----

**U.S.          SECURITIES AND EXCHANGE COMMISSION **

**FORM        10-QSB **

**x        QUARTERLY REPORT        PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**o        TRANSITION REPORT        PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

*Commission        file number 001-10196 *

**STUDIO        ONE MEDIA, INC. **

|                    DELAWARE                                                                        |                    23-2517953                                               |
|---------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
|                    (State                  or other jurisdiction of incorporation or organization) |                    (IRS                  Employer  Identification No.) |

----

**STUDIO        ONE MEDIA, INC. **

|                            |                    **INDEX**                                                                                                                                                                                 |  PAGE                  NUMBER |
|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|
|                            |                    **PART                  1 - FINANCIALS**                                                                                                                                                  |                               |
|                            |                                                                                                                                                                                                              |                               |
|                    Item 1. |  Financial                  Statements (Unaudited)                                                                                                                                                           |  3                            |
|                            |                                                                                                                                                                                                              |                               |
|                            |  Balance                  Sheet - September 30, 2006 and June 30, 2006                                                                                                                                       |  3                            |
|                            |                                                                                                                                                                                                              |                               |
|                            | Statement                  of Operations - For the three months ended September 30, 2006 and                  2005,                  and cumulative from July 1, 2002 through September 30,                  2006 |  4                            |
|                            |                                                                                                                                                                                                              |                               |
|                            | Statements                  of Stockholders’ Deficiency - For the year ended June 30, 2002, 2003,                  2004, 2005 and 2006 and the three months ended September 30, 2006                        |  5                            |
|                            |                                                                                                                                                                                                              |                               |
|                            | Statement                  of Cash Flows - For the three months ended September 3, 2006 and                  2005, and                  cumulative from July 1, 2002 through September 30, 2006                   |  6                            |
|                            |                                                                                                                                                                                                              |                               |
|                            | Notes                  to Financial Statements                                                                                                                                                                    |  7                            |
|                            |                                                                                                                                                                                                              |                               |
|  Item                  2.  | Management’s                  Discussion and Analysis of Financial Condition and Results of Operations                                                                                                      |  16                           |
|                            |                                                                                                                                                                                                              |                               |
|  Item                  3.  | Controls                  and Procedures                                                                                                                                                                          |  17                           |
|                            |                                                                                                                                                                                                              |                               |
|                            | **PART                  II - OTHER INFORMATION**                                                                                                                                                                  |                               |
|                            |                                                                                                                                                                                                              |                               |
|                    Item 1. | Legal                  Proceedings                                                                                                                                                                                |  17                           |
|                            |                                                                                                                                                                                                              |                               |
|  Item                  2.  | Changes                  in Securities                                                                                                                                                                            |  17                           |
|                            |                                                                                                                                                                                                              |                               |
|  Item                  3.  | Defaults                  Upon Senior Securities                                                                                                                                                                  |  17                           |
|                            |                                                                                                                                                                                                              |                               |
|  Item                  4.  | Submission                  of Matters to a Vote of Security Holders                                                                                                                                              |  18                           |
|                            |                                                                                                                                                                                                              |                               |
|  Item                  5.  | Other                  Information                                                                                                                                                                                |  18                           |
|                            |                                                                                                                                                                                                              |                               |
|                    Item 6. | Exhibits                                                                                                                                                                                                          |  18                           |
|                            |                                                                                                                                                                                                              |                               |
|                            | SIGNATURES                                                                                                                                                                                                        |                    19         |
|                            |                                                                                                                                                                                                              |                               |

----

**PART        I - FINANCIAL INFORMATION **

**ITEM        1. FINANCIAL STATEMENTS**

| **STUDIO                ONE MEDIA, INC.**                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **(A                Development Stage Company)**                                                                                                                        |
| **BALANCE                SHEETS**                                                                                                                                       |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   | September                30, 2006  |   |   | June                30, 2006 |   |
|                                                                                                                                                                    |   |   | (Unaudited)  |   |   | (Audited) |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Current                Assets                                                                                                                                           |   |   |   |   |   |   |   |
|     Cash                                                                                                                                            |   | $ | 37,179 |   | $ | 207 |   |
|     Accrued                Interest Receivable                                                                                                      |   |   | 67,378 |   |   | 57,295 |   |
|     Notes                Receivable-Current                                                                                                         |   |   | 436,404 |   |   | 430,404 |   |
|     Investments                -                Securities                                                                                          |   |   | 94,000 |   |   | 94,000 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Current Assets                                                                                                                                     |   |   | 634,961 |   |   | 581,906 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Property                and Equipment, Net                                                                                                                              |   |   | 9,333 |   |   | 0 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Property and Equipment                                                                                                                             |   |   | 9,333 |   |   | 0 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Other                Assets                                                                                                                                             |   |   |   |   |   |   |   |
|     Deposits                                                                                                                                        |   |   | 6,400 |   |   | 6,400 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Other Assets                                                                                                                                       |   |   | 6,400 |   |   | 6,400 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Assets                                                                                                                                             |   | $ | 650,694 |   | $ | 588,306 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| LIABILITIES                AND CAPITAL                                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Current                Liabilities                                                                                                                                      |   |   |   |   |   |   |   |
|     Accounts                Payable and Accrued Expenses                                                                                            |   | $ | 368,478 |   | $ | 352,058 |   |
|     Notes                Payable - Current                                                                                                          |   |   | 769,868 |   |   | 726,468 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Current Liabilities                                                                                                                                |   |   | 1,138,346 |   |   | 1,078,526 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Long-Term                Liabilities                                                                                                                                    |   |   | 0 |   |   | 0 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Long-Term Liabilities                                                                                                                              |   |   | 0 |   |   | 0 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Liabilities                                                                                                                                        |   |   | 1,138,346 |   |   | 1,078,526 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Capital                                                                                                                                                                 |   |   |   |   |   |   |   |
|     Preferred                Stock, authorized 10,000,000 shares, par value $0.001; issued and                outstanding are 524,044 shares at     |   |   | 524 |   |   | 524 |   |
|     September                30,                2006 and June 30, 2006                                                                              |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|     Common                Stock, authorized 100,000,000 shares, par value $0.001; issued and                outstanding are 3,012,825 and 2,791,324 |   |   | 3,013 |   |   | 2,779 |   |
|     shares                at September 30, 2006 and June 30, 2006, respectively                                                                     |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|     Paid                in                Capital                                                                                                   |   |   | 24,817,052 |   |   | 24,351,850 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|     Accumulated                Deficit - Pre Development Stage                                                                                      |   |   | (24,404,302 | ) |   | (24,404,302 | ) |
|     Accumulated                Deficit - Development Stage                                                                                          |   |   | (903,939 | ) |   | (441,071 | ) |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Capital                                                                                                                                            |   |   | (487,652 | ) |   | (490,220 | ) |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| Total                Liabilities & Capital                                                                                                                          |   | $ | 650,694 |   | $ | 588,306 |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                    |   |   |   |   |   |   |   |
| The                accompanying notes are an integral part of these                statements.                                                                          |

----

| **STUDIO                  ONE MEDIA, INC.**                                                        |
|----------------------------------------------------------------------------------------------------|
| **(                  Development Stage Company)**                                                  |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| **STATEMENTS                  OF OPERATIONS**                                                      |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   |   | Three                  Months  |   |   | Three                  Months |   |   | Cumulative |   |
|                                                                                               |   |   | Ended  |   |   | Ended |   |   | July                  1, 2002 through |   |
|                                                                                               |   |   | September                  30, 2006  |   |   | September                  30, 2005 |   |   | September                  30, 2006 |   |
|                                                                                               |   |   | (Unaudited)  |   |   | (Unaudted) |   |   | (Unaudited) |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                                          |   |   |   |   |   |   |   |   |   |   |
|     Sales                                                                      |   | $ | - |   | $ | - |   | $ | - |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Total                  Revenues                                                                    |   |   | 0 |   |   | 0 |   |   | 0 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Cost                  of Sales                                                                     |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Total                  Cost of Sales                                                               |   |   | 0 |   |   | 0 |   |   | 0 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Gross                  Profit                                                                      |   |   | 0 |   |   | 0 |   |   | 0 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                          |   |   |   |   |   |   |   |   |   |   |
|     General                  & Administrative Expenses                     |   |   | 387,045 |   |   | 7,749 |   |   | 926,129 |   |
|     Research&                  Development                                 |   |   | 68,915 |   |   | 0 |   |   | 68,915 |   |
|     Interest                  Expense                                          |   |   | 16,990 |   |   | 17,604 |   |   | 292,393 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Total                  Expenses                                                                    |   |   | 472,950 |   |   | 25,353 |   |   | 1,287,437 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Gain                  on Extinguishment of Indebtedness                                            |   |   |   |   |   |   |   |   | (373,416 | ) |
| Interest                  Income                                                                   |   |   | (10,082 | ) |   | 0 |   |   | (10,082 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Net                  Income                                                                        |   | $ | (462,868 | ) | $ | (25,353 | ) |   | (903,939 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
|     Net                  Loss Per Share of Common Stock                        |   | $ | (0.16 | ) | $ | (0.02 | ) |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| Weighted                  Average Number of Shares                                                 |   |   | 2,882,255 |   |   | 1,110,987 |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |
| The                  accompanying notes are an integral part of these                  statements. |

----

| **STUDIO                  ONE MEDIA, INC.**                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **(A                  DevelpmentStage Company)**                                                                                                                                    |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **STATEMENTS                  OF STOCKHOLDERS' DEFICIENCY**                                                                                                                         |
| **Three                  Months Ended September 30, 2006 and Years Ended June 30, 2006,                  2005, 2004                  and 2003**                                     |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated  |   |   | Accumulated |   |   |   |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Deficit  |   |   | Deficit |   |   |   |   |
|                                                                                                                                                                                |   |   | Preferred                  Stock  |   |   | Common                  Stock |   |   | Paid                  In |   |   | Pre-Development |   |   | Development |   |   | Total |   |
|                                                                                                                                                                                |   |   | Shares  |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Capital |   |   | Stage |   |   | Stage |   |   | Equity |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  June 30, 2002                                                                                                                                             |   |   | 524,044 |   |   | 524 |   |   | 1,065,984 |   |   | 1,066 |   |   | 23,343,180 |   |   | (24,404,302 | ) |   | 0 |   |   | (1,059,532 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares surrendered and cancelled                                                                                                                     |   |   |   |   |   |   |   |   | (36,458 | ) |   | (36 | ) |   | 36 |   |   |   |   |   |   |   |   | 0 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 0 |   |   | (118,808 | ) |   | (118,808 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  June 30, 2003                                                                                                                                             |   |   | 524,044 |   |   | 524 |   |   | 1,029,526 |   |   | 1,030 |   |   | 23,343,216 |   |   | (24,404,302 | ) |   | (118,808 | ) |   | (1,178,340 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares issued  for services                                                                                                                          |   |   |   |   |   |   |   |   | 29,000 |   |   | 29 |   |   | 21,721 |   |   |   |   |   |   |   |   | 21,750 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 0 |   |   | (107,613 | ) |   | (107,613 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  June 30, 2004                                                                                                                                             |   |   | 524,044 |   |   | 524 |   |   | 1,058,526 |   |   | 1,059 |   |   | 23,364,937 |   |   | (24,404,302 | ) |   | (226,421 | ) |   | (1,264,203 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares issued for services                                                                                                                           |   |   |   |   |   |   |   |   | 65,000 |   |   | 65 |   |   | 48,685 |   |   |   |   |   |   |   |   | 48,750 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 0 |   |   | (106,677 | ) |   | (106,677 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  June 30, 2005                                                                                                                                             |   |   | 524,044 |   |   | 524 |   |   | 1,123,526 |   |   | 1,124 |   |   | 23,413,622 |   |   | (24,404,302 | ) |   | (333,098 | ) |   | (1,322,130 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares issued  for services                                                                                                                          |   |   |   |   |   |   |   |   | 300,000 |   |   | 300 |   |   | 332,200 |   |   |   |   |   |   |   |   | 332,500 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares issued in purchase of promissory notes                                                                                                        |   |   |   |   |   |   |   |   | 839,227 |   |   | 839 |   |   | 313,274 |   |   |   |   |   |   |   |   | 314,113 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares issued in  purchase of securities                                                                                                        |   |   |   |   |   |   |   |   | 50,000 |   |   | 50 |   |   | 93,950 |   |   |   |   |   |   |   |   | 94,000 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares issued for  cash                                                                                                                         |   |   |   |   |   |   |   |   | 478,571 |   |   | 479 |   |   | 198,521 |   |   |   |   |   |   |   |   | 199,000 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (107,973 | ) |   | (107,973 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  June 30, 2006                                                                                                                                             |   |   | 524,044 |   |   | 524 |   |   | 2,791,324 |   |   | 2,792 |   |   | 24,351,567 |   |   | (24,404,302 | ) |   | (441,071 | ) |   | (490,490 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    Shares issued for services                                                                                                                           |   |   |   |   |   |   |   |   | 124,834 |   |   | 125 |   |   | 320,582 |   |   |   |   |   |   |   |   | 320,707 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                  Shares issued for cash                                                                                                                                      |   |   |   |   |   |   |   |   | 96,667 |   |   | 97 |   |   | 144,903 |   |   |   |   |   |   |   |   | 145,000 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 0 |   |   | (462,868 | ) |   | (462,868 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  September 30, 2006                                                                                                                                        |   |   | 524,044 |   |   | 524 |   |   | 3,012,825 |   |   | 3,014 |   |   | 24,817,052 |   |   | (24,404,302 | ) |   | (903,939 | ) |   | (487,651 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| On                  May 6, 2004 the company executed a 60:1 reverse stock split of                  its common                  shares.  The effect of this split has          |   |   |   |   |   |   |   |   |   |   |   |   |
|      been                  retroactively applied to this statement along with a 6,608 share                  adjustment for transfer agent rounding error. |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The                  accompanying notes are an integral part of these                  notes                                                                                        |

----

|  **STUDIO                    ONE MEDIA, INC.**                                                    |
|--------------------------------------------------------------------------------------------------------|
| **(A                    Development Stage Company)**                                                   |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **STATEMENTS                    OF CASH FLOWS**                                                        |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                   |   |   |   |   |   |   |   |   | **Cumulative**  |   |
|                                                                                                   |   |   | **Three                    Months Ended**  |   |   | **Three                    Months Ended** |   |   | **July                    1, 2002 through** |   |
|                                                                                                   |   |   | **September                    30, 2006**  |   |   | **September                    30, 2005** |   |   | **September                    30, 2006** |   |
|                                                                                                   |   |   | **(Unaudited)**  |   |   | **(Unaudted)** |   |   | **(Unaudited)** |   |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| *    Cash                    Flows From Operations*                                |   |   |   |   |   |   |   |   |   |   |
| Net                    Profit (Loss)                                                                   |   |   | ($462,868 | ) |   | ($25,353 | ) |   | (903,939 | ) |
| Changes                    in Assets & Liabilities:                                                |   |   |   |   |   |   |   |   |   |   |
|     Depreciation/Amortization                                                      |   |   | 1,057 |   |   | 0 |   |   | 1,057 |   |
|     Accrued                    Interest Receivable                                 |   |   | (10,082 | ) |   | 0 |   |   | (10,082 | ) |
|     Notes                    Receivable                                            |   |   | (6,000 | ) |   | 0 |   |   | (436,404 | ) |
|     Investments                    -                    Securities                 |   |   | 0 |   |   | 0 |   |   | (94,000 | ) |
|     Deposits                                                                       |   |   | 0 |   |   | 0 |   |   | (6,400 | ) |
|     Accounts                    Payable                                            |   |   | (570 | ) |   | 0 |   |   | (335,073 | ) |
|     Accrued                    Interest Payable                                    |   |   | 16,990 |   |   | 17,604 |   |   | 292,393 |   |
|     Wages                    Payable                                               |   |   | 0 |   |   | 0 |   |   | (16,072 | ) |
| Net                    Cash From Operations                                                            |   |   | (461,473 | ) |   | (7,749 | ) |   | (1,508,520 | ) |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| *    Cash                    Flows from Investment*                                |   |   |   |   |   |   |   |   |   |   |
| Proceeds                    from Disposal of Assets                                                    |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Dividends                    received                                                                  |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Purchase                    of Fixed Assets                                                            |   |   | (10,390 | ) |   | 0 |   |   | (10,390 | ) |
| Net                    Cash from Investment                                                            |   |   | (10,390 | ) |   | 0 |   |   | (10,390 | ) |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| *    Cash                    Flows from Financing*                                 |   |   |   |   |   |   |   |   |   |   |
| Dividends                    paid                                                                      |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Issuance                    of Stocks                                                                  |   |   | 465,436 |   |   | 0 |   |   | 1,418,741 |   |
| Increase                    in Notes Payable                                                           |   |   | 43,400 |   |   | 0 |   |   | 137,348 |   |
| Increase                    in Long Term Debt                                                          |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Net                    Cash from Financing                                                             |   |   | 508,836 |   |   | 0 |   |   | 1,556,089 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Net                    Increase (Decrease) in Cash                                                     |   |   | 36,973 |   |   | 0 |   |   | 37,179 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Cash,                    Beginning of Period                                                           |   |   | 206 |   |   | 0 |   |   | 0 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Cash,                    End of Period                                                                 |   | $ | 37,179 |   | $ | 0 |   | $ | 37,179 |   |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| The                    accompanying notes are an integral part of these                    statements. |

----

**STUDIO          ONE MEDIA, INC.**

**NOTES          TO FINANCIAL STATEMENTS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**Note      1: Summary of Significant Accounting Policies**

**DESCRIPTION      OF BUSINESS, FINANCING AND BASIS OF FINANCIAL STATEMENT**

**PRESENTATION**

**LIQUIDITY      AND CAPITAL RESOURCES**

----

**STUDIO          ONE MEDIA, INC.**

**NOTES          TO FINANCIAL STATEMENTS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**Note      1: Summary of Significant Accounting Policies - continued**

**INCOME      TAXES**

**LOSS      PER SHARE**

**USE      OF ESTIMATES**

**STOCK-BASED      COMPENSATION**

**Note      2: Accounts Payable, Accrued Expenses**

----

**STUDIO          ONE MEDIA, INC.**

**NOTES          TO FINANCIAL STATEMENTS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**Note      2: Accounts Payable, Accrued Expenses -      continued**

|                            |   |   | 9-30-06 |   |   | 9-30-05 |   |
|---------------------------------|--------|--------|---------|--------|--------|---------|--------|
|                            |   |   |    |   |   |    |   |
| Accounts                Payable |   | $      | 44,683  |   | $      | 441,887 |   |
| Accrued                Interest |   |   | 323,795 |   |   | 257,003 |   |
| Salaries                        |   |   | 0       |   |   | 16,072  |   |
|                            |   |   |    |   |   |    |   |
| Total                           |   | $      | 368,478 |   | $      | 714,962 |   |

**Note      3: Short-Term Borrowings**

|                                  |   |   | Rates  |   |   | 9/30/06 |   |   | 9/30/05 |   |
|---------------------------------------|--------|--------|-------------|--------|--------|---------|--------|--------|---------|--------|
|  Investors                Group  |   |   | 10          | %      | $      | 399,253 |   | $      | 399,253 |   |
| Convertible                Debentures |   |   | 12-14       | %      |   | 45,000  |   |   | 45,000  |   |
| Secured                Note           |   |   | 12          | %      |   | 180,000 |   |   | 180,000 |   |
| Individual                            |   |   |        |   |   | 8,267   |   |   | 8,267   |   |
|                                  |   |   |        |   | $      | 632,520 |   | $      | 632,520 |   |

**Note      4: Commitments and Contingencies**

----

**STUDIO          ONE MEDIA, INC.**

**NOTES          TO FINANCIAL STATEMENTS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**Note      5: Common Stock**

**Note      6: Preferred Stock**

|                                 |   |   | Allocated  |   |   | Outstanding |   |
|--------------------------------------|--------|--------|-----------------|--------|--------|-------------|--------|
| Series                A Preferred    |   |   | 100,000         |   |   | 15,500      |   |
| Series                B Preferred    |   |   | 200,000         |   |   | 3,500       |   |
| Series                C Preferred    |   |   | 1,000,000       |   |   | 13,404      |   |
| Series                D Preferred    |   |   | 375,000         |   |   | 130,000     |   |
| Series                E Preferred    |   |   | 375,000         |   |   | 275,000     |   |
| Series                P Preferred    |   |   | 600,000         |   |   | 86,640      |   |
| Total                Preferred Stock |   |   | 2,650,000       |   |   | 524,044     |   |

----

**STUDIO          ONE MEDIA, INC.**

**NOTES          TO FINANCIAL STATEMENTS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**Note      6: Preferred Stock - continued**

**Note      7: Stock Option Plan and Equity Incentive Plan**

      The Plan      has now expired.

----

**STUDIO            ONE MEDIA, INC.**

**NOTES            TO FINANCIAL STATEMENTS**

**THREE            MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**Note      7: Stock Option Plan and Equity Incentive Plan**
** -      continued**

|                                                           |   |   | 9/30/06  |   |   | 9/30/05               |   |
|----------------------------------------------------------------|--------|--------|---------------|--------|--------|-----------------------|--------|
|  Net                loss available to common shareholders |   | $      | (462,868      | )      | $      | (25,353               | )      |
| Net                loss - pro forma                            |   | $      | (462,868      | )      | $      | (25,353               | )      |
| Net                loss per share - as reported                |   | $      | 0.16          |   | $      | $                0.02 |   |
| Net                loss - pro forma                            |   | $      | 0.16          |   | $      | 0.02                  |   |

**Note      8: Income Taxes**

|  Deferred              tax assets:                                     |   |   |       |   |
|-----------------------------------------------------------------------------|--------|--------|------------|--------|
|      Goodwill                                      |   | $      | 173,000    |   |
|      Net              operating loss carryforwards |   |   | 8,857,884  |   |
|                                                                        |   |   | 9,030,884  |   |
|                                                                        |   |   |       |   |
|  Net              deferred tax asset                                   |   |   | 9,030,884  |   |
|  Valuation              allowance                                      |   |   | (9,030,884 | )      |
|                                                                        |   |   |       |   |
| Net                deferred tax asset reported                              |   | $      | --         |   |

----

**STUDIO          ONE MEDIA, INC.**

**NOTES          TO FINANCIAL STATEMENTS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**Note      8: Income Taxes - continued**

**NOTE       9.         **
**The      Effect of Recent Account Standards**

**Statement      No. 150 Accounting for Certain Financial Instruments with Characteristics of      both Liabilities and Equity (Issued 5/03)**

**Statement      No. 151 Inventory Costs-an amendment of ARB No. 43, Chapter 4 (Issued      11/04)**

*Inventory      Pricing*

**Statement      No. 152 Accounting for Real Estate Time-Sharing Transactions (an amendment      of      FASB Statements No. 66 and 67)**

*Accounting      for Sales of Real Estate*
*Accounting      for Real Estate Time-Sharing Transactions*

*for      Costs and Initial Rental Operations of Real Estate Projects*

----

**STUDIO          ONE MEDIA, INC.**

**NOTES          TO FINANCIAL STATEMENTS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2006 AND 2005**

**NOTE       9.         **The      Effect of Recent Account Standards -      continued****

**Statement      No. 153 Exchanges of Non-monetary Assets (an amendment of APB Opinion No.      29)**

*Accounting      for Non-monetary Transactions*

----

|   | **•** | increased                  competitive pressures from existing competitors and new entrants; |
|--------|-------------|----------------------------------------------------------------------------------------------|

|   | **•** | increases                  in interest rates or our cost of borrowing or a default under any                  material                  debt agreements; |
|--------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | deterioration                  in general or regional economic conditions; |
|--------|-------------|----------------------------------------------------------------------------|

|   | **•** | adverse                  state or federal legislation or regulation that increases the costs                  of                  compliance, or adverse findings by a regulator with respect to                  existing                  operations; |
|--------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **•** | successful                  entrance into the alternative fuel industry; |
|--------|-------------|--------------------------------------------------------------------------|

|   | **•** | loss                  of customers or sales weakness; |
|--------|-------------|-------------------------------------------------------|

|   | **•** | inability                  to achieve future sales levels or other operating results; |
|--------|-------------|---------------------------------------------------------------------------------------|

|   | **•** | unavailability                  of funds for capital expenditures and/or general working capital;                  and |
|--------|-------------|------------------------------------------------------------------------------------------------------------------------|

|   | **•** | operational                  inefficiencies in distribution or other systems. |
|--------|-------------|-------------------------------------------------------------------------------|

----

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

**THREE        MONTHS ENDED SEPTEMBER 30, 2006 AND 2005 **

**OVERVIEW**

**RESULTS        OF OPERATIONS **

**LIQUIDITY        AND CAPITAL RESOURCES **

----

**ITEM        2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS        OF        OPERATIONS - continued**

**ITEM        3. CONTROLS AND PROCEDURES**

         

**PART        II - OTHER INFORMATION **

**ITEM        1. LEGAL PROCEEDINGS**

**ITEM        2. CHANGES IN SECURITIES AND USE OF PROCEEDS**

**ITEM        3. DEFAULTS UPON SENIOR SECURITIES**

----

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

**ITEM        5. OTHER INFORMATION**

**Change        of Name**

**Subsequent        Events**

**ITEM        6. EXHIBITS**

**NO.**         **TITLE**

| 10.1 | Accord                  and Satisfaction, dated October 11, 2006, between Studio One Media,                  Inc.,                  and Russell                  H. Ritchie, Dale E. Riker, Suntine Enterprises, LLC, and Cornerstone                  Wireless Communications, LLC. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification                  of Chief Executive Officer and of Chief Financial officer pursuant                  to the                  Securities Exchange Act of 1934, Rules 13a-14 and 15d-14, as adopted                  pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification                  of Chief Executive Officer and of Chief Financial officer pursuant                  to 18                  U.S.C. Section 1350, as adopted pursuant to Section 906 of the                  Sarbanes-Oxley Act of 2002 |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES**

|                                                              |                                                                             |                                                          |
|-------------------------------------------------------------------|----------------------------------------------------------------------------------|---------------------------------------------------------------|
|                                                              | **STUDIO                  ONE MEDIA, INC.**                                      |
|                                                         |                                                                        |                                                     |
| Date:                   *November                  14, 2006* | By:                                                                    | /s/                   *Preston                  J. Shea* |
|                                                              | *Preston                  J. Shea*                                               |
|                                                              | *Financial                  officer (Principal Executive and Financial Officer)* |

----