----

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**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**Form      10-KSB**

**For      Annual and Transition Reports**

**Pursuant      to Sections 13 or 15(D) of the**

**Securities      Exchange Act of 1934**

| x       | **ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE                ACT OF                1934** FOR                THE FISCAL YEAR ENDED JUNE 30, 2007 |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o      | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE                ACT OF                1934** FOR                THE TRANSITION PERIOD FROM ________________ TO                __________________ |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**333-87968**

**CENTERSTAGING      CORP.**

|                  **DELAWARE**             | **45-0476087**                                      |
|------------------------------------------------|-----------------------------------------------------|
| (State                or Other Jurisdiction of | (I.R.S.                Employer Identification No.) |
| Incorporation                or Organization)  |                                                |

**3407      WINONA AVENUE**

**BURBANK,      CA 91504**

**(818)      559-4333**

**Securities      Registered Pursuant to Section 12(b) of the Act:**

|                  **Title                of Each Class** |                  **Name                of Each Exchange on Which Registered** |
|--------------------------------------------------------------|------------------------------------------------------------------------------------|
|                                                    |                  **None**                                                     |

**Securities      Registered Pursuant to Section 12(g) of the Act:**

**Common      Stock, $.0001 Par Value**

**Documents      Incorporated by Reference.**

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**Safe      Harbor Statement**

**Use      of Certain Terms**

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**PART      I**

**Item      1 — Description of Business**

**Overview**

**Business      History**

----

**Musical      Production Service and Rentals**

*Production      Support and Services*

----

| **Award                Shows**                                 |   | **Since** |
|----------------------------------------------------------------|--------|-----------|
| Academy                Awards                                  |   | 1980      |
| Academy                of Country Music Awards                 |   | 1980      |
| American                Music Awards                           |   | 1980      |
| Billboard                Awards                                |   | 1997      |
| EMMYs                                                          |   | 1993      |
| GRAMMY                Awards                                   |   | 1998      |
| MTV                Music Awards                                |   | 1998      |
|                                                           |   |      |
| **Events**                                                     |   | **Since** |
| Super                Bowl pre-game and/or halftime show        |   | 2001      |
| Presidential                Inauguration                       |   | 1997      |
| Jerry                Lewis Telethon                            |   | 1980      |
|                                                           |   |      |
| **Television                Shows (in fiscal year 2007)** |   |      |
| David                Letterman Show                            |   |      |
| Tonight                Show                                    |   |      |
| Today                Show                                      |   |      |
| Conan                O’Brien Show                        |   |      |
| Good                Morning America                            |   |      |
| American                Idol                                   |   |      |
| Ellen                Degeneres Show                            |   |      |
| Tyra                Banks Show                                 |   |      |
| Saturday                Night Live                             |   |      |

*Studio      Facilities Rental*

----

*Equipment      Rental*

*Marketing*

*Competition*

**Rehearsals.com**

*Overview*

----

*The      Digital Music Market*

----

*Original      Content Production*

*Distribution      of Content and Strategic Alliances*

*Competition*

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**Employees**

**Item      2 — Description of Property**

**CenterStaging      Burbank**

**CenterStaging      East**

**Item      3 — Legal Proceedings**

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

|   | 1. | An                amendment to our Certificate of Incorporation to increase our authorized                shares of common stock from 100,000,000 shares to 250,000,000 shares                and                to authorize 25,000,000 shares of “blank check” preferred                stock |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | An                 amendment to our 2005 Incentive Stock Option Plan to increase the                number of shares available for issuance under the plan from 2,000,000                shares to 4,000,000 shares |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | An                 amendment to our 2005 Non-Qualified Stock Option Plan to increase                the number of shares available for issuance under the plan from 3,000,000                shares to 4,000,000 shares |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**PART      II**

**Item      5 — Market for Common Equity and Related Stockholder      Matters**

**Market      Information**

| **Fiscal                Year ended June 30, 2007** |   | **High** |   | **Low** |   |
|----------------------------------------------------|--------|----------|--------|---------|--------|
|                                               |   |     |   |    |   |
| First                Quarter                       |   | $        | 2.30   |    | $      | 1.40 |   |
| Second                Quarter                      |   | $        | 2.20   |    | $      | 1.00 |   |
| Third                Quarter                       |   | $        | 1.00   |    | $      | 0.51 |   |
| Fourth                Quarter                      |   | $        | 0.89   |    | $      | 0.44 |   |

| **Fiscal                Year ended June 30, 2006** |   |  **High** |   |  **Low** |   |
|----------------------------------------------------|--------|----------------|--------|---------------|--------|
|                                               |   |      |   |     |   |
| First                Quarter                       |   | $              | 5.75   |          | $      | 1.30 |   |
| Second                Quarter                      |   | $              | 6.90   |          | $      | 3.90 |   |
| Third                Quarter                       |   | $              | 8.00   |          | $      | 3.00 |   |
| Fourth                Quarter                      |   | $              | 4.00   |          | $      | 2.00 |   |

**Holders**

**Dividends**

**Sales      of Unregistered Securities **

**Equity      Compensation Plans**

----

| Plan                category                                                 |   | Number                of securities to be issued upon exercise of outstanding options,                warrants                and rights |       | Weighted-average                exercise price of outstanding options, warrants and rights |   | Number                of securities remaining available for future issuance under equity                compensation plans (excluding securities reflected in column                (a)) |   |
|------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity                compensation plans approved by security holders        |   |                                                                                                                                     | 4,432,000  |                                                                                       | $      | 1.82                                                                                                                                                                                     |   |   | 3,568,000 |   |
| Equity                compensation plans not approved by security holders(1) |   |                                                                                                                                     | 13,586,667 |                                                                                       | $      | 1.14                                                                                                                                                                                     |   |   | na |   |
| Total                                                                        |   |                                                                                                                                     | 18,018,667 |                                                                                       | $      | 1.33                                                                                                                                                                                     |   |   | 3,568,000 |   |

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

**Overview**

----

**Critical      Accounting Policies**

*Revenue      Recognition.*

*Costs      of Producing Audio-visual Content. *

*Stock-Based      Compensation.*

----

*Impairment      of Long-Lived Assets.*

*Accounting      for Convertible Notes. *
*,      *
*The Meaning of  *
*Indexed to a Company’s      Own Stock”.*

*Variable      Interest Entities*
*.*

**Results      of Operations**

*Revenues*

*Gross      Profit*

*Salaries      and Wages*

*Selling,      General and Administrative Expenses.*

*Interest      Expense.*

*Beneficial      Conversion Feature on Debt.*

----

**Financial      Condition, Liquidity and Capital Resources**

----

** **

*pari      passu*

----

**RISK      FACTORS**

**Certain      Factors relating to our Financial Condition and Liquidity**

***We      have a working capital deficiency as our cash requirements exceed our cash      flows      from operations.***

** **

----

***We      have suffered material net losses and have a stockholders’deficit***

***Our      independent auditors have included a "going concern" qualification in their      audit report of our financial statements for fiscal year      2007.***

**Certain      Factors Relating to Our Production Services and Equipment Rental      Business**

***We      do not have long-term agreements with our clients and rely on preexisting      personal relationships, and we expend significant time and incur significant      expense in attracting and maintaining key clients.***

***Because      our clients are not required to retain our services in advance, we need to      carefully manage our facilities, equipment and personnel availability, and      it is      difficult to predict the timing and amount of our      sales.***

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**Certain      Factors Relating to Rehearsals.com**

***The      success of rehearsals.com depends on the consent and collaboration of musical      artists, record labels, and talent managers, which may not be available to      us on      commercially reasonable terms or at all.***

***The      content and services offered by rehearsals.com***
***may      not achieve consumer acceptance, which would adversely affect our results of      operations and prospects.***

|   | · | anticipate                and successfully respond to rapidly changing consumer tastes and                preferences, |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | fund                new program development, |
|--------|--------|----------------------------------------------|

|   | · | attract                and retain qualified editors, producers and technical personnel,                and |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | successfully                anticipate and respond to the increased acceptance of methods other                than                personal computers to access the                Internet. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***The      digital content we produce will be competing against a large number of currently      available music videos, and numerous large, established companies that have      substantially greater financial, technical, manufacturing, marketing,      distribution and other resources than us may produce content similar to      ours.***

----

***We      have a relatively limited operating history with the digital media business      of      rehearsals.com, which makes it difficult to evaluate our      business.***

***We      need to effectively manage our growth and the execution of our business plan.      Any failure to do so would negatively impact our      results.***

***Our      inability to protect our trademarks, patent and trade secrets may prevent us      from successfully marketing our products and competing      effectively.***

----

***The      digital media business of rehearsals.com involves risks of liability claims      for      Internet content or technology, which could result in significant      costs.***

|   | · | defamation, |
|--------|--------|-------------|

|   | · | negligence, |
|--------|--------|-------------|

|   | · | copyright,                patent or trademark infringement,                and |
|--------|--------|--------------------------------------------------------------------------------|

|   | · | other                claims based on the nature and content of the materials published                or                distributed. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

**Certain      Factors Relating to our Business Generally**

***The      loss of key personnel would directly affect our efficiency and economic      results.***

----

***Our      four principal stockholders constitute all of our directors, and their interests      may differ from those of other stockholders.***

***We      have no independent directors, and thus our board of directors provides no      independent oversight of our management.***

**Certain      Factors Related to Our Common Stock**

***Our      Common Stock is thinly traded on the OTC Bulleting Board, and you may be unable      to sell at or near ask prices or at all if you need to sell your shares to      raise      money or otherwise desire to liquidate your shares.***

----

***If      securities or industry analysts do not publish research reports about our      business, our stock price and trading volume could      decline.***

***You      may have difficulty selling our Common Stock because it is a “penny      stock.”***

***The      market price of our Common Stock may be adversely affected by market      volatility.***

|  | · | announcements                of the results of our operations or the operations of our                competitors, |
|--|--------|--------------------------------------------------------------------------------------------------------------------|

|  | · | developments                with respect to intellectual property                rights, |
|--|--------|------------------------------------------------------------------------------------------|

|  | · | announcements                of technological innovations by us or our                competitors, |
|--|--------|----------------------------------------------------------------------------------------------------|

|  | · | announcements                of new services, products or new contracts by us or our                competitors, |
|--|--------|------------------------------------------------------------------------------------------------------------------|

|  | · | actual                or anticipated variations in our operating results due to the level                of                development expenses and other                factors, |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | changes                in financial estimates by securities analysts and whether our earnings                meet or exceed such estimates, |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | conditions                and trends in the online digital music distribution or production                industries, |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | · | new                accounting standards, |
|--|--------|------------------------------------------|

|  | · | general                economic, political and market conditions and other factors,                and |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | · | the                occurrence of any of the risks described in this                Report. |
|--|--------|--------------------------------------------------------------------------------------------|

***Recent      Accounting Pronouncements***

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**Item      7 — Financial Statements**

*/s/      Stonefield Josephson*

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| **CenterStaging                  Corp.**        |
|-------------------------------------------------|
| **Consolidated                  Balance Sheet** |
| **June                  30, 2007**              |
|                                            |

| **ASSETS**                                                          |   |   |       |
|---------------------------------------------------------------------|--------|--------|------------|
|                                                                |   |   |       |
| **Current                  assets**                                 |   |   |       |
| Cash                  and cash equivalents                          |   | $      | 81,792     |   |
| Accounts                  receivable, net of allowance for doubtful |   |   |       |   |
| accounts                  of $40,988                                |   |   | 681,583    |   |
| Other                  current assets                               |   |   | 1,166,729  |   |
|                                                                |   |   |            |   |
| **Total                  current assets**                      |   |   | 1,930,104  |   |
|                                                                |   |   |       |   |
| **Revenue-earning                  equipment**                      |   |   |       |   |
| Musical                  instruments                                |   |   | 1,683,233  |   |
| Broadcasting                  equipment                             |   |   | 4,105,730  |   |
| Less                  accumulated depreciation                      |   |   | (2,446,909 | ) |
|                                                                |   |   |       |   |
| **Total                  revenue-earning equipment, net**      |   |   | 3,342,054  |   |
|                                                                |   |   |       |   |
| **Property                  and equipment**                         |   |   |       |   |
| Land                                                                |   |   | 275,000    |   |
| Building                                                            |   |   | 837,677    |   |
| Leasehold                  improvements                             |   |   | 3,230,488  |   |
| Machinery                  and equipment                            |   |   | 575,408    |   |
| Furniture                  and fixtures                             |   |   | 346,126    |   |
| Less                  accumulated depreciation                      |   |   | (3,452,764 | ) |
|                                                                |   |   |       |   |
| **Total                  property and equipment, net**         |   |   | 1,811,935  |   |
|                                                                |   |   |       |   |
| **Other                  assets**                                   |   |   |       |   |
| Deposits                                                            |   |   | 59,683     |   |
| Deferred                  costs, net                                |   |   | 112,103    |   |
|                                                                |   |   |       |   |
| **Total                  other assets**                        |   |   | 171,786    |   |
|                                                                |   |   |       |   |
|                    **Total                  assets**           |   | $      | 7,255,879  |   |

----

| **CenterStaging                  Corp.**                    |
|-------------------------------------------------------------|
| **Consolidated                  Balance Sheet (continued)** |
| **June                  30, 2007**                          |
|                                                        |

| **LIABILITIES                  AND STOCKHOLDERS' DEFICIT**                               |   |   |        |
|------------------------------------------------------------------------------------------|--------|--------|-------------|
|                                                                                     |   |   |        |
| **Current                  liabilities**                                                 |   |   |        |
| Accounts                  payable                                                        |   | $      | 2,365,017   |   |
| Accrued                  payroll and other compensation                                  |   |   | 3,371,857   |   |
| Accrued                  interest, rent, and other liabilities                           |   |   | 491,336     |   |
| Loans                  and lines of credit                                               |   |   | 934,190     |   |
| Current                  portion of related party notes payable                          |   |   | 1,006,286   |   |
| Deferred                  revenues                                                       |   |   | 210,687     |   |
| Current                  portion of convertible notes payable                            |   |   | 482,249     |   |
| Current                  portion of deferred rent                                        |   |   | 82,068      |   |
| Current                  portion of capital lease obligations                            |   |   | 510,619     |   |
| Current                  portion of notes payable                                        |   |   | 3,973,172   |   |
|                                                                                     |   |   |        |   |
| **Total                  current liabilities**                                           |   |   | 13,427,481  |   |
|                                                                                     |   |   |        |   |
| **Long-term                  liabilities**                                               |   |   |        |   |
| Deferred                  rent, less current portion                                     |   |   | 16,168      |   |
| Capital                  lease obligations, less current portion                         |   |   | 899,225     |   |
| Convertible                  notes payable, less current portion                         |   |   | 652,460     |   |
| Notes                  payable, less current portion                                     |   |   | 4,219,232   |   |
| Related                  party notes payable, less current portion                       |   |   | 75,000      |   |
|                                                                                     |   |   |        |   |
| **Total                  long term liabilities**                                         |   |   | 5,862,085   |   |
|                                                                                     |   |   |        |   |
| **Total                  liabilities**                                              |   |   | 19,289,566  |   |
|                                                                                     |   |   |        |   |
| **Interest                  of consolidated variable interest entity**                   |   |   | 665,673     |   |
|                                                                                     |   |   |        |   |
| **Stockholders'                  deficit**                                               |   |   |        |   |
| Common                  stock, $.0001 par value, 250,000,000 shares authorized,          |   |   |        |   |
| 63,047,783                  shares issued and outstanding                                |   |   | 6,305       |   |
| Additional                  paid-in capital                                              |   |   | 38,869,840  |   |
| Notes                  receivable from stockholders and related party                    |   |   | (960,784    | ) |
| Accumulated                  deficit                                                     |   |   | (50,614,721 | ) |
|                                                                                     |   |   |        |   |
| **Total                  stockholders' deficit**                                    |   |   | (12,699,360 | ) |
|                                                                                     |   |   |        |   |
|                    **Total                  liabilities and stockholders' deficit** |   | $      | 7,255,879   |   |

----

| **CenterStaging                  Corp**                                                      |
|----------------------------------------------------------------------------------------------|
| **Consolidated                  Statements of Operations**                                   |
| **For                  the Fiscal Years Ended June 30, 2007 and                  2006** |

|                                                                                                                                     |   | **Years                  ended June 30,** |        |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-------------|
|                                                                                                                                          |   | **2007**                                  |        | **2006** |   |
|                      **AUDITED**                                                                                                    |   |                                      |        |   |   |
| **Revenue**                                                                                                                              |   | $                                         | 6,756,536   |   | $ | 5,705,241 |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Cost                  of revenue**                                                                                                     |   |                                      | 3,593,098   |   |   | 3,049,394 |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Gross                  profit**                                                                                                        |   |                                      | 3,163,438   |   |   | 2,655,847 |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Operating                  expenses:**                                                                                                 |   |                                      |             |   |   |  |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Salaries                  and wages                                                                                                      |   |                                      | 10,110,574  |   |   | 6,604,602 |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Selling,                  general, and administrative expenses                                                                           |   |                                      | 8,273,347   |   |   | 12,481,886 |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
|                    **Total                  operating expenses**                                                                    |   |                                      | 18,383,921  |   |   | 19,086                  ,488 |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Loss                  from operations**                                                                                           |   |                                      | (15,220,483 | ) |   | (16,430,641 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Other                  income (expense)**                                                                                              |   |                                      |             |   |   |  |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Interest                  income                                                                                                         |   |                                      | 71,463      |   |   | 71,488 |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Interest                  expense                                                                                                        |   |                                      | (2,362,050  | ) |   | (991,234 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Discount,                  convertible debenture                                                                                         |   |                                      | -           |   |   | (500,000 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Loss                  on disposition of assets                                                                                           |   |                                      | (79,314     | ) |   | (20,837 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Other                  than temporary impairment on marketable securities                                                           |   |                                      | (38,552     | ) |   | (119,158 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| Beneficial                  conversion feature on debt                                                                                   |   |                                      | -           |   |   | (7,168,615 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **                   Total other expenses**                                                                                         |   |                                      | (2,408,453  | ) |   | (8,728,356 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Loss                  before provision for income taxes and income of variable                  interest entity**  |   |                                      | (17,628,936 | ) |   | (25,158,997 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Provision                  for income taxes**                                                                                     |   |                                      | -           |   |   | - |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Provision                  for (income) of variable interest entity**                                                             |   |                                      | (148,977    | ) |   | (139,934 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Net                  loss**                                                                                                       |   | $                                         | (17,777,913 | ) | $ | (25,298,931 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Net                  loss per share (basic and diluted)**                                                                         |   | $                                         | (0.29       | ) | $ | (0.47 | ) |
|                                                                                                                                     |   |                                      |             |   |   |  |   |
| **Weighted                  average shares**                                                                                        |   |                                      |             |   |   |  |   |
|                    **(basic                  and diluted)**                                                                         |   |                                      | 61,572,797  |   |   | 54,292,112 |   |

----

| **CenterStaging                  Corp.**                                         |
|----------------------------------------------------------------------------------------------------------------------------------------------|
| **Consolidated                  Statement of Stockholders' Deficit**             |
| **For                  the Fiscal Years ended June 30, 2007 and 2006**                     |
| **AUDITED**                                                                      |

|                                                                                                               |   | **Common                  Stock  ** |       | **Additional****Paid-in** |   | **Notes                  Receivable****from                  stockholders****and                  related** |   | **Accumulated                   ** |         | **Total                  Stockholders'** |   |
|--------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|------------|---------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------------|------------------------------------------|--------|
|                                                                                                               |   | **Shares**                               |       | **Amount**                |   | ** Capital**                                                                                           |   | ** party**                         |         | **Deficit**                              |   | **Deficit** |   |
|                                                                                                               |   |                                     |       |                 |   |                                                                                                   |   |                               |         |                                |   |    |   |
| **Balance                  at June 30, 2005**                                                                      |   |                                     | 40,000,000 |                      |   | 4,000                                                                                                       |   |                                    | 219,990      |                                     |   | (1,024,958 | ) |   | (7,537,877 | ) |   | (8,338,845 | ) |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Issuance                  of stock for consulting services                                                    |   |                                     | 2,600,000  |                      |   | 260                                                                                                         |   |                                    | 2,529,343    |                                     |   |   |   |   |   |   |   | 2,529,603 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Issuance                  of shares due to reverse merger                                                     |   |                                     | 5,524,004  |                      |   | 552                                                                                                         |   |                                    | 164,168      |                                     |   |   |   |   |   |   |   | 164,720 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Conversion                  of debt to equity                                                                 |   |                                     | 7,585,719  |                      |   | 759                                                                                                         |   |                                    | 14,326,453   |                                     |   |   |   |   |   |   |   | 14,327,212 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Sale                  of common stock for cash                                                                |   |                                     | 4,180,983  |                      |   | 418                                                                                                         |   |                                    | 6,246,058    |                                     |   |   |   |   |   |   |   | 6,246,476 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Intrinsic                  value of beneficial conversion feature                                             |   |                                     |       |                      |   |                                                                                                        |   |                                    | 254,491      |                                     |   |   |   |   |   |   |   | 254,491 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Relative                  fair value of warrants in conjunction with convertible debenture                    |   |                                     |       |                      |   |                                                                                                        |   |                                    | 245,509      |                                     |   |   |   |   |   |   |   | 245,509 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Warrants                  issued to third parties                                                             |   |                                     |       |                      |   |                                                                                                        |   |                                    | 3,124,804    |                                     |   |   |   |   |   |   |   | 3,124,804 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Stock                  Options Granted                                                                        |   |                                     |       |                      |   |                                                                                                        |   |                                    | 797,697      |                                     |   |   |   |   |   |   |   | 797,697 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Advances                  to stockholders and related party                                                   |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   | (158,638 | ) |   |   |   |   | (158,638 | ) |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Write                  down of related party loan for Las Vegas venture                                            |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   | 294,276 |   |   |   |   |   | 294,276 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                     |   |                                     |       |                      |   |                                                                                                   |   |                                    |    |                                     |   |    |   |   | (25,298,931 | ) |   | (25,298,931 | ) |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                     |   |   |   |   |   |   |   |   |   |
| **Balance                  at June 30, 2006**                                                                      |   |                                     | 59,890,706 |                      |   | 5,989                                                                                                       |   |                                    | 27,908,513   |                                     |   | (889,320 | ) |   | (32,836,808 | ) |   | (5,811,626 | ) |

----

| **CenterStaging                  Corp.**                                         |
|----------------------------------------------------------------------------------------------------------------------------------------------|
| **Consolidated                  Statement of Stockholders' Deficit**             |
| **For                  the Fiscal Years ended June 30, 2007 and 2006**                     |
| **AUDITED**                                                                      |

|                                                                                                               |   | **Common                  Stock  ** |       | **Additional****Paid-in** |   | **Notes                  Receivable****from                  stockholders****and                  related** |   | **Accumulated                   ** |         | **Total                  Stockholders' ** |   |
|--------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|------------|---------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------------|------------------------------------------------|--------|
|                                                                                                               |   | **Shares**                               |       | **Amount**                |   | **Capital**                                                                                                 |   | ** party**                         |         | **Deficit**                                    |   | **Deficit** |   |
|                                                                                                               |   |                                     |       |                 |   |                                                                                                   |   |                               |         |                                      |   |    |   |
| **Balance                  at June 30, 2006**                                                                      |   |                                     | 59,890,706 |                      |   | 5,989                                                                                                       |   |                                    | 27,908,513   |                                           |   | (889,320 | ) |   | (32,836,808 | ) |   | (5,811,626 | ) |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Issuance                  of stock for consulting services                                                    |   |                                     | 837,401    |                      |   | 84                                                                                                          |   |                                    | 517,888      |                                           |   |   |   |   |   |   |   | 517,972 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Issuance                  of shares for financing related fees                                                |   |                                     | 244,360    |                      |   | 24                                                                                                          |   |                                    | 163,918      |                                           |   |   |   |   |   |   |   | 163,942 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Issuance                  of stock for interest                                                               |   |                                     | 226,028    |                      |   | 23                                                                                                          |   |                                    | 91,925       |                                           |   |   |   |   |   |   |   | 91,948 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Sale                  of common stock for cash                                                                |   |                                     | 1,849,288  |                      |   | 185                                                                                                         |   |                                    | 2,059,687    |                                           |   |   |   |   |   |   |   | 2,059,872 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Intrinsic                  value of beneficial conversion feature                                             |   |                                     |       |                      |   |                                                                                                        |   |                                    | 2,348,553    |                                           |   |   |   |   |   |   |   | 2,348,553 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Relative                  fair value of warrants in conjunction with convertible debenture                    |   |                                     |       |                      |   |                                                                                                        |   |                                    | 1,618,006    |                                           |   |   |   |   |   |   |   | 1,618,006 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Warrants                  issued to third parties                                                             |   |                                     |       |                      |   |                                                                                                        |   |                                    | 468,916      |                                           |   |   |   |   |   |   |   | 468,916 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Stock                  Options Granted                                                                        |   |                                     |       |                      |   |                                                                                                        |   |                                    | 3,692,434    |                                           |   |   |   |   |   |   |   | 3,692,434 |   |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Advances                  to stockholders and related party                                                   |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   | (71,464 | ) |   |   |   |   | (71,464 | ) |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                     |   |                                     |       |                      |   |                                                                                                   |   |                                    |    |                                           |   |    |   |   | (17,777,913 | ) |   | (17,777,913 | ) |
|                                                                                                               |   |                                     |       |                      |   |                                                                                                        |   |                                    |         |                                           |   |   |   |   |   |   |   |   |   |
| **Balance                  at June 30, 2007**                                                                      |   |                                     | 63,047,783 |                      |   | 6,305                                                                                                       |   |                                    | 38,869,840   |                                           |   | (960,784 | ) |   | (50,614,721 | ) |   | (12,699,360 | ) |

----

| **CenterStaging                  Corp.**                               |
|------------------------------------------------------------------------|
| **Consolidated                  Statements of Cash Flows**             |
| **For                  the Fiscal Years Ended June 30, 2007 and 2006** |
| **AUDITED**                                                            |

|                                                                                                         |   | **Year                  ended June 30,** |        |
|--------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|-------------|
|                                                                                                         |   | **2007**                                 |        | **2006** |   |
| **Cash                  flows used for operating activities:**                                               |   |                                     |        |   |   |
| **Net                  Loss**                                                                                |   | $                                        | (17,777,913 | ) | $ | (25,298,931 | ) |
| **Adjustments                  to reconcile net loss to net cash used for**                                  |   |                                     |             |   |   |  |   |
|                    **for                  operating activities:**                                       |   |                                     |             |   |   |  |   |
|                    Income of consolidated variable interest entity                                      |   |                                     | 148,977     |   |   | 139,934 |   |
|                    Change in allowance for bad debts                                                    |   |                                     | (21,012     | ) |   | 22,000 |   |
|                    Loss on sale of asset                                                                |   |                                     | 79,314      |   |   | 20,837 |   |
|                    Amortization of non-cash marketing revenue                                           |   |                                     | (24,858     | ) |   | (22,445 | ) |
|                    Depreciation of revenue-earning equipment                                            |   |                                     | 747,885     |   |   | 651,885 |   |
|                    Depreciation of other property, plant, and equipment                                 |   |                                     | 724,196     |   |   | 637,509 |   |
|                    Noncash compensation of consultants with common stock                                |   |                                     | 517,972     |   |   | 2,529,600 |   |
|                    Noncash compensation of third party warrants                                         |   |                                     | 468,916     |   |   | 3,124,806 |   |
|                    Noncash compensation of non-employee stock options                                   |   |                                     | 539,673     |   |   |   |   |
|                    Noncash compensation of employee stock option plan                                   |   |                                     | 3,152,761   |   |   | 797,697 |   |
|                    Noncash loan fees of stock in connection with financings                             |   |                                     | 163,942     |   |   |   |   |
|                    Amortization of deferred costs                                                       |   |                                     | 58,083      |   |   | 26,525 |   |
|                    Amortization of note discounts                                                       |   |                                     | 811,686     |   |   | 500,000 |   |
|                    Beneficial conversion feature on debt                                                |   |                                     |        |   |   | 7,168,613 |   |
|                    Other than temporary impairment on marketable                  securities       |   |                                     | 38,552      |   |   | 119,158 |   |
|                    Write down of loan to related party for Las Vegas venture                            |   |                                     |        |   |   | 230,924 |   |
|                                                                                                         |   |                                     |        |   |   |   |   |
| **Changes                  in assets and liabilities:**                                                      |   |                                     |             |   |   |   |   |
|                    (Increase) decrease in accounts receivable                                           |   |                                     | 43,189      |   |   | (253,021 | ) |
|                    (Increase) decrease in other current assets                                          |   |                                     | (884,496    | ) |   | 60,659 |   |
|                    (Increase) in deposits                                                               |   |                                     | (3,545      | ) |   | (7,216 | ) |
|                    (Increase) decrease in deferred costs                                                |   |                                     | (27,318     | ) |   | (40,000 | ) |
|                    Increase (decrease) in accounts payable                                              |   |                                     | 797,662     |   |   | 636,424 |   |
|                    Increase (decrease) in accrued payroll and other                  compensation       |   |                                     | 1,959,319   |   |   | 566,928 |   |
|                    Increase (decrease) in accrued interest, rent and other                  liabilities |   |                                     | (119,805    | ) |   | 649,032 |   |
| Increase                  in deferred revenue                                                                |   |                                     | 7,005       |   |   |   |   |
|                    (Decrease) in deferred rent liabilities                                              |   |                                     | (77,022     | ) |   | (22,708 | ) |
|                                                                                                         |   |                                     |             |   |   |   |   |
|                    **Net                  cash used for operating activities**                          |   |                                     | (8,676,837  | ) |   | (7,761,790 | ) |
|                                                                                                         |   |                                     |             |   |   |   |   |
| **Cash                  flows used for investing activities:**                                               |   |                                     |             |   |   |   |   |
|                    Purchases of musical instruments                                                     |   |                                     | (27,259     | ) |   | (41,459 | ) |
|                    Purchases of broadcasting equipment                                                  |   |                                     |        |   |   | (34,747 | ) |
|                    Purchases of other property and equipment                                            |   |                                     | (96,119     | ) |   | (273,953 | ) |
|                    Loans to shareholders of consolidated variable interest                  entity      |   |                                     | (71,464     | ) |   | (95,287 | ) |
|                    **Net                  cash used for investing activities**                          |   |                                     | (194,842    | ) |   | (445,446 | ) |
|                                                                                                         |   |                                     |             |   |   |   |   |
| **Cash                  flows provided by (used for) financing                  activities:**                |   |                                     |             |   |   |   |   |
|                    Payments on convertible notes                                                        |   |                                     | (350,000    | ) |   |   |   |
|                    Payments on lines of credit                                                          |   |                                     | (3,951      | ) |   | (64,703 | ) |
|                    Payments on related party notes payable                                              |   |                                     | (1,247,500  | ) |   |   |   |
|                    Payments on notes payable (unrelated parties)                                        |   |                                     | (1,019,541  | ) |   | (387,390 | ) |
|                    Payments on capital lease obligations                                                |   |                                     | (491,905    | ) |   | (330,805 | ) |
|                    Proceeds from lines of credit                                                        |   |                                     | 550,000     |   |   | 30,703 |   |
|                    Proceeds from issuance of related party note payable                                 |   |                                     | 1,620,000   |   |   | 235,000 |   |
|                    Proceeds from issuance of notes payable (unrelated                  parties)         |   |                                     | 3,481,090   |   |   | 129,073 |   |
|                    Proceeds from issuance of convertible notes                                          |   |                                     | 4,350,000   |   |   | 1,791,000 |   |
|                    Proceeds from issuance of convertible debenture                                      |   |                                     |        |   |   | 500,000 |   |
|                    Proceeds from issuance of common stock                                               |   |                                     | 2,059,872   |   |   | 6,246,476 |   |
|                    **Net                  cash provided by financing activities**                       |   |                                     | 8,948,065   |   |   | 8,149,354 |   |

----

| **CenterStaging                  Corp.**                                                                        |   |
|-----------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                  Statements of Cash Flows (continued)**                                          |   |
| **For                  the Fiscal Years Ended June 30, 2007 and 2006**                                          |   |
|                    **AUDITED**                                                                             |   |
|                                                                                                            |   |
|                                                                                                            |   | **Years                  ended June 30,** |   |
|                                                                                                            |   | **2007** |   | **2006** |   |
|                                                                                                            |   |   |   |   |   |
| **                   Increase (decrease) in cash and cash equivalents**                                    |   |   | 76,386 |   |   | (57,882 | ) |
|                                                                                                            |   |   |  |   |   |   |   |
|                    **Cash                  and cash equivalents, beginning of year**                       |   |   | 5,406 |   |   | 63,288 |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    **Cash                  and cash equivalents in consolidated**                          |   |   |  |   |   |   |   |
|                    **variable                  interest entity, July 1**                                   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    **Cash                  and cash equivalents, end of year**                             |   | $ | 81,792 |   | $ | 5,406 |   |
|                                                                                                            |   |   |  |   |   |   |   |
| **Supplemental                  disclosures of cash flow information:**                                         |   |   |  |   |   |   |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    Cash paid for interest                                                                  |   | $ | 719,695 |   | $ | 831,971 |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    Cash paid for income taxes                                                              |   | $ | 0 |   | $ | 0 |   |
|                                                                                                            |   |   |  |   |   |   |   |
| **Supplemental                  disclosure of non-cash investing and financing                  activities:**   |   |   |  |   |   |   |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    Revenue earning instruments obtained for marketing                  considerations |   | $ | 17,994 |   | $ | 37,694 |   |
|                                                                                                            |   |   |   |   |   |   |   |
|                    Marketable securities acquired in reverse merger                                   |   | $ | 0 |   | $ | 164,720 |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    Conversion of debt to equity                                                            |   | $ | 0 |   | $ | 7,163,228 |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    Purchase of equipment under capital leases                                              |   | $ | 166,867 |   | $ | 11,303 |   |
|                                                                                                            |   |   |  |   |   |   |   |
|                    Conversion of note payable to deferred revenue                                          |   | $ | 100,000 |   | $ | 0 |   |
|                                                                                                            |   |   |  |   |   |   |   |
|  Common                  stock issued as payment of accrued interest                                       |   | $ | 91,948 |   | $ | 0 |   |
|                                                                                                            |   |   |  |   |   |   |   |
| Warrants                  issued for debt offering costs                                                        |   | $ | 121,190 |   | $ | 0 |   |

----

**CENTERSTAGING        CORP.**

**Notes        to Consolidated Financial Statements**

**Fiscal        Years Ended June 30, 2007 and 2006**

| **1.** | **Summary                  of Significant Accounting                  Policies** |
|--------|----------------------------------------------------------------------------------|

| A. | General                  Description of Business |
|----|--------------------------------------------------|

| B. | Basis                  of Consolidation |
|----|-----------------------------------------|

----

| C. | Going                  Concern |
|----|--------------------------------|

|   | · | Retention                  of experienced management personnel with particular skills in the                  development and commercialization of rehearsal.com                  services. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Seeking                  contracts with musical performing                  artists. |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | Seeking                  investment capital. |
|--------|--------|----------------------------------------------|

| D. | Cash                  and Cash Equivalents |
|----|--------------------------------------------|

 

| E. | Revenue-Earning                  Equipment and Property and                  equipment |
|----|----------------------------------------------------------------------------------------|

| Revenue                  Earning Equipment (“REE”): |   |   |                                         |
|-----------------------------------------------------------------|--------|--------|----------------------------------------------|
| Musical                  instruments and cases                  |   |   | 3                  to 7 years                |   |
| Broadcasting                  equipment and cases               |   |   | 5                  to 7 years                |   |
|                                                            |   |   |                                              |   |
| Property                  and Equipment:                        |   |   |                                              |   |
| Machinery,                  computers and equipment             |   |   | 1                  to 5 years                |   |
| Furniture                  and fixtures                         |   |   | 3                  to 7 years                |   |
| Vehicles                                                        |   |   | 5                  years                     |   |
| Building                                                        |   |   | 30                  years                    |   |
| Leasehold                  improvements                         |   |   | Term                  of lease (1 to 5 years | ) |

----

*Policy        for Repairs and Maintenance, Capitalization, and Disposal of        Assets*

| F. | Long-lived                  Assets |
|----|------------------------------------|

*Costs        of Producing Audio-visual Content*

*Accounting by Producers or Distributors of Films*

| G. | Fair                  Value of Financial Instruments |
|----|------------------------------------------------------|

| H. | Business                  Risks and Credit Concentrations |
|----|-----------------------------------------------------------|

| I. | Accounting                  for Convertible Debt Securities |
|----|-------------------------------------------------------------|

*The Meaning of “Indexed        to a Company’s Own        Stock”*
*.        *

| J. | Income                  Taxes |
|----|-------------------------------|

----

| K. | Revenue                  Recognition |
|----|--------------------------------------|

|   | · | Persuasive                  evidence of an arrangement exists; |
|--------|--------|----------------------------------------------------------------|

|   | · | Delivery                  has occurred or services have been                  rendered; |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | The                  fee for the arrangement is fixed or determinable;                  and |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | Collectability                  is reasonably assured. |
|--------|--------|--------------------------------------------------------|

*Persuasive        Evidence of an Arrangement Exists*

*Delivery        Has Occurred or Services Have Been Rendered*—The        Company performs all services or delivers necessary rental equipment prior        to        recognizing revenue. Equipment is considered delivered upon delivery to a        customer’s designated location.

*The        Fee for the Arrangement is Fixed or Determinable*

*Collectability        is Reasonably Assured*

| L. | Barter                  Transactions |
|----|--------------------------------------|

*Marketing        and Product Placement Revenues and Expenses*

| M. | Website                  Development |
|----|--------------------------------------|

| N. | Advertising                  Costs |
|----|------------------------------------|

----

| O. | Use                  of Estimates |
|----|-----------------------------------|

| P. | Segments                  of an Enterprise and Related                  Information |
|----|-------------------------------------------------------------------------------------|

| Q. | Stock                  and Warrant-Based Compensation for                  Non-employees |
|----|------------------------------------------------------------------------------------------|

| R. | Stock                  Options |
|----|--------------------------------|

----

| S. | Variable                  Interest Entities |
|----|---------------------------------------------|

| T. | Basic                  and Diluted Net Loss per Share |
|----|-------------------------------------------------------|

| U. | Recent                  Accounting Pronouncements |
|----|---------------------------------------------------|

In        July        2006, the FASB issued Interpretation (“FIN”) 48, “Accounting for Uncertainty in        Income Taxes—An Interpretation of Statement of Financial Accounting Standards        No. 109.” FIN 48 clarifies the accounting for uncertainty in income taxes        recognized in an enterprise’s financial statements, and prescribes a recognition        threshold and measurement attribute for the financial statement recognition        and        measurement of a tax position taken or expected to be taken in a tax return.        FIN        48 also provides guidance on derecognition, classification, interest and        penalties, accounting in interim periods, disclosure and transition. The        provisions of FIN 48 are effective for fiscal years beginning after December        15,        2006. The Company is currently determining the effect, if any, the adoption        of        FIN 48 will have on the Company’s consolidated financial position, results of        operations or cash flows.

----

| **2.** | **Income                  Taxes** |
|--------|-----------------------------------|

|                                  |   | **2007** |   |                    **2006** |   |
|---------------------------------------|--------|----------|--------|----------------------------------|--------|
| Income                  Tax Provision |   |     |   |                             |   |
| Current:                              |   |     |   |                        |   |
| Federal                               |   | $        | -      |                             | $      | - |   |
| State                                 |   |     | -      |                             |   | - |   |
|                                  |   | $        | -      |                             | $      | - |   |
|                                  |   |     |   |                             |   |   |   |
| Deferred:                             |   |     |   |                             |   |   |   |
| Federal                               |   | $        | -      |                             | $      | - |   |
| State                                 |   |     | -      |                             |   | - |   |
|                                  |   | $        | -      |                             | $      | - |   |

|                                                               |   |  **2007** |   |  **2006** |   |
|--------------------------------------------------------------------|--------|----------------|--------|----------------|--------|
| Effective                  Tax Reconciliation                      |   |      |   |      |   |
| Federal                  income tax rate                           |   |           | 34.0   | %              |   | 34.0 | % |
| State                  and local taxes, net of federal tax benefit |   |           | 5.8    |           |   | 5.8 |   |
| Other                                                              |   |           | (1.2   | )              |   | - |   |
| Change                  in valuation allowance                     |   |           | (38.6  | )              |   | (39.8 | ) |
|                                                               |   |           | 0.0    | %              |   | 0.0 | % |

----

|                                                                         |   |                    **Year                  Ended June 30,**       |        |
|------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|-------------|
|                                                                         |   |                    **2007**                                                                |        |                    **2006**   |   |
|                                                                         |   |                    **Federal**                                                                       |        |                    **State** |   |                    **Federal** |   |                    **State** |   |
| Deferred                  income tax assets:                                 |   |                                                                                                 |        |    |   |    |   |    |   |
| Net                  operating loss carryforwards                            |   | $                                                                                                         | 1,306,564   |   | $ | 2,216,584 |   | $ | 8,626,955 |   | $ | 2,161,682 |   |
| Other                                                                        |   |                                                                                                      | 4,205,839   |   |   | 717,467 |   |   | 2,931,550 |   |   | 705,251 |   |
| Total                  deferred income tax assets                            |   |                                                                                                      | 17,512,403  |   |   | 2,934,051 |   |   | 11,558,505 |   |   | 2,866,932 |   |
|                                                                         |   |                                                                                                      |        |   |   |   |   |   |   |   |   |   |   |
| Deferred                  income tax liabilities:                            |   |                                                                                                      |        |   |   |   |   |   |   |   |   |   |   |
| Property                  and equipment                                      |   |                                                                                                      | (250,302    | ) |   | (35,159 | ) |   | (167,821 | ) |   | (32,141 | ) |
| State                  Taxes                                                 |   |                                                                                                      | (1,721,274  | ) |   | - |   |   | (1,182,877 | ) |   | - |   |
| Total                  deferred income tax liabilities                       |   |                                                                                                      | (1,971,576  | ) |   | (35,159 | ) |   | (1,350,698 | ) |   | (32,141 | ) |
|                                                                         |   |                                                                                                      |        |   |   |   |   |   |   |   |   |   |   |
| Net                  deferred income tax assets before valuation allowance   |   |                                                                                                      | 15,540,826  |   |   | 2,898,892 |   |   | 10,207,807 |   |   | 2,834,791 |   |
| Valuation                  allowance                                         |   |                                                                                                      | (15,540,826 | ) |   | (2,898,892 | ) |   | (10,207,807 | ) |   | (2,834,791 | ) |
|                                                                         |   |                                                                                                      |        |   |   |   |   |   |   |   |   |   |   |
| Net                  deferred income tax assets                              |   | $                                                                                                         | -           |   | $ | - |   | $ | - |   | $ | - |   |
|                                                                         |   |                                                                                                      |        |   |   |   |   |   |   |   |   |   |   |
| Current                  net deferred income tax assets before allowance     |   | $                                                                                                         | 1,580,428   |   | $ | 273,372 |   | $ | 1,318,497 |   | $ | 348,555 |   |
| Non-current                  net deferred income tax assets before allowance |   |                                                                                                      | 13,960,398  |   |   | 2,625,520 |   |   | 8,889,310 |   |   | 2,486,236 |   |
| Total                  net deferred income tax assets before allowance       |   | $                                                                                                         | 15,540,826  |   | $ | 2,898,892 |   | $ | 10,207,807 |   | $ | 2,834,791 |   |

----

| **3.** | **Debt** |
|--------|----------|

|                                                          |   |  **Liability** |       |  **Unamortized                Discounts** |   |  **Net                Liability** |   |
|---------------------------------------------------------------|--------|---------------------|------------|------------------------------------------------|--------|----------------------------------------|--------|
|                                                          |   |           |       |                                      |   |                              |   |
| Current                Debt                                   |   |           |       |                                      |   |                              |   |
| Loans                and lines of credit                      |   | $                   | 934,190    |                                           | $      | -                                      |   | $ | 934,190 |   |
| Current                portion of capital lease obligations   |   |                | 510,619    |                                           |   | -                                      |   |   | 510,619 |   |
| Current                portion of related party notes payable |   |                | 1,006,286  |                                           |   | -                                      |   |   | 1,006,286 |   |
| Current                portion of convertible notes payable   |   |                | 482,249    |                                           |   | -                                      |   |   | 482,249 |   |
| Current                portion of notes payable               |   |                | 3,973,172  |                                           |   | -                                      |   |   | 3,973,172 |   |
| Total                current debt                             |   | $                   | 6,906,516  |                                           | $      | -                                      |   | $ | 6,906,516 |   |
|                                                          |   |                |       |                                           |   |                                   |   |   |   |   |
| Long-term                Debt                                 |   |                |       |                                           |   |                                   |   |   |   |   |
| Capital                lease obligations                      |   | $                   | 1,409,843  |                                           | $      | -                                      |   | $ | 1,409,843 |   |
| Less                current portion                           |   |                | (510,618   | )                                              |   | -                                      |   |   | (510,618 | ) |
| Long-term                capital lease obligations            |   |                | 899,225    |                                           |   | -                                      |   |   | 899,225 |   |
| Related                party notes payable                    |   |                | 1,081,286  |                                           |   | -                                      |   |   | 1,081,286 |   |
| Less                current portion                           |   |                | (1,006,286 | )                                              |   | -                                      |   |   | (1,006,286 | ) |
| Long-term                related party notes payable          |   |                | 75,000     |                                           |   | -                                      |   |   | 75,000 |   |
| Convertible                notes payable                      |   |                | 4,500,000  |                                           |   | (3,365,291                             | )      |   | 1,134,709 |   |
| Less                current portion                           |   |                | (482,249   | )                                              |   | -                                      |   |   | (482,249 | ) |
| Long-term                convertible notes payable            |   |                | 4,017,751  |                                           |   | (3,365,291                             | )      |   | 652,460 |   |
| Notes                payable                                  |   |                | 8,782,011  |                                           |   | (589,607                               | )      |   | 8,192,404 |   |
| Less                current portion                           |   |                | (3,973,172 | )                                              |   | -                                      |   |   | (3,973,172 | ) |
| Long-term                notes payable                        |   |                | 4,808,839  |                                           |   | (589,607                               | )      |   | 4,219,232 |   |
| Total                long-term debt                           |   |                | 9,800,815  |                                           |   | (3,954,898                             | )      |   | 5,845,917 |   |
|                                                          |   |                |       |                                           |   |                                   |   |   |   |   |
| Total                Debt                                     |   | $                   | 16,707,331 |                                           | $      | (3,954,898                             | )      | $ | 12,752,433 |   |

| **Fiscal                year ending****June 30,** |   | **Amount**  |       |
|--------------------------------------------------------|--------|------------------|------------|
| 2008                                                   |   | $                | 5,479,458  |   |
| 2009                                                   |   |             | 4,305,830  |   |
| 2010                                                   |   |             | 355,800    |   |
| 2011                                                   |   |             | 264,000    |   |
| 2012                                                   |   |             | 261,754    |   |
| Thereafter                                             |   |             | 3,696,455  |   |
| Total                long-term debt                    |   | $                | 14,363,297 |   |

| A. | Convertible                Notes Payable |
|----|------------------------------------------|

*Bridgepointe      Master Fund and Crescent International Convertible Debt Financing -      $3,000,000*

----

*Debentures.      *

*Registration      Rights Payments:*

*Exempt      Issuance Provision*

*Reset      Right *
*Accounting      for Derivative Financial Instruments Indexed to, and Potentially Settled in,      a      Company's Own Stock*
*Crescent      $1,000,000”*

----

*Warrants.      *
*Accounting      for Derivative Financial Instruments Indexed to, and Potentially Settled in,      a      Company's Own Stock*

| Convertible                  Debentures                             |   | $      | 3,000,000                    |   |
|---------------------------------------------------------------------|--------|--------|------------------------------|--------|
| Less:                  Unamortized Note Discount                    |   |   | (                  2,475,604 | )      |
| Balance                  of Convertible Debentures at June 30, 2007 |   | $      | 524,396                      |   |

| Interest                  expense on debt   |   | $ | 137,500 |   |
|---------------------------------------------|--------|---|---------|--------|
| Accretion                  of debt discount |   | $ | 502,566 |   |

*Crescent      International Convertible Debt Financing - $1,000,000*

----

*Debentures.      *

*Registration      Rights Payments:*

*Exempt      Issuance Provision*

*Reset      Right *
*Accounting      for Derivative Financial Instruments Indexed to, and Potentially Settled in,      a      Company's Own Stock*

----

*Warrants.      *
*Accounting      for Derivative Financial Instruments Indexed to, and Potentially Settled in,      a      Company's Own Stock*

| Convertible                  Debentures                             |   | $      | 1,000,000                  |   |
|---------------------------------------------------------------------|--------|--------|----------------------------|--------|
| Less:                  Unamortized Note Discount                    |   |   | (                  871,935 | )      |
| Balance                  of Convertible Debentures at June 30, 2007 |   | $      | 128,065                    |   |

| Interest                    expense on debt   |   | $ | 5,417  |   |
|-----------------------------------------------|--------|---|--------|--------|
| Accretion                    of debt discount |   | $ | 17,892 |   |

*Montage      Convertible Debenture Amendment*

----

*Accounting      for Debtors and Creditors for Troubled Debt Restructurings*
*Determining      Whether a Debtor's Modification or Exchange of Debt Instruments Is within the      Scope of FASB Statement No. 15*
*Debtor's      Accounting for a Modification or Exchange of Debt Instruments *
*Debtor’s      Accounting for a Modification (or Exchange) of Convertible Debt      Instruments*

| B. | Notes                Payable |
|----|------------------------------|

*Fife      Original Issue Discount Note*

| Repayment                amount                          |   | $      | 2,400,024                |   |
|----------------------------------------------------------|--------|--------|--------------------------|--------|
| Less:                Unamortized Original Issue Discount |   |   | (                589,607 | )      |
| Value                of the Fife Note at June 30, 2007   |   | $      | 1,810,417                |   |

----

| Interest                expense from debt discount  |   | $ | 210,417 |   |
|-----------------------------------------------------|--------|---|---------|--------|
| Interest                expense from financing fees |   | $ | 73,513  |   |

*Mortgage      on Building*

*SBA      Loan*

*Financings      from Related*
*Parties*

| 4. | **Equity** |
|----|------------|

| A. | Private                Placement of Common Stock |
|----|--------------------------------------------------|

| B. | Issuance                of Securities to Third Parties for                Services |
|----|------------------------------------------------------------------------------------|

----

*Accounting for Equity Instruments That Are Issued to      Other Than Employees for Acquiring, or in Conjunction with Selling Goods or      Services*
*Accounting for Consideration Given by a Vendor      to a Customer (Including a Reseller of the Vendor’s Products)*

~~.~~

*Accounting      for Equity Instruments That Are Issued to Other Than Employees for Acquiring,      or      in Conjunction with Selling, Goods or Services,*

*Warrant      issuances*

| C. | Stock                Option Plans |
|----|-----------------------------------|

----

| **2005                ISO Plan**                                    |   | **Number                of Options** |      | **Weighted-Average                Exercise Price** |   |
|---------------------------------------------------------------------|--------|--------------------------------------|-----------|----------------------------------------------------|--------|
| Outstanding                at July 1, 2006                          |   |                                 | 1,709,000 |                                               | $      | 1.85 |   |
| Granted                                                             |   |                                 | 230,000   |                                               | $      | 1.80 |   |
| Exercised                                                           |   |                                 | -         |                                               | $      | - |   |
| Forfeited                                                           |   |                                 | (57,000   | )                                                  |   | ($1.80 | ) |
| Converted                                                           |   |                                 | -         |                                               | $      | - |   |
| Expired                                                             |   |                                 | -         |                                               | $      | - |   |
| Cancelled                                                           |   |                                 | -         |                                               | $      | - |   |
| Outstanding                at June 30, 2007                         |   |                                 | 1,882,000 |                                               | $      | 1.85 |   |
| Options                exercisable at June 30, 2007                 |   |                                 | 496,029   |                                               | $      | 1.86 |   |
| Options                vested and expected to vest at June 30, 2007 |   |                                 | 1,882,000 |                                               | $      | 1.85 |   |

| **2005                NQO Plan**                                    |   | **Number                of Options** |      | **Weighted-Average                Exercise Price** |   |
|---------------------------------------------------------------------|--------|--------------------------------------|-----------|----------------------------------------------------|--------|
| Outstanding                at July 1, 2006                          |   |                                 | 2,205,000 |                                               | $      | 1.80 |   |
| Granted                                                             |   |                                 | 345,000   |                                               | $      | 1.80 |   |
| Exercised                                                           |   |                                 | -         |                                               | $      | - |   |
| Forfeited                                                           |   |                                 | -         |                                               | $      | - |   |
| Converted                                                           |   |                                 | -         |                                               | $      | - |   |
| Expired                                                             |   |                                 | -         |                                               | $      | - |   |
| Cancelled                                                           |   |                                 | -         |                                               | $      | - |   |
| Outstanding                at June 30, 2007                         |   |                                 | 2,550,000 |                                               | $      | 1.80 |   |
| Options                exercisable at June 30, 2007                 |   |                                 | 715,001   |                                               | $      | 1.80 |   |
| Options                vested and expected to vest at June 30, 2007 |   |                                 | 2,550,000 |                                               | $      | 1.80 |   |

|                                           |   | **2007** |     | **2006** |   |
|------------------------------------------------|--------|----------|----------|----------|--------|
| Expected                life (in years)        |   |     | 5        |     |   | 6.5 |   |
| Average                risk-free interest rate |   |     | 4.5-5.05 | %        |   | 4.4 | % |
| Expected                volatility             |   |     | 107-149  | %        |   | 157 | % |
| Expected                dividend yield         |   |     | -        |     |   | - |   |

----

| (in                thousands)                                              |   | **Year                ended****June                30,** |   |
|----------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                       |   | **2007**                                                 |   | **2006** |   |
| Total                intrinsic value of stock options exercised            |   | $                                                        | -      |   | $ | - |   |
| Cash                received from stock option exercises                   |   |                                                     | -      |   |   | - |   |
| Gross                income tax benefit from the exercise of stock options |   |                                                     | -      |   |   | - |   |

| 1.   | An                amendment to our Certificate of Incorporation to increase our authorized                shares of common stock from 100,000,000 shares to 250,000,000 shares                and                to authorize 25,000,000 shares of “blank check” preferred                stock |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.   | An                amendment to our 2005 Incentive Stock Option Plan to increase the                number                of shares available for issuance under the plan from 2,000,000                shares to 4,000,000 shares |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.   | An                amendment to our 2005 Non-Qualified Stock Option Plan to increase                the                number of shares available for issuance under the plan from 3,000,000                shares to 4,000,000 shares |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.** | **Variable                Interest Entities** |
|--------|-----------------------------------------------|

*Disclosure      of Summarized Information of Assets, Liabilities, and Results of Operations      of      Jan and Johnny, Inc.*

|                                                    |   | **2007** |      |
|---------------------------------------------------------|--------|----------|-----------|
| Income                statement information :           |   |     |      |
| Related                party revenue                    |   | $        | 567,914   |   |
| Expenses                                                |   |     | 418,937   |   |
| Net                income                               |   | $        | 148,977   |   |
|                                                    |   |     |      |   |
| Balance                sheet information:               |   |     |      |   |
| Current                assets                           |   | $        | 73,252    |   |
| Notes                and receivables from CenterStaging |   |     | 1,863,367 |   |
| Notes                and receivables from stockholders  |   |     | 960,784   |   |
| Land                and building, net                   |   |     | 847,413   |   |
| Other                assets                             |   |     | 93,500    |   |
| Total                assets                             |   | $        | 3,838,316 |   |
| Current                liabilities                      |   | $        | 130,113   |   |
| Mortgage                debt, less current portion      |   |     | 3,042,530 |   |
| Equity                                                  |   |     | 665,673   |   |
| Total                liabilities and equity             |   | $        | 3,838,316 |   |

----

| **6.** | **Related                Party Transactions** |
|--------|-----------------------------------------------|

| A. | Jan                and Johnny, Inc. |
|----|-------------------------------------|

| **7.** | **Commitments                and Contingencies** |
|--------|--------------------------------------------------|

| A. | Legal                Actions |
|----|------------------------------|

| B. | Operating                Leases |
|----|---------------------------------|

----

| **Fiscal                year ending****June 30,** |   | **Amount** |    |
|--------------------------------------------------------|--------|------------|---------|
| 2008                                                   |   |       | 725,792 |   |
| 2009                                                   |   |       | 154,265 |   |
| 2010                                                   |   |       | 30,800  |   |
| 2011                                                   |   |       | — |   |
| Thereafter                                             |   |       | — |   |
|                                                   |   | $          | 910,857 |   |

| C. | Capital                Leases—Future Minimum Lease                Payments |
|----|----------------------------------------------------------------------------------|

----

| **Fiscal                year ending****June 30,**               |   | **Amount** |      |
|----------------------------------------------------------------------|--------|------------|-----------|
| 2008                                                                 |   | $          | 641,504   |   |
| 2009                                                                 |   |       | 566,223   |   |
| 2010                                                                 |   |       | 310,081   |   |
| 2011                                                                 |   |       | 91,133    |   |
| Thereafter                                                           |   |       | —   |   |
| Total                minimum lease payments                          |   |       | 1,608,941 |   |
|                                                                 |   |       |           |   |
| Less:                Amount representing interest                    |   |       | (199,098  | ) |
| Present                value of net minimum lease payments           |   |       | 1,409,843 |   |
| Less:                Current maturities of capital lease obligations |   |       | (510,618  | ) |
| Long-term                capital lease obligations                   |   | $          | 899,225   |   |

| **8.** | **Segments:                Musical Production Services and Rentals of Musical Instruments and                Rehearsal Studio Space, and “rehearsals.com”                Operations** |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                               |   | **June 30,                2007** |      | **June 30,                2006** |   |
|--------------------------------------------------------------------|--------|---------------------------------------|-----------|---------------------------------------|--------|
| Musical                Production Services and Rental Operations : |   |                                  |      |                                  |   |
| Net                sales                                           |   | $                                     | 6,591,166 |                                  | $      | 5,705,241 |   |
| Operating                loss                                      |   |                                  | 8,442,188 |                                  |   | 9,162,051 |   |
| Identifiable                assets                                 |   |                                  | 3,695,255 |                                  |   | 3,867,931 |   |
| Accounts                receivable, net                            |   |                                  | 681,583   |                                  |   | 703,760 |   |
| Property                and Equipment, net                         |   |                                  | 1,268,564 |                                  |   | 1,429,444 |   |
| REE,                net                                            |   |                                  | 435,636   |                                  |   | 246,007 |   |
|                                                               |   |                                  |           |                                  |   |  |   |
| Rehearsals.com                Operations :                         |   |                                  |           |                                  |   |  |   |
| Net                sales                                           |   |                                  | 165,370   |                                  |   | — |   |
| Operating                loss                                      |   |                                  | 6,778,295 |                                  |   | 7,268,590 |   |
| Identifiable                assets                                 |   |                                  | 3,449,789 |                                  |   | 3,519,559 |   |
| Accounts                receivable, net                            |   |                                  | —   |                                  |   | — |   |
| Property                and equipment, net                         |   |                                  | 543,371   |                                  |   | 898,309 |   |
| REE,                net                                            |   |                                  | 2,906,418 |                                  |   | 3,694,446 |   |

----

|                                       |   | **June 30,                2007** |       | **June 30,                2006** |   |
|--------------------------------------------|--------|---------------------------------------|------------|---------------------------------------|--------|
| Consolidated                Operations :   |   |                                  |       |                                  |   |
| Net                sales                   |   | $                                     | 6,756,536  |                                  | $      | 5,705,241 |   |
| Operating                loss              |   |                                  | 15,220,483 |                                  |   | 16,430,641 |   |
| Identifiable                assets         |   |                                  | 7,145,044  |                                  |   | 7,387,490 |   |
| Accounts                receivable, net    |   |                                  | 681,583    |                                  |   | 703,760 |   |
| Property                and equipment, net |   |                                  | 1,811,935  |                                  |   | 2,327,753 |   |
| REE,                net                    |   |                                  | 3,342,054  |                                  |   | 3,940,453 |   |

| **9.** | **Subsequent                Events** |
|--------|--------------------------------------|

----

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

**Item      8A — Controls and Procedures**

**Item      8B — Other Information**

None

**PART      III**

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

----

**Item      10 — Executive Compensation**

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

**Item      12 — Certain Relationships and Related Transactions**

**Item      13 — Exhibits**

**INDEX        TO EXHIBITS**

| **Exhibit                  Number** |   | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                                 |   | Agreement                  and Plan of Merger, dated as of August 17, 2005, among Knight Fuller,                  Inc., CenterStaging Musical Productions, Inc., Knight Fuller Merger                  Sub,                  Inc., and the other parties identified therein, and Agreement of                  Merger                  dated as of August 17, 2005. (1)                                                                                                                                                                                                                                                                                           |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 3.1                                 |   | Certificate                  of Incorporation of Knight Fuller, Inc. dated as of May 8,                  2002; Certificate of Correction to Certificate of Incorporation of                  Knight Fuller, Inc. dated as of February 24, 2004; Certificate                  of                  Amendment to Certificate of Incorporation of Knight Fuller, Inc.                  dated as                  of August 27, 2004; Certificate of Amendment of Certificate of                  Incorporation of Knight Fuller, Inc. dated as of January 20, 2006.                  (2) Certificate of Elimination filed August 16,                  2005. |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 3.2                                 |   | Bylaws.                  Incorporated by reference to Registration Statement on Form S-4                  of Knight                  Fuller, Inc. filed May 9, 2002 (SEC File No. 333-87968), as amended.                  (9)                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 4.1                                 |   | Form                  of common stock certificate.                  (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.1                                |   | Unsecured                  Promissory Note dated as of September 22, 1997 in the original                  principal                  amount of $670,500 made by CenterStaging Musical Productions, Inc. in                  favor of Jan & Johnny Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                         |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.2                                |   | Facility                  Management Agreement dated as of February 1, 1998 between Jan & Johnny                  Inc. and CenterStaging Musical Productions, Inc.                  (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.3                                |   | Lease                  dated as of May 9, 2000 between CenterStaging Musical Productions,                  Inc.                  and Two Bills, LLC, with addenda. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.4                                |   | Promissory                  Note dated as of August 31, 2000 in the original principal amount of                  $75,000 made by CenterStaging Musical Productions, Inc. in favor of                  Paul Router, Trustee under the Premier Career Management Corporation                  Deferred Compensation Plan for the Interests of John Guthrie Caswell.                  (4) Promissory Note Amendment dated as of June 30, 2006.                  (9)                                                                                                                                                                                       |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.5                                |   | Promissory                  Note dated as of August 31, 2000 in the original principal amount                  of                  $75,000 made by CenterStaging Musical Productions, Inc. in favor of                  Paul Router, Trustee under the Premier Career Management Corporation                  Deferred Compensation Plan for the Interests of Jan Paul Parent.                  (4)                  Promissory Note Amendment dated as of June 30, 2006.                                                                                                                                                                                    |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.6                                |   | Lease                  Agreement dated as of December 1, 2000 between Fred J. Levinson                  and                  CenterStaging Musical Productions, Inc., with addenda. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.7                                |   | Commercial                  Lease dated as of July 1, 2003 between CenterStaging Musical Productions,                  Inc. and Jan & Johnny Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.8                                |   | Lease                  dated as of December 1, 2003 between CenterStaging Musical Productions,                  Inc. and The Macpherson Helsabeck Revocable Trust dated as of September                  29, 1992, with addenda. (4)                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.9                                |   | Amended                  and Restated Letter Agreement, between Roger Paglia and CenterStaging                  Musical Productions, Inc., a California corporation, dated as of                  April 1,                  2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                                             |

----

| 10.10  |   | Amended                  and Restated Letter Agreement, between Howard Livingston and CenterStaging                  Musical Productions, Inc., a California corporation, dated as of                  April 1,                  2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.11  |   | Amended                  and Restated Letter Agreement, between Jan Parent and CenterStaging                  Musical Productions, Inc., a California corporation, dated as of                  November                  8, 2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.12  |   | Amended                  and Restated Letter Agreement, between Johnny Caswell and CenterStaging                  Musical Productions, Inc., a California corporation, dated as of                  November                  8, 2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.13  |   | Promissory                  Note dated as of November 11, 2004 in the original amount of                  $50,000 made by CenterStaging Musical Productions, Inc. in favor of                  Jan Parent and John Caswell. (4)                  Promissory Note Amendment dated of June 30, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.14  |   | Business                  Loan Agreement dated as of November 18, 2004 in the original                  principal amount of $327,722 between John G. Caswell, Jan Paul Parent                  and Community Bank, with Promissory Notes made by John G. Caswell                  and Jan                  Paul Parent in favor of Community Bank, and including security                  agreement.                  (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.15  |   | Promissory                  Note dated as of January 28, 2005 made by CenterStaging Musical                  Productions, Inc. in favor of Charles Lico; (4)                  First Amendment to Promissory Note dated as of January 18, 2006;                  (2)                  Second Amendment dated as of March 6, 2006 to Promissory Note dated                  as of January 28, 2005 made by CenterStaging Musical Productions,                  Inc. in                  favor of Charles Lico; Third Amendment dated as of April 28, 2006                  to                  Promissory Note dated as of January 28, 2005 made by CenterStaging                  Musical                  Productions, Inc. in favor of Charles Lico; (5)                  Fourth Amendment dated as of September 21, 2006  to Promissory                  Note dated as of January 28, 2005 made by CenterStaging Musical                  Productions, Inc. in favor of Charles Lico. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.16  |   | Loan                  Agreement dated as of February 16, 2005 between Jan & Johnny Inc. and                  Grand Pacific Financing Corporation, with Promissory Note made                  by Jan                  & Johnny Inc. in favor of Grand Pacific Financing Corporation, and                  ancillary documents. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.17  |   | Unsecured                  Promissory Note dated as of February 25, 2005 in the original principal                  amount of $700,000 made by CenterStaging Musical Productions, Inc. in                  favor of Jan & Johnny Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.18  |   | U.S.                  Small Business Administration Loan Agreement dated as of May 2,                  2005 in                  the original principal amount of $2,000,000 between                  Community National Bank, a national banking association, John G.                  Caswell,                  Jan Paul Parent, Jan & Johnny Inc., and CenterStaging Musical                  Productions, Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.19  |   | Commercial                  Lease dated as of June 1, 2005 between Madhatter Realty, Inc. and                  CenterStaging Musical Productions, Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.20  |   | Promissory                  Note dated as of July 7, 2005 in the original principal amount                  of                  $75,000 made by CenterStaging Musical Productions, Inc. in favor of                  Jan Paul Parent. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.21  |   | Put                  and Sale Agreement, dated as of August 17, 2005, between Knight                  Fuller,                  Inc. and Opus International, LLC. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.22  |   | Assumption                  Agreement, dated as of August 17, 2005, by Knight Fuller, Inc.                  with                  respect to the Convertible Promissory Notes of CenterStaging Musical                  Productions, Inc. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

| 10.23  |   | Letter                  of Intent dated as of October 7, 2005 between CenterStaging Corp.                  and MLB                  Advance Media, L.P. Portions of this exhibit have been deleted                  and filed                  separately with the Securities and Exchange Commission pursuant                  to a                  request for confidential treatment.(2)                                                                                                                                                                                                                                                                                                                                                            |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.24  |   | Employment                  Agreement dated as of December 5, 2005 between CenterStaging Musical                  Productions, Inc and Tommy Nast. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.25  |   | Securities                  Purchase Agreement dated as of December 12, 2005, between Knight                  Fuller,                  Inc. and Montage Partners III, LLC; Security Agreement dated as                  of                  December 12, 2005 between Knight Fuller, Inc. and Montage Partners                  III,                  LLC; Warrants dated as of December 12, 2005, issued by Knight Fuller,                  Inc.                  to Montage Partners III, LLC, to purchase 380,000 shares of common                  stock;                  Registration Rights Agreement dated as of December 12, 2005 between                  Knight                  Fuller, Inc. and Montage Partners III, LLC.                  (6) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

| 10.26  |   | 2005                  Incentive Stock Option Plan; (2) Form of Stock Option                  Certificate and Agreement (Incentive Stock Option) under the 2005                  Incentive Stock Option Plan. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.27  |   | 2005                  Non-Qualified Stock Option Plan; (2) Form of Stock Option                  Certificate and Agreement (Non-Qualified Option) under the 2005                  Non-Qualified Stock Option Plan. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.28  |   | Warrant                  Certificate dated as of April 1, 2006, in favor of Trilogy Capital                  Partners, Inc. evidencing 800,000 Warrants exercisable for $1.00                  per                  share; Warrant Certificate dated as of April 1, 2006, in favor                  of Trilogy                  Capital Partners, Inc. evidencing 800,000 Warrants exercisable                  for $1.60                  per share; Warrant Certificate dated as of April 1, 2006, in favor                  of                  Trilogy Capital Partners, Inc. evidencing 400,000 Warrants exercisable                  for                  $1.75 per share. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.29  |   | Promissory                  Notes in favor of Johnny Caswell, Howard Livingston, Roger Paglia                  and Jan                  Parent issued in May and June 2006 in the aggregate amount of $160,000                  (9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.30  |   | Revolving                  Line of Credit Agreement dated as of July 1, 2006 between CenterStaging                  Corp. and Johnny Caswell, Revolving Line of Credit Agreement dated as                  of July 1, 2006 between CenterStaging Corp. and Howard Livingston,                  Revolving Line of Credit Agreement dated as of July 1, 2006 between                  CenterStaging Corp. and Roger Paglia, Revolving Line of Credit                  Agreement dated as of July 1, 2006 between CenterStaging Corp.                  and Jan                  Parent. (7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.31  |   | Employment                  Agreement dated as of May 1, 2006 between CenterStaging Musical                  Productions, Inc. and Michael R. Sandoval. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.32  |   | Employment                  Agreement dated as of September 1, 2006 between CenterStaging Corp.                  and                  Paul Schmidman. Incorporated by reference to Form 8-K dated as                  of                  September 7, 2006. (9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.33  |   | Promissory                  Note in the original principal amount of $659,673 by and between                  CenterStaging Musical Productions, Inc. and Helmsreich, LLC, dated                  as of                  September 6, 2006; Security Agreement by and between CenterStaging                  Musical                  Productions, Inc. and Helmsreich, LLC, dated as of September 6,                  2006;                  Unconditional Guaranty by and among Johnny Caswell, CenterStaging                  Musical                  Productions, Inc. and Helmsreich, LLC, dated as of September 6,                  2006;                  Unconditional Guaranty by and among Howard Livingston, CenterStaging                  Musical Productions, Inc. and Helmsreich, LLC, dated as of September                  6,                  2006; Unconditional Guaranty by and among Roger Paglia, CenterStaging                  Musical Productions, Inc. and Helmsreich, LLC, dated as of September                  6,                  2006; Unconditional Guaranty by and among Jan Paul Parent, CenterStaging                  Musical Productions, Inc. and Helmsreich, LLC, dated as of September                  6,                  2006. (8) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.34  |   | Securities                  purchase agreement, convertible debenture, registration rights                  agreement,                  and common stock purchase warrant for Crescent International and                  Bridgepoint Masterfund in connection with the January 16, 2007                  $3,000,000                  financing. (11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.35  |   | Secured                  Original Issue Discount Note issued March 26, 2007 and stock pledge                  agreement for the March 26, 2007 financing where the Company borrowed                  $1,600,000 borrowed by the Company from John Fife. (12)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 10.36  |   | Securities                  purchase agreement, convertible debenture, registration rights                  agreement,                  and common stock purchase warrant for Crescent International in                  connection                  with the June 15, 2007 $1,000,000 financing.                  (13)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

----

| 21.1   |   | Subsidiaries                  of CenterStaging Corp.                                                                                 |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                 |
| 22.1   |   | Proxy                  Statement by CenterStaging Corp. filed June 29, 2007.                  (10)                                   |
|   |   |                                                                                                                                 |
| 31.1   |   | Certification                  of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley                  Act.   |
|   |   |                                                                                                                                 |
| 31.2   |   | Certification                  of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley                  Act.   |
|   |   |                                                                                                                                 |
| 32.1   |   | Certification                  of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley                  Act.   |
|   |   |                                                                                                                                 |
| 32.2   |   | Certification                  of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley                  Act.   |

----

| (1)    | Incorporated                  by reference to Form 8-K filed August 19, 2005.                                 |
|--------|---------------------------------------------------------------------------------------------------------------|
|   |                                                                                                          |
| (2)    | Incorporated                  by reference to Form 10-QSB filed February 16, 2006.                            |
|   |                                                                                                          |
| (3)    | Incorporated                  by reference to Form 8-A12g filed September 24, 2004.                           |
|   |                                                                                                          |
| (4)    | Incorporated                  by reference to Form 10-QSB filed November 22, 2005.                            |
|   |                                                                                                          |
| (5)    | Incorporated                  by reference to Form 10-QSB filed May 15, 2006.                                 |
|   |                                                                                                          |
| (6)    | Incorporated                  by reference to Form 8-K filed December 16, 2005.                               |
|   |                                                                                                          |
| (7)    | Incorporated                  by reference to Form 8-K filed July 18, 2006.                                   |
|   |                                                                                                          |
| (8)    | Incorporated                  by reference to Form 8-K filed September 12, 2006.                              |
|   |                                                                                                          |
| (9)    | Incorporated                  by reference to Form 10-KSB filed September 28, 2006.                           |
|   |                                                                                                          |
| (10)   | Incorporated                  by reference to Definitive Proxy Statement filed June 29,                  2007 |
|   |                                                                                                          |
| (11)   | Incorporated                  by reference to Form 8k filed January 22, 2007                                  |
|   |                                                                                                          |
| (12)   | Incorporated                  by reference to Form 8k filed March 30, 2007                                    |
|   |                                                                                                          |
| (13)   | Incorporated                  by reference to Form 8k filed June 21,                  2007                    |

**Item      14 — Principal Accounting Fees and Services**

----

**SIGNATURES**

|         |                                                              |                                 |
|--------------|-------------------------------------------------------------------|--------------------------------------|
|         | CENTERSTAGING                CORP.                                |
|    |                                                         |                            |
|         | By:                                                     | /s/ Roger                Paglia |
|         | Roger                PagliaChief                Executive Officer |
|         |                                                              |

| **Signature**                        |   | **Title**                                                                           |   | **Date**                        |
|--------------------------------------|--------|-------------------------------------------------------------------------------------|--------|---------------------------------|
|                                 |   |                                                                                |   |                            |
| /s/                Roger Paglia      |   | Director                and Chief Executive Officer                                 |   | October                17, 2007 |
| Roger                Paglia          |   | (Principal                Executive Officer)                                        |   |                            |
|                                 |   |                                                                                |   |                            |
|                                 |   |                                                                                |   |                            |
| /s/                Johnny Caswell    |   | Director                                                                            |   | October                17, 2007 |
| Johnny                Caswell        |   |                                                                                |   |                            |
|                                 |   |                                                                                |   |                            |
|                                 |   |                                                                                |   |                            |
| /s/                Jan Parent        |   | Director                                                                            |   | October                17, 2007 |
| Jan                Parent            |   |                                                                                |   |                            |
|                                 |   |                                                                                |   |                            |
|                                 |   |                                                                                |   |                            |
| /s/                Howard Livingston |   | Director                and Chief Financial Officer                                 |   | October                17, 2007 |
| Howard                Livingston     |   |  (Principal                Financial Officer and Principal Accounting Officer) |   |                            |

----

**INDEX      TO EXHIBITS**

| **Exhibit                Number** |   | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1                               |   | Agreement                and Plan of Merger, dated as of August 17, 2005, among Knight Fuller,                Inc., CenterStaging Musical Productions, Inc., Knight Fuller Merger                Sub,                Inc., and the other parties identified therein, and Agreement of                Merger                dated as of August 17, 2005. (1)                                                                                                                                                                                                                                                                    |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 3.1                               |   | Certificate                of Incorporation of Knight Fuller, Inc. dated as of May 8,                2002; Certificate of Correction to Certificate of Incorporation of                Knight Fuller, Inc. dated as of February 24, 2004; Certificate of                Amendment to Certificate of Incorporation of Knight Fuller, Inc.                dated as                of August 27, 2004; Certificate of Amendment of Certificate of                Incorporation of Knight Fuller, Inc. dated as of January 20, 2006.                (2) Certificate of Elimination filed August 16,                2005. |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 3.2                               |   | Bylaws.                Incorporated by reference to Registration Statement on Form S-4 of                Knight                Fuller, Inc. filed May 9, 2002 (SEC File No. 333-87968), as amended.                (9)                                                                                                                                                                                                                                                                                                                                                                                                         |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 4.1                               |   | Form                of common stock certificate.                (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.1                              |   | Unsecured                Promissory Note dated as of September 22, 1997 in the original principal                amount of $670,500 made by CenterStaging Musical Productions, Inc. in                favor of Jan & Johnny Inc. (4)                                                                                                                                                                                                                                                                                                                                                                             |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.2                              |   | Facility                Management Agreement dated as of February 1, 1998 between Jan & Johnny                Inc. and CenterStaging Musical Productions, Inc.                (4)                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.3                              |   | Lease                dated as of May 9, 2000 between CenterStaging Musical Productions,                Inc.                and Two Bills, LLC, with addenda. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.4                              |   | Promissory                Note dated as of August 31, 2000 in the original principal amount of                $75,000 made by CenterStaging Musical Productions, Inc. in favor of                Paul Router, Trustee under the Premier Career Management Corporation                Deferred Compensation Plan for the Interests of John Guthrie Caswell.                (4) Promissory Note Amendment dated as of June 30, 2006.                (9)                                                                                                                                                                |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.5                              |   | Promissory                Note dated as of August 31, 2000 in the original principal amount                of                $75,000 made by CenterStaging Musical Productions, Inc. in favor of                Paul Router, Trustee under the Premier Career Management Corporation                Deferred Compensation Plan for the Interests of Jan Paul Parent.                (4)                Promissory Note Amendment dated as of June 30, 2006.                                                                                                                                                               |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.6                              |   | Lease                Agreement dated as of December 1, 2000 between Fred J. Levinson and                CenterStaging Musical Productions, Inc., with addenda. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.7                              |   | Commercial                Lease dated as of July 1, 2003 between CenterStaging Musical Productions,                Inc. and Jan & Johnny Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.8                              |   | Lease                dated as of December 1, 2003 between CenterStaging Musical Productions,                Inc. and The Macpherson Helsabeck Revocable Trust dated as of September                29, 1992, with addenda. (4)                                                                                                                                                                                                                                                                                                                                                                                                 |
|                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 10.9                              |   | Amended                and Restated Letter Agreement, between Roger Paglia and CenterStaging                Musical Productions, Inc., a California corporation, dated as of                April 1,                2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                  |

----

| 10.10  |   | Amended                and Restated Letter Agreement, between Howard Livingston and CenterStaging                Musical Productions, Inc., a California corporation, dated as of                April 1,                2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.11  |   | Amended                and Restated Letter Agreement, between Jan Parent and CenterStaging                Musical Productions, Inc., a California corporation, dated as of                November                8, 2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.12  |   | Amended                and Restated Letter Agreement, between Johnny Caswell and CenterStaging                Musical Productions, Inc., a California corporation, dated as of                November                8, 2004. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.13  |   | Promissory                Note dated as of November 11, 2004 in the original amount of                $50,000 made by CenterStaging Musical Productions, Inc. in favor of                Jan Parent and John Caswell. (4)                Promissory Note Amendment dated of June 30, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.14  |   | Business                Loan Agreement dated as of November 18, 2004 in the original                principal amount of $327,722 between John G. Caswell, Jan Paul Parent                and Community Bank, with Promissory Notes made by John G. Caswell                and Jan                Paul Parent in favor of Community Bank, and including security agreement.                (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.15  |   | Promissory                Note dated as of January 28, 2005 made by CenterStaging Musical                Productions, Inc. in favor of Charles Lico; (4)                First Amendment to Promissory Note dated as of January 18, 2006;                (2)                Second Amendment dated as of March 6, 2006 to Promissory Note dated                as of January 28, 2005 made by CenterStaging Musical Productions,                Inc. in                favor of Charles Lico; Third Amendment dated as of April 28, 2006                to                Promissory Note dated as of January 28, 2005 made by CenterStaging                Musical                Productions, Inc. in favor of Charles Lico; (5)                Fourth Amendment dated as of September 21, 2006  to Promissory                Note dated as of January 28, 2005 made by CenterStaging Musical                Productions, Inc. in favor of Charles Lico. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.16  |   | Loan                Agreement dated as of February 16, 2005 between Jan & Johnny Inc. and                Grand Pacific Financing Corporation, with Promissory Note made by                Jan                & Johnny Inc. in favor of Grand Pacific Financing Corporation, and                ancillary documents. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.17  |   | Unsecured                Promissory Note dated as of February 25, 2005 in the original principal                amount of $700,000 made by CenterStaging Musical Productions, Inc. in                favor of Jan & Johnny Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.18  |   | U.S.                Small Business Administration Loan Agreement dated as of May 2, 2005                in                the original principal amount of $2,000,000 between                Community National Bank, a national banking association, John G.                Caswell,                Jan Paul Parent, Jan & Johnny Inc., and CenterStaging Musical                Productions, Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.19  |   | Commercial                Lease dated as of June 1, 2005 between Madhatter Realty, Inc. and                CenterStaging Musical Productions, Inc. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.20  |   | Promissory                Note dated as of July 7, 2005 in the original principal amount of                $75,000 made by CenterStaging Musical Productions, Inc. in favor of                Jan Paul Parent. (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.21  |   | Put                and Sale Agreement, dated as of August 17, 2005, between Knight Fuller,                Inc. and Opus International, LLC. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.22  |   | Assumption                Agreement, dated as of August 17, 2005, by Knight Fuller, Inc. with                respect to the Convertible Promissory Notes of CenterStaging Musical                Productions, Inc. (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

| 10.23  |   | Letter                of Intent dated as of October 7, 2005 between CenterStaging Corp.                and MLB                Advance Media, L.P. Portions of this exhibit have been deleted and                filed                separately with the Securities and Exchange Commission pursuant to                a                request for confidential treatment.(2)                                                                                                                                                                                                                                                                                                                               |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.24  |   | Employment                Agreement dated as of December 5, 2005 between CenterStaging Musical                Productions, Inc and Tommy Nast. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.25  |   | Securities                Purchase Agreement dated as of December 12, 2005, between Knight                Fuller,                Inc. and Montage Partners III, LLC; Security Agreement dated as of                December 12, 2005 between Knight Fuller, Inc. and Montage Partners                III,                LLC; Warrants dated as of December 12, 2005, issued by Knight Fuller,                Inc.                to Montage Partners III, LLC, to purchase 380,000 shares of common                stock;                Registration Rights Agreement dated as of December 12, 2005 between                Knight                Fuller, Inc. and Montage Partners III, LLC.                (6) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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| 10.26  |   | 2005                Incentive Stock Option Plan; (2) Form of Stock Option                Certificate and Agreement (Incentive Stock Option) under the 2005                Incentive Stock Option Plan. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.27  |   | 2005                Non-Qualified Stock Option Plan; (2) Form of Stock Option                Certificate and Agreement (Non-Qualified Option) under the 2005                Non-Qualified Stock Option Plan. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.28  |   | Warrant                Certificate dated as of April 1, 2006, in favor of Trilogy Capital                Partners, Inc. evidencing 800,000 Warrants exercisable for $1.00                per                share; Warrant Certificate dated as of April 1, 2006, in favor of                Trilogy                Capital Partners, Inc. evidencing 800,000 Warrants exercisable for                $1.60                per share; Warrant Certificate dated as of April 1, 2006, in favor                of                Trilogy Capital Partners, Inc. evidencing 400,000 Warrants exercisable                for                $1.75 per share. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.29  |   | Promissory                Notes in favor of Johnny Caswell, Howard Livingston, Roger Paglia                and Jan                Parent issued in May and June 2006 in the aggregate amount of $160,000                (9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.30  |   | Revolving                Line of Credit Agreement dated as of July 1, 2006 between CenterStaging                Corp. and Johnny Caswell, Revolving Line of Credit Agreement dated as                of July 1, 2006 between CenterStaging Corp. and Howard Livingston,                Revolving Line of Credit Agreement dated as of July 1, 2006 between                CenterStaging Corp. and Roger Paglia, Revolving Line of Credit                Agreement dated as of July 1, 2006 between CenterStaging Corp. and                Jan                Parent. (7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.31  |   | Employment                Agreement dated as of May 1, 2006 between CenterStaging Musical                Productions, Inc. and Michael R. Sandoval. (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.32  |   | Employment                Agreement dated as of September 1, 2006 between CenterStaging Corp.                and                Paul Schmidman. Incorporated by reference to Form 8-K dated as of                September 7, 2006. (9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.33  |   | Promissory                Note in the original principal amount of $659,673 by and between                CenterStaging Musical Productions, Inc. and Helmsreich, LLC, dated                as of                September 6, 2006; Security Agreement by and between CenterStaging                Musical                Productions, Inc. and Helmsreich, LLC, dated as of September 6, 2006;                Unconditional Guaranty by and among Johnny Caswell, CenterStaging                Musical                Productions, Inc. and Helmsreich, LLC, dated as of September 6, 2006;                Unconditional Guaranty by and among Howard Livingston, CenterStaging                Musical Productions, Inc. and Helmsreich, LLC, dated as of September                6,                2006; Unconditional Guaranty by and among Roger Paglia, CenterStaging                Musical Productions, Inc. and Helmsreich, LLC, dated as of September                6,                2006; Unconditional Guaranty by and among Jan Paul Parent, CenterStaging                Musical Productions, Inc. and Helmsreich, LLC, dated as of September                6,                2006. (8) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.34  |   | Securities                purchase agreement, convertible debenture, registration rights agreement,                and common stock purchase warrant for Crescent International and                Bridgepoint Masterfund in connection with the January 16, 2007 $3,000,000                financing. (11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.35  |   | Secured                Original Issue Discount Note issued March 26, 2007 and stock pledge                agreement for the March 26, 2007 financing where the Company borrowed                $1,600,000 borrowed by the Company from John Fife. (12)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 10.36  |   | Securities                purchase agreement, convertible debenture, registration rights agreement,                and common stock purchase warrant for Crescent International in connection                with the June 15, 2007 $1,000,000 financing.                (13)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

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| 21.1   |   | Subsidiaries                of CenterStaging Corp.                                                                               |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                             |
| 22.1   |   | Proxy                Statement by CenterStaging Corp. filed June 29, 2007.                (10)                                   |
|   |   |                                                                                                                             |
| 31.1   |   | Certification                of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley                Act.   |
|   |   |                                                                                                                             |
| 31.2   |   | Certification                of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley                Act.   |
|   |   |                                                                                                                             |
| 32.1   |   | Certification                of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley                Act.   |
|   |   |                                                                                                                             |
| 32.2   |   | Certification                of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley                Act.   |

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| (1)    | Incorporated                by reference to Form 8-K filed August 19, 2005.                               |
|--------|-----------------------------------------------------------------------------------------------------------|
|   |                                                                                                      |
| (2)    | Incorporated                by reference to Form 10-QSB filed February 16, 2006.                          |
|   |                                                                                                      |
| (3)    | Incorporated                by reference to Form 8-A12g filed September 24, 2004.                         |
|   |                                                                                                      |
| (4)    | Incorporated                by reference to Form 10-QSB filed November 22, 2005.                          |
|   |                                                                                                      |
| (5)    | Incorporated                by reference to Form 10-QSB filed May 15, 2006.                               |
|   |                                                                                                      |
| (6)    | Incorporated                by reference to Form 8-K filed December 16, 2005.                             |
|   |                                                                                                      |
| (7)    | Incorporated                by reference to Form 8-K filed July 18, 2006.                                 |
|   |                                                                                                      |
| (8)    | Incorporated                by reference to Form 8-K filed September 12, 2006.                            |
|   |                                                                                                      |
| (9)    | Incorporated                by reference to Form 10-KSB filed September 28, 2006.                         |
|   |                                                                                                      |
| (10)   | Incorporated                by reference to Definitive Proxy Statement filed June 29,                2007 |
|   |                                                                                                      |
| (11)   | Incorporated                by reference to Form 8k filed January 22, 2007                                |
|   |                                                                                                      |
| (12)   | Incorporated                by reference to Form 8k filed March 30, 2007                                  |
|   |                                                                                                      |
| (13)   | Incorporated                by reference to Form 8k filed June 21,                2007                    |

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