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    June 30, 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)

     590 Madison Avenue, 21st Floor
         New York, New York                                     10022
(Address of principal executive offices)                     (Zip Code)

         599 Lexington Avenue, Suite 2300
         New York, New York                 10022
(Former Address)


Issuer's telephone number, including area code     (212) 521-4186

         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 June 30, 1998
------------------------------------       ---------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK               11,200,000 SHARES

                                        1

<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 six
months ended June 30, 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 (6/98)

         The  Company  remains a  development  stage  enterprise.  It 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 six months ended June 30, 1998
was the acquisition of VisionCorp, Inc. as a subsidiary.

         During the six months  ended June 30,  1998,  the  Company  spent about
$344,000  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.  The option
was forfeited when the Company  decided  against making the additional  required
payments.

         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,
however, no date is scheduled for operations to begin.

         VisionCorp also owned Greatlands  WaterWorks Limited, but abandoned the
subsidiary effective June 30, 1998, when its business plan did not materialize.

Assets
         The Company remains without  significant  assets and is presently being
supported by investment from various  sources.  The Company is now attempting to
raise capital to begin  operations.  Future  activities will be dependent on the
Company's ability to raise substantial new capital.

         While there cannot be any assurance that the Company will be successful
in  obtaining  substantial   investment,   the  Company  believes  that  if  its
negotiations  are  successful  in obtaining an agreement  with certain  internet
providers and internet related  operations,  it should be in a position to raise
the necessary capital to activate the Company.


                                        2

<PAGE>



Liabilities
         The liabilities of the Company  represent costs incurred in attempts to
establish business operations during the past quarter.

Operations
         The  Company  has had no  operating  revenues  as  demonstrated  by the
financial statements.  The expense associated with operations primarily consists
of general and  administrative  costs incurred  while  attempting to establish a
business  for the  Company by the  negotiation  of certain  options  held by the
Company to acquire  operations in the land mine discovery and removal  business,
water  purification and other related  businesses.  At the same time the Company
has been incurring  expenses in connection with its present attempt to obtain an
agreement for providing  certain  internet  services  which the Company hopes to
conclude in the near future.

Stockholders' Deficit
         The Company has an accumulated loss of $346,249 which has been incurred
to date during the development stage. At June 30, 1998 stockholders' deficit was
$157,118.

Item 5.  Other Information (1999)

         On May 7, 1999, the Company announced an additional corporate strategy.
The Company  which is currently  positioning  itself as a prime  contractor  for
ordnance detection and ordnance remediation utilizing geophysical  technologies,
has entered into talks with several  entities to  facilitate  their plan to take
advantage  of  the  rapidly  growing  Internet  and  technology  sector.  It  is
Management's  belief that the earnings  potential  that  currently  exist in the
convergence of media related  technologies  is significant  and will continue to
grow.  Additionally,  Management has found a lucrative synergistic  relationship
between the two sectors which to date has not been exploited.

         As of the date of this filing,  Management has secured funding interest
for the future growth and development of the Company.  Management  believes this
funding  will  provide  sufficient  working  capital  to  initiate   operations.
Management intends to file a Form 8-K to announce a recent acquisition and other
developments  for the  future  growth  of the  Company  (see May 7 item  above).
Management  has  decided  not  to  renew  negotiations   regarding   Geophysical
Technology  Limited.  However,  Management  is now focused on a more  attractive
opportunity to fulfill the Company's ambitions in the ordnance sector.



                                        3

<PAGE>



                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits
                  99.1 Financial Statements as of June 30, 1998
                  27 Financial Data Schedule

         (b)      Reports on Form 8-K
                  None

                                   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:  August 24, 1999                   /s/ Martin Wotton
                                                   Martin G. Wotton,
                                                   President and Director


                                        4

<PAGE>



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


<TABLE>
<CAPTION>
                                                                         June 30,                 December 31,
                                                                           1998                       1997
                                                                        (Unaudited)                 (Audited)
                                                                  ----------------------     --------------------
ASSETS
   CURRENT ASSETS
<S>                                                               <C>                        <C>
     Cash in bank                                                 $                   45     $                  0
                                                                  ----------------------     --------------------

                                            TOTAL CURRENT ASSETS                      45                        0
                                                                  ----------------------     --------------------

                                                                  $                   45     $                  0
                                                                  ======================     ====================

LIABILITIES & DEFICIT
   CURRENT LIABILITIES
     Accounts payable                                             $               10,800     $                  0
     Loans payable                                                                76,163                        0
     Payable - officer                                                            70,200                        0
                                                                  ----------------------     --------------------

                                       TOTAL CURRENT LIABILITIES                 157,163                        0

   STOCKHOLDERS' DEFICIT
     Common Stock $.001 par value:
       Authorized - 100,000,000 shares
       Issued and outstanding 11,200,000 shares
         (1,000,000 in 1997)                                                      11,200                    1,000
     Additional paid-in capital                                                  177,931                    1,000
     Deficit accumulated during the
       development stage                                                        (346,249)                  (2,000)
                                                                  ----------------------     --------------------

                                     TOTAL STOCKHOLDERS' DEFICIT                (157,118)                       0
                                                                  ----------------------     --------------------

                                                                  $                   45     $                  0
                                                                  ======================     ====================
</TABLE>


                                      F - 1

<PAGE>



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

<TABLE>
<CAPTION>
                                                                                                                      4/16/86
                                                     Three Months Ended                Six Months Ended              (Date of
                                                          June 30,                         June 30,                inception) to
                                                   1998              1997           1998              1997            6/30/98
                                               -------------    -------------   -------------    -------------  ------------------
<S>                                            <C>              <C>             <C>              <C>            <C>
Net sales                                      $           0    $           0   $           0    $           0  $                0
Cost of sales                                              0                0               0                0                   0
                                               -------------    -------------   -------------    -------------  ------------------

                                GROSS PROFIT               0                0               0                0                   0

General and administrative expenses                  239,105                0         344,249                0             346,249
                                               -------------    -------------   -------------    -------------  ------------------

                                    NET LOSS   $    (239,105)   $           0   $    (344,249)   $           0  $         (346,249)
                                               =============    =============   =============    =============  ==================

Net income (loss) per weighted
   average share                               $        (.02)   $         .00   $        (.03)   $         .00
                                               =============    =============   =============    =============

Weighted average number of common
   shares used to compute net income
   (loss) per weighted average share              11,200,000        1,000,000      10,350,000        1,000,000
                                               =============    =============   =============    =============
</TABLE>


                                      F - 2

<PAGE>



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


<TABLE>
<CAPTION>
                                                                                                        4/16/86
                                                                        Six Months Ended               (Date of
                                                                            June 30,                 Inception) to
                                                                     1998              1997             6/30/98
                                                               ---------------    ---------------  ----------------
OPERATING ACTIVITIES
<S>                                                            <C>                <C>              <C>
  Net (loss)                                                   $      (344,249)   $             0  $       (346,249)
  Adjustments to reconcile net (loss) to cash used
     by operating activities:
       Amortization                                                          0                  0                50
  Changes in assets and liabilities:
       Accounts payable                                                 10,800                  0            10,800
       Payable - officer                                                70,200                  0            70,200
                                                               ---------------    ---------------  ----------------
                                               NET CASH USED
                                     BY OPERATING ACTIVITIES          (263,249)                 0          (265,199)

INVESTING ACTIVITIES
  Organization costs                                                         0                  0               (50)
                                                               ---------------    ---------------  ----------------

                                    NET CASH PROVIDED (USED)
                                     BY INVESTING ACTIVITIES                 0                  0               (50)

FINANCING ACTIVITIES
  Proceeds from sale of common stock                                         0                  0             2,000
  Loans                                                                 76,163                  0            76,163
  Cash from subsidiary                                                 187,131                  0           187,131
                                                               ---------------    ---------------  ----------------

                                        NET CASH PROVIDED BY
                                        FINANCING ACTIVITIES           263,294                  0           265,294
                                                               ---------------    ---------------  ----------------

                                            INCREASE IN CASH
                                        AND CASH EQUIVALENTS                45                  0                45

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

                                   CASH AND CASH EQUIVALENTS
                                            AT END OF PERIOD   $            45    $             0  $             45
                                                               ===============    ===============  ================
</TABLE>

SUPPLEMENTAL INFORMATION
  During the quarter ended March 31, 1998, the Company issued
  10,000,000 shares of restricted common stock to acquire
  subsidiaries.



                                      F - 3