UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                              FORM 10-Q

(Mark One)

|X|   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND
      EXCHANGE ACT OF 1934

For the quarterly period ended                   June 30, 2008

OR

|_|   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _______________ to _____________________


        Commission file number                           1-12635

                     PARADISE MUSIC & ENTERTAINMENT, INC.
          (Exact name of registrant as specified in its charter)

                Delaware                                  013-3906452
    (State or other jurisdiction of                     (I.R.S. Employer
     incorporation or organization)                     Identification No.)

  409 Brevard Avenue, Suite 7, Cocoa, FL                       3292268
 (Address of principal executive offices)                     (Zip Code)

  (Issuer's telephone number)                   		888-565-3259

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 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 |  | No |X|

Indicate by check mark whether the registrant is a large accelerated filer, a
n accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [  ]				Accelerated filer { }
Non-accelerated filer   [  ]            Smaller reporting company [X]

Indicate by check mark if the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act
										 Yes [  ] No[X]

At June 30, 2008, the Issuer had 60,595,500 shares of Common Stock, $.01
par value, issued and outstanding.





PARADISE MUSIC & ENTERTAINMENT, INC.
AND SUBSIDIARIES



PART I   FINANCIAL INFORMATION                                         PAGE

Item 1   Financial Statements                                             1

Condensed Consolidated Balance Sheet as of 					F-1
       June 30, 2008 and December 31, 2007 (Unaudited)

Condensed Consolidated Statements of Operations for the Three 		F-2
       and Six Months Ended June 30, 2008 and 2007 (unaudited)

 Condensed Consolidated Statements of Cash Flows for the Six   		F-3
       Months Ended June 30, 2007 and 2006 (unaudited)

 Notes to Condensed Consolidated Financial Statements 			F-4
              (unaudited)

Item 2   Management's Discussion and Analysis of Financial Condition 	  2
       And Results of Operations

Item 3   Quantitative and Qualitative Disclosures about market risk.

Item 4   Controls and Procedures

                   PART II - OTHER INFORMATION

Item 1   Legal proceedings.

Item 1A  Risk Factors.

Item 2   Unregistered Sales of Equity Securities and Use of Proceeds.

Item 3   Defaults upon Senior Securities.

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

Item 5   Other Information.

Item 6   Exhibits.

	Signatures

	Exhibits










PART I  FINANCIAL INFORMATION

                    PARADISE MUSIC & ENTERTAINMENT, INC.
                            AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEET
                   June 30, 2008 and December 31, 2007

                                                  June 30,        December 31
                                                     2008             2007
                                                 (Unaudited)       (Audited)
                                                -----------       -----------
ASSETS
Current Assets
  Cash and equivalents                         $    61,907       $       8,657
  Accounts receivable, less allowance for
  doubtful accounts of $89,038 & $113,171 	   959,327           1,061,016
  Prepaid expenses                                  17,399              13,744
                                                ------------       ------------
  Total Current Assets                           1,038,633           1,084,417

Property and equipment, net                        434,070             504,366
                                                ------------       ------------
Total Assets                                   $ 1,472,703       $   1,624,783
                                               ============       =============
LIABILITIES AND DEFICIENCY IN ASSETS

Liabilities
Current Liabilities
  Accounts payable                             $ 1,791,823       $   1,953,019
  Accrued and Other Current Liabilities            568,857             524,006
  Current Portion of Long-Term Debt                346,881             252,000
  Line of credit                                 1,174,135             837,093
  Notes Payable                                    670,587             417,440
  Notes Payable-related party                       87,581              53,248
  Dividends payable                                 37,429              30,429
                                               ------------       ------------
    Total Current Liabilities                    4,677,293           4,067,235

Long-term liabilities
  Notes payable                                     57,335             347,288
                                               ------------       ------------
    Total Long-Term Liabilities                     57,335             347,288
                                               ------------       ------------
Total Liabilities                                4,734,628           4,414,523

Stockholders' Equity (Deficiency in assets)
  Preferred stock, $.01 par value, 5,000,0000
  shares authorized, 642,300 issued                  6,423               6,423
  Common Stock, $.01 par value 75,000,000
  Shares authorized, 60,595,500 issued             605,955             605,954
  Additional paid-In capital                    27,254,304          27,498,435
  Accumulated deficit                          (31,128,607)        (30,900,553)
                                               -------------       ------------
     Total Deficiency in assets                 (3,261,925)         (2,789,740)
                                               -------------       ------------
Total Liabilities and Deficiency in assets     $ 1,472,703       $   1,624,783
                                               =============       ============
    common stock         $  (81,965)        (1,387)    (466,061)      (181,315)

Net loss per common
  share(basic and
  diluted)               $   (0.001)    $   (0.000)  $  (0.0081)   $    (0.003)
                          ==========     ==========   ==========   ============
Weighted average number
  of common shares
  outstanding (basic
  and diluted)            60,595,500     58,496,358   60,595,500     58,496,358
                          ===========    ===========  ==========   ============


See accompanying notes to financial statements











































                          PARADISE MUSIC & ENTERTAINMENT, INC.
                                 AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
                                                    For the six months ended
                                                             June 30,
                                                        2008          2007
                                                    -----------  -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                           $   (465,184)  $ (174,312)
Adjustments to reconcile net loss to net
  cash used by operating activities:
    Depreciation and amortization                       106,296      104,824
 (Increase) decrease in assets:
    Accounts receivable                                 102,689)     217,616)
    Prepaid expenses                                     (4,292)         443
 Increase (decrease) in liabilities:
    Accounts payable                                    131,765      (53,810)
    Accrued and other current liabilities                25,192       (2,295)
                                                      -----------  ----------
  Net cash used by operating activities               (103,533)     (342,766)
                                                      -----------  ----------
CASH FLOWS FROM INVESTING ACTIVITIES

    Acquisition of property and equipment              		   (31,737)
                                                      -----------  ----------
  Net cash provided (used) by investing
      activities                                                     (31,737)
                                                      -----------  ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Paid-in capital			                                          2417
Proceeds from officer loans                              34,334       33,651
Repayment of notes payable					   (4,275)      87,074
Proceeds from debentures					  239,300
Repayment of bank borrowing                            (112,576)      74,211
                                                       ----------  ----------
Net cash provided by financing activities               156,783      197,353
                                                       ----------  ----------

Net decrease in cash and equivalents                    53,250      (177,150)
Cash and equivalents-beginning                           8,657       192,578
                                                       ----------  ----------
Cash and equivalents-ending                          $  61,908     $  15,429
                                                       ==========  ==========



See accompanying notes to financial statements.









                      PARADISE MUSIC & ENTERTAINMENT, INC.
                                 AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             June 30, 2008 and 2007
                                    (Unaudited)

NOTE 1 -BASIS OF PRESENTATION:

The condensed consolidated financial statements included herein have been
prepared by Paradise Music & Entertainment, Inc. and subsidiaries (the Company)
pursuant to the rules and regulations of the Securities and Exchange Commission
(the ?SEC?) and reflect all adjustments, consisting of normal recurring
adjustments, which are, in the opinion of management, necessary for a fair
presentation of results of operations for interim periods.  Certain information
and footnote disclosures have been omitted pursuant to such rules and
regulations. It is suggested that these financial statements be read in
conjunction with the consolidated financial statements and the notes thereto
included in the Company?s Annual Report for the period ended December 31, 2007
on Form 10-K.

The consolidated results of operations for the three and six months ended June
30, 2008 are not necessarily indicative of the results to be expected for the
full fiscal year.

NOTE 2 - ORGANIZATION AND NATURE OF OPERATIONS:

Paradise Music & Entertainment, Inc. ("Paradise" or the "Company"), an
environmental services company, is focused on adding to its 2005 acquisition,
Environmental Testing Laboratories, Inc. (?ETL?).  Now a wholly owned
subsidiary, ETL operates in the nationwide $1.8 billion a year environmental
testing industry.  Expanding ETL is a focal point for Paradise, and it is
pursuing additional businesses.  The Company, through its new expansion plans,
along with its recently expanded management team, is working to attract and
subsequently acquire companies operating successfully in its industry.  The
goals of the expansion strategy include utilizing the Company?s existing Net
Operating Loss (NOL) as well as aggregating these companies into successful
operations.  As of the date of this report, we are in the process of
preliminary discussions with a number of potential acquisition candidates.
Paradise operates offices in Florida and Colorado.

NOTE 3  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation
Revenue Recognition

The Company?s current revenue from the provision of environmental testing
Services s recorded when the service has been performed.

The consolidated financial statements include the accounts of Paradise and its
wholly-owned subsidiary, Environmental Testing Laboratories, Inc.
(collectively the "Company"). All significant intercompany accounts and
transactions have been eliminated in consolidation.





PARADISE MUSIC & ENTERTAINMENT, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2008 and 2007
(Unaudited)

NOTE 3  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued)

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three
months or less when purchased to be cash equivalents.

Accounts Receivable

Accounts receivable are stated at estimated net realizable value.  Accounts
receivable are comprised of balances due from customers net of estimated
allowances for uncollectible accounts. In determining collectibility,
historical trends are evaluated and specific customer issues are reviewed to
arrive at appropriate allowances. Substantially all of the accounts
receivable are pledged as security for a factoring agreement with Capstone
Business Credit, LLC.

Property and Equipment

Property and equipment is recorded at cost. Depreciation of assets is
computed using the straight-line method over the following estimated useful
lives.

       Laboratory equipment		         3 - 10 years
       Furniture and fixtures         	   3 -  7 years

Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions
and pertinent information available to management as of June 30, 2008. The
respective carrying value of certain on-balance-sheet financial instruments
approximated their fair values. These financial instruments include cash,
accounts receivable, accounts payable and notes payable. Fair values were
assumed to approximate carrying values for these financial instruments because
they are short term in nature and their carrying amounts approximate fair
values.

Long Lived Assets

The carrying value of long-lived assets is reviewed on a regular basis for the
existence of facts and circumstances that suggest impairment. The Company will
measure the amount of any impairment based on the amount that the carrying
value of the impaired assets exceed the undiscounted cash flows expected to
result from the use and eventual disposal of the impaired assets.  At June 30,
2008, no impairment of long-lived assets was deemed appropriate.

Use of Estimates

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 amounts reported
PARADISE MUSIC & ENTERTAINMENT, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2008 and 2007
(Unaudited)

NOTE 3  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

in the financial statements and accompanying notes. Actual results could differ
from those estimates.

Related parties

Parties, which can be a corporation or individual, are considered to be related
if the Company has the ability, directly or indirectly, to control the other
party or exercise significant influence over the other party in making financial
and operating decisions. Companies are also considered to be related if they are
subject to common control or common significant influence. There are no related
parties to the Company.

Segment Information

The Company follows SFAS 131, ?Disclosures about Segments of an Enterprise and
Related Information?. Certain information is disclosed, per SFAS 131, based on
the way management organizes financial information for making operating
decisions and assessing performance. The Company currently operates in a
single segment and will evaluate additional segment disclosure requirements
as it expands its operations.

Income Taxes

The Company follows SFAS 109 "Accounting for Income Taxes" for recording the
provision for income taxes. Deferred tax assets and liabilities are computed
based upon the difference between the financial statement and income tax basis
of assets and liabilities using the enacted marginal tax rate applicable when
the related asset or liability is expected to be realized or settled. Deferred
income tax expenses or benefits are based on the changes in the asset or
liability each period. If available evidence suggests that it is more likely
than not that some portion or all of the deferred tax assets will not be
realized, a valuation allowance is required to reduce the deferred tax assets
to the amount that is more likely than not to be realized. Future changes in
such valuation allowance are included in the provision for deferred income
taxes in the period of change.

Loss Per Common Share

Basic earnings per share excludes dilution and is computed by dividing loss
applicable to common stockholders by the weighted average number of common
shares outstanding for the period. Diluted earnings per share reflects the
potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into common stock or resulted in the
issuance of common stock that then shared in the earnings of the entity.
Diluted loss per common share is the same as basic loss per common share for
all periods presented. Unexercised stock options and warrants were not
ncluded in the computations of diluted earnings per common share because
their effect would have been anti-dilutive as a result of the Company's
losses.  In December, 2007 the Company issued 362,300 shares of Series C
PARADISE MUSIC & ENTERTAINMENT, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2008 and 2007
(Unaudited)

NOTE 3  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Preferred Stock as described below.  (See Subsequent Events)  These
transactions will significantly affect earnings per
share in future periods.

Stock Warrants

Stock warrants issued for goods and services are accounted for in accordance
with Emerging Issues Task Force (EITF) 96-18, Accounting for Warrants that are
Issued to other than Employees for Acquisition, or in Conjunction with Selling
Goods and Services. Accordingly warrants subject to vesting based on
performance, will be valued each reporting period until vested. The portion of
the value related to the completed term of the related agreement is expensed,
and the remaining non-cash deferred consulting expense is amortized over the
remaining term of the agreement.  The value of such related warrants was
subject to adjustment until such time that the warrant was non-forfeitable,
fully vested and exercisable.  There were no warrants outstanding as of June
30, 2008.

Stock-Based Compensation

The Company accounts for equity instruments issued to employees for services
based on the fair value of the equity instruments issued and accounts for
equity instruments issued to other than employees based on the fair value of
the consideration received or the fair value of the equity instruments,
whichever is more reliably measurable.

The Company accounts for stock based compensation in accordance with SFAS 123,
"Accounting for Stock-Based Compensation." The provisions of SFAS 123 allow
companies either to expense the estimated fair value of stock options or to
continue to follow the intrinsic value method set forth in APB Opinion 25,
"Accounting for Stock Issued to Employees" (?APB 25?) but disclose the pro
forma effects on net income  (loss) had the fair value of the options been
expensed. The Company has elected to continue to apply APB 25 in accounting
for its stock option incentive plans.

Recent Accounting Pronouncements

In May 2008, the FASB issued Statement of Financial Accounting Standards No.
162 (?SFAS 162?), The Hierarchy of Generally Accepted Accounting Principles.
The new standard is intended to improve financial reporting by identifying a
consistent framework, or hierarchy, for selecting accounting principles to be
used in preparing financial statements that are presented in conformity with
..S. generally accepted accounting principles (GAAP) for non-governmental
entities. The Statement will be effective 60 days following the SEC?s approval
of the Public Company Accounting Oversight Board (?PCAOB?) amendments to AU
Section 411, ?The Meaning of Present Fairly in Conformity with Generally
Accepted Accounting Principles.? We are currently evaluating the effects, if
any, that SFAS 162 may have on our financial reporting.

PARADISE MUSIC & ENTERTAINMENT, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2008 and 2007
(Unaudited)

NOTE 3  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

In December, 2007, the FASB issued FAS No. 141(R), Business Combinations,
and SFAS No. 160, Accounting and Reporting of Noncontrolling Interests in
Consolidated Financial Statements, an amendment of ARB No. 51. FAS No. 141(R)
is required to be adopted concurrently with SFAS No. 160. These standards are
effective for fiscal years beginning after December 15, 2008 and will apply
prospectively to business combinations completed on or after that date.
Early adoption is prohibited. FAS 141(R) requires changes in accounting for
acquisitions and FAS 160 will change the accounting for minority interests.
The Company is evaluating the impact of these statements on its financial
statements.

NOTE 4 - COMMITMENTS AND CONTINGENCIES:

The Company has agreed to pay each of its outside directors $18,000 per year,
payable quarterly in the Company's common stock valued on the last day of the
applicable quarter.  As the only outside director at that time, Mr. Rifenburgh
signed an agreement on January 2, 2002 to suspend the accrual of compensation
until the Company begins significant operations.  The Company has agreed to
pay the Chairman $240,000 per year.  The Company was not able to make these
payments, nor have they accrued the expense for fiscal year ended December 31,
2008 or to date. The then Chairman, Mr. Hickel, agreed on January 2, 2002 to
suspend the accrual of compensation until the Company begins significant
operations. Mr. Hickel resigned as Chairman in June 2006, at which time Mr.
Rifenburgh became Chairman. He, too, elected to suspend the accrual of this
Compensation.

NOTE 5 - GOING CONCERN STATUS - FUTURE OPERATIONS

Since its inception, the Company has not operated profitably. The Company had
a stockholder deficit of $31,128,607 at June 30, 2008. There can be no
assurance that commercial viability can be demonstrated for the Company
products and services, and there can be no assurance that the Company will
ever achieve profitability on a sustained basis, if at all. The Company's
status as a going concern is dependent on its ability to implement a
successful marketing plan and to generate sufficient revenues to operate on a
profitable basis, along with continued financial support by officers and major
shareholders, and the raising of additional funds for working capital. The
financial statements do not include any adjustments that might be necessary
should the Company be unable to continue as a going concern.










ITEM 2. 	MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

General

Paradise Music & Entertainment, Inc. ("Paradise" or the "Company"), an
environmental services company, is focused on adding to its 2005 acquisition,
Environmental Testing Laboratories, Inc. (?ETL?).  Now a wholly owned
subsidiary, ETL operates in the nationwide $1.8 billion a year environmental
testing industry.   Paradise operates offices in Florida and Colorado, and
was incorporated in the State of Delaware in July 1996.

In the past Paradise operated as a music and entertainment company focused
on partnering with other companies in the entertainment industry.

Paradise is pursuing acquisitions in the environmental services industry.
To that end, Paradise acquired Environmental Testing Laboratories, Inc. (ETL)
of Farmingdale, NY in February 2005.

The Company has begun identifying and negotiating with additional merger
candidates, and has identified a number of potential candidates. There can
be no assurances that such acquisitions will occur.

Forward-Looking Statements

Except for the historical information contained herein, this quarterly report
on Form 10-Q may contain forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995.  These statements relate to future
events and to our future financial performance.  These statements are only
predictions and may differ from actual future events or results. We disclaim
any intention or obligation to revise any forward-looking statements whether
as a result of new information, future developments or otherwise.  Please
refer to our other filings with the Securities and Exchange Commission, which
identify important risk factors that could cause actual results to differ
from those contained in the forward-looking statements, including but not
limited to risks associated with changes in general economic and business
conditions, actions of our competitors, the extent to which we are able to
develop new services and markets for our services, the time and expense
involved in such development activities, the level of demand and market
acceptance of our services and changes in business strategies.

Results of Operations

Three Months Ended June 30, 2008 Compared to Three Months Ended June 30, 2007

The net loss was $(81,965 for the three months ended June 30, 2007 compared to
a net profit of $2,113 for the three months ended June 30, 2007.

Paradise's marketing, selling, general and administrative expenses decreased
from $407,805 for the three months ended June 30, 2007 to $398,620 for
the three months ended June 30, 2008, a decrease of $9,185.

Net interest expense was $86,655 for the three months ended June 30, 2007,
compared to $106,123 for the three months ended June 30, 2008.  Revenue was
$751,862 for the three months ended June 30, 2007 compared to $703,037 for
the three months ended June 30, 2008.

Liquidity and Capital Resources

Net cash used in operating activities for the six months ended June 30, 2008
was $103.533

Net cash provided by financing activities for the six months ended June 30,
2008 was $156,783, the result of funds borrowed from financial institutions,
private parties and officer loans.

The Company is reviewing the profit and/or loss projections and cash needs of
its businesses. Discussions are under way with various prospective investors
to provide additional capital, but there can be no assurance that such
discussions will result in the arrangement of such capital on terms
acceptable to the Company if at all. As more fully discussed in Note 4 to the
financial statements included in Item 1, continuation of the Company as a
going concern is dependent upon its ability to resolve its liquidity problem
and attain future profitable operations.

ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are subject to financial market risks, including changes in interest rates,
equity price risk and some of the loans in our portfolio may have floating
rates in the future. We may hedge against interest rate fluctuations by using
standard hedging instruments such as futures, options and forward contracts
subject to the requirements of the 1940 Act. While hedging activities may
insulate us against adverse changes in interest rates, they may also limit our
ability to participate in the benefits of higher interest rates with respect
to our portfolio of investments. During the twelve months ended December 31,
2008 we did not engage in any hedging activities.

Since the Company to date has had no hedging or similar activities, the
information and disclosures required by Item 305 of Regulation S-K are omitted
as not material.

ITEM 4.	  CONTROLS AND PROCEDURES

Based upon an evaluation, supervised by Richard Rifenburgh, our Chief Executive
Officer and Principal Accounting Officer, of the effectiveness of the design
and operation of our disclosure controls and procedures, Mr. Rifenburgh has
concluded that our disclosure controls and procedures were effective as of June
30, 2008.  During the quarter ended June 30, 2008, there were no significant
changes in our internal accounting controls or in other factors that
materially affected, or are reasonably likely to materially affect our
internal controls over financial reporting.

PART II ? OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

There were no legal proceedings involving the Company at June 30, 2008.

ITEM 1A.  RISK FACTORS.

We have a history of losses, we expect more losses in the future and we have
substantial doubt regarding our ability to continue as a going concern.  The
report of our independent auditor contains a qualification that points out
factors "raising substantial doubt about our ability to continue as a going
concern."  Since our inception, we have never been profitable before
extraordinary items. For the year ended December 31, 2007, we had a net loss
from operations of $(443,803) compared to net income from operations of
$101,163 for the year ended December 31, 2006, and stockholders? deficit of
$(2,789,740) as of December 31, 2007.  We presently have limited credit
facilities and we are in default on several loan instruments. These factors
raise substantial doubt about our ability to continue as a going concern,
though we may report positive net income in 2009.

We believe we do not currently have available funds sufficient to sustain our
operations through the third quarter of 2009. Our available funds generally
consist of cash and the funding derived from our revenue sources: income
related to environmental testing. As of June 30, 2008, we had $61,908 in
available cash.  Reducing operating expenses and capital expenditures alone
will not be sufficient to solve our liquidity problems. Unless we are able to
obtain sufficient funding through equity or debt offerings we will not be able
to expand our business.  Even if we are able to obtain additional financing it
may not be sufficient to expand our current operations.

The Company's strategy is to maximize the opportunity for growing the Company
into a profitable operating company.  That strategy is to acquire companies
that are, or can be, operated profitability in environmental services. The
Company?s management has operated service companies in a variety of fields for
over 35 years. While there has been some progress made on the implementation
of this relatively new strategy, the strategy is still in its infancy. The
Company presently has limited credit facilities and is in default on several
loan instruments. All of the above factors raise substantial doubt about our
ability to continue as a going concern.

The Company's status as a going concern is dependent on its ability to
successfully implement a marketing plan and generate sufficient revenues to
operate on a profitable basis, continued financial support by officers and
major shareholders and raising of additional funds for working capital. The
financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the
amounts and classification of liabilities that may result from the possible
inability of the Company to continue as a going concern.

The Company?s Directors and officers make all decisions regarding selection of
management, budgeting, marketing, salaries and other matters affecting the
Company. Shareholders have little, if any, ability to influence the management
or the direction of the Company.

Agreements and arrangements between the Company and the Directors are not the
result of arm?s length negotiations and may result in conflicts of interest.
See ?MANAGEMENT- Compensation.?

The Company will initiate additional acquisitions in the future and has only
limited prior acquisition history.  A shareholder in the Company must rely
upon the ability of Management in identifying, structuring, and implementing
acquisitions consistent with the Company's objectives and policies. There can
be no assurance that there will be any additional acquisitions.

The Company may involve high degrees of leverage. Accordingly, recessions,
operating problems and other general business and economic risks may have a
more pronounced effect on the profitability or survival of the company. Also,
increased interest rates increase the Company?s interest expenses. In the
event the company cannot generate adequate cash flow to meet debt service, the
Company may suffer a partial or total loss of capital invested in the company.

Decisions with respect to the management of the Company will be made by
management of the Company or its parent. The loss of the services of one or
more of the principal members of Management could have an adverse impact on
the Company's ability to realize its business objectives.

The principals of the Company anticipate devoting sufficient time as may be
necessary to conduct the business affairs of the Company in an appropriate
manner.  However, the principals of the Company and its parent are not full
time employees and may participate in activities of other companies. There can
be no assurance that the participation in such additional Companies will not
give rise to conflicts of interest.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None during the quarter ended June 30, 2008

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         Not applicable.

ITEM 5.  OTHER INFORMATION

During 2007, the Company sold the inactive subsidiaries so the 2007
consolidated financial statements do not include the accounts of the former
subsidiaries and represent the consolidated results of the Company and its
sole active subsidiary, Environmental Testing Laboratories, Inc. In removing
the subsidiary companies from the consolidated results as of January 1, 2008,
the following accounts were affected: retained earnings, capital stock and
intercompany accounts.  The results are reflected in the March 31, 2008
balance sheet.

ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K

(a)	Exhibits

       31		Rule 13a-14(a) Certification of Richard P. Rifenburgh

32		Section 1350 Certification of Richard P. Rifenburgh

(b)	Reports on Form 8-K

       None
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized



                                 PARADISE MUSIC & ENTERTAINMENT, INC.


                                By:    /s/ Richard P. Rifenburgh
                                    ----------------------------

 Date:  March 24, 2009