**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      DC 20549**





**Form
        10-QSB**








(Mark
      one)


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





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





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







For
      the
      transition period from ______________ to _____________











Commission
      File Number: 000-51185





**Signet
      International Holdings, Inc.**


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





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





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


(Address
      of principal executive offices)





(561)
      832-2000


(Issuer's
      telephone number)














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





YES R NO £




Indicate
        by check mark whether the registrant is a shell company (as defined in Rule
        12b-2 of the Exchange Act): YES £NOR


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





October
          26, 2007: 4,504,962





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




















**Signet
      International Holdings, Inc.**




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




Table
      of
      Contents






**Part
                  I - Financial Information**
              PageItem
                  1 Financial Statements
              3Item
                  2 Management's Discussion and Analysis or Plan of
                  Operation
              15Item
                  3 Controls and Procedures
              19**Part
                  II - Other Information**Item
                  1 Legal Proceedings
              20Item
                  2 Recent Sales of Unregistered Securities and Use of
                  Proceeds
              20Item
                  3 Defaults Upon Senior Securities
              20Item
                  4 Submission of Matters to a Vote of Security HoldersItem
                  5 Other Information
              20Item
                  6 Exhibits
              20**Signatures**
              20






2




**Item
        1**
 **Part
        1 - Financial Statements**
 
 **Signet
        International Holdings, Inc. and Subsidiary**
 (a
        development stage enterprise)
 **Consolidated
        Balance Sheets**
 September
        30, 2007 and 2006
 
 **(Unaudited)**




September
                  30,
              
              
              September
                  30,2007
              
              
              2006**ASSETS****Current
                  Assets**Cash
                  in
                  bank
              
              $
              73,417
              
              
              $
              170,947**Total
                  Current Assets**
              
              
              73,417
              
              
              
              170,947**Other
                  Assets**Broadcast
                  and
                  intellectual properties,net of accumulated amortization of $-0-
              
              
              4,007,249
              
              
              
              -**Total
                  Assets**
              
              $
              4,080,666
              
              
              $
              170,947**LIABILITIES
                  AND SHAREHOLDERS’ EQUITY (DEFICIT)****Liabilities****Current
                  Liabilities**Accounts
                  payable - trade
              
              $
              7,378
              
              
              $
              12,877Other
                  accrued liabilities
              
              
              120,875
              
              
              
              102,337Accrued
                  officer compensation
              
              
              321,170
              
              
              
              199,920**Total
                  Current Liabilities**
              
              
              449,423
              
              
              
              315,134**Long-Term
                  Liabilities**Contracts
                  payable on broadcast propertiesand intellectual properties
              
              
              75,000
              
              
              
              -**Total
                  Liabilities**
              
              
              524,423
              
              
              
              315,134**Commitments
                  and Contingencies****Shareholders’
                  Equity (Deficit)**Preferred
                  stock
                  - $0.001 par value50,000,000
                  shares authorized5,000,000
                  issued and outstanding, respectively
              
              
              5,000
              
              
              
              5,000Common
                  stock - $0.001 par value100,000,000
                  shares authorized.4,504,962
                  and
                  4,102,000 sharesissued and outstanding, respectively
              
              
              4,505
              
              
              
              4,102Additional
                  paid-in capital
              
              
              4,688,738
              
              
              
              737,592Deficit
                  accumulated during the development stage
              
              
              (1,142,000
              )
              
              
              (890,881
              )**Total
                  Shareholders’ Equity (Deficit)**
              
              
              3,556,243
              
              
              
              (144,187
              )**Total
                  Liabilities and Shareholders’ Equity**
              
              $
              4,080,666
              
              
              $
              170,947




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**
 Nine
        and
        Three months ended September 30, 2007 and 2006 and
 Period
        from October 17, 2003 (date of inception) through September 30,
        2007
 
 **(Unaudited)**




Period
                  fromOctober
                  17, 2003Nine
                  months
              
              
              Nine
                  months
              
              
              Three
                  months
              
              
              Three
                  months
              
              
              (date
                  of inception)ended
              
              
              ended
              
              
              ended
              
              
              ended
              
              
              throughSeptember
                  30,
              
              
              September
                  30,
              
              
              September
                  30,
              
              
              September
                  30,
              
              
              September
                  30,2007
              
              
              2006
              
              
              2007
              
              
              2006
              
              
              2007**Revenues**
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -**Expenses**Organizationaland formation expenses
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              89,801Officer
                  compensation
              
              
              105,000
              
              
              
              52,500
              
              
              
              35,000
              
              
              
              17,500
              
              
              
              326,670Other
                  salaries
              
              
              24,250
              
              
              
              26,375
              
              
              
              7,000
              
              
              
              9,502
              
              
              
              94,875Other
                  general andadministrative expenses
              
              
              88,855
              
              
              
              404,887
              
              
              
              26,018
              
              
              
              36,751
              
              
              
              621,654**Total
                  Expenses**
              
              
              218,105
              
              
              
              483,762
              
              
              
              68,018
              
              
              
              63,753
              
              
              
              1,133,000**Loss
                  from Operations**
              
              
              (218,105
              )
              
              
              (483,762
              )
              
              
              (68,018
              )
              
              
              (63,753
              )
              
              
              (1,133,000
              )**Other
                  Expense**Interest
                  expense
              
              
              -
              
              
              
              (4,436
              )
              
              
              -
              
              
              
              -
              
              
              
              (9,000
              )**Loss
                  before****Provision
                  for Income Taxes**
              
              
              (218,105
              )
              
              
              (488,198
              )
              
              
              (68,018
              )
              
              
              (63,753
              )
              
              
              (1,142,000
              )**Provision
                  for Income Taxes**
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -**Net
                  Loss**
              
              
              (218,105
              )
              
              
              (488,198
              )
              
              
              (68,018
              )
              
              
              (63,753
              )
              
              
              (1,142,000
              )**Other
                  Comprehensive Income**
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -**Comprehensive
                  Loss**
              
              $
              (218,105
              )
              
              $
              (488,198
              )
              
              $
              (68,018
              )
              
              $
              (63,753
              )
              
              $
              (1,142,000
              )Loss
                  per weighted-average shareof
                  common stock outstanding,computed
                  on Net
                  Loss -basic
                  and fully diluted
              
              $
              (0.05
              )
              
              $
              (0.12
              )
              
              $
              (0.02
              )
              
              $
              (0.02
              )
              
              $
              (0.30
              )Weighted-average
                  number ofshares
                  of common stockoutstanding
              
              
              4,328,363
              
              
              
              3,956,084
              
              
              
              4,496,810
              
              
              
              4,102,000
              
              
              
              3,781,832






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**
 Nine
        months ended September 30, 2007 and 2006 and
 Period
        from October 17, 2003 (date of inception) through September 30,
        2007
 
 **(Unaudited)**




Nine months
                ended
                September 30,
                2007
              
              
              Nine months
                ended
                September 30,
                2006
              
              
              Period
                  from
                October
                  17,
                2003
                (date
                  of inception)
                through
                September 30,
                2007**Cash
                  Flows from Operating Activities**Net
                  Loss
              
              $
              (218,105
              )
              
              $
              (488,198
              )
              
              $
              (1,142,000
              )Adjustments
                  to reconcile net income to net cash
                provided
                  by operating activitiesDepreciation
              
              
              -
              
              
              
              -
              
              
              
              -Organizational
                  expenses paid with issuance
                of common and preferred stock
              
              
              -
              
              
              
              -
              
              
              
              50,810Expenses
                  paid with common stock
              
              
              -
              
              
              
              250,000
              
              
              
              306,430Increase
                  (Decrease) inAccounts
                  payable - trade
              
              
              (19,165
              )
              
              
              12,877
              
              
              
              7,378Accrued
                  liabilities
              
              
              32,540
              
              
              
              68,398
              
              
              
              120,875Accrued
                  officers compensation
              
              
              105,000
              
              
              
              51,500
              
              
              
              321,170**Net
                  cash used in operating activities**
              
              
              (99,730
              )
              
              
              (105,423
              )
              
              
              (335,337
              )**Cash
                  Flows from Investing Activities**
              
              
              -
              
              
              
              -
              
              
              
              -**Cash
                  Flows from Financing Activities**Cash
                  proceeds from note payable
              
              
              -
              
              
              
              -
              
              
              
              90,000Cash
                  paid to retire note payable
              
              
              -
              
              
              
              (90,000
              )
              
              
              (90,000
              )Cash
                  proceeds from sale of common stock
              
              
              19,300
              
              
              
              15,000
              
              
              
              435,389Purchase
                  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**
              
              
              19,300
              
              
              
              (125,000
              )
              
              
              408,754**Increase
                  (Decrease) in Cash and Cash Equivalents**
              
              
              (80,430
              )
              
              
              (230,423
              )
              
              
              73,417Cash
                  and cash equivalents at beginning of period
              
              
              153,847
              
              
              
              401,370
              
              
              
              -Cash
                  and cash equivalents at end of period
              
              $
              73,417
              
              
              $
              170,947
              
              
              $
              73,417**Supplemental
                  Disclosures of Interest and Income Taxes Paid**Interest
                  paid during the period
              
              $
              -
              
              
              $
              -
              
              
              $
              9,000Income
                  taxes paid (refunded)
              
              $
              -
              
              
              $
              -
              
              
              $
              -**Supplemental
                  Disclosures of Non-Cash Investing and Financing
                  Activities**Acquisition
                  of broadcast and intellectual properties with
                long-term
                  contracts payable and common stock
              
              $
              4,007,249
              
              
              $
              -
              
              
              $
              4,007,249
  The
              financial information presented herein has been prepared by
              management
 without
              audit by independent certified public accountants.
 The
              accompanying notes are an integral part of these financial
              statements.














5




**Signet
        International Holdings, Inc. and Subsidiary**
 (a
        development stage enterprise)
 **Notes
        to Consolidated Financial Statements**
 September
        30, 2007 and 2006






**Note
        A - Organization and Description of Business**
 
 Signet
        International Holdings, Inc. was incorporated on February 2, 2005 in accordance
        with the Laws of the State of Delaware as 51142, Inc.
 
 On
        September 8, 2005, pursuant to a Stock Purchase Agreement and Share Exchange
        (Agreement) by and among Signet International Holdings, Inc. (Signet); Signet
        Entertainment Corporation (SIG) and the shareholders of SIG (Shareholders)
        (collectively SIG and the SIG shareholders shall be known as the “SIG Group”),
        Signet acquired 100.0% of the then issued and outstanding preferred and common
        stock of SIG for a total of 3,421,000 common shares and 5,000,000 preferred
        shares of Signet’s stock issued to the SIG Group.  Pursuant to the
        agreement, SIG became a wholly owned subsidiary of Signet.
 
 Signet
        Entertainment Corporation was incorporated on October 17, 2003 in accordance
        with the Laws of the State of Florida.  SIG was formed to establish a
        television network “The Gaming and Entertainment Network”.
 
 The
        Company is considered in the development stage and, as such, has generated
        no
        significant operating revenues and has incurred cumulative operating losses
        of
        approximately $1,142,000.
  **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 enterprise)
 **Notes
          to Consolidated Financial Statements - Continued**
 September
          30, 2007 and 2006


**Note
        B - Preparation of Financial Statements - Continued**
 
 The
        accompanying consolidated financial statements contain the accounts of Signet
        International Holdings, Inc. and its wholly-owned subsidiary, Signet
        Entertainment Corporation.  All significant intercompany transactions
        have been eliminated.  The consolidated entities are collectively
        referred to as “Company”.
  **Note
        C - Going Concern Uncertainty**
 
 The
        Company remains in the process of implementing it’s business plan, which will
        require the raising of additional capital.  As such, the Company is
        considered to be a development stage company.
 
 The
        Company's continued existence is dependent upon its ability to generate
        sufficient cash flows from operations to support its daily operations as
        well as
        provide sufficient resources to retire existing liabilities and obligations
        on a
        timely basis.
 
 The
        Company anticipates that future sales of equity securities to fully implement
        it’s business plan or to raise working capital to support and preserve the
        integrity of the corporate entity may be necessary.  There is no
        assurance that the Company will be able to obtain additional funding through
        the
        sales of additional equity securities or, that such funding, if available,
        will
        be obtained on terms favorable to or affordable by the Company.
 
 If
        no
        additional capital is received to successfully implement the Company’s business
        plan, the Company will be forced to rely on existing cash in the bank and
        upon
        additional funds which may or may not be loaned by management and/or significant
        stockholders to preserve the integrity of the corporate entity at this
        time.  In the event, the Company is unable to acquire sufficient
        capital, the Company’s ongoing operations would be negatively
        impacted.
 
 It
        is the
        intent of management and significant stockholders to provide sufficient working
        capital necessary to support and preserve the integrity of the corporate
        entity.  However, no formal commitments or arrangements to advance or
        loan funds to the Company or repay any such advances or loans
        exist.  There is no legal obligation for either management or
        significant stockholders to provide additional future funding.
 
 While
        the
        Company is of the opinion that good faith estimates of the Company’s ability to
        secure additional capital in the future to reach our goals have been made,
        there
        is no guarantee that the Company will receive sufficient funding to sustain
        operations or implement any future business plan steps.
  **Note
        D - Summary of Significant Accounting Policies**
  1.
                Cash
                    and cash equivalents
 For
        Statement of Cash Flows purposes, the Company considers all cash on hand
        and in
        banks, certificates of deposit and other highly-liquid investments with
        maturities of three months or less, when purchased, to be cash and cash
        equivalents.
 
 2.
              Organization
                  costs
 
 The
        Company has adopted the provisions of AICPA Statement of Position 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**
 September
            30, 2007 and 2006
  **Note
              D - Summary of Significant Accounting Policies - Continued**
 
 4.
                    Advertising
                        expenses
 
 The
              Company does not utilize direct solicitation advertising.  All other
              advertising and marketing expenses are charged to operations as
              incurred.
 
 5.
                    Income
                        Taxes
 
 The
              Company uses the asset and liability method of accounting for income
              taxes.  At September 30, 2007 and 2006, respectively, the deferred tax
              asset and deferred tax liability accounts, as recorded when material
              to the
              financial statements, are entirely the result of temporary
              differences.  Temporary differences represent differences in the
              recognition of assets and liabilities for tax and financial reporting
              purposes,
              primarily accumulated depreciation and amortization, allowance for
              doubtful
              accounts and vacation accruals.
 
 As
              of
              September 30, 2007 and 2006, the deferred tax asset related to the
              Company’s net
              operating loss carryforward is fully reserved.  Due to the provisions
              of Internal Revenue Code Section 338, the Company may have no net operating
              loss
              carryforwards available to offset financial statement or tax return
              taxable
              income in future periods as a result of a change in control involving
              50
              percentage points or more of the issued and outstanding securities
              of the
              Company.
 
 6.
                    Earnings
                        (loss) per share
 
 Basic
              earnings (loss) per share is computed by dividing the net income (loss)
              available to common shareholders by the weighted-average number of
              common shares
              outstanding during the respective period presented in our accompanying
              financial
              statements.
 
 Fully
              diluted earnings (loss) per share is computed similar to basic income
              (loss) per
              share except that the denominator is increased to include the number
              of common
              stock equivalents (primarily outstanding options and warrants).
 
 Common
              stock equivalents represent the dilutive effect of the assumed exercise
              of the
              outstanding stock options and warrants, using the treasury stock method,
              at
              either the beginning of the respective period presented or the date
              of issuance,
              whichever is later, and only if the common stock equivalents are considered
              dilutive based upon the Company’s net income (loss) position at the calculation
              date.
 
 At
              September 30, 2007 and 2006, and subsequent thereto, the Company’s issued and
              outstanding preferred stock is considered anti-dilutive due to the
              Company’s net
              operating loss position.
  **Note
              E - Fair Value of Financial Instruments**
 
 The
              carrying amount of cash, accounts receivable, accounts payable and
              notes
              payable, as applicable, approximates fair value due to the short term
              nature of
              these items and/or the current interest rates payable in relation to
              current
              market conditions.
 
 Interest
              rate risk is the risk that the Company’s earnings are subject to fluctuations in
              interest rates on either investments or on debt and is fully dependent
              upon the
              volatility of these rates.  The Company does not use derivative
              instruments to moderate its exposure to interest rate risk, if any.
 
 Financial
              risk is the risk that the Company’s earnings are subject to fluctuations in
              interest rates or foreign exchange rates and are fully dependent upon
              the
              volatility of these rates.  The company does not use derivative
              instruments to moderate its exposure to financial risk, if
              any.
   8
  **Signet
              International Holdings, Inc. and Subsidiary**
 (a
              development stage enterprise)
 **Notes
              to Consolidated Financial Statements - Continued**
 September
              30, 2007 and 2006
  **Note
                F - Broadcast and Intellectual Properties** **Contract
                Payables**
 
 On
                April
                20, 2007, the Company entered into a new purchase agreement with
                Freehawk for
                100% of the rights to 21 television series to be produced by Freehawk
                exclusively for Signet.  The total consideration paid by the Company
                for these rights was 270,000 shares of restricted, unregistered common
                stock and
                a $50,000 promissory note.  Based on an independent third-party
                appraisal, the Company valued this transaction at approximately
                $2,870,625.  The common stock was issued pursuant to an exemption from
                registration under Section 4(2) of the Securities Act of 1933, as
                amended, and
                no underwriter was used in this transaction.
 
 On
                May
                22, 2007, the Company acquired the exclusive television rights to
“Tales From
                The moe.Republic”, by John E. Derhak.  This full-length novel is in
                the process of being published and is currently being sold in an
                abridged,
                autographed limited edition through the website
                www.moerepublic.org.  Total consideration paid by the Company for
                these rights was 113,662 shares of restricted, unregistered common
                stock and a
                $25,000 promissory note.  Based on an independent third-party
                appraisal, the Company valued this transaction at approximately
                $1,136,600.  The common stock was issued pursuant to an exemption from
                registration under Section 4(2) of the Securities Act of 1933, as
                amended, and
                no underwriter was used in this transaction.
  **Note
                G - Income Taxes**
 
 The
                components of income tax (benefit) expense each of the nine month
                periods ended
                September 30, 2007 and 2006 and for the period from October 17, 2003
                (date of
                inception) through September 30, 2007, are as follows:
  Nine Months
                            ended
                        
                        Nine Months
                            ended
                        
                        Period
                            from
                          October
                            17, 2003
                          (date
                            of inception)
                          throughSeptember 30,
                        
                        September 30,
                        
                        September 30,2007
                        
                        2006
                        
                        2007Federal:Current
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        -Deferred
                        
                        
                        -
                        
                        
                        -
                        
                        
                        --
                        
                        
                        -
                        
                        
                        -State:Current
                        
                        
                        -
                        
                        
                        -
                        
                        
                        -Deferred
                        
                        
                        -
                        
                        
                        -
                        
                        
                        --
                        
                        
                        -Total
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        -
  As
                  of
                  September 30, 2007, the Company has a net operating loss carryforward
                  of
                  approximately $639,000 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 enterprise)
 **Notes
                    to Consolidated Financial Statements - Continued**
 September
                    30, 2007 and 2006
 **Note
                      G - Income Taxes - Continued**
 
 The
                      Company's income tax expense (benefit) for each of the nine
                      month periods ended
                      September 30, 2007 and 2006 and for the period from October
                      17, 2003 (date of
                      inception) through September 30, 2007, respectively, differed
                      from the statutory
                      federal rate of 34 percent as follows:
  Nine Months
                                  ended
                              
                              Nine Months
                                  ended
                              
                              Period
                                  from
                                October
                                  17, 2003
                                (date
                                  of inception)
                                throughSeptember 30,
                              
                              September 30,
                              
                              September 30,2007
                              
                              2006
                              
                              2007Statutory
                                    rate applied to income before income taxes
                              
                              $
                              (74,000
                              )
                              $
                              (166,000
                              )
                              $
                              (388,000
                              )Increase
                                    (decrease) in income taxes resulting from:State income taxes
                              
                              
                              -
                              
                              
                              -
                              
                              
                              -Timing of deductions for accrued compensation
                              
                              
                              49,000
                              
                              
                              18,000
                              
                              
                              143,000Non-deductible consulting fees related to issuanceof common stock at less than “fair value”
                              
                              
                              -
                              
                              
                              43,000
                              
                              
                              62,000Other, including reserve for deferred taxasset and application of net operating loss
                                    carryforward
                              
                              
                              25,000
                              
                              
                              105,000
                              
                              
                              183,000Income
                                    tax expense
                              
                              $
                              -
                              
                              $
                              -
                              
                              $
                              -
  Temporary
                        differences, consisting primarily of the prospective usage
                        of net operating loss
                        carryforwards and statutory deferrals of accrued compensation
                        give rise to
                        deferred tax assets and liabilities as of September 30, 2007
                        and 2006,
                        respectively:
  September 30,
                              2007
                            
                            
                            September 30,
                              2006Deferred
                                tax assetsNet
                                operating loss carryforwards
                            
                            $
                            217,000
                            
                            
                            $
                            119,000Timing
                                of deductions for accrued compensation
                            
                            
                            143,000
                            
                            
                            
                            69,000Less
                                valuation allowance
                            
                            
                            (360,000
                            )
                            
                            
                            (188,000
                            )Net
                                Deferred Tax Asset
                            
                            $
                            -
                            
                            
                            $
                            -
 **Note
                        H - Preferred Stock**
 
 On
                        March
                        14, 2007, the Company formally designated a series of Super
                        Preferred Stock of
                        the Company’s 50,000,000 authorized shares of the capital preferred stock
                        of the
                        Corporation.  The designated Series A Convertible Super Preferred
                        Stock (the "Series A Super Preferred Stock"), to consist
                        of 5,000,00 shares, par
                        value $.001 per share, which shall have the following preferences,
                        powers,
                        designations and other special rights:
 
 Voting:Holders
                                  of the Series A Super Preferred Stock shall have
                                  ten votes per share held
                                  on all matters submitted to the shareholders of
                                  the Company for a vote
                                  thereon.  Each holder of these shares shall have the option
                                  to
                                  appoint two additional members to the Board of
                                  Directors.  Each
                                  share shall be convertible into ten (10) shares
                                  of common
                                  stock.
 
 Dividends:
                              The
                                  holders of Series A Super Preferred Stock shall
                                  be entitled to receive
                                  dividends or distributions on a pro rata basis
                                  with the holders of common
                                  stock when and if declared by the Board of Directors
                                  of the
                                  Company.  Dividends shall not be cumulative.  No
                                  dividends or distributions shall be declared or
                                  paid or set apart for
                                  payment on the Common Stock in any calendar year
                                  unless dividends or
                                  distributions on the Series A Preferred Stock for
                                  such calendar year are
                                  likewise declared and paid or set apart for payment.  No
                                  declared and unpaid dividends shall bear or accrue
                                  interest.
 
 10
 **Signet
                    International Holdings, Inc. and Subsidiary**
 (a
                    development stage enterprise)
 **Notes
                    to Consolidated Financial Statements - Continued**
 September
                    30, 2007 and 2006
  **Note
                      H - Preferred Stock - Continued**
  Liquidation
                              Preference
                            Upon
                                the liquidation, dissolution and winding up of the
                                Company, whether
                                voluntary or involuntary, the holders of the Series
                                A Super Preferred
                                Stock then outstanding shall be entitled to, on a
                                pro-rata basis with the
                                holders of common stock, distributions of the assets
                                of the Corporation,
                                whether from capital or from earnings available for
                                distribution to its
                                stockholders.
 
 The
                      Board
                      of Directors has the authority, without further action by the
                      shareholders, to
                      issue, from time to time, preferred stock in one or more series
                      for such
                      consideration and with such relative rights, privileges, preferences
                      and
                      restrictions that the Board may determine. The preferences,
                      powers, rights and
                      restrictions of different series of preferred stock may differ
                      with respect to
                      dividend rates, amounts payable on liquidation, voting rights,
                      conversion
                      rights, redemption provisions, sinking fund provisions and
                      purchase funds and
                      other matters. The issuance of preferred stock could adversely
                      affect the voting
                      power or other rights of the holders of common stock.
 
 On
                      October 20, 2003, in conjunction with the formation and incorporation
                      of Signet
                      Entertainment Corporation, SIG issued 4,000,000 shares of preferred
                      stock to the
                      incorporating persons.   This transaction was valued at
                      approximately $40,000, which approximates the value of the
                      services
                      provided.
 
 On
                      July
                      19, 2005, the Company issued 1,000,000 shares of preferred
                      stock to an existing
                      shareholder and Company officer for services related to the
                      organization and
                      structuring of the Company and it’s proposed business plan.  This
                      transaction was valued at approximately $10,000, which approximates
                      the value of
                      the services provided.
 
 Concurrent
                      with the reverse merger transaction, these shareholders exchanged
                      their Signet
                      Entertainment Corporation preferred stock for equivalent shares
                      of Signet
                      International Holdings, Inc. Series A Super Preferred stock,
                      as described
                      above.
  **Note
                      I - Common Stock Transactions**
 
 On
                      October 17, 2003 and November 1, 2003, in connection with the
                      incorporation and
                      formation of the Company, an aggregate of approximately 3,294,000
                      shares of
                      restricted, unregistered shares of common stock and were issued
                      to various
                      founding individuals.  This combined preferred stock and common stock
                      issuances were collectively valued at approximately $40,810,
                      which approximated
                      the fair value of the time provided by the individuals and
                      the related
                      out-of-pocket expenses.
 
 On
                      June
                      16, 2004 and December 3, 2004, the Company sold, in three separate
                      transactions
                      to three unrelated individuals, an aggregate 70,000 shares
                      of restricted,
                      unregistered common stock for $35,000 cash.  These shares were sold
                      pursuant to an exemption from registration under Section 4(2)
                      of the Securities
                      Act of 1933, as amended, and no underwriter was used any of
                      the three
                      transactions.
 
 Between
                      July 20, 2005 and August 26, 2005, Signet Entertainment Corporation
                      sold an
                      aggregate 57,000 shares of common stock to existing and new
                      shareholders at a
                      price of $0.01 per share for gross proceeds of approximately
                      $570.  As
                      this selling price was substantially below the “fair value” of comparable
                      transactions, the Company recognized a charge to operations
                      for consulting
                      expense equivalent to the difference between the established
“fair value” of
                      $1.00 per share (as determined by the pricing in the September
                      2005 Private
                      Placement Memorandum) and the selling price of $0.01 per share.
 
 On
                      September 9, 2005, the Company commenced the sale of common
                      stock pursuant to a
                      Private Placement Memorandum in a self-underwritten offering.  This
                      Memorandum is offering for sale to persons who qualify as accredited
                      investors
                      and to a limited number of sophisticated investors, on a best
                      efforts basis, up
                      to 2,000,000 of our common shares at $1.00 per share, for anticipated
                      gross
                      proceeds of $2,000,000.  The common shares will be offered through the
                      Company’s officers and directors on a best-efforts basis.  The minimum
                      investment is $1,000, however, the Company might, at it’s sole discretion,
                      accept subscriptions for lesser amounts.  Funds received from all
                      subscribers will be released to the Company upon acceptance
                      of the subscriptions
                      by the Company’s management.  Through December 31, 2006, the Company
                      has sold an aggregate 381,000 shares for gross proceeds of
                      $381,000 under this
                      Memorandum.
   11
  **Signet
                        International Holdings, Inc. and Subsidiary**
 (a
                        development stage enterprise)
 **Notes
                        to Consolidated Financial Statements - Continued**
 September
                        30, 2007 and 2006
  **Note
                          I - Common Stock Transactions - Continued**
 
 On
                          March
                          31, 2006, the Company repurchased 50,000 shares of common
                          stock from the estate
                          of a deceased shareholder which purchased said shares for
                          $50,000 cash pursuant
                          to the aforementioned September 2005 Private Placement
                          Memorandum for $50,000
                          cash.  In June 2006, the Company’s Board of Directors cancelled these
                          shares and returned them to unissued status.
 
 On
                          June
                          22, 2006, the Company issued 250,000 shares of unregistered,
                          restricted common
                          stock, valued at $0.50 per share or $125,000,  in payment of
                          consulting fees.  As the  agreed-upon value of the services
                          provided was less than the “fair value” of comparable transactions, the Company
                          has recognized an additional charge to Consulting Fees
                          equivalent to the
                          difference between the established “fair value” of $1.00 per share (as
                          determined by the pricing in the September 2005 Private
                          Placement Memorandum)
                          and the agreed-upon value of $0.50 per share in the corresponding
                          line item in
                          the Company’s Statement of Operations.
 
 On
                          April
                          16, 2007, the Company issued 270,000 shares of unregistered,
                          restricted common
                          stock for the acquisition of certain broadcast and other
                          production
                          rights.  These shares were sold pursuant to an exemption from
                          registration under Section 4(2) of the Securities Act of
                          1933, as amended, and
                          no underwriter was used in this transaction.
 
 On
                          May 2,
                          2007, the Company sold, in a private transaction, 6,800
                          shares of unregistered,
                          restricted common stock at a price of $1.00 per share for
                          cash.  These
                          shares were sold pursuant to an exemption from registration
                          under Section 4(2)
                          of the Securities Act of 1933, as amended, and no underwriter
                          was used in this
                          transaction.
 
 On
                          May
                          22, 2007, the Company issued 113,662 shares of unregistered,
                          restricted common
                          stock for the acquisition of intellectual properties related
                          to literary
                          works.  These shares were sold pursuant to an exemption from
                          registration under Section 4(2) of the Securities Act of
                          1933, as amended, and
                          no underwriter was used in this transaction.
 
 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.
  **Note
                          J - Commitments**
 
 Leased
                          office space
 
 The
                          Company operates from leased office facilities at 205 Worth
                          Avenue, Suite 316
                          Palm Beach, FL 33480 under an operating lease.  The lease agreement
                          was originally expired to expire in July 2009 and has been
                          subsequently amended
                          to a month-to-month basis.  The lease requires monthly payments of
                          approximately $928.  The Company is not responsible for any additional
                          charges for common area maintenance.
 
 The
                          Company also reimburses two non-executive personnel and
                          one executive officer
                          for the use of their personal home offices, which are not
                          exclusive to the
                          Company’s business, at approximately $250 per month.  These agreements
                          are on a month-to-month basis.
 
 For
                          the
                          respective years ended December 31, 2006 and 2005, the
                          Company paid an aggregate
                          of $34,755 and $16,738 for rent under these agreements.
 
 Triple
                          Play Management Agreement
 
 On
                          October 23, 2003, Signet Entertainment entered into a Management
                          Agreement with
                          Triple Play Media Management (Triple Play) of Peoria, Arizona.  Triple
                          Play is engaged to be the management company to manage
                          and operate any acquired
                          Signet facility (facilities) on a permanent basis for Signet
                          for a period of ten
                          years (the initial period) with an automatic extension
                          of an additional ten
                          years unless the dissenting party gives proper
                          notice.
   12
 **Signet
                  International Holdings, Inc. and Subsidiary**
 (a
                  development stage enterprise)
 **Notes
                  to Consolidated Financial Statements - Continued**
 September
                  30, 2007 and 2006
  **Note
                    J - Commitments - Continued**
 
 Triple
                    Play Management Agreement - continued
 
 To
                    facilitate this Management Agreement, Signet will endeavor to
                    raise capital
                    contributions through a Private Placement Offering, Regulation
                    506 and /or a
                    Public Offering and show evidence of the total capital funds
                    required for the
                    establishment of the Network including providing funds for the
                    budgeted
                    operations of the business for the term of this agreement plus
                    extensions.
                    Signet will also provide a minimum of 17,500 square feet of permanent
                    structure
                    (connector facility), fully equipped to accommodate full- service
                    television
                    studios, sound stages and various production equipment within
                    completely
                    air-conditioned and heated work places and mobile modular production
                    unit (s)
                    fully equipped and a Eutelsat satellite Hot Bird and delivery
                    system.  Triple Play will, in turn, perform the following
                    actions:  a) acquire and maintain various licenses; b) compliance with
                    local ordinances and state laws; c) maintain complete books of
                    account, which
                    shall comply with requirements of any governmental agency including
                    all Federal
                    Communications commission (FCC) regulations; d),provide an annual
                    budget to
                    Signet, addressing all operating activities, including a reserve
                    for repairs,
                    refurbishment, and replacements to maintain the premises and
                    equipment in good
                    condition; e) make no expenditures other than those items provided
                    in an annual
                    budget; f) maintain books and records to be made available to
                    Signet
                    representatives; g) have complete creative control and authority
                    to determine
                    all matters concerning decor, design, arrangement, format and
                    all production
                    presentations including creative design, absolute control and
                    discretion with
                    respect to the operation of the premises; and h) be responsible
                    for all
                    necessary and proper insurances safeguarding against all reasonably
                    foreseeable
                    risks on a replacement cost basis of coverage to both parties
                    , the business and
                    its assets.
 
 Upon
                    Signet’s raising the necessary required funding through a secondary
                    offering,
                    Signet will begin funding the working capital requirements of
                    Triple Play for a
                    share of Triple Play’s profit.  The working capital commitment is
                    based on mutually agreed budgets and is projected to amount approximately
                    $15
                    million, inclusive of management fees.  This advance of management
                    fees would be drawn down by Triple Play over approximately the
                    first 12 months
                    of its operations which would begin once Signet has access to
                    the secondary
                    offering funding.  This advance will be recovered by Signet from
                    Triple Play’s future cash flows.  In return, Signet will receive 87.5
                    % of Triple Play’s monthly gross revenues less Triple Play’s  monthly
                    operating expenses.
 
 For
                    the
                    services, Triple Play shall render to Signet, Signet shall pay
                    management fees
                    to Triple Play based upon Triple Play’s gross revenues, as follows: a) 12% of
                    Triple Play’s gross revenues, provided that Triple Play realizes a minimum
                    pre
                    tax net profit of 25%, plus b) 1⁄2% (one half percent) of Triple Play’s gross
                    revenues for Triple Play’s costs of licenses and permits for international air
                    waves and feeds duties and taxes, satellite transmission links,
                    down links,
                    including earth stations.  The fees in a) and b), noted above, shall
                    become due from Signet within 90 days after the close of each
                    calendar year
                    based on a determination by independently prepared Certified
                    Public Accountants’
reports. These reports will account for advances Signet has made.
 
 Triple
                    Play’s Chief Executive Officer, Richard Grad, one of Signet’s founding
                    shareholders, will be paid by Signet, a signing bonus of $50,000
                    upon the
                    funding of a future Signet offering.  Signet will also pay to Mr. Grad
                    the following annual compensation during the entire term of this
                    agreement,
                    including extensions thereto:  1) a guaranteed annual salary of
                    $200,000.(Two Hundred Thousand), per year payable at the beginning
                    of each month
                    at the rate of twelve equal installments and will be subsequently
                    deducted from
                    each annual management fee settlement noted above; 2) an allowance
                    of $1,500 for
                    moving and relocation expenses and 3) ordinary and reasonable
                    employee benefits
                    related to health insurance.  It is specifically noted that Mr. Grad
                    will function solely as an independent contractor representing
                    Triple Play and
                    will not be construed as a Signet employee.
   13
  **Signet
                  International Holdings, Inc. and Subsidiary**
 (a
                  development stage enterprise)
 **Notes
                  to Consolidated Financial Statements - Continued**
 September
                  30, 2007 and 2006
  **Note
                    J - Commitments - Continued**
 
 Big
                    Vision Management Contract
 
 On
                    July
                    22, 2005, Signet Entertainment entered into a Management Agreement
                    with Big
                    Vision Studios,  a Nevada Limited Liability Company (Big Vision)
                    located in both Las Vegas, Nevada and Burbank, California whereby
                    Big Vision
                    will be the exclusive supplier of High Definition Equipment and
                    Studio rental
                    for Signet.  This agreement is for a period of one (1) year,
                    commencing with the submission by Signet’s of evidence of the total capital
                    funds required for the establishment of Signet’s Network including providing
                    funds for the budgeted operations of the business for the term
                    of this agreement
                    plus extensions to Big Vision, with an automatic extension of
                    an additional five
                    years unless the dissenting parry gives proper notice.  Signet has
                    agreed to pay a reduced fee to Big Vision, at a discount negotiated
                    off of Big
                    Vision’s published standard rate card, for the first year of Signer’s
                    operations.  After the initial year, Signet has agreed to pay Big
                    Vision based on Big Vision’s published standard rate card  at that
                    point in time  plus an additional 15% in consideration of Big Vision’s
                    concession in rates for the first year.  Signet has agreed to continue
                    paying pursuant to Big Vision’s published standard rate card plus 15% for as
                    long as this agreement is in place.  All fees will be paid as they
                    become due and payable according to Big Vision’s requirements.
 
 
 
 
 (Remainder
                    of this page left blank intentionally)
  14
  **Part
                  I - Item 2**
 
 **Management’s
                  Discussion and Analysis of Financial Condition and Results of
                  Operations**
 
 **(1)**
                        **Caution
                            Regarding Forward-Looking
                            Information**
 
 Certain
                  statements contained in this quarterly filing, including, without
                  limitation,
                  statements containing the words "believes", "anticipates", "expects"
                  and words
                  of similar import, constitute forward-looking statements. Such
                  forward-looking
                  statements involve known and unknown risks, uncertainties and other
                  factors that
                  may cause the actual results, performance or achievements of the
                  Company, or
                  industry results, to be materially different from any future results,
                  performance or achievements expressed or implied by such forward-looking
                  statements.
 
 Such
                  factors include, among others, the following: international, national
                  and local
                  general economic and market conditions: demographic changes; the
                  ability of the
                  Company to sustain, manage or forecast its growth; the ability
                  of the Company to
                  successfully make and integrate acquisitions; raw material costs
                  and
                  availability; new product development and introduction; existing
                  government
                  regulations and changes in, or the failure to comply with, government
                  regulations; adverse publicity; competition; the loss of significant
                  customers
                  or suppliers; fluctuations and difficulty in forecasting operating
                  results;
                  changes in business strategy or development plans;
                  business  disruptions; the ability to attract and retain qualified
                  personnel; the ability to protect technology; and other factors
                  referenced in
                  this and previous filings.
 
 Given
                  these uncertainties, readers of this Form 10-QSB and investors
                  are cautioned not
                  to place undue reliance on such forward-looking statements. The
                  Company
                  disclaims any obligation to update any such factors or to publicly
                  announce the
                  result of any revisions to any of the forward-looking statements
                  contained
                  herein to reflect future events or developments.
 
 **(2)         Results
                  of Operations, Liquidity and Capital Resources or Plan of
                  Operation**
 
 Period
                  ended September 30, 2007 compared to September 30, 2006
 
 We
                  had no
                  revenue for either of the respective nine or three month periods
                  ended September
                  30, 2007 and 2006, respectively.
 
 General
                  and administrative expenses for the nine months ended September
                  30, 2007 and
                  2006 were approximately $218,000 and $295,000, respectively. These
                  costs relate
                  principally to the maintenance of our corporate offices and the
                  implementation
                  of our business plan.
 
 For
                  the
                  nine and three months ended September 30, 2007 and 2006, we accrued
                  compensation
                  to our chief executive officer, Ernie Letiziano of $52,500 ($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 nine months ended September 30, 2007 and 2006, respectively
                  was
                  approximately $(218,000) and $(424,000).  Our earnings per share for
                  the respective quarters ended September 30, 2007 and 2006 was approximately
                  $(0.05) and $(0.12) 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.
  15
  At
                  September 30, 2007 and 2006, respectively, the Company had working
                  capital of
                  approximately $(55,000) and $56,000, exclusive of accrued officer
                  compensation.  Both Mr. Letiziano and Mr. Donaldson have both agreed
                  to defer payment of their accrued compensation until such time
                  that we have
                  adequate cash flows to service these obligations without undue
                  hardship to our
                  operations and expansion plans.
 
 It
                  is the
                  intent of management and significant stockholders, if necessary,
                  to provide
                  sufficient working capital necessary to support and preserve the
                  integrity of
                  the corporate entity.  However, there is no legal obligation for
                  either management or significant stockholders to provide additional
                  future
                  funding.  Should this pledge fail to provide financing, the Company
                  has not identified any alternative sources.  Consequently, there is
                  substantial doubt about the Company's ability to continue as a
                  going
                  concern.
 
 The
                  Company's need for capital may change dramatically as a result
                  of any business
                  acquisition or combination transaction.  There can be no assurance
                  that the Company will identify any such business, product, technology
                  or company
                  suitable for acquisition in the future. Further, there can be no
                  assurance that
                  the Company would be successful in consummating any acquisition
                  on favorable
                  terms or that it will be able to profitably manage the business,
                  product,
                  technology or company it acquires.
 
 Plan
                  of Operations
 
 In
                  March
                  2007, upon the approval of our equity securities for trading on
                  the Over the
                  Counter Bulletin Board, we began implementation of that part of
                  our business
                  plan relating to the acquisition of LPTV stations by offering Sale
& Share
                  Exchange Contracts with the LPTV Stations.  Although we have had no
                  revenues generated to date, we expect to realize revenues from
                  operations of the
                  LPTV stations once agreements are finalized and executed and we
                  take control of
                  an LPTV station.  Our intention is to not relinquish control of the
                  Company to any of the acquired LPTV stations resulting from any
                  future
                  acquisition 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.  The
                  anticipated expenses that we will incur related to any LPTV acquisition
                  have
                  been budgeted for as a component 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, which was completed in January 2006,
                  and subsequent
                  individual private placements of our common stock.  Our cash flow
                  requirements of $10,500.00 per month are anticipated to be accommodated
                  adequately by our September 30, 2007 cash balance of approximately
                  $73,000.  The first nine months of Calendar 2007 have required the use
                  of approximately $100,000, inclusive of unanticipated legal fees
                  of
                  approximately $15,000 in the third quarter of 2007.  We believe that
                  we are 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
                  additional public offerings of equity, securities convertible into
                  equity or
                  debt, private offerings of securities.
 
 Concurrent
                  with our anticipation of acquiring  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 four funding rounds through
                  both debt and
                  equity offerings.




16




We
        anticipate that the funds we secure from our next round of financing will
        enable
        us to acquire our initial 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 and into
        2008.  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 not entered into any substantive agreements
        and
        continue to participate in either preliminary contacts or ongoing negotiations
        to facilitate the acquisition(s) of LPTV stations and implement our business
        plan.  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.
 
 2.
              During
                  2007, we have continued to identify and contact the selected LPTV
                  stations
                  that are currently operating at a profit and in good standing with
                  the
                  FCC.  We expect the expenses for same to be to be limited to the
                  time spent by Mr. Letiziano, our sole officer and director.  We
                  anticipate that any additional expenses will be under $1,000 and
                  will be
                  paid from our current cash in hand.
 
 3.
              After
                  identification of appropriate stations, we have initiated contact
                  with
                  some the LPTV station owners and their legal counsel and have initiated
                  negotiations to sign non-circumvention agreements and Letters of
                  Intent.  Upon the 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.  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 are continuing to negotiate, towards finalization,
                  an
                  agreement to purchase at least one LPTV station and file though
                  FCC
                  counsel applications for approval from the FCC to operate the target
                  LPTV
                  station(s) by the end of Calendar 2007.  The FCC 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.






17




5.
              Once
                  the FCC has granted approval, we will then become the registered
                  owner of
                  the LPTV station and will be responsible for the daily expenses
                  associated
                  with operating the business.  The operating expenses for these
                  stations will be paid from the revenues which we anticipate will
                  be
                  generated from the operation of the respective 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 self-supporting revenues, we anticipate paying the operating
                  expenses from either available cash on hand, new shareholder loans
                  or
                  future offerings of equity or debt securities to cover such operating
                  costs until the station generates sufficient
                  revenues.
 
 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 by the respective
                  LPTV
                  station(s) or from cash on hand.  In the event that the stations
                  do not generate the anticipates revenues, at this time, we anticipate
                  paying such operating 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
        six months with our current cash reserves.  We anticipate that our
        operational and general and administrative expenses will approximate $126,000
        on
        an annual basis, based on the acquisition of one LPTV
        station.  Management currently anticipates that we will be able to
        cover these expenses with our current remaining cash reserves of approximately
        $73,000 as of September 30, 2007.  The components that went into our
        determination of required on going expenses include the following monthly
        estimated cash requirements:




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




As
        set
        forth above, this monthly outlay does not include any operating costs for
        any
        potential LPTV acquisition.  We are unable to anticipate with any
        reasonable predictability the amount and nature of these expenses as we have
        not
        commenced our due diligence on any specific station.  However, in the
        event that any acquired station does not generate self-supporting revenues,
        we
        will have to pay these operating 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.
 
 There
        will be no costs associated with the Big Vision contract/agreement until
        services have been provided by Big Vision at which time we will be generating
        revenues to cover these costs.  Until such time we receive additional
        financing and proceed with our business plan, we have no other contractually
        obligated expenses.  We cannot assure investors that we will be able
        to raise sufficient capital.  In the absence of additional funding, we
        may not be able to purchase some of the stations we have
        identified.  Even without significant new funding later this year or
        early 2008, we still anticipate being able to acquire some profitable LPTV
        stations for stock and consolidate both their revenues and
        earnings.






18




The
        foregoing represents our best estimate of our cash needs based on current
        planning and business conditions.  The exact allocation, purposes and
        timing of any monies raised in subsequent funding rounds may vary significantly
        depending upon the exact amount of funds raised and status of the implementation
        of our business plan when these funds are raised.
 
 Apart
        from building the board of directors and employees of LPTV stations we acquire
        as subsidiaries, we do not expect any significant changes in the number of
        employees.
 
 Critical
        Accounting Policies
 
 Our
        financial statements and related public financial information are based on
        the
        application of accounting principles generally accepted in the United States
        (“GAAP”).  GAAP requires the use of estimates; assumptions, judgments
        and subjective interpretations of accounting principles that have an impact
        on
        the assets, liabilities, revenue and expense amounts reported.  These
        estimates can also affect supplemental information contained in our external
        disclosures including information regarding contingencies, risk and financial
        condition.  We believe our use if estimates and underlying accounting
        assumptions adhere to GAAP and are consistently and conservatively
        applied.  We base our estimates on historical experience and on
        various other assumptions that we believe to be reasonable under the
        circumstances.  Actual results may differ materially from these
        estimates under different assumptions or conditions. We continue to monitor
        significant estimates made during the preparation of our financial
        statements.
 
 Our
        significant accounting policies are summarized in Note D in our accompanying
        financial statements.  While all these significant accounting policies
        impact our financial condition and results of operations, we view certain
        of
        these policies as critical.  Policies determined to be critical are
        those policies that have the most significant impact on our financial statements
        and require management to use a greater degree of judgment and
        estimates.  Actual results may differ from those
        estimates.  Our management believes that given current facts and
        circumstances, it is unlikely that applying any other reasonable judgments
        or
        estimate methodologies would cause effect on our consolidated results of
        operations, financial position or liquidity for the periods presented in
        this
        report.
  **Item
        3 - Controls and Procedures**
 
 (a)
        Evaluation of Disclosure Controls and Procedures
 
 Under
        the
        supervision and with the participation of our management, including our
        principal executive officer and principal financial officer, we conducted
        an
        evaluation of our disclosure controls and procedures, as such term is defined
        under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934,
        as
        amended (Exchange Act), as of September 30, 2007.  Based on this
        evaluation, our principal executive officer and principal financial officer
        concluded that our disclosure controls and procedures are effective in alerting
        them on a timely basis to material information relating to our Company required
        to be included in our reports filed or submitted under the Exchange
        Act.
 
 (b)
        Changes in Internal Controls
 
 There
        were no significant changes (including corrective actions with regard to
        significant deficiencies or material weaknesses) in our internal controls
        over
        financial reporting that occurred during the three months ended September
        30,
        2007 that has materially affected, or is reasonably likely to materially
        affect,
        our internal control over financial reporting.








19




**Part
        II - Other Information**
 
 **Item
        1 - Legal Proceedings**
 
 None
 
 **Item
        2 - Recent Sales of Unregistered Securities and Use of
        Proceeds**
  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.  The net remaining
        proceeds of above transactions remain in the Company’s bank accounts as of
        September 30, 2007 and are to be used in future periods for working capital
        purposes.
 
 **Item
        3 - Defaults on Senior Securities**
 
 None
 
 **Item
        4 - Submission of Matters to a Vote of Security Holders**
 
 The
        Company has held no regularly scheduled, called or special meetings of
        shareholders during the reporting period.
 
 **Item
        5 - Other Information**
 
 None
 
 **Item
        6 - Exhibits and Reports on Form 8-K**
 
 Exhibits
 31.1
              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:
                    October 26, 2007
                */s/
                    Ernest W. Letiziano*Ernest
                    W. LetizianoPresident
                    and Director