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

                            FORM 10-KSB

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
            For the fiscal year ended December 31, 2003

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

  For the transition period from ______________ to ________________

                Commission file number 333-86518

                        Karma Media, Inc.
                    -------------------------
         (Name of small business issuer in its charter)

           Nevada                            75-3025152
       --------------                       ------------
  (State or jurisdiction of               (I.R.S. Employer
      incorporation or                   Identification No.)
        organization)

9660 Flair Drive, Suite 328,                    91731
    El Monte, California
-----------------------------                 ---------
    (Address of principal                    (Zip Code)
     executive offices)

            Issuer's telephone number: (310) 397-1200

Securities registered under Section 12(b) of the Exchange Act:

     Title of each class              Name of each exchange on
                                          which registered

-----------------------------     ---------------------------------

Securities registered under Section 12(g) of the Exchange Act:

Common stock, $.001 par value, 25,000,000 shares authorized
* 14,800,000 shares issued and outstanding as of December 31, 2003
* 14,800,000 shares issued and outstanding as of March 26, 2004

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. [X] Yes [ ] No

Check  if disclosure of delinquent filers in response to Item  405
of Regulation S-B is not contained in this form, and no disclosure
will  be  contained,  to  the best of registrant's  knowledge,  in
definitive   proxy  or  information  statements  incorporated   by
reference in Part III of this Form 10-KSB or any amendment to this
Form 10-KSB. [ ]

State issuer's revenues for its most recent fiscal year: $397,902
for the year ended December 31, 2003.

State  the  aggregate  market value of the voting  and  non-voting
common equity held by non-affiliates computed by reference to  the
price  at which the common equity was sold: $2,006,900 as of April
6, 2004.





                             -i-








                         TABLE OF CONTENTS

                                                               PAGE
PART I                                                           2
 Item 1. Description of Business.                                2
 Item 2. Description of Property.                                6
 Item 3. Legal Proceedings.                                      6
 Item 4. Submission of Matters to a Vote of Security Holders.    7
PART II                                                          8
 Item 5. Market for Common Equity and Related Stockholder
         Matters.                                                8
 Item 6. Management's Discussion and Analysis or Plan of
 Operation.                                                     11
 Item 7. Financial Statements.                                  14
 Item 8. Changes In and Disagreements With Accountants on
         Accounting and Financial Disclosure                    26
 Item 8a. Controls and Procedures                               26
PART III                                                        27
 Item 9. Directors, Executive Officers, Promoters and Control
 Persons                                                        27
 Item 10. Executive Compensation.                               28
 Item 11. Security Ownership of Certain Beneficial Owners and
 Management.                                                    29
 Item 12. Certain Relationships and Related Transactions.       29
 Item 13. Exhibits and Reports on Form 8-K.                     30
 Item 14. Controls and Procedures.                              31
SIGNATURES                                                      32
















                             -1-





PART I

Item 1. Description of Business.

A.   Business Development and Summary

Karma   Media,   Inc.  ("Karma  Media"  or  the   "Company")   was
incorporated  in  the State of Nevada on April  21,  1999  as  "Le
Gourmet Co., Inc."  Until March 2003, Karma Media was implementing
a plan to market a variety of cookbooks in numerous categories and
specialty  gourmet  kitchen products to retail consumers  via  the
Internet.   As Le Gourmet Co., Inc., Karma Media had only  limited
start-up operations and generated negligible revenues.  In  March-
April 2003, Karma Media implemented a management restructuring and
a  name change to `Estelle Reyna, Inc.'  Karma Media refocused its
business  plan  and repositioned itself as a multimedia  marketing
company.  In September 2003, the Company implemented another  name
change  to its current name, Karma Media, Inc.  The purpose behind
that  most recent name change was to emphasize the Company's focus
on  Internet marketing campaigns to socially responsible merchants
and  the  promotion  of  products and services  over  the  web  to
consumers who support the advancement of non-profit and charitable
causes.

Karma  Media's  administrative office is  located  at  9660  Flair
Drive, Suite 328, El Monte, California, 91731, telephone (310) 397-
1200.

Karma Media's fiscal year end is December 31.

B.   Business of Issuer

(1)  Principal Products and Services and Principal Markets

Karma  Media  provides  Internet marketing campaigns  to  socially
responsible merchants that market products and services  over  the
web  to like-minded consumers who support the advancement of  non-
profit  and charitable causes.  The Company does this by  matching
merchant  clients  with consumers desiring to  support  charitable
organizations  through online purchases.  Participating  merchants
systematically donate a portion of all sales generated through the
network  of Karma Media affinity partners to a designated charity.
The  Company's  goal is to establish Karma Media  as  one  of  the
contenders  in the field of cause-related marketing  online.   The
management  of Karma Media believes that a merchant's  association
with  a good cause may redefine the way consumers shop online  and
positively  affect  the  merchant's  overall  sales  and  customer
loyalty.

Among  the Company's client roster are such notable names as:  The
Special  Wish  Foundation,  5-time  NBA  champion  Dennis   Rodman
(www.DennisRodman.tv), ImmunoCorp, and Xtrax.

Every  new  merchant pays a standard set-up fee  ranging  anywhere
from $5,000 to $20,000.  A portion of that set-up fee goes into an
advertiser's  escrow  account  to  pay  for  commissions  due   to
affiliates  when they generate a sale, as well as an  override  to
the Company and participating charities.  Karma Media also earns a
recurring "bounty" for each transaction generated on behalf of the
client,  either  on  a  flat fee or a percentage  of  sales.   The
Company  expects  this  monthly  recurrent  revenue  stream   will
significantly exceed revenues generated from set-up fees.





                             -2-






(2)  Distribution Methods of the Products or Services

Karma  Media  relies on the Internet as the primary marketing  and
distribution  medium.   The  two  recently  launched   web   sites
(www.karmamedia.com and www.karmajunction.com) are at  the  center
of Karma Media's distribution effort.

The  first web site, www.karmamedia.com, is the Company's consumer
front  end,  an  online  community  that  showcases  participating
charities  and  the promotional offers from Karma  Media's  client
merchants.   The  site  displays  the  Company's  philosophy   and
commitment.  It also offers interactive components such as  trivia
games  and  discussion  boards.  KarmaMedia.com  serves  the  dual
purpose  of  educating the consumer about the causes  Karma  Media
supports  and,  above  all,  explains the  Company's  strategy  of
supporting charitable organizations via "cashless donations," such
as online shopping and sponsored searches.

The  second  web  site, www.karmajunction.com,  is  the  Company's
Business to Business (B2B) affiliate marketing Application Service
Provider   (ASP).    The  concept  matches  socially   responsible
companies  with  like-minded consumers via  the  use  of  merchant
affiliate   programs.    The  Company's  proprietary   back-office
execution  platform  features  a  variety  of  tools  to  generate
customer  acquisition and merchant transaction  with  full  audit-
trail  capabilities.  Karma Media currently promotes in excess  of
200 affiliate programs and is considered a "super affiliate," or a
top  echelon  affiliate, with respect to most of  these  programs.
Management's  immediate  goal is to secure  non-competing  client-
merchants  in  various  business verticals such  as  real  estate,
mortgage,  consumer banking and other industries.   The  Company's
focus  on  negotiating  directly with  prospective  merchants  and
restricting  offers  to  those  who  are  willing  to  offer  fair
compensation  will enable them to insure the growth and  retention
of  affiliates in their network in relation to other programs that
exist.

In  its  customer acquisition efforts, Karma Media also  leverages
popularity and numerous ongoing media appearances of its  Chairman
and spokesperson, Latin supermodel and Internet celebrity, Estelle
Reyna.   Ms.  Reyna has been dubbed as one of the most  downloaded
women  on  the  Internet with an estimated fan base in  excess  of
300,000   individuals.   www.estellereyna.com  and  www.estelle.tv
direct  the  user to Ms. Reyna's modeling portfolio, biography,  a
history  of  her media appearances, etc.  These sites  also  allow
companies  to  inquire about Ms. Reyna's services,  hire  her  for
special  events  or  license her images for promotional  purposes.
www.searchestelle.com is a search site that  bears  the  look  and
feel  of Ms. Reyna.  Karma Media receives compensation on  a  cost
per click basis from select advertisers on the site.  Ms. Reyna is
also  actively engaged in goodwill campaigns, such as  the  recent
"Support   U.S.  Troops"  program  via  eMailOurMilitary.com   and
Operation  Solider Support, which donated autographed posters  and
memorabilia to troops in the Middle East.

Recently,  Karma  Media  completed the  production  of  its  first
television  show  for distribution in Spanish and English  markets
via  the KarmaJunction.com website as well as satellite and  cable
providers.   Karma Media's first video product is  a  travel  show
hosted  by  Ms.  Reyna  and  entitled  "Estelle's  Paradise."    A
preliminary  English-language cut of  Estelle's  Paradise  can  be
viewed at www.estelle.tv/paradise.  The final product will air  on
television and will be released on DVD through standard  wholesale
channels.

By  early 2004, Karma Media rolled out an advertising and branding
campaign  with the release of two 30-second television commercials
on  CoLours  Television Network, which is available  to  all  19.5
million  viewers  of the Dish Network as part  of  Dish  Network's
basic programming package.

(3)  Status of any announced new product or service

www.estellereyna.com  and www.estelle.tv  are  the  homepages  for
Karma  Media's chairperson, Estelle Reyna.  Both sites direct  the
user  to  the  same  content, Estelle Reyna's modeling  portfolio,
biography,  a history of her media appearances, etc.  These  sites
also  allow companies to inquire about Ms. Reyna's services,  hire
her  for  special  events  or license her images  for  promotional
purposes.





                             -3-






www.searchestelle.com is a search site that  bears  the  look  and
feel  of Ms. Reyna.  Karma Media receives compensation on  a  cost
per click basis from select advertisers.

The Company has also worked on improving the content of its travel
show, "Estelle's America."  The new show will feature more content
and  better  distribution and will air under the  name  "Estelle's
Paradise."    A   sampler   of   the   show   is   available    at
www.estelle.tv/paradise.

(4)  Industry background and competition

In  Karma  Media's  estimation, about 80% of  today's  e-merchants
offer  affiliate  programs  through some  of  Karma  Media's  main
competitors   in   the  industry  such  as  Commission   Junction,
Linkshare, BeFree, ClickXchange and WebSponsors.  However, to  the
best  of the knowledge of the Company's management, none of  these
competitors offer altruistic affiliate programs.  It appears  that
"cause-driven"  marketing  is a powerful  tool  for  merchants  to
garner  incremental  brand equity and market share.   Karma  Media
believes  that consumers are likely to switch brands and retailers
when  such brands and retailers are associated with a good  cause,
assuming price and quality are equal.

Karma  Media's  existing competitors, as  well  as  potential  new
competitors,  may have significantly greater financial,  technical
and marketing resources than Karma Media.  This may allow them  to
devote  greater resources than Karma Media can to the  development
and promotion of their free Web sites and/or subscription and pay-
per-view  services.   These competitors may also  engage  in  more
extensive  technology  research and  development  and  adopt  more
aggressive pricing policies for their subscription-based  content.
As  a  result, it is possible that Karma Media may have difficulty
competing for users and subscribers.

Many  websites  compete  with Karma Media's  sites  for  visitors,
subscribers, advertisers and e-commerce partners and  Karma  Media
expects  this competition to increase in the future.  Karma  Media
believes  that  the  primary competitive factors  in  its  markets
include  brand  recognition, the quality of content and  products,
technology, pricing, ease of use, sales and marketing efforts  and
user   demographics.   Karma  Media  believes  that  it   competes
favorably with respect to each of these factors.

(5)   Sources and availability of raw materials and the  names  of
  principal suppliers

Karma   Media's   promotional   and   marketing   efforts   depend
substantially  on  media content derived from  Ms.  Reyna's  work.
However,  the  Company is in the business of driving  transactions
for third party merchants.  As such, Karma Media does not rely  or
depend on any particular supplier.

(6)  Customers

Among  the Company's client roster are such notable names as:  The
Special  Wish  Foundation,  5-time  NBA  champion  Dennis   Rodman
(www.DennisRodman.tv),  ImmunoCorp,  Xtrax,  and   Karma   Media's
Chairman   and   spokesperson,  Latin  supermodel   and   Internet
celebrity, Estelle Reyna.  Karma Media drives transactions to over
300  merchant sites.  While revenues attributable to some  clients
are  larger,  no  client individually accounts for  a  significant
percentage  of  the overall revenue stream.  At this  time,  Karma
Media   does   not  anticipate  that  its  business  will   depend
disproportionately on any particular client or a group of clients.

(7)  Intellectual Property

Karma  Media  does  not  have any patents,  trademarks,  licenses,
franchises, concessions or royalty agreements.

(8)  Need for Government Approval

None.





                             -4-






(9)  Effect of existing or probable government regulations

Karma Media is subject to the same federal, state, and local  laws
as  other  companies conducting business on the  Internet.   Today
there are relatively few laws specifically directed towards online
services.   However, due to the increasing popularity and  use  of
the  Internet  and  online services, many  laws  relating  to  the
Internet  are being debated at the state and federal levels  (both
in  the  U.S.  and  abroad)  and it  is  possible  that  laws  and
regulations will be adopted with respect to the Internet or online
services.  These laws and regulations could cover issues  such  as
user  privacy, freedom of expression, pricing, fraud, content  and
quality   of   products   and  services,  taxation,   advertising,
intellectual property rights and information security.

Applicability  to  the Internet of existing laws governing  issues
such  as  property  ownership, copyrights and  other  intellectual
property  issues, taxation, libel, obscenity and personal  privacy
is  uncertain.  The vast majority of these laws was adopted  prior
to  the advent of the Internet and related technologies and, as  a
result,  do  not contemplate or address the unique issues  of  the
Internet  and related technologies.  Those laws that do  reference
the  Internet, such as the Digital Millennium Copyright  Act,  are
only   beginning  to  be  interpreted  by  the  courts  and  their
applicability and scope are, therefore, uncertain.

Several states have proposed legislation that would limit the uses
of  personal  user information gathered online or  require  online
services  to  establish  privacy  policies.   The  Federal   Trade
Commission  also  has  settled several proceedings  regarding  the
manner, in which personal information is collected from users  and
provided to third parties.  Specific statutes intended to  protect
user  privacy  have  been  passed in many non-U.S.  jurisdictions.
Changes  to  existing laws or the passage of new laws intended  to
address  these  issues could directly affect the way  Karma  Media
does  business or could create uncertainty on the Internet.   This
could reduce demand for Karma Media's services, increase the  cost
of  doing  business as a result of litigation costs  or  increased
service  delivery costs, or otherwise harm Karma Media's business.
In  addition,  because Karma Media's services will  be  accessible
worldwide, and Karma Media plans to facilitate sales of  goods  to
users  worldwide, foreign jurisdictions may claim that Karma Media
is  required to comply with their laws.  Laws regulating  Internet
companies outside of the U.S. may be less favorable then those  in
the  U.S., giving greater rights to consumers, content owners  and
users.   Compliance may be more costly or may require Karma  Media
to  change  its  business practices or restrict service  offerings
relative  to  those in the U.S.  Karma Media's failure  to  comply
with  foreign laws could subject Karma Media to penalties  ranging
from fines to bans on Karma Media's ability to offer its services.

(10) Cost of Research and Development

Most of Karma Media's direct costs of services and general &
administrative expenses cover the costs of management and development
of new Internet/website applications. During the year ended December
31, 2003, the combined diret costs of services and general administrative
expenses were equal to approximately $403,863.

(11) Costs and effects of compliance with environmental laws

None applicable.

(12) Employees

Karma  Media  does  not  have any employees,  but  relies  on  the
services of its officers and directors and a number of independent
consultants  to perform duties ranging from day to day  management
of  operations  to  graphic design, programming, and  bookkeeping.
The  Company retains the services of about 8 to 12 consultants  at
all times, depending on the workload.





                             -5-






C.   Reports to Security Holders

(1)   Karma  Media  will  furnish  its  shareholders  with  annual
  financial   reports  certified  by  Karma  Media's   independent
  accountants.

(2)   Karma  Media  is a reporting issuer with the Securities  and
  Exchange  Commission.  Karma Media will continue to file  annual
  reports on Form 10-KSB, quarterly reports on Form 10-QSB, current
  reports  on  Form 8-K and amendments to these reports  filed  or
  furnished  pursuant to Section 13(a) or 15(d) of the  Securities
  Exchange Act of 1934, as amended as required to maintain the fully
  reporting status.

(3)   The public may read and copy any materials Karma Media files
  with  the  SEC at the SEC's Public Reference Room at  450  Fifth
  Street,  N.W.,  Washington, D.C. 20549.  The public  may  obtain
  information  on  the operation of the Public Reference  Room  by
  calling  the  SEC at 1-800-SEC-0330.  The SEC also maintains  an
  Internet  site  that  contains reports,  proxy  and  information
  statements,  and other information regarding issuers  that  file
  electronically  with  the  SEC.   The  address  of   that   site
  (http://www.sec.gov).

Item 2. Description of Property.

Karma  Media  does not have partial or complete ownership  of  any
real estate property.

Item 3. Legal Proceedings.

Karma  Media  is not a party to any pending or contemplated  legal
proceeding, by a governmental or another authority.

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

During  the fourth quarter of the fiscal year 2003, no matter  was
submitted  by  this  report or otherwise to  a  vote  of  security
holders, through the solicitation of proxies or otherwise.






                             -6-






                              PART II

Item 5. Market for Common Equity and Related Stockholder Matters.

Market Information

The  common  stock  of Karma Media is traded over-the-counter  and
quoted  on the OTC Bulletin Board under the symbol "KRMA."  Public
listing  of  the common stock commenced on January 29, 2003  under
the  symbol LGRM.  Prior to that time, there was no public  market
for  Karma  Media's common stock.  On March 24, 2003, the  trading
symbol  changed to "ERYA," and on September 24, 2003  the  trading
symbol changed to "KRMA."

The following table sets forth the high and the low bid quotations
for  the  common stock as reported on the OTC Electronic  Bulletin
Boardr for the periods indicated.  Such information reflects inter-
dealer  prices,  without retail mark-up, mark-down or  commission,
and may not necessarily represent actual transactions.

                                                  Low       High
                                                  Bid       Bid

Three months ended March 31, 2003                $ 0.00   $ 0.77
Three months ended June 30, 2003                 $ 0.55   $ 1.05
Three months ended September 30, 2003            $ 0.51   $ 0.80
Three months ended December 31, 2003             $ 0.50   $ 1.25

Holders

As  of  March  26, 2004, Karma Media had approximately  14,800,000
shares  of  $0.001 par value common stock issued  and  outstanding
held  by approximately thirty (30) shareholders of record.   Karma
Media's  Transfer  Agent is Holladay Stock  Transfer,  Inc.,  2939
North 67th Place, Scottsdale, AZ 85251, phone (480) 481-3940.

Dividends

Karma  Media has never declared or paid any cash dividends on  its
common stock.  For the foreseeable future, Karma Media intends  to
retain  any  earnings to finance the development and expansion  of
its business, and it does not anticipate paying any cash dividends
on  its  common stock.  Any future determination to pay  dividends
will  be  at the discretion of the Board of Directors and will  be
dependent  upon then existing conditions, including Karma  Media's
financial   condition   and   results   of   operations,   capital
requirements,  contractual restrictions, business  prospects,  and
other factors that the board of directors considers relevant.

Securities authorized for issuance under equity compensation plans

None.

Recent Sales of Unregistered Securities.

The  following information covers all securities that Karma  Media
sold   within  the  past  three  years  without  registering   the
securities under the Securities Act:





                             -7-






In  February 2003, Karma Media issued 5,000,000 shares  of  common
stock  (retroactively  restated to reflect  the  split  that  took
effect in March 2003) to Dominique Einhorn and 5,000,000 shares of
common  stock  (retroactively restated to reflect the  split  that
took  effect in March 2003) to Estelle Reyna.  The Company  issued
these  shares as compensation to these two individuals for joining
Karma  Media  in managerial capacities.  Karma Media  valued  that
issuance  of common stock at $0.01 per post-split share.   At  the
time of the issuance, Mr. Einhorn and Ms. Reyna were in possession
of  all  available material information about Karma Media.   Also,
Mr.   Einhorn   and   Ms.   Reyna  had  a  degree   of   financial
sophistication,  which  allowed  them  to  make   an   independent
assessment of the investment merits of Karma Media.  On the  basis
of  these facts, Karma Media claims that the issuance of stock  to
Mr.  Einhorn  and Ms. Reyna was qualified for the  exemption  from
registration  contained in Section 4(2) of the Securities  Act  of
1933.

Also  in  February  2003, the Board of Directors  of  Karma  Media
unanimously approved a 5-for-1 forward stock split, recorded as  a
stock  dividend  to  each of the holders of common  stock  of  the
Company at the rate of four shares of common stock for each  share
then  owned  with  a  record  date of  February  28,  2003  and  a
distribution date of March 3, 2003.

In  August 2003, Karma Media issued 770,000 shares of common stock
to  approximately  twelve  individuals, including  one  officer  &
director  and one essential employee of the Company.  Karma  Media
issued  the shares for a subscriptions receivable of $770 and  for
services rendered of $37,730 based on the fair market value of the
stock, which was estimated at $0.05 per share at the time of  such
sale.   At  the  time of the issuance, the twelve individuals  (a)
were  in  possession of all available material  information  about
Karma  Media,  and  (b) had a degree of financial  sophistication,
which  allowed  them  to  make an independent  assessment  of  the
investment  merits of Karma Media.  On the basis of  these  facts,
Karma  Media claims that the issuance of stock in August 2003  was
qualified for the exemption from registration contained in Section
4(2) of the Securities Act of 1933.

In December 2003, Karma Media executed a consulting agreement with
Christopher  Pair.   Mr.  Pair  received  a  10-year  warrant   to
purchase,  at an exercise price of $0.50 per share, up to  20%  of
the  Company's  outstanding shares of common  stock  on  a  fully-
diluted  basis, on customary terms and conditions, including  full
anti-dilution  and  price protection and cashless  exercise.   The
parties  agreed that, as of December 2003, up to 3,000,000  shares
of  common stock were subject to the warrant.  At the time of  the
issuance, Mr. Pair (a) was in possession of all available material
information  about Karma Media, and (b) had a degree of  financial
sophistication,  which  allowed  them  to  make   an   independent
assessment of the investment merits of Karma Media.  On the  basis
of  these  facts,  Karma Media claims that  the  issuance  of  the
warrant  to  Mr.  Pair  in December 2003  was  qualified  for  the
exemption  from  registration contained in  Section  4(2)  of  the
Securities  Act  of  1933.  Utilizing the  Black  Scholes  formula
(assuming  a  10 year life, no expected dividends,  volatility  of
80%,  and a risk-free interest rate of 4.41%) and applying a
discount  for  lack of marketability, the Company determined  that
the  fair  value of the warrant issued was $777,357.  Karma  Media
recorded that value as an expense to be amortized over a five-year
period.

Item 6. Management's Discussion and Analysis or Plan of Operation.

This  section  must  be  read  in  conjunction  with  the  Audited
Financial Statements included in this report.





                             -8-






A.   Management's Discussion

Developments and Results of Operation in 2003

Until March 2003, Karma Media was implementing a plan to market  a
variety  of cookbooks in numerous categories and specialty gourmet
kitchen  products  to retail consumers via the  Internet.   During
that period, the Company had only limited start-up operations  and
generated negligible revenues.

In  February  2003,  upon joining Karma Media's  management  team,
Dominique  Einhorn  and  Estelle Reyna contributed,  free  of  any
encumbrances or liens, certain assets and assigned certain revenue
streams  to  the Company, which resulted in a broader offering  of
Internet-based products and services.  In addition, Estelle  Reyna
assigned  to  the  Company  all revenues  from  her  modeling  and
personal  appearances  earned starting  February  14,  2003.   The
initial  assignment had a duration of one year, renewable  by  the
board of directors upon expiration.

In  the fiscal year ended December 31, 2003, Karma Media generated
approximately  $397,902 in revenue versus  approximately  $138  in
2002.   During  the year ended December 31, 2003,  total  expenses
amounted  to  approximately  $1,183,181  for  a  pre-tax  loss  of
approximately  $785,279.  The major components  of  the  Company's
expenses  were  direct  costs of services equal  to  approximately
$171,985,  compensation to officers and directors of approximately
$157,600,  consulting fees of approximately $777,357, depreciation
of  approximately  $1,961,  and other general  and  administrative
expenses of approximately $74,278.  In lieu of cash disbursements,
Karma   Media  used  issuances  of  restricted  stock   to   cover
approximately  $137,730 in expenses.  The Company  also  issued  a
warrant  valued  at approximately $777,357 to pay  for  consulting
services.   Excluding  such non-cash compensation,  Karma  Media's
revenues  exceeded  expenses by approximately $129,808.   For  the
year ended December 31, 2003, Karma Media recorded a tax liability
of  approximately $7,400.  The resulting net loss for the year was
approximately  $792,679, or $0.05 per share  of  basic  and  fully
diluted basis.

The  majority  of the Company's revenues were attributable  to  an
increase  in payments derived from the Company's online  marketing
campaigns conducted on behalf of clients as well as an increase in
affiliate royalties collected from merchants.

This  net  loss  was  attributable  primarily  to  the  costs   of
attracting   a   management  team,  engaging   the   services   of
consultants, and advertising and media costs the Company  incurred
in the execution of client marketing campaigns

During  the  year  ended December 31, 2003, the Company  purchased
$11,765  in computers and equipment and had a depreciation expense
of $1,961.

On  July  14,  2003, Karma Media signed an engagement letter  with
former NBA player Dennis K. Rodman.  The agreement calls for Karma
Media  to launch an online marketing campaign on behalf of  Dennis
K. Rodman.

On August 4, 2003, Karma Media signed a new web hosting and server
co-location  agreement with The Planet Internet Services,  located
at  1950  Stemmons Freeway, Suite 3048, in Dallas, TX 75207.   The
Company  expects this service agreement to accommodate its planned
growth in the coming year.

On December 1, 2003, Karma Media signed a marketing agreement with
A   Special  Wish  Foundation,  a  non-profit  organization  whose
charitable  mission is to grant the wishes of children  under  the
age of 21 and diagnosed as having a life-threatening disorder.

Effective  December 4, 2003, Karma Media entered into a consulting
agreement with Christopher Pair.  Mr. Pair (a) received a  10-year
warrant  to purchase, at an exercise price of $0.50 per share,  up
to  20% of the Company's outstanding shares of common stock  on  a
fully-diluted basis, on customary terms and conditions,  including
full anti-dilution and price protection and cashless exercise (the
parties  agreed that, as of December 2003, up to 3,000,000  shares
of  common stock were subject to the warrant) and (b) will receive
a  consulting fee based on 20% of the gross cash receipts  of  the
Company less all expenditures and other amounts paid by or for the
account of the Company during the same period.  Revenues generated
from  CharityBuy  International,  Inc.,  personal  appearances  of
performances of Estelle Reyna, or income generated from  the  sale
of  any items on from Estelle Reyna's web site are exempt from the
agreement.  The consulting agreement calls for Mr. Pair to provide
services  and advice to the Company's business affairs.  Mr.  Pair
is  the  former  CEO of Herbalife International,  a  $1.8  billion
global  consumer products nutritional/wellness company  with  100+
food  and  dietary supplements, weight-control foods and  personal
care  products,  and  a  network of over one  million  independent
distributors  in  54  countries.  Mr. Pair's leadership  qualities
should  help  Karma Media in translating strategic  concepts  into
tightly   focused,   tactical  programs  that   would   streamline
operations,  lower costs, and should help build a  more  efficient
organization.





                             -9-






Liquidity and Capital Resources

As  of  December  31,  2003, Karma Media had $120,644  in  working
capital.   Karma  Media's current assets as of December  31,  2003
consisted  of  $106,668  in cash, $18,228 in  receivables,  and  a
deposit of $5,179.

During the year ended December 31, 2003, the Company increased its
cash and cash equivalents from $7,072 at the beginning of the year
to  $106,668 on December 31, 2003.  The net increase in  cash  for
the year was $99,596.

Karma  Media believes that it has sufficient resources to continue
operations for the next twelve months.

B.   Plan of Operation

The   implementation  of  Karma  Media's  business  plan  in  2003
solidified the Company's focus on full service marketing campaigns
on  behalf  of clients.  Leveraging Ms. Reyna's popularity,  media
appearances,  and  the numerous requests she  receives  from  non-
profit organizations asking for Ms. Reyna's patronage, Karma Media
has   steered   itself  to  become  a  full-fledged  cause-related
marketer.

Karma  Media's  official mission statement  is  to  foster  social
change  by creating awareness and fundraising campaigns for noble,
non-profit causes via the use of Internet technologies.

In  order  to  build awareness about its new product suite,  Karma
Media  launched two new web sites in 2003, www.karmamedia.com  and
www.karmajunction.com.  The Company is currently  redesigning  and
updating  www.karmamedia.com to better reflect its philosophy  and
business model.

Moving  forward,  Karma Media plans to expand its  position  as  a
cause-related technology marketing company.  The Company's  cause-
related   marketing  model  involves  consumers,  businesses   and
charities in a concept where one contributes to the benefit of the
other.    Karma   Media's  growth  strategy  revolves   around   a
proprietary  customer acquisition model that takes  the  guesswork
out   of   a   merchant's  marketing  budget  by  providing   full
accountability  to the client on the back of a  straight  pay  for
performance business model.  The Company is confident it can  roll
out  its aggressive business plan, especially with the help of Ms.
Reyna who was recently dubbed as the most downloaded women on  the
Internet.

Ms.  Reyna's  name, growing popularity (loyal fan  base  exceeding
300,000  individuals)  and  numerous,  ongoing  media  appearances
provide  the  Company with significant leverage  in  building  the
Karma Media brand and attracting merchants and consumers alike.

Karma  Media's  strategy  rests on  successful  branding  and  the
creation   of   new  and  innovative  channels  of   distribution.
Strategic  public relations and the lifelong alignment of  Estelle
Reyna  with non-profit causes should further enhance the Company's
stature.





                             -10-






Item 7. Financial Statements.








                         Karma Media, Inc.
                  [formerly Estelle Reyna, Inc.]

                          Balance Sheets
                               as of
                    December 31, 2003 and 2002

                                and

                     Statement of Operations,
                     Stockholders' Equity, and
                            Cash Flows
                        for the years ended
                    December 31, 2003 and 2002


























                             -11-





                         TABLE OF CONTENTS





                                                       PAGE

Independent Auditors' Report                                    1

Balance Sheets                                                  2

Statements of Operations                                        3

Statement of Stockholders' Equity                               4

Statements of Cash Flows                                        5

Footnotes                                                       6

























                             -12-





Beckstead and Watts, LLP
Certified Public Accountants
                                           3340 Wynn Road, Suite B
                                               Las Vegas, NV 89102
                                                      702.257.1984
                                                702.362.0540 (fax)

                   INDEPENDENT AUDITORS' REPORT


Board of Directors
Karma Media, Inc.
[formerly Estelle Reyna, Inc.]

We  have audited the Balance Sheets of Karma Media, Inc. [formerly
Estelle Reyna, Inc.] (the "Company"), as of December 31, 2003  and
2002,  and  the  related  Statements of Operations,  Stockholders'
Equity,  and Cash Flows for the years then ended. These  financial
statements  are  the  responsibility of the Company's  management.
Our  responsibility  is to express an opinion on  these  financial
statements based on our audit.

We  conducted  our  audit  in accordance with  generally  accepted
auditing  standards  in  the  United  States  of  America.   Those
standards  require that we plan and perform the  audit  to  obtain
reasonable  assurance about whether the financial  statements  are
free of material misstatement.  An audit includes examining, on  a
test basis, evidence supporting the amounts and disclosures in the
financial   statement  presentation.   An  audit   also   includes
assessing the accounting principles used and significant estimates
made  by  management, as well as evaluating the overall  financial
statement  presentation.  We believe that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of  Karma
Media, Inc. [formerly Estelle Reyna, Inc.] as of December 31, 2003
and 2002, and the results of its operations and cash flows for the
years then ended, in conformity with generally accepted accounting
principles in the United States of America.

/s/ Beckstead and Watts, LLP
----------------------------
April 6, 2004




                             -13-          F1





                         Karma Media, Inc.
                  [formerly Estelle Reyna, Inc.]
                          Balance Sheets

                                                   December 31,
                                                2003         2002
                                             ------------  ------------
Assets

Current assets:
 Cash and equivalents                        $  106,668    $    7,072
 Accounts receivable                             18,228             -
 Deposits                                         5,179             -
 Inventory                                            -         1,163
                                             ------------  ------------
   Total current assets                         130,075         8,235
                                             ------------  ------------

Fixed assets, net                                 9,804             -
                                             ------------  ------------

                                             $  139,879    $    8,235
                                             ============  ============
Liabilities and Stockholders' Equity

Current liabilities:
 Accrued expenses                            $    2,031    $        -
 Due to related party                                 -           195
 Income tax payable                               7,400             -
                                             ------------  ------------
   Total current liabilities                      9,431           195
                                             ------------  ------------

Stockholders' equity:
 Common stock, $0.001 par value,
 25,000,000 shares authorized, 14,800,000
 and 2,500,000 shares issued and
 outstanding as of 12/31/03 and
 12/31/02, respectively                          14,800         2,500

 Additional paid-in capital                     928,057        24,500
 Subscriptions receivable                         (770)             -
 Accumulated (deficit)                        (811,639)      (18,960)
                                             ------------  ------------
                                                130,448         8,040
                                             ------------  ------------
                                             $  139,879    $    8,235

  The accompanying notes are an integral part of these financial
                            statements.





                             -14-          F2






                         Karma Media, Inc.
                  [formerly Estelle Reyna, Inc.]
                     Statements of Operations

                                                 For the years ended
                                                     December 31,
                                                   2003       2002
                                              ------------  ------------

Revenue                                         $ 397,902         138
Cost of goods sold                                      -          23

Gross profit                                      397,902         115

Expenses:
 Direct cost of services                          171,985           -
 General and administrative expenses               74,278      19,075
 General and administrative
expenses - related party                          157,600           -
 Consulting fees                                  777,357           -
 Depreciation                                       1,961           -
                                              ------------  ------------
  Total expenses                                1,183,181      19,075
                                              ------------  ------------

Loss before provision for taxes                  (785,279)    (18,960)

 Provision for income taxes                        (7,400)          -

Net (loss)                                      $(792,679)    (18,960)
                                              ============  ============
Weighted average number of
 common shares outstanding - basic
and fully diluted                              16,430,164   2,134,247
                                              ============  ============
Net (loss) per share - basic and
fully diluted                                   $   (0.05)   $  (0.01)
                                              ============  ============

  The accompanying notes are an integral part of these financial
                            statements.




                             -15-          F3







                         Karma Media, Inc.
                  [formerly Estelle Reyna, Inc.]
                 Statement of Stockholders' Equity

<TABLE>
<CAPTION>

                                                                                               Total
                                                  Additional                                Stockholders'
                              Common Stock         Paid-in     Subscriptions  Accumulated      Equity
                           Shares      Amount      Capital     Receivable      (Deficit)
                        -----------------------------------------------------------------------------------
<S>                          <C>         <C>          <C>         <C>             <C>            <C>

December 31, 2001
 Balance forward         2,000,000       2,000         -         (2,000)           -              -

March 2002
 Expenses paid for
 by a founder and
 cash for
 subscriptions
 receivable                                                       2,000                         2,000

September 2002
 Issued for cash           500,000         500      24,500                                     25,000

Net (loss)
 For the year ended
 December 31, 2002                                                              (18,960)      (18,960)
                        -----------------------------------------------------------------------------------

Balance, December        2,500,000       2,500      24,500         -            (18,960)        8,040
31, 2002

February 2003
 Issued for
 services                2,000,000       2,000      98,000                                    100,000

February 2003
 Stock dividend         18,000,000      18,000     (18,000)                                         -

July 2003
 Cancellation of        (8,470,000)     (8,470)      8,470                                          -
 shares

August 2003
 Issued for
 subscriptions
 receivable and
 services                  770,000         770      37,730         (770)                       37,730

August 2003
 Warrants issued
 for services                                      777,357                                    777,357

Net (loss)
 For the year ended
 December 31, 2003                                                             (792,679)     (792,679)
                        -----------------------------------------------------------------------------------

Balance, December       14,800,000    $ 14,800   $ 928,057      $  (770)     $ (811,639)    $ 130,448
31, 2003                ===================================================================================

</TABLE>


  The accompanying notes are an integral part of these financial
                            statements.




                             -16-          F4






                         Karma Media, Inc.
                  [formerly Estelle Reyna, Inc.]
                     Statements of Cash Flows

                                          For the years ended
                                              December 31,
                                            2003          2002
                                       ------------   -------------
Cash flows from operating activities
Net (loss)                              $ (792,679)    $ (18,960)
Shares issued for services                 137,730             -
Warrants issued for services               777,357             -
Depreciation                                 1,961             -
Adjustments to reconcile net (loss)
to net cash
 provided (used) by
 operating activities:
 (Increase) in accounts receivable         (18,228)            -
 (Increase) in deposits                     (5,179)            -
 Decrease (increase) in inventory            1,163        (1,163)
 Increase in accrued expenses                2,031             -
 Increase in income tax payable              7,400             -
Net cash provided (used) by            ------------   -------------
operating activities                       111,556       (20,123)
                                       ------------   -------------

Cash flows from investing activities
 Purchase of fixed assets                  (11,765)            -
                                       ------------   -------------
Net cash provided by
investing activities                       (11,765)            -
                                       ------------   -------------

Cash flows from financing activities
 Issuances of common stock                       -        27,000
 Increase (decrease) in due to
 related party                                (195)          195
                                       ------------   -------------
Net cash provided by
financing activities                          (195)       27,195
                                       ------------   -------------

Net increase in cash                        99,596         7,072
Cash - beginning                             7,072             -
                                       ------------   -------------
Cash - ending                           $  106,668     $   7,072
                                       ============   =============
Supplemental disclosures:
 Interest paid                          $        -     $       -
                                       ============   =============
 Income taxes paid                      $        -     $       -
                                       ============   =============


  The accompanying notes are an integral part of these financial
                            statements.




                             -17-          F5






                         Karma Media, Inc.
                  [formerly Estelle Reyna, Inc.]
                               Notes

Note 1 - History and organization of the company

The Company was organized April 21, 1999 (Date of Inception) under
the laws of the State of Nevada, as Le Gourmet Co., Inc.

On   March   11,  2002,  the  Company  amended  its  articles   of
incorporation  to  increase the number  of  authorized  shares  to
25,000,000 shares and to change the par value to $0.001.

On   March   17,  2003,  the  Company  amended  its  articles   of
incorporation to change its name to Estelle Reyna, Inc.

On  September  11,  2003,  the Company  amended  its  articles  of
incorporation to change its name to Karma Media, Inc.

Note 2 - Accounting policies and procedures

Cash and cash equivalents
The  Company  maintains  a cash balance in a  non-interest-bearing
account  that currently does not exceed federally insured  limits.
For the purpose of the statements of cash flows, all highly liquid
investments with an original maturity of three months or less  are
considered to be cash equivalents.  Cash equivalents include funds
held  in  a  Paypal account.  There were cash equivalents  in  the
amount of $0 and $132 as of December 31, 2003 and 2002.

Fixed assets
Fixed  assets are recorded at cost.  Minor additions and  renewals
are  expensed in the year incurred.  Major additions and  renewals
are capitalized and depreciated over their estimated useful lives.
Depreciation is calculated using the half-year convention over the
estimated useful lives as follows:

               Computers and equipment            3 years

Impairment of long-lived assets
Long-lived  assets held and used by the Company are  reviewed  for
possible impairment whenever events or circumstances indicate  the
carrying amount of an asset may not be recoverable or is impaired.
No such impairments have been identified by management at December
31, 2003 and 2002.

Revenue recognition
The  Company  recognizes  income  when  earned  through  affiliate
programs.   The  affiliate  programs are  with  various  companies
whereby they will pay a referral or commission for sales generated
through a link on the Company's website.  The affiliates generally
take 30 days to process the commission once the sale occurs.   The
Company  recognizes the commission once they are notified  of  the
amount.   For  consulting, on-line marketing and  sponsorship  and
appearance  income the Company recognizes revenue as services  are
performed.

Advertising costs
The  Company expenses all costs of advertising as incurred.  There
were   advertising   costs  included  in  selling,   general   and
administrative  expenses  of $95,045 and  $0  in  2003  and  2002,
respectively.

Earnings (loss) per share
Basic  earnings (loss) per share are computed by dividing the  net
income by the weighted average number of common shares outstanding
available  to  common stockholders during the period.   The  basic
weighted   average  number  of  common  shares   outstanding   was
16,430,164 and 2,134,247 for the years ended December 31, 2003 and
2002, respectively.  The fully diluted weighted average number  of
common  shares  outstanding was 16,939,753 and 2,134,247  for  the
years  ended  December  31,  2003  and  2002,  respectively.   The
computation for earnings per common share, assuming dilution,  for
the  year ended December 31, 2003, was antidilutive, and therefore
is not included.  Outstanding warrants as of December 31, 2003 and
2002 totaled 3,000,000 and 0, respectively.




                             -18-          F6





                         Karma Media, Inc.
                  [formerly  Estelle Reyna, Inc.]
                               Notes

Reporting on the costs of start-up activities
Statement of Position 98-5 (SOP 98-5), "Reporting on the Costs  of
Start-Up  Activities," which provides guidance  on  the  financial
reporting  of  start-up costs and organizational  costs,  requires
most  costs of start-up activities and organizational costs to  be
expensed  as  incurred.  SOP 98-5 is effective  for  fiscal  years
beginning after December 15, 1998.  With the adoption of SOP 98-5,
there  has  been  little or no effect on the  Company's  financial
statements.

Estimates
The   preparation  of  financial  statements  in  conformity  with
generally  accepted accounting principles 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  revenue and expenses during  the  reporting
period.  Actual results could differ from those estimates.

Fair value of financial instruments
Fair  value  estimates  discussed herein are  based  upon  certain
market   assumptions  and  pertinent  information   available   to
management  as  of  December 31, 2003 and  2002.   The  respective
carrying  value of certain on-balance-sheet financial  instruments
approximated  their  fair  values.  These  financial   instruments
include  cash  and  equivalents,  accounts  receivable,  deposits,
inventory, accrued expenses and due to related party.  Fair values
were assumed to approximate carrying values because they are short
term  in nature and their carrying amounts approximate fair values
or they are payable on demand.

Income Taxes
Deferred  income tax assets and liabilities are computed  annually
for  differences between the financial statement and tax basis  of
assets  and  liabilities that will result in taxable or deductible
amounts  in  the  future  based on  enacted  tax  laws  and  rates
applicable on the periods in which the differences are expected to
affect taxable income.  Valuation allowances are established  when
necessary to reduce deferred tax assets to the amount expected  to
be  realized.  Income tax expense is the tax payable or refundable
for  the  period  plus or minus the change during  the  period  in
deferred tax assets and liabilities.

Segment reporting
The  Company  follows Statement of Financial Accounting  Standards
No.  130, "Disclosures About Segments of an Enterprise and Related
Information".  The Company operates as a single segment  and  will
evaluate additional segment disclosure requirements as it  expands
its operations.

Dividends
The  Company has not yet adopted any policy regarding  payment  of
dividends.   No  dividends  have  been  paid  or  declared   since
inception.

Recent pronouncements
In  July 2002, the FASB issued SFAS No. 146, "Accounting for Costs
Associated  with  Exit  or Disposal Activities",  which  addresses
financial accounting and reporting for costs associated with  exit
or  disposal  activities and supersedes EITF No. 94-3,  "Liability
Recognition  for Certain Employee Termination Benefits  and  Other
Costs to Exit an Activity (including Certain Costs Incurred  in  a
Restructuring)."   SFAS No. 146 requires that a  liability  for  a
cost  associated with an exit or disposal activity  be  recognized
when  the liability is incurred.  Under EITF No. 94-3, a liability
for  an  exit  cost  was recognized at the  date  of  an  entity's
commitment to an exit plan. SFAS No. 146 also establishes that the
liability should initially be measured and recorded at fair value.
The  provisions  of  SFAS  No. 146 will be  adopted  for  exit  or
disposal activities that are initiated after December 31, 2002.




                             -19-          F7





                         Karma Media, Inc.
                  [formerly  Estelle Reyna, Inc.]
                               Notes

In  December  2002, the FASB issued SFAS No. 148, "Accounting  for
Stock-Based Compensation-Transition and Disclosure-an amendment of
SFAS No. 123." This Statement amends SFAS No. 123, "Accounting for
Stock-Based  Compensation",  to  provide  alternative  methods  of
transition  for a voluntary change to the fair value based  method
of accounting for stock-based employee compensation. I n addition,
this statement amends the disclosure requirements of SFAS No.  123
to  require  prominent  disclosures in  both  annual  and  interim
financial  statements  about the method of accounting  for  stock-
based  employee compensation and the effect of the method used  on
reported results.  The adoption of SFAS No. 148 is not expected to
have  a  material  impact on the company's financial  position  or
results of operations.

In  November 2002, the FASB issued FASB Interpretation ("FIN") No.
45,   "Guarantors  Accounting  and  Disclosure  Requirements   for
Guarantees,  Including  Indirect Guarantees  and  Indebtedness  of
Others",  an  interpretation  of  FIN  No.  5,  57  and  107,  and
rescission  of  FIN No. 34, "Disclosure of Indirect Guarantees  of
Indebtedness  of Others". FIN 45 elaborates on the disclosures  to
be  made  by  the  guarantor in its interim and  annual  financial
statements about its obligations under certain guarantees that  it
has  issued. It also requires that a guarantor recognize,  at  the
inception  of a guarantee, a liability for the fair value  of  the
obligation  undertaken  in  issuing  the  guarantee.  The  initial
recognition and measurement provisions of this interpretation  are
applicable on a prospective basis to guarantees issued or modified
after  December 31, 2002; while, the provisions of the  disclosure
requirements are effective for financial statements of interim  or
annual  periods  ending  after  December  15,  2002.  The  company
believes that the adoption of such interpretation will not have  a
material impact on its financial position or results of operations
and  will  adopt such interpretation during fiscal year  2003,  as
required.

In  January  2003,  the FASB issued FIN No. 46, "Consolidation  of
Variable  Interest  Entities",  an  interpretation  of  Accounting
Research  Bulletin  No.  51.  FIN No. 46  requires  that  variable
interest entities be consolidated by a company if that company  is
subject  to  a  majority  of the risk of loss  from  the  variable
interest  entity's activities or is entitled to receive a majority
of the entity's residual returns or both. FIN No. 46 also requires
disclosures  about variable interest entities that  companies  are
not  required  to  consolidate  but  in  which  a  company  has  a
significant  variable interest. The consolidation requirements  of
FIN  No.  46 will apply immediately to variable interest  entities
created  after  January  31, 2003. The consolidation  requirements
will  apply to entities established prior to January 31,  2003  in
the  first fiscal year or interim period beginning after June  15,
2003.  The  disclosure requirements will apply  in  all  financial
statements  issued after January 31, 2003. The company will  begin
to  adopt the provisions of FIN No. 46 during the first quarter of
fiscal 2003.

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and
Equity."  SFAS No. 150 changes the classification in the statement
of financial position of certain common financial instruments from
either  equity  or  mezzanine  presentation  to  liabilities   and
requires  an  issuer  of those financial statements  to  recognize
changes  in  fair  value or redemption amount, as  applicable,  in
earnings.  SFAS  No.  150 is effective for  financial  instruments
entered  into  or  modified  after May  31,  2003,  and  with  one
exception,  is  effective at the beginning of  the  first  interim
period beginning after June 15, 2003. The effect of adopting  SFAS
No. 150 will be recognized as a cumulative effect of an accounting
change  as of the beginning of the period of adoption. Restatement
of  prior periods is not permitted. SFAS No. 150 did not have  any
impact   on  the  Company's  financial  position  or  results   of
operations.

Stock-Based Compensation
The  Company  accounts  for stock-based  awards  to  employees  in
accordance  with  Accounting  Principles  Board  Opinion  No.  25,
"Accounting   for   Stock   Issued  to  Employees"   and   related
interpretations and has adopted the disclosure-only alternative of
SFAS  No. 123, "Accounting for Stock-Based Compensation."  Options
granted to consultants, independent representatives and other non-
employees  are  accounted  for using  the  fair  value  method  as
prescribed by SFAS No. 123.

Year end
The Company has adopted December 31 as its fiscal year end.




                             -20-          F8





                         Karma Media, Inc.
                  [formerly  Estelle Reyna, Inc.]
                               Notes

Note 3 - Income taxes

The Company accounts for income taxes under Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes" ("SFAS
No. 109"), which requires use of the liability method.   SFAS No.
109 provides that deferred tax assets and liabilities are recorded
based on the differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting
purposes, referred to as temporary differences.  Deferred tax
assets and liabilities at the end of each period are determined
using the currently enacted tax rates applied to taxable income in
the periods in which the deferred tax assets and liabilities are
expected to be settled or realized.

The provision for income taxes differs from the amount computed by
applying the statutory federal income tax rate to income before
provision for income taxes.  The sources and tax effects of the
differences are as follows:

                 U.S federal statutory rate      (34.0%)

                 Valuation reserve                34.0%
                                                ----------
                                       Total         -%
                                                ==========

The Company recorded a provision for income taxes of $7,400 and $0
for the years ended December 31, 2003 and 2002, respectively.

Note 4 - Fixed assets

During  the  year  ended December 31, 2003, the Company  purchased
$11,765 in computers and equipment and had depreciation expense of
$1,961.

Note 5 - Due to related party

During  the  year ended December 31, 2002, Michelle  Quinlan,  the
former president and CEO of the Company, has loaned the Company  a
total of $9,438 and the Company has repaid a total of $9,243.   As
of  December  31, 2002, the total amount owed to  Ms.  Quinlan  is
$195.   This  amount does not bear any interest and  is  due  upon
demand.   During  the year ended December 31,  2003,  the  Company
repaid the entire balance of $195.

Note 6 - Stockholders' equity

The Company is authorized to issue 25,000,000 shares of its $0.001
par value common stock.

On March 11, 2002, the Company effected a 1000-for-1 forward stock
split of its $0.001 par value common stock.

All  share and per share amounts have been retroactively  restated
to reflect the splits discussed below.

On  May 5, 1999, the Company issued 2,000,000 shares of its $0.001
par  value common stock to an officer and director in exchange for
a subscriptions receivable of $2,000.

During  March  2002, an officer, director and shareholder  of  the
Company  paid for expenses totaling $1,900 and paid  cash  in  the
amount  of  $100  to  cancel  the entire subscriptions  receivable
balance.

On   September  25,  2002,  the  Company  completed  its  offering
registered via Form SB-2 and issued a total of 500,000  shares  of
its $0.001 par value common stock in exchange for cash of $25,000.




                             -21-          F9





                         Karma Media, Inc.
                  [formerly  Estelle Reyna, Inc.]
                               Notes

On  February  14,  2003, the Company issued a total  of  2,000,000
shares of its $0.001 par value common stock of the Company to  two
individuals,  who  are  currently officers and  directors  of  the
Company, in exchange for services rendered valued at $100,000.

On February 28, 2003, the Company declared a stock dividend to its
shareholders.  Each shareholder of record as of February 28,  2003
received  four  shares of the Company's $0.001  par  value  common
stock for each common share owned.

On July 14, 2003, Michelle Quinlan, the former president and CEO
of the Company, cancelled 8,470,000 shares of the Company's $0.001
par value common stock.

On  August 28, 2003, the Company issued a total of 770,000  shares
of  its  $0.001  par  value  common stock  to  individuals  for  a
subscriptions  receivable  of $770 and for  services  rendered  of
$37,730 based on the fair market value of the stock.

On  December  4,  2003, the Company issued a warrant  to  purchase
3,000,000 shares of its $0.001 par value common stock in  exchange
for consulting services valued at $777,357.

As  of  December 31, 2003, there have been no other  issuances  of
common stock.

Note 7 - Warrants and options

On  December  4,  2003,  the  Company  issued  one  warrant  to  a
consultant  to  purchase 3,000,000 shares of the Company's  $0.001
par  value common stock.  The warrant exercise price is $0.50  per
share  of common stock and substantially all warrants will  expire
on  or before October 30, 2013.    The warrant has been determined
to  have a market value of $777,357 using the Black-Scholes option
pricing  model with a market value per common share  of  $0.50,  a
risk free rate of return of 4.41%, an exercise period of ten years
and  a  volatility  of  80% and was discounted  for  the  lack  of
marketability.

During  the  years ended December 31, 2003 and 2002,  no  warrants
have been exercised.

Note 8 - Related party transactions

During  the  year  ended December 31, 2003, the Company  paid  the
president of the Company $5,000 for his services.

During  the  year  ended December 31, 2003, the Company  paid  the
secretary of the Company $52,600 for her services.

Office  space  and  services are provided  without  charge  by  an
officer,  director and shareholder.  Such costs are immaterial  to
the financial statements and, accordingly, have not been reflected
therein.   The officers and directors of the Company are  involved
in  other  business  activities and may,  in  the  future,  become
involved  in other business opportunities.  If a specific business
opportunity becomes available, such persons may face a conflict in
selecting  between the Company and their other business interests.
The Company has not formulated a policy for the resolution of such
conflicts.






                             -22-          F10







                         Karma Media, Inc.
                  [formerly  Estelle Reyna, Inc.]
                               Notes

Note 9 - Business agreements

On  December 4, 2003, the Company executed a consulting  agreement
with  Christopher  Pair  to  assist  the  Company  with  strategic
planning   and   introducing  potential  business   partners   and
customers.   The agreement provides for (a) consulting  fees  paid
quarterly  based on 20% of net revenues; and (b) issuance  of  one
warrant to purchase up to 3,000,000 shares of the Company's $0.001
par  value  common  stock.  Consulting fees  associated  with  the
warrant  were based on a value of $0.50 per share.  The  value  of
the  warrant  was based on the then-market closing  price  of  the
Company's common stock.  The Company then discounted both the then-
market  closing  price because the shares issued  and  options  to
purchase shares were restricted and the volume of trading  of  the
Company's common stock that was not restricted was relatively low.
The  resulting  consulting  expense  recognized  for  the  warrant
issuance  was  $777,356  for the year  ended  December  31,  2003.
During  the year ended December 31, 2003, the Company has paid  no
consulting fees and has accrued no consulting fees as part of this
agreement.
























                             -23-          F11






Item 8.   Changes   In  and  Disagreements  With  Accountants   on
      Accounting and Financial Disclosure.

None.

Item 8a. Controls and Procedures.

The  Company's management, with the participation of the Company's
Chief  Executive  Officer  and Principal  Financial  Officer,  has
evaluated  the effectiveness of the Company's disclosure  controls
and procedures (as such term is defined in Rules 13a-15(e) and 15d-
15(e)  under the Securities Exchange Act of 1934, as amended  (the
"Exchange  Act"))  as  of the end of the period  covered  by  this
report.   Based on that evaluation, the Company's Chief  Executive
Officer and Principal Financial Officer have concluded that, as of
the  end  of  such period, the Company's disclosure  controls  and
procedures are effective.

There  have not been any changes in the Company's internal control
over  financial reporting (as such term is defined in  Rules  13a-
15(f)  and  15d-15(f) under the Exchange Act) during the Company's
fiscal  fourth  quarter  that  have materially  affected,  or  are
reasonably  likely  to materially affect, the  Company's  internal
control over financial reporting.





















                             -24-




                             PART III

Item 9.  Directors,  Executive  Officers,  Promoters  and  Control
      Persons; Compliance With Section 16(a) of the Exchange Act.

Directors, Executive Officers, Promoters and Control Persons

Each of Karma Media's directors is elected by the stockholders  to
a  term  of one (1) year and serves until his or her successor  is
elected and qualified.  Each of the officers is appointed  by  the
Board of Directors to a term of one (1) year and serves until  his
or her successor is duly elected and qualified, or until he or she
is  removed from office.  The Company does not presently have  any
standing  audit,  nominating  or compensation  committee,  or  any
committee performing similar functions.

The  following  table  sets  forth certain  information  regarding
executive officers and directors of Karma Media as of the date  of
this Registration Statement:

Name and Address    Age                Position                Director since
-----------------------------------------------------------------------------
Dominique Einhorn    33       President & CEO, Director            2003

Estelle Reyna        31     Vice President-Creative Design,        2003
                              Secretary, Director

Michael C. Markwell  45    Vice President-Business Development,    2003
                             Treasurer, Director, Principal
                                 Financial Officer

Jonathan Marshall    38        National Sales Director              not
                                                                applicable

The persons named above are expected to hold their office/position
until the next annual meeting of Karma Media's stockholders.

Background of Directors, Executive Officers, Promoters and Control
Persons

Dominique Einhorn, President & CEO, Director, has been involved in
the  management of on-line direct marketing strategies since 1993.
A   graduate   from  the  Universite  des  Sciences  Humaines   of
Strasbourg,  France, Mr. Einhorn (with co-founder  Matthew  Boyce)
launched  TheArtAuction.com, a pure online art  auction  in  1996.
TheArtAuction.com   was  eventually  sold  to  a   publicly-traded
company.   From 1998 to 2001, Mr. Einhorn served as President  and
CEO  of  Powerclick,  Inc., an Internet marketing  and  consulting
firm,  which he eventually sold as well.  From 2001 to  2003,  Mr.
Einhorn  was CEO of 101marketing, Inc., an Internet marketing  and
consulting firm specializing in online media buys on behalf of its
client base.  From 2002 to present, Mr. Einhorn has been President
of The MarketDart Corporation, a marketing company specializing in
the financial services industry.

Estelle  Reyna  (a.k.a. Esther Bermudez), Vice  President-Creative
Design, Secretary, Director, has been a free-lance translator  and
editor and a professional model and actress since 1998 to present.
In  2002,  Ms.  Reyna  briefly  served  as  Director  of  Business
Development for CharityBuy, Inc., a marketing firm specializing in
the  development  of  fundraising strategies  for  the  non-profit
industry.   Ms.  Reyna graduated suma cum laude  from  the  Zurich
University  (Linguistics).  She worked as a judiciary  interpreter
for several years in Switzerland where she founded "Uebersetzer im
Gericht."  The association's objective was to make the public  and
the  judicial community aware of the unique role and  function  of
interpreters  in  the  legal  system.   Ms.  Reyna  has  been   an
environmental  activist  contributing to non-profit  organizations
like   Greenpeace   and   Amnesty   International   by   rendering
advice/consulting services for campaigns in South America.




                             -25-




Michael   C.   Markwell,   Vice  President-Business   Development,
Treasurer, Director, and Principal Financial Officer, has been the
owner of Markwell Media Production/Distribution LLC since November
2001  to the present.  Markwell Media Production/Distribution  LLC
produces, syndicates, and distributes television programs, feature
films,  home videos and DVDs.  Mr. Markwell's company also assists
other  producers  of multi media products with  publicity,  public
relations  and marketing.  From 1995 to 2001, Mr. Markwell  was  a
sales  manager  for several radio stations in the  Louisville,  KY
market  including  Blue  Chip Broadcasting (Urban)  Clear  Channel
Radio  where  he managed 3 stations and also started  Louisville's
first Hip Hop Radio Station Hot 104 which was subsequently sold to
Blue   Chip  Broadcasting.   Mr.  Markwell  graduated   from   the
University of Louisville with a degree in Recreational Education.
Jonathan Marshall, National Sales Director, brings to Karma  Media
over ten years of hands-on experience in the advertising industry.
A  graduate  of  the  California State  University  at  Fullerton,
Jonathan Marshall has been directly involved with online marketing
since  1993.   Mr.  Marshall's began his  digital  career  as  the
founder  of a web development firm called Planet Access in Newport
Beach,  California that later became a digital advertising agency.
Planet  Access specialized in building custom web-based  and  top-
performing  rich  media applications.  Over the last  decade,  Mr.
Marshall   has  managed  the  development  of  multiple   software
applications  including  email and advertising-specific  software.
He  has also successfully overseen the launch of well over 100 web
properties.   In his capacity as an expert in online  transaction-
based  communication, Mr. Marshall has consulted with a number  of
high  profile  clients such as DuPont Corian, the  NBA,  the  NFL,
Chuck  Jones  Enterprises, Looney Tunes, Bell &  Howell,  Kingston
Technologies, Mossimo, Billabong and many others.

Family Relationships

None.

Involvement in Certain Legal Proceedings

No director, officer, significant employee, or consultant of Karma
Media  has  been convicted in a criminal proceeding, exclusive  of
traffic violations.

No director, officer, significant employee, or consultant of Karma
Media  has  been  permanently  or  temporarily  enjoined,  barred,
suspended,  or otherwise limited from involvement in any  type  of
business, securities or banking activities.

No director, officer, significant employee, or consultant of Karma
Media   has  been  convicted  of  violating  a  federal  or  state
securities or commodities law.

Audit Committee Financial Expert

Karma  Media's board of directors has determined that Karma  Media
does  not have an audit committee financial expert serving on  its
audit committee.

Section 16(a) Beneficial Ownership Reporting Compliance

Section  16(a) of the Securities Exchange Act of 1934, as  amended
requires  the  Company's  directors and  executive  officers,  and
persons  who beneficially own more than 10% of a registered  class
of  the Company's equity securities, to file reports of beneficial
ownership  and  changes in beneficial ownership of  the  Company's
securities  with  the  SEC  on  Forms  3  (Initial  Statement   of
Beneficial  Ownership),  4  (Statement of  Changes  of  Beneficial
Ownership  of  Securities) and 5 (Annual Statement  of  Beneficial
Ownership  of  Securities).   Directors,  executive  officers  and
beneficial  owners of more than 10% of the Company's common  stock
are required by SEC regulations to furnish the Company with copies
of all Section 16(a) forms that they file.




                             -26-





During  the  fiscal  year ended December  31,  2003,  Michelle  R.
Quinlan was a director and officer that failed on one occasion  to
file  on a timely basis a report required by section 16(a) of  the
Exchange  Act  during the most recent fiscal year or prior  fiscal
years.

Except as otherwise set forth above, based solely on review of the
copies  of  such  forms  furnished  to  the  Company,  or  written
representations  that  no  reports  were  required,  the   Company
believes  that  for  the  fiscal  year  ended  December  31,  2003
directors, executive officers, and beneficial owners complied with
Section 16(a) filing requirements applicable to them.

Item 10. Executive Compensation.

                      SUMMARY COMPENSATION TABLE
                       (na - not applicable)

<TABLE>
<CAPTION>

                        Annual                     Long-Term Compensation
                     Compensation
-------------------------------------------------------------------------
      (a)                 (b)    (c)     (d)    (e)       (f)
  Name and               Year  Salary  Bonus   Other    Restricted
  Principal                                    Annual   Stock
  Position                                     Compens  Awards
                                               ation
                                ($)     ($)     ($)      ($)
-------------------------------------------------------------------------
<S>                       <C>    <C>    <C>      <C>      <C>
Dominique Einhorn        2003   5,000    0       0       50,000
President & CEO,
Director
                         2002    na     na      na         na
                         2001    na     na      na         na
Estelle Reyna            2003   52,60    0       0       50,000
Vice President-Creative           0
Design, Secretary,
Director
                         2002    na     na      na         na
                         2001    na     na      na         na
Michael C. Markwell      2003     0      0       0       2,000
Vice President-Business
Development, Treasurer,
Principal Financial
Officer, Director
                         2002    na     na      na         na
                         2001    na     na      na         na
Jonathan Marshall,       2003     0      0       0       2,000
National Sales Director
                         2002    na     na      na         na
                         2001    na     na      na         na
Michelle R. Quinlan      2003     0      0       0         0
President & CEO,
Director
until 2003
                         2002     0      0       0         0
                         2001     0      0       0         0
Michael G. Quinlan       2003     0      0       0         0
Secretary & Controller,
Director
until 2003
                         2002     0      0       0         0
                         2001     0      0       0         0

</TABLE>

There are no existing or planned option/SAR grants.





                             -27-





Item  11.  Security  Ownership of Certain  Beneficial  Owners  and
Management and Related Stockholder Matters

The following table sets forth certain information as of March 31,
2003  with  respect to the beneficial ownership of  Karma  Media's
Common  Stock by all persons known by Karma Media to be beneficial
owners  of  more than 5% of any such outstanding classes,  and  by
each  director  and  executive officer, and by  all  officers  and
directors  as  a  group.  Unless otherwise  specified,  the  named
beneficial owner has, to Karma Media's knowledge, either  sole  or
majority voting and investment power.

 Title  Name and Address      Position     Amount of  Percent of
  Of      of Beneficial                     shares      Class
 Class   Owner of Shares                    held by
                                             Owner
------------------------------------------------------------------
Common  Dominique          President &     5,000,000    33.8%
        Einhorn            CEO
        9660 Flair
        Drive, Suite 328
        El Monte,
        California 91731

Common  Estelle Reyna      Vice President- 5,000,000    33.8%
        9660 Flair         Creative
        Drive, Suite 328   Design,
        El Monte,          Secretary,
        California 91731   Director

Common  Michael C.         Vice President-  40,000       0.3%
        Markwell           Business
        2021 Dahlia        Development,
        Avenue             Treasurer,
        Louisville, KY     Director,
        40205              Principal
                           Financial
                           Officer

Common  Jonathan           National Sales   40,000       0.3%
        Marshall           Director
        13508 Lake
        Magdalene Drive
        Tampa, FL 33613
------------------------------------------------------------------
Common                     Executive       10,080,00    68.1%
                           Officers   and      0
                           Directors/Mana
                           gement  as   a
                           Group
------------------------------------------------------------------
Common  Michelle R.        Former (until   1,430,000     9.7%
        Quinlan            2003) Officer
        8343 East Earll    & Director
        Scottsdale,
        Arizona 85251

Item 12. Certain Relationships and Related Transactions.

On   May   5,   1999,   the  Company  issued   10,000,000   shares
(retroactively restated to reflect the split that took  effect  in
March  2003)  of its $0.001 par value common stock to Michelle  R.
Quinlan,  then  an  officer  and  director,  in  exchange  for   a
subscription receivable.  During March 2002, Michelle  R.  Quinlan
paid  for expenses totaling $1,900 and paid cash in the amount  of
$100 to cancel the entire subscriptions receivable balance.

During  the year ended December 31, 2002, Michelle R. Quinlan,  at
the time the president and CEO of the Company, agreed to pay for a
number  of items in connection with Karma Media's organization,  a
registered offering, and start-up operations.  The total  expenses
paid by Michelle R. Quinlan equaled $11,338.00.

In  2002,  Ms. Quinlan agreed to convert $1,900 of the  loan  into
common  stock in the transaction described above.  As of  December
31,  2002, the Company repaid a total of $9,243 of the outstanding
loan balance.  The remaining amount due to Michelle R. Quinlan  as
of December 31, 2002 was $195.  During the quarter ended September
30,  2003,  the  Company paid the entire balance of  $195  of  the
outstanding loan to Michelle Quinlan.





                             -28-





In  July 2003, Michelle Quinlan resigned as a director and officer
of the Company.  Ms. Quinlan also instructed the Company to cancel
8,470,000 of the 10,000,000 shares previously owned by her.  As  a
result, the Company experienced a change in control.

In  August 2003, Karma Media issued 40,000 shares of common  stock
to  Michael C. Markwell, an officer & director, for a subscription
receivable  of  $40 and for services valued at  $1,960.   Also  in
August  2003, Karma Media issued 40,000 shares of common stock  to
Jonathan  Marshall, an officer of the Company, for a  subscription
receivable of $40 and for services valued at $1,960.

Some  office space and services are provided without charge by  an
officer, director and shareholder.

Item 13. Exhibits and Reports on Form 8-K.

(a)  Exhibits required by Item 601 of Regulation S-B

Exhibit           Name and/or Identification of Exhibit
 Number

   3.    Articles of Incorporation & By-Laws
         (a)  Articles of Incorporation of Le Gourmet Co., Inc.
              filed on June 21, 2001, incorporated by reference to
              the Registration Statement on Form SB-2, as amended,
              filed with the SEC on June 19, 2002.
         (b)  Bylaws of Le Gourmet Co., Inc. adopted on June 21,
              2001, incorporated by reference to the Registration
              Statement on Form SB-2, as amended, filed with the SEC
              on June 19, 2002.
         (c)  Certificate Of Amendment of Articles of
              Incorporation of Le Gourmet, Inc., incorporated by
              reference to the Information Statement on Form 14(C),
              filed with the SEC on March 24, 2003.
         (d)  Certificate Of Amendment of Articles of
              Incorporation of Estelle Reyna, Inc., incorporated by
              reference to the Information Statement on Form 14(C),
              filed with the SEC on August 26, 2003.

  10.    Material Contracts
         (a)  Publishing Contract/Release Form, incorporated by
              reference to the Registration Statement on Form SB-2,
              as amended, filed with the SEC on June 19, 2002.
         (b)  Correspondence with Mr. Einhorn and Ms. Reyna
              Regarding a Gift of Assets and Assignment of Revenues
              incorporated by reference to the Annual Report on Form
              10-KSB filed with the SEC on March 13, 2003.
         (c)  Independent Contractor Agreement with Matthew
              Boyce, incorporated by reference to the Quarterly
              Report on Form 10-QSB filed with the SEC on May 7,
              2003.
         (d)  Marketing Agreement between Prince Marketing
              Group, Inc. and Estelle Reyna, incorporated by
              reference to the Quarterly Report on Form 10-QSB filed
              with the SEC on May 7, 2003.
         (e)  Broadcast Agreement between MBE 247, Markwell
              Productions, and Estelle Reyna Incorporated,
              incorporated by reference to the Quarterly Report on
              Form 10-QSB filed with the SEC on May 7, 2003.
         (f)  The Planet Internet Services Terms and Conditions
              of Service, incorporated by reference to the Quarterly
              Report on Form 10-QSB filed with the SEC on November
              14, 2003.
         (g)  Engagement agreement between the Company and
              Dennis K. Rodman, Inc.
         (h)  Site Integration and Linking Agreement between the
              Company and A Special Wish Foundation.
         (i)  Amended and Restated Consultant Agreement between
              Christopher Pair and the Company





                             -29-





  99.    Additional Exhibits
         Certification Pursuant to Title 18, United States Code,
         Section 1350, as Adopted Pursuant to Section 906 Of The
         Sarbanes-Oxley Act Of 2002.

(b) Reports on Form 8-K

During  the  last  quarter of the fiscal year ended  December  31,
2003, Karma Media filed the following Current Reports on Form 8-K:

 Date of Report     Date Filed               Items Reported
---------------------------------------------------------------------------
October 14, 2003    October 14, 2003    Item 1.  Changes in Control of
                                        Registrant.
                                        Item 6.  Resignations of Registrant's
                                        Directors.
---------------------------------------------------------------------------
November 5, 2003    November 6, 2003    Item 7.  Financial Statements or
                                        Exhibits.
---------------------------------------------------------------------------

Item 14. Principal Accountant Fees and Services.

The  Company  paid  the following fees in each of  the  prior  two
fiscal years to its principal accountant, Beckstead and Watts, LLP
(and its predecessor, G. Brad Beckstead, CPA) of Las Vegas, NV.

                                       Year Ended
                                      December 31,
                                     2003      2002
                                   ------------------
               Audit Fees           6,100     1,500
               Audit-Related Fees     0         0
               Tax Fees               0         0
               All Other Fees         0         0
                                   ------------------
               Total                6,100     1,500

"Audit  Fees"  consisted of fees billed for services rendered  for
the  audit  of Karma Media's annual financial statements  and  for
review  of  the  financial statements included  in  Karma  Media's
quarterly reports on Form 10-QSB.

Beckstead  and  Watts, LLP did not perform any non-audit  services
for  Karma Media in either the fiscal year ended December 31, 2003
or the fiscal year ended December 31, 2002.

The  Company has no formal audit committee.  However,  the  entire
Board  of Directors (the "Board") is the Company's de facto  audit
committee.

The  Board discussed with the auditors any relationships that  may
impact their objectivity and independence and satisfied itself  as
to the auditors' independence.





                             -30-





The  Board  reviewed the audited consolidated financial statements
of  the  Company as of and for the year ended December  31,  2003,
with management and the independent auditors.  Management has  the
responsibility  for  the  preparation of the  Company's  financial
statements  and  the independent auditors have the  responsibility
for the examination of those statements.

Based  on  the  above-mentioned review and  discussions  with  the
independent  auditors  and  management,  the  Board  of  Directors
approved  the Company's audited consolidated financial  statements
and recommended that they be included in its Annual Report on Form
10-KSB  for the year ended December 31, 2003, for filing with  the
Securities and Exchange Commission.

The  Company's principal accountant, Beckstead and Watts, LLP, did
not  engage  any other persons or firms other than  the  principal
accountant's full-time, permanent employees.























                             -31-





                            SIGNATURES

In  accordance with Section 13 or 15(d) of the Exchange  Act,  the
registrant  caused this report to be signed on its behalf  by  the
undersigned, thereunto duly authorized.


                        Karma Media, Inc.
                        -----------------
                          (Registrant)

           By: /s/ Dominique Einhorn, President & CEO

                          April 7, 2004

In  accordance with the Exchange Act, this report has been  signed
below by the following persons on behalf of the registrant and  in
the capacities and on the dates indicated.

     Signature                 Title                  Date
    -----------               -------               ---------

/s/ Dominique Einhorn       President & CEO,        April 7, 2004
---------------------       Director
 Dominique Einhorn

 /s/ Estelle Reyna          Vice President-         April 7, 2004
---------------------       Creative Design,
                            Secretary, Director
   Estelle Reyna

/s/ Michael C. Markwell     Vice President-         April 7, 2004
-----------------------     Business
Michael C. Markwell         Development,
                            Treasurer, Director,
                            Principal Financial
                            Officer, Principal
                            Accounting Officer




















                             -32-