Mac Filmworks, Inc - Statements of Operations Three and Six...

Mac Filmworks, Inc - Recent Material Event

Item 1.	Financial Statements.

		Balance Sheets dated June 30, 2007 and
		December 31, 2006 (unaudited)

		Statements of Operations Three and Six Months Ended June 30, 2007 and 2006, and the Period from
		November 22, 1994 (Inception) to June 30, 2007 (unaudited)

		Statements of Cash Flows Three and Six Months Ended June 30, 2007 and 2006, and the Period from
		November 22, 1994 (Inception) to June 30, 2007 (unaudited)

		Notes to Financial Statements (unaudited)

	Item 2.	Management’s Discussion and Analysis

	Item 3.	Controls and Procedures

Part II		Other Information

	Item 1.	Legal Proceedings

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

	Item 3.	Defaults Upon Senior Securities

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

	Item 5.	Other Information.

	Item 6.	Exhibits and Reports on Form 8-K

		Signatures

PART I

ITEM 1. FINANCIAL STATEMENTS

MAC FILMWORKS, INC.

(A Development Stage Company)

BALANCE SHEETS

(unaudited)

	June 30,			December 31,


Assets
Current Assets
Cash	$	3,457		$	160,280
Accounts Receivable		32,628			-
Total Current Assets		36,085			160,280
Film library (net of accumulated amortization of
$10,743 and $4,526, respectively)		51,425			17,641
Equipment and software (net of accumulated depreciation
of $6,737 and $6,529)		1,453			-

Total Assets	$	88,963		$	177,921

Liabilities and Stockholders' Deficit

Current Liabilities
Accounts payable	$	68,436		$	6,389
Due to related parties		345,184			268,683
Accrued officer salary		423,609			344,928
Deferred revenue		20,750			20,750
Total Current Liabilities		857,979			640,750

Commitments and contingences		-			-

Stockholders' Deficit
Preferred stock, $.0001 par, 10,000,000 shares
authorized, no shares issued or outstanding		-			-
Common stock, $.0001 par, 50,000,000 shares
authorized, 11,804,658 and 10,804,658 shares issued
and outstanding respectively		1,180			1,080
Paid-in capital		1,601,429			1,437,719
Deficit accumulated during the development stage		(2,371,625	)		(1,901,628	)
Total Stockholders' Deficit		(769,016	)		(462,829	)
Total Liabilities and Stockholders' Deficit	$	88,963		$	177,921

MAC FILMWORKS, INC.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

For the Three and Six Months Ended June 30, 2007 and 2006,

and the Period from November 22, 1994 (Inception) to

June 30, 2007

(Unaudited)

										Inception to
	Three Months					Six Months				June 30,


Revenues	$	50,499		$	-	$	56,536	$	-	$	82,042

Operating Expenses
General and administrative		357,562			83,591		507,298		133,554		3,113,041
Imputed film storage rental costs		3,600			1,800		3,600		3,600		68,400
Depreciation and amortization		3,316			2,230		6,424		3,435		24,978
Impairment expense		-			-		-		-		1,016,200
Debt forgiveness		-			-		-		-		(27,500	)
Total operating expenses		364,478			87,621		517,322		140,589		4,195,119
Loss from Operations		(313,979	)