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

                                   FORM 10-QSB
(Mark One)

[ X ]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the quarterly period ended    March 31, 1998

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

For the transition period from ________________ to _______________

Commission File No.     33-55254-25

                            VisionGlobal Corporation
        (Exact name of Small Business Issuer as specified in its charter)

         NEVADA                                       87-0438636
(State or other jurisdiction of         (I.R.S. Employer Identification Number)
incorporation or organization)

599 Lexington Avenue, Suite 2300
New York, New York                                                  10022
(Address of principal executive offices)                          (Zip Code)


Issuer's telephone number, including area code     (212) 745-1181

         Indicate  by check mark  whether  the Issuer (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the preceding 12 months (or for such shorter  period that the Issuer
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. [ ] Yes [X] No

         Indicate  the  number of  shares  outstanding  of each of the  Issuer's
classes of common stock, as of the latest practicable date.

              Class                          Outstanding as of March 31, 1998
------------------------------------         --------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK                   11,000,000 SHARES


<PAGE>



                         PART 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements.

BASIS OF REPRESENTATION

General

         The accompanying  unaudited financial  statements have been prepared in
accordance with the instructions to Form 10-QSB and,  therefore,  do not include
all information and footnotes necessary for a complete presentation of financial
position,  results  of  operations,  cash  flows and  stockholders'  deficit  in
conformity  with generally  accepted  accounting  principles.  In the opinion of
management,  all adjustments considered necessary for a fair presentation of the
results of  operations  and  financial  position have been included and all such
adjustments are of a normal recurring nature.  Operating results for the quarter
ended March 31, 1998, are not necessarily  indicative of the results that can be
expected for the year ending December 31, 1998.

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

         The  Company  has had no  operational  history and has yet to engage in
business of any kind.  All risks inherent in new and  inexperienced  enterprises
are inherent in the Company's  business.  The Company's  major  activity for the
quarter ended March 31, 1998 was the acquisition of VisionCorp, Inc.
as a subsidiary.

         During the  quarter,  the  Company  spent  about  $142,000  for various
administrative  expenses  to develop  the  business  of  VisionCorp  including a
payment of about $34,000 towards an option with Geophysical  Technology  Limited
which has various imaging technology.

         VisionCorp  is at present a holding  company whose  principal  business
will be to foster,  develop and manage companies in highly technical operations.
VisionCorp intends to become an operating company itself in the near future.

         The acquisition of Geophysical Technology Limited  ("Geophysical"),  an
Australian corporation, by VisionCorp is subject to the payment by VisionCorp of
$35,000 per month to Geophysical  until June,  1998 when it must pay $1,156,000,
the balance due for the purchase of its interest in Geophysical.  VisionCorp has
paid the first installment of $35,000 and is now in default of further payments;
however,  based on negotiations with the management of Geophysical,  the Company
believes  that the  default  will be  waived  until  30th  June of 1998 when the
balance  payment is due. At this time the Company  does not have any  commitment
for  obtaining  the  necessary  funds to proceed  with the  finalization  of the
agreement  with  Geophysical.  It should be noted in that respect that there are
always  uncertainties  in raising funds for new  businesses  and  therefore,  no
assurances  are given that when  needed,  the funds  necessary  to complete  the
purchase will be available.

         VisionCorp  also owns  Greatlands  WaterWorks  Limited,  an  Australian
corporation,  ("Greatlands"),  which  in turn has an  option  to  acquire  a 60%
interest in a worldwide  technology  for  manufacturing  and  distributing  of a
proprietary water treatment material which absorbs heavy metal contaminants from
industrial  waste  water,  municipal  water,  boiler  water and  cooling  water.
Greatlands  considers this product,  known as the "Kaolin Amorphous  Derivative"
(or "KAD"), to be an extremely  efficient and high capacity  adsorbent to remove
heavy metal contaminants from water. KAD is expected to be inexpensive to make


<PAGE>



and safe to use. This material can be  regenerated  after use and made available
to be used  again,  which  makes KAD an  attractive  alternative  because of the
reduction in operating  costs KAD can provide.  In order to obtain the licensing
rights, Greatlands must spend over $900,000 during the first year in development
costs and once  Greatlands  has invested a total of  $1,700,000  in  development
costs,  the option for a 60%  interest  in the  license  will  automatically  be
exercised  with a  commitment  to invest a further  $1,200,000.  Once a total of
$3,200,000  has been  invested,  any further funds spent will  translate into an
increased equity position.

         The  Company  has no  liquidity  and  no  presently  available  capital
resources,  such as  credit  lines,  guarantees,  etc.  and  should a merger  or
acquisition prove unsuccessful, it is possible that the Company may be dissolved
by the State of Nevada for failing to file reports. Should management decide not
to  further  pursue its  acquisition  activities,  management  may  abandon  its
activities and the shares of the Company would become worthless.

         Based  on  current  economic  and  regulatory  conditions,   Management
believes that it is possible,  if not probable,  for a company like the Company,
to  negotiate  a merger  or  acquisition  with a  viable  private  company.  The
opportunity arises principally because of the high legal and accounting fees and
the length of time associated with the  registration  process of "going public".
However,  should any of these conditions  change, it is very possible that there
would be little or no  economic  value for  anyone  taking  over  control of the
Company.

                           PART II - OTHER INFORMATION

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits
                  99.1 Financial Statements as of March 31, 1998
                  27 Financial Data Schedule

         (b)      Reports on Form 8-K
                  An 8-K dated  January 26, 1998  announced the  acquisition  of
                  VisionCorp.

                  An 8-K  dated  March 3,  1998  announced  a name  change  from
                  Flamingo Capital, Inc. to VisionGlobal Corporation.




<PAGE>



                                   SIGNATURES

         Pursuant to the  requirements  of the  Securities  and  Exchange Act of
1934,  the Issuer has duly  caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                      VisionGlobal Corporation



Dated:   June 26, 1998                         /s/
                                               Martin G. Wotton,
                                               President and Director



<PAGE>


                                 SMITH & COMPANY
                          A PROFESSIONAL CORPORATION OF
                          CERTIFIED PUBLIC ACCOUNTANTS

MEMBERS OF:                                   10 WEST 100 SOUTH, SUITE 700
AMERICAN INSTITUTE OF                         SALT LAKE CITY, UTAH 84101
     CERTIFIED PUBLIC ACCOUNTANTS             TELEPHONE:       (801) 575-8297
UTAH ASSOCIATION OF                           FACSIMILE:       (801) 575-8306
     CERTIFIED PUBLIC ACCOUNTANTS             E-MAIL: smith&co@smithandcocpa.com
--------------------------------------------------------------------------------



                          INDEPENDENT AUDITOR'S REPORT

The Board of Directors and Shareholders
VisionGlobal Corporation

The  accompanying  consolidated  balance sheet of  VisionGlobal  Corporation and
subsidiaries as of March 31, 1998, and the related statements of operations, and
cash flows for the three  months  ended March 31, 1998 and 1997,  and the period
from inception to March 31, 1998, and the statements of changes in stockholders'
deficit for the period from  inception  to March 31, 1998 were not audited by us
and, accordingly, we do not express an opinion on them.



                                             /s/ Smith & Company
                                         CERTIFIED PUBLIC ACCOUNTANTS

Salt Lake City, Utah
June 26, 1998


                                       F-1

<PAGE>



                    VISIONGLOBAL CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                  March 31,
                                                                                    1998
                                                                           ----------------------
ASSETS
              CURRENT ASSETS
<S>                                                                        <C>                   
                  Cash in bank                                             $                  717
                                                                           ----------------------

                                              TOTAL CURRENT ASSETS                            717

                  Equipment                                                                11,099

OTHER ASSETS
                  Option                                                                   34,490
                                                                           ----------------------
                                                                                           34,490
                                                                           ----------------------

                                                                           $               46,306
                                                                           ======================

LIABILITIES & DEFICIT
              CURRENT LIABILITIES
                  Accounts payable                                         $                2,450
                  Payable - officer                                                       140,000
                                                                           ----------------------

                                         TOTAL CURRENT LIABILITIES                        142,450
                                                                           ----------------------

STOCKHOLDERS' DEFICIT 
                  Common Stock $.001 par value:
                      Authorized - 100,000,000 shares
                      Issued and outstanding
                         11,000,000 shares                                                 11,000
                  Additional paid-in capital                                                    0
                  Deficit accumulated during the
                      development stage                                                  (107,144)
                                                                           ----------------------

                                       TOTAL STOCKHOLDERS' DEFICIT                        (96,144)
                                                                           ----------------------

                                                                           $               46,306
                                                                           ======================
</TABLE>


                                       F-2

<PAGE>



                    VISIONGLOBAL CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                           4/16/86
                                                                     Three Months Ended                   (Date of
                                                                          March 31,                     inception) to
                                                                   1998               1997                 3/31/98
                                                            -----------------   -----------------  -----------------------
<S>                                                         <C>                 <C>                <C>                    
Net sales                                                   $               0   $               0  $                     0
Cost of sales                                                               0                   0                        0
                                                            -----------------   -----------------  -----------------------

                                              GROSS PROFIT                  0                   0                        0

General and administrative expenses                                   105,144                   0                  107,144
                                                            -----------------   -----------------  -----------------------

                                                  NET LOSS  $        (105,144)  $               0  $              (107,144)
                                                            =================   =================  =======================

Net income (loss) per weighted
           average share                                    $            (.01)  $             .00
                                                            =================   =================

Weighted average number of common
           shares used to compute net income
           (loss) per weighted average share                        9,222,222           1,000,000
                                                            =================   =================
</TABLE>


                                       F-3

<PAGE>



                    VISIONGLOBAL CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                           CONSOLIDATED STATEMENTS OF
                    CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                               Deficit
                                                                                                           Accumulated
                                                           Common Stock                 Additional            During
                                                         Par Value $0.001                Paid-in           Development
                                                     Shares            Amount            Capital               Stage
                                                 --------------    --------------    -----------------    --------------
<S>                                              <C>               <C>               <C>                  <C>
Balances at 4/16/86
         (Date of inception)                                  0    $            0    $               0    $            0
         Issuance of common stock
             (restricted) at $.002 per
             share at 4/16/86                         1,000,000             1,000                1,000
         Net loss for period                                                                                      (1,950)
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/86                                  1,000,000             1,000                1,000            (1,950)
         Net loss for year                                                                                           (10)
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/87                                  1,000,000             1,000                1,000            (1,960)
         Net loss for year                                                                                           (10)
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/88                                  1,000,000             1,000                1,000            (1,970)
         Net loss for year                                                                                           (10)
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/89                                  1,000,000             1,000                1,000            (1,980)
         Net loss for year                                                                                           (10)
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/90                                  1,000,000             1,000                1,000            (1,990)
         Net loss for year                                                                                           (10)
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/91                                  1,000,000             1,000                1,000            (2,000)
         Net income for year                                                                                           0
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/92                                  1,000,000             1,000                1,000            (2,000)
         Net income for year                                                                                           0
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/93                                  1,000,000             1,000                1,000            (2,000)
         Net income for year                                                                                           0
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/94                                  1,000,000             1,000                1,000            (2,000)
         Net income for year                                                                                           0
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/95                                  1,000,000             1,000                1,000            (2,000)
         Net income for year                                                                                           0
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/96                                  1,000,000             1,000                1,000            (2,000)
         Net income for period                                                                                         0
                                                 --------------    --------------    -----------------    --------------
Balances at 12/31/97                                  1,000,000             1,000                1,000            (2,000)
         Issuance of common stock
             (restricted) for
             subsidiaries at $.001
             per share at 1/16/98                    10,000,000            10,000               (1,000)
         Net loss for period                                                                                     (105,144)
                                                 --------------    --------------    -----------------    ---------------

Balances at 3/31/98                                  11,000,000    $       11,000    $               0    $      (107,144)
                                                 ==============    ==============    =================    ===============
</TABLE>


                                       F-4

<PAGE>



                    VISIONGLOBAL CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                                        4/16/86
                                                                                                       (Date of
                                                                  Three Months Ended March 31,       Inception) to
                                                                     1998              1997             3/31/98
                                                               ---------------    ---------------  ----------------
OPERATING ACTIVITIES
<S>                                                            <C>                <C>              <C>              
  Net (loss)                                                   $      (105,144)   $             0  $       (107,144)
  Adjustments to reconcile net (loss) to cash used
     by operating activities:
       Stock issued for expenses                                         9,000                  0             9,000
       Amortization                                                          0                  0                50
                                                               ---------------    ---------------  ----------------
                                               NET CASH USED
                                     BY OPERATING ACTIVITIES           (96,144)                 0           (98,094)

INVESTING ACTIVITIES
  Organization costs                                                         0                  0               (50)
  Purchase of equipment                                                (11,099)                 0           (11,099)
  Option                                                               (34,490)                 0           (34,490)
                                                               ---------------    ---------------  ----------------

                                    NET CASH PROVIDED (USED)
                                     BY INVESTING ACTIVITIES           (45,589)                 0           (45,639)

FINANCING ACTIVITIES
  Proceeds from sale of common stock                                         0                  0             2,000
  Cash from subsidiary                                                 142,450                  0           142,450
                                                               ---------------    ---------------  ----------------

                                        NET CASH PROVIDED BY
                                        FINANCING ACTIVITIES           142,450                  0           144,450
                                                               ---------------    ---------------  ----------------

                                            INCREASE IN CASH
                                        AND CASH EQUIVALENTS               717                  0               717

Cash and cash equivalents at beginning of year                               0                  0                 0
                                                               ---------------    ---------------  ----------------

                                   CASH AND CASH EQUIVALENTS
                                            AT END OF PERIOD   $           717    $             0  $            717
                                                               ===============    ===============  ================
</TABLE>

SUPPLEMENTAL INFORMATION
  During the quarter ended March 31, 1998, the Company issued  10,000,000 shares
  of restricted  common stock at par value to acquire  subsidiaries.  $9,000 was
  treated as an acquisition cost and charged to expense.






                                       F-5