
      of
      the stations will agree to a purchase and/or share exchange arrangement. Since
      our research and contacts will be made through our office, we do not expect
      to
      incur any additional expenses other than the normal general and administrative
      expenses presently being paid.





We
      believe we can satisfy our cash requirements for our operations over the next
      twelve months with our current cash reserves. We anticipate that our operational
      and general and administrative expenses will approximate $126,000 on an annual
      basis, based on the acquisition of one LPTV station. Management currently
      anticipates that we will be able to cover these expenses with our current cash
      reserves of approximately $121,700 as of March 31, 2007. The components that
      went into our determination of required on going expenses include the following
      monthly estimated cash requirements:




Accounting
                  fees
              
              $
              2,000Legal
                  fees
              
              
              3,500General
                  and administrative expenses
              
              
              2,500Travel
                  and station survey expenses
              
              
              1,500Other
                  miscellaneous
              
              
              1,000Total
              
              $
              10,500




As
      set
      forth above, this monthly outlay does not include the costs of operating the
      LPTV stations we are unsure of the expenses for operating the stations since
      we
      have not commenced our due diligence on any specific station. However, in the
      event that the stations do not generate the anticipates revenues then we will
      pay the fees and expenses from our current cash on hand or will rely on
      shareholder loans to cover such costs until the station generates sufficient
      revenues or until we can obtain additional debt or equity financing. The fees
      and expenses for the due diligence, negotiations and expenses for the additional
      stations will be paid from current cash on hand, revenues or stockholder
      loans.






17





There
      will be no costs associated with 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
      businessplan, we have no other contractually obligated expenses. We cannot
      assure investors that we will be able to raise sufficient capital. In the
      absence of additional funding, we may not be able to purchase some of the
      stations we have identified. Even without significant new funding later this
      year or early 2007, we still anticipate being able to acquire some profitable
      LPTV stations for stock and consolidate both their revenues and
      earnings.





The
      foregoing represents our best estimate of our cash needs based on current
      planning and business conditions. The exact allocation, purposes and timing
      of
      any monies raised in subsequent funding rounds may vary significantly depending
      upon the exact amount of funds raised and status of the implementation of our
      business plan when these funds are raised.





Apart
      from building the board of directors, and employees of LPTV stations we acquire
      as subsidiaries we do not expect any significant changes in the number of
      employees.




**Critical
      Accounting Policies**





Our
      financial statements and related public financial information are based on
      the
      application of accounting principles generally accepted in the United States
      (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and
      subjective interpretations of accounting principles that have an impact on
      the
      assets, liabilities, revenue and expense amounts reported. These estimates
      can
      also affect supplemental information contained in our external disclosures
      including information regarding contingencies, risk and financial condition.
      We
      believe our use if estimates and underlying accounting assumptions adhere to
      GAAP and are consistently and conservatively applied. We base our estimates
      on
      historical experience and on various other assumptions that we believe to be
      reasonable under the circumstances. Actual results may differ materially from
      these estimates under different assumptions or conditions. We continue to
      monitor significant estimates made during the preparation of our financial
      statements.




Our
      significant accounting policies are summarized in Note D 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 - 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.








18





(b)  Changes
      in Internal Controls





During
      the quarter ended March 31, 2007, there were no changes (including corrective
      actions with regard to significant deficiencies or material weaknesses) in
      the
      Company's internal control over financial reporting that have materially
      affected, or are reasonably likely to materially affect, the Company's internal
      control over financial reporting.








**Part
      II - Other Information**





**Item
      1 - Legal Proceedings**





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**





None





**Item
      3 - Defaults on Senior Securities**





None





**Item
      4 - Submission of Matters to a Vote of Security Holders**





The
      Company has held no regularly scheduled, called or special meetings of
      shareholders during the reporting period.





**Item
      5 - Other Information**





None





**Item
      6 - Exhibits and Reports on Form 8-K**





Exhibits


31.1   Certification
      pursuant to Section 302 of Sarbanes-Oxley Act of 2002


32.1   Certification
      pursuant to Section 906 of Sarbanes-Oxley Act of 2002.











**SIGNATURES**





In
      accordance with the requirements of the Exchange Act, the registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.





**Signet
      International Holdings, Inc.**





Dated: May
      14, 2007 /s/
      Ernest W. Letiziano


Ernest
      W.
      Letiziano


President
      and Director





19