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

Forward-Looking Statements
Certain statements contained in this report may not be based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements may be identified by reference to a future-period(s) or by the use of forward-looking terminology, such as "anticipate," "believe," "estimate," "expect," "foresee," "may," "might," "will," "intend," "could," "would," or "plan" or future or conditional verb tenses, and variations or negatives of such terms.

These forward-looking statements include, without limitation, the basis of presentation of our financial statements, charges to consulting clients, the impact of recent accounting pronouncements, the impact of radio station acquisitions, radio advertising growth, pending acquisitions, the future use of Black-Scholes method of valuation, market trends, our need for additional capital, our ability to raise capital through debt and equity financing, the terms of any financing the we may obtain, the incurrence of accounting and legal fees in connection with acquisitions and the effectiveness of our disclosure controls and procedures.

We caution you not to place undue reliance on the forward-looking statements contained in this report, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors. These factors include, but are not limited to, our ability to provide and market competitive service and products, our ability to diversify revenue, our ability to attract, train and retain qualified personnel, our ability to operate and integrate new technology, changes in consumer preference, changes in our operating or expansion strategy, changes in economic conditions, fluctuation in prevailing interest rates, our ability to identify and effectively integrate potential acquisitions, FCC and government approval of potential acquisition, our inability to renew one or more of our broadcast licenses, our ability to manage growth and effectively serve an expanding customer and market base, geographic concentrations of our assets and susceptibility to economic downturns in that area, availability of and costs associated with maintaining and/or obtaining adequate and timely sources of capital and liquidity, our ability to compete with other companies that produce and distribute syndicated radio programs and/or own radio stations, shifts in populations and other demographics, changes in governmental regulations, laws and regulations as the affect companies that produce and distribute syndicated radio programs and/or own radio stations, industry conditions, the popularity of radio as a broadcasting and advertising medium, cancellation, disruption or postponements of advertising schedules in response to national or world events, possible adverse ruling, judgments, settlements, and other outcomes of pending or threatened litigation, other factors generally understood to affect the financial condition or results of companies that produce and distribute syndicated radio programs and/or own radio stations and other factors detailed from time to time in our press releases and filings with the Securities and Exchange Commission. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this report.

Overview

A Radio Advertising Bureau report issued in January of 2009 indicated that local advertisers, the largest advertisers which are served in small markets, decreased their overall advertising by 10% in 2008. Despite this report, we realized growth in half of our markets while the industry as a whole declined. Management believes that local market advertisers are advertising more in order to compete during the economic slowdown. Non-broadcast radio revenue ("non-spot revenue") remained steady during the first quarter of 2009. Our small market focus allows us to capitalize on the growth in local markets and non-spot revenue as we participate as active members in the communities in which we operate. For the three months ended march 31, 2009, combined net revenue from radio, multi-media, media purchasing and syndication increased 4.8% compared to the same period in 2008.

Our management team remains focused on our strategy of pursuing growth through acquisition. However, acquisitions are closely evaluated to ensure that they will generate stockholder value and our management is committed to completing only those acquisitions that it believes will increase our share price.

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Results of Operations

For the three months ended March 31, 2009 and 2008

On a consolidated basis, we generated $474,327 in net revenue for the quarter ended March 31, 2009, an increase of $22,982 or 4.8%, compared to $451,345 for the quarter ended March 31, 2008. Approximately $22,982 of this increase relates to growth in the Vicksburg, Mississippi radio station market, specifically in our owned and operated radio broadcast station WBBV FM, and our LMA station KLSM FM.

On a consolidated basis, advertising expense was $6,739 for the quarter ended March 31, 2009 a decrease of 32,741 or 93%, compared to $39,480 for the quarter ended March 31, 2008. This decrease is attributable to termination and expiration of public relations and investor relations contracts that were entered into between Debut Broadcasting and Politis Communications, Agoracom, Inc, and Rubicon Capital Partners.

On a consolidated basis, operating expense was $588,302 for the quarter ended March 31, 2009, an increase of $16,677 or 3.7%, compared to $604,979 for the quarter ended March 31, 2008. The decrease in operating expenses, relates to cost cutting including staffing reductions which were instituted in the first quarter of 2009.

On a consolidated basis, depreciation and amortization expense was $49,190 for the quarter ended March 31, 2009, an increase of $15,718 or 32%, compared to $33,472 for the quarter ended March 31, 2008. The primary reason for the increase relates to the assets acquired as part of the WBBV acquisition.

As a result of the foregoing revenue and expenses, our overall net loss for the three month period ending March 31, 2009 and March 31, 2008 was $244,807 and $260,796, respectively.

Liquidity and Capital Resources

As of March 31, 2009, we had current Assets in the amount of $1,390,768, consisting of $12,927 in Cash and Cash Equivalents, $887,686 in Accounts Receivable, $490,155 in Other Current Assets. As of March 31, 2009, we had Current Liabilities in the amount of $2,348,069, consisting of $259,366 in Accounts Payable, $259,336 in Accrued Expenses and Taxes, $750,000 in notes payable to shareholders, $774,212 in Lines of Credit and $78,998 in Current Portion of Long Term Debt. This combination of assets and liabilities resulted in a working capital deficit in the amount of $957,301. The working capital deficit is largely attributable to seasonality in the radio advertising industry.

We will require additional capital to execute our plan to grow through the acquisition of radio stations and radio station clusters. We do not presently have sufficient capital to make acquisitions or to guarantee our continued long-term operations. We intend to raise additional capital over the next twelve months through refinancing and restructuring our debt.

Recent Events

None

Off Balance Sheet Arrangements

As of March 31, 2009, there were no off balance sheet arrangements.

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Critical Accounting Policies

In December 2001, the SEC requested that all registrants list their most "critical accounting polices" in the Management Discussion and Analysis. The SEC indicated that a "critical accounting policy" is one which is both important to the portrayal of a company's financial condition and results, and requires management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. We believe that the following accounting policies fit this definition.

Revenue and Cost Recognition

The Company recognizes its advertising and programming revenues when the Company's radio shows air on its contracted radio station affiliates. Generally, the Company is paid by a national advertising agency, which sells the commercial time provided by the affiliate.

As the Company earns its revenue from the national advertising agency, it also recognizes any amounts due to the individual shows, which are based on the audience level generated by the specific program. Expenses are accrued at the time the shows are run.

Consulting projects are generally negotiated at a fixed price per project; however, if the Company utilizes its advertising capacity as part of the consulting project, it will charge the consulting client in the same manner as the affiliated stations described more fully above. Consulting fee income is recognized as time is incurred under the terms of the contract.

Advertising

The Company expenses advertising costs as they are incurred. Total advertising costs of $39,490 and $17,653 are included in the financial statements for the quarter ended March 31, 2009 and March 31, 2008, respectively.

Reclassifications

To maintain consistency and comparability, certain amounts from prior years have been reclassified and combined, where appropriate, to conform to the current-year financial statement presentation.

New Accounting Pronouncements

The Company adopted the provisions of Financial Accounting Standards Board ("FASB") Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109 ("FIN 48"), on May 17, 2007. This interpretation increases the relevancy and comparability of financial reporting by clarifying the way companies account for uncertainty in income taxes. FIN 48 prescribes a consistent recognition threshold and measurement attribute, as well as clear criteria for subsequently recognizing, derecognizing and measuring such tax positions for financial statement purposes. The interpretation also requires expanded disclosure with respect to the uncertainty in income taxes