| Colorado                       | (3670)                       | 84-1463284          |
|--------------------------------|------------------------------|---------------------|
| (State or jurisdiction of      | (Primary Standard Industrial | (I.R.S. Employer    |
| incorporation or organization) | Classification Code Number)  | Identification No.) |

| Large accelerated filer  ̈                                                  | Accelerated filer  ̈         |
|--------------------------------------------------------------------------------------|----------------------------------|
| Non-accelerated filer  ̈ (Do not check if a smaller reporting company) | Smaller reporting company x |

|    |   |                                                                                        |   | Page   |
|---------|--------|---------------------------------------------------------------------------------------------|--------|--------|
|    |   | Part I                                                                                      |   |   |   |
|    |   |                                                                                        |   |   |   |
| Item 1  |   | Financial Statements                                                                        |   | 3      |   |
|    |   | Condensed Consolidated Balance Sheets (unaudited)                                           |   | 3      |   |
|    |   | Condensed Consolidated Statements of Operations (unaudited)                                 |   | 4      |   |
|    |   | Condensed Consolidated Statements of Cash Flows (unaudited)                                 |   | 5      |   |
|    |   | Notes to the Condensed Consolidated Financial Statements (unaudited)                        |   | 7      |   |
|    |   | Accounting Policies                                                                         |   | 7      |   |
| Item 2  |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   | 18     |   |
|    |   | Overview                                                                                    |   | 18     |   |
|    |   | Intellectual Property                                                                       |   | 20     |   |
|    |   | Liquidity and Capital Resources                                                             |   | 20     |   |
|    |   | Results of Operations                                                                       |   | 21     |   |
| Item 3. |   | Quantitative and Qualitative Disclosure about Market Risk                                   |   | 22     |   |
|    |   |                                                                                        |   |   |   |
|    |   | Part II                                                                                     |   |   |   |
|    |   |                                                                                        |   |   |   |
| Item 1  |   | Legal Proceedings.                                                                          |   | 22     |   |
| Item 1A |   | Risk Factors                                                                                |   | 23     |   |
| Item 2  |   | Unregistered Sales of Equity Securities and Use of Proceeds                                 |   | 23     |   |
| Item 3  |   | Defaults Upon Senior Securities                                                             |   | 23     |   |
| Item 4  |   | Removed and Reserved                                                                        |   | 23     |   |
| Item 5  |   | Other Information                                                                           |   | 23     |   |
| Item 6  |   | Exhibits and Reports on Form 8-K                                                            |   | 23     |   |
|    |   | Signatures                                                                                  |   | 24     |   |
|    |   | Exhibits                                                                                    |   |   |   |

|                                                                                                                                                                                              |   | March 31, 2011 |        |   | December 31, 2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|-------------|--------|-----------------------------|--------|
|                                                                                                                                                                                              |   | (unaudited)              |        |   |                        |   |
| Assets:                                                                                                                                                                                           |   |                     |        |   |                        |   |
| Current Assets:                                                                                                                                                                                   |   |                     |        |   |                        |   |
| Cash and cash equivalents                                                                                                                                                                         |   | $                        | 146,577     |   |                        | $      | 612,275 |   |
| Trade accounts receivable, net of allowance of $125,000 and $125,000, respectively                                                                                                                |   |                     | 4,376,822   |   |                        |   | 4,726,200 |   |
| Other accounts receivable                                                                                                                                                                         |   |                     | 988         |   |                        |   | 18,558 |   |
| Other accounts receivable, related party                                                                                                                                                          |   |                     | 16,547      |   |                        |   | 202,418 |   |
| Inventories, net of allowance of $375,000 and $355,000, respectively                                                                                                                              |   |                     | 4,544,971   |   |                        |   | 4,976,587 |   |
| Prepaid expenses and other                                                                                                                                                                        |   |                     | 389,033     |   |                        |   | 354,003 |   |
| Total current assets                                                                                                                                                                              |   |                     | 9,474,938   |   |                        |   | 10,890,041 |   |
|                                                                                                                                                                                              |   |                     |        |   |                        |   |   |   |
| Property and equipment, net                                                                                                                                                                       |   |                     | 1,201,293   |   |                        |   | 1,248,262 |   |
|                                                                                                                                                                                              |   |                     |        |   |                        |   |   |   |
| Other assets:                                                                                                                                                                                     |   |                     |        |   |                        |   |   |   |
| Investment - equity method                                                                                                                                                                        |   |                     | 175,301     |   |                        |   | 157,149 |   |
| Investments - long term                                                                                                                                                                           |   |                     | 102,627     |   |                        |   | 102,635 |   |
| Technology rights, net                                                                                                                                                                            |   |                     | 730,097     |   |                        |   | 796,351 |   |
| Other intangible assets, net                                                                                                                                                                      |   |                     | 8,940       |   |                        |   | 8,940 |   |
| Deposits and other                                                                                                                                                                                |   |                     | 52,601      |   |                        |   | 148,689 |   |
| Notes receivable, net                                                                                                                                                                             |   |                     | -           |   |                        |   | 15,831 |   |
| Debt offering costs, net                                                                                                                                                                          |   |                     | 259,639     |   |                        |   | 450,859 |   |
| Intangible, trademark and tradename CUI                                                                                                                                                           |   |                     | 4,892,856   |   |                        |   | 4,892,856 |   |
| Intangible, trademark and tradename V-Infinity                                                                                                                                                    |   |                     | 1,373,828   |   |                        |   | 1,373,828 |   |
| Intangible, patent pending technology                                                                                                                                                             |   |                     | 551,559     |   |                        |   | 551,559 |   |
| Intangible, customer list                                                                                                                                                                         |   |                     | 1,857,000   |   |                        |   | 1,857,000 |   |
| Intangible, Comex Electronics and CUI Japan                                                                                                                                                       |   |                     | 473,692     |   |                        |   | 473,692 |   |
| Goodwill, net                                                                                                                                                                                     |   |                     | 12,907,157  |   |                        |   | 12,907,157 |   |
| Total other assets                                                                                                                                                                                |   |                     | 23,385,297  |   |                        |   | 23,736,546 |   |
| Total assets                                                                                                                                                                                      |   | $                        | 34,061,528  |   |                        | $      | 35,874,849 |   |
|                                                                                                                                                                                              |   |                     |        |   |                        |   |   |   |
| Liabilities and stockholders' equity:                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Current liabilities:                                                                                                                                                                              |   |                     |        |   |                        |   |   |   |
| Accounts payable                                                                                                                                                                                  |   | $                        | 2,187,973   |   |                        | $      | 2,054,534 |   |
| Preferred stock dividends payable                                                                                                                                                                 |   |                     | 5,054       |   |                        |   | 5,054 |   |
| Demand notes payable                                                                                                                                                                              |   |                     | 1,805,646   |   |                        |   | 2,427,163 |   |
| Accrued expenses                                                                                                                                                                                  |   |                     | 1,292,876   |   |                        |   | 1,689,300 |   |
| Accrued compensation                                                                                                                                                                              |   |                     | 272,740     |   |                        |   | 399,013 |   |
| Unearned revenue                                                                                                                                                                                  |   |                     | 109,681     |   |                        |   | 70,030 |   |
| Notes payable, current portion due                                                                                                                                                                |   |                     | 4,714,707   |   |                        |   | 4,433,675 |   |
| Notes payable, related party, current portion due                                                                                                                                                 |   |                     | 127,643     |   |                        |   | 487,208 |   |
| Total current liabilities                                                                                                                                                                         |   |                     | 10,516,320  |   |                        |   | 11,565,977 |   |
| Long term notes payable, net of current portion due of $714,707 and $433,675, respectively                                                                                                        |   |                     | 1,111,515   |   |                        |   | 2,047,113 |   |
| Long term notes payable, related party, net of current portion due of $0 and $487,208, respectively                                                                                               |   |                     | 10,303,683  |   |                        |   | 10,308,983 |   |
| Total liabilities                                                                                                                                                                                 |   |                     | 21,931,518  |   |                        |   | 23,922,073 |   |
|                                                                                                                                                                                              |   |                     |        |   |                        |   |   |   |
| Commitments and contingencies                                                                                                                                                                     |   |                     |        |   |                        |   |   |   |
|                                                                                                                                                                                              |   |                     |        |   |                        |   |   |   |
| Stockholders' equity:                                                                                                                                                                             |   |                     |        |   |                        |   |   |   |
| Preferred stock, par value $0.001; 10,000,000 shares authorized                                                                                                                                   |   |                     | -           |   |                        |   | - |   |
| Convertible Series A preferred stock, 5,000,000 shares authorized, 50,543 shares issued and outstanding liquidation preference of $50,543 at March 31, 2011 and December 31, 2010, respectively   |   |                     | 51          |   |                        |   | 51 |   |
| Convertible Series B preferred stock, 30,000 shares authorized, and no shares outstanding at March 31, 2011 and December 31, 2010, respectively                                                   |   |                     | -           |   |                        |   | - |   |
| Convertible Series C preferred stock, 10,000 shares authorized, and no shares outstanding at March 31, 2011 and December 31, 2010, respectively                                                   |   |                     | -           |   |                        |   | - |   |
| Common stock, par value $0.001; 325,000,000 and 325,000,000 shares authorized and 214,282,472 and 214,045,673 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively |   |                     | 214,283     |   |                        |   | 214,046 |   |
| Common stock issuable; 0 and 50,000 shares authorized and issuable at March 31, 2011 and December 31, 2010, respectively                                                                          |   |                     | -           |   |                        |   | 50 |   |
| Additional paid-in capital                                                                                                                                                                        |   |                     | 85,821,512  |   |                        |   | 85,732,521 |   |
| Accumulated deficit                                                                                                                                                                               |   |                     | (73,690,261 | )      |                        |   | (73,596,738 | ) |
| Accumulated other comprehensive (loss)                                                                                                                                                       |   |                     | (43,797     | )      |                        |   | (50,810 | ) |
| Total stockholders' equity                                                                                                                                                                        |   |                     | 12,301,788  |   |                        |   | 12,299,120 |   |
| Noncontrolling interest                                                                                                                                                                           |   |                     | (171,778    | )      |                        |   | (346,344 | ) |
| Total liabilities and stockholders' equity                                                                                                                                                        |   | $                        | 34,061,528  |   |                        | $      | 35,874,849 |   |

|                                                                                                                          |   | For the three months ended March 31, |        |
|-------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|-------------|
|                                                                                                                     |   | 2011                                                               |        |   | 2010 |   |
| Revenues:                                                                                                                     |   |                                                               |        |   |   |   |
| Product Sales                                                                                                                 |   | $                                                                  | 10,029,075  |   |   | $ | 7,648,658 |   |
| Revenue from freight                                                                                                          |   |                                                               | 18,958      |   |   |   | 20,147 |   |
| Total revenue                                                                                                                 |   |                                                               | 10,048,033  |   |   |   | 7,668,805 |   |
| Cost of revenues                                                                                                              |   |                                                               | 6,367,830   |   |   |   | 4,826,439 |   |
|                                                                                                                          |   |                                                               |        |   |   |   |   |   |
| Gross profit                                                                                                                  |   |                                                               | 3,680,203   |   |   |   | 2,842,366 |   |
|                                                                                                                          |   |                                                               |        |   |   |   |   |   |
| Operating expenses                                                                                                            |   |                                                               |        |   |   |   |   |   |
| Selling, general and administrative                                                                                           |   |                                                               | 3,465,896   |   |   |   | 2,829,035 |   |
| Research and development                                                                                                      |   |                                                               | 184,481     |   |   |   | 81,158 |   |
| Bad debt                                                                                                                      |   |                                                               | -           |   |   |   | 10,890 |   |
| Total operating expenses                                                                                                      |   |                                                               | 3,650,377   |   |   |   | 2,921,083 |   |
| Profit (loss) from operations                                                                                                 |   |                                                               | 29,826      |   |   |   | (78,717 | ) |
|                                                                                                                          |   |                                                               |        |   |   |   |   |   |
| Other income (expense)                                                                                                        |   |                                                               |        |   |   |   |   |   |
| Other income                                                                                                                  |   |                                                               | 6,596       |   |   |   | 56,395 |   |
| Other expense                                                                                                                 |   |                                                               | (8,098      | ) |   |   | (27,489 | ) |
| Investment income                                                                                                             |   |                                                               | 18,152      |   |   |   | 14,615 |   |
| Gain on debt extinguishments                                                                                                  |   |                                                               | 475,689     |   |   |   | - |   |
| Interest expense - intrinsic value of convertible debt, amortization of debt offering costs and amortization of debt discount |   |                                                               | (191,220    | ) |   |   | (741,855 | ) |
| Interest expense                                                                                                              |   |                                                               | (242,444    | ) |   |   | (387,533 | ) |
| Total other income (expense), net                                                                                             |   |                                                               | 58,675      |   |   |   | (1,085,867 | ) |
| Income (loss) before taxes                                                                                                    |   |                                                               | 88,501      |   |   |   | (1,164,584 | ) |
| Provision for taxes                                                                                                           |   |                                                               | 7,458       |   |   |   | 4,418 |   |
| Consolidated Net profit (loss)                                                                                                |   |                                                               | 81,043      |   |   |   | (1,169,002 | ) |
| Less:  Net profit (loss) - noncontrolling interest                                                                  |   |                                                               | 174,566     |   |   |   | 3,728 |   |
| Net loss - attributable to CUI Global, Inc.                                                                                   |   |                                                               | (93,523     | ) |   |   | (1,172,730 | ) |
| Less:  Preferred stock dividends                                                                                    |   |                                                               | -           |   |   |   | - |   |
| Net loss allocable to common stockholders                                                                                     |   | $                                                                  | (93,523     | ) |   | $ | (1,172,730 | ) |
|                                                                                                                          |   |                                                               |        |   |   |   |   |   |
| Other comprehensive profit (loss)                                                                                             |   |                                                               |        |   |   |   |   |   |
| Foreign currency translation adjustment                                                                                       |   | $                                                                  | 7,013       |   |   | $ | 1,754 |   |
| Comprehensive profit (loss)                                                                                                   |   | $                                                                  | (86,510     | ) |   | $ | (1,170,976 | ) |
| Basic and diluted profit (loss) per common share                                                                              |   | $                                                                  | -           |   |   | $ | (0.01 | ) |
| Basic weighted average common and common equivalents shares outstanding                                                       |   |                                                               | 214,139,219 |   |   |   | 169,837,626 |   |

|                                                                                                                                                                                                                               |   | For the three months ended March 31, |     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|----------|
|                                                                                                                                                                                                                          |   | 2011                                                               |     |   | 2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                                                                                                                              |   |                                                               |     |   |   |   |
| Net profit (loss) - attributable to CUI Global, Inc.                                                                                                                                                                               |   | $                                                                  | (93,523  | ) |   | $ | (1,172,730 | ) |
| Adjustments to reconcile net profit (loss) to net cash provided by (used in) operating activities:                                                                                                                                 |   |                                                               |     |   |   |   |   |   |
| Stock, warrants, options and notes issued for compensation and services                                                                                                                                                            |   |                                                               | 89,177   |   |   |   | 1,641 |   |
| Non-cash interest expense, including amortization of beneficial conversion value, warrant related debt discounts and intrinsic value of convertible debt and amortization of debt discount and amortization of debt offering costs |   |                                                               | 191,220  |   |   |   | 741,855 |   |
| Non-cash (profit) on equity method investment                                                                                                                                                                                      |   |                                                               | (18,152  | ) |   |   | (14,615 | ) |
| Bad debt expense                                                                                                                                                                                                                   |   |                                                               | -        |   |   |   | 10,890 |   |
| Amortization of technology rights                                                                                                                                                                                                  |   |                                                               | 66,254   |   |   |   | 61,085 |   |
| Amortization of patent costs                                                                                                                                                                                                       |   |                                                               | -        |   |   |   | 4,354 |   |
| Amortization of website development                                                                                                                                                                                                |   |                                                               | -        |   |   |   | 3,578 |   |
| Gain on settlements of debt                                                                                                                                                                                                        |   |                                                               | (475,689 | ) |   |   | - |   |
| Inventory reserve                                                                                                                                                                                                                  |   |                                                               | 20,000   |   |   |   | - |   |
| Loss on disposal of assets                                                                                                                                                                                                         |   |                                                               | -        |   |   |   | 500 |   |
| Net profit (loss) - noncontrolling interest                                                                                                                                                                                        |   |                                                               | 174,566  |   |   |   | 3,728 |   |
| Depreciation                                                                                                                                                                                                                       |   |                                                               | 146,943  |   |   |   | 114,952 |   |
| Amortization                                                                                                                                                                                                                       |   |                                                               | -        |   |   |   | 500 |   |
| (Increase) decrease in assets:                                                                                                                                                                                                     |   |                                                               |     |   |   |   |   |   |
| Trade accounts receivable                                                                                                                                                                                                          |   |                                                               | 349,378  |   |   |   | 161,545 |   |
| Other accounts receivable                                                                                                                                                                                                          |   |                                                               | 17,570   |   |   |   | 38,103 |   |
| Other accounts receivable, related party                                                                                                                                                                                           |   |                                                               | (6,637   | ) |   |   | (2,161 | ) |
| Inventory                                                                                                                                                                                                                          |   |                                                               | 411,616  |   |   |   | (125,408 | ) |
| Prepaid expenses and other current assets                                                                                                                                                                                          |   |                                                               | (34,785  | ) |   |   | 48,115 |   |
| Investments - long term                                                                                                                                                                                                            |   |                                                               | 8        |   |   |   | - |   |
| Deposits and other assets                                                                                                                                                                                                          |   |                                                               | 96,088   |   |   |   | (32,051 | ) |
| Increase (decrease) in liabilities:                                                                                                                                                                                                |   |                                                               |     |   |   |   |   |   |
| Accounts payable                                                                                                                                                                                                                   |   |                                                               | 133,439  |   |   |   | (196,711 | ) |
| Accrued expenses                                                                                                                                                                                                                   |   |                                                               | (396,424 | ) |   |   | 85,485 |   |
| Accrued compensation                                                                                                                                                                                                               |   |                                                               | (126,273 | ) |   |   | 18,538 |   |
| Unearned revenue                                                                                                                                                                                                                   |   |                                                               | 39,651   |   |   |   | 1,268 |   |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                                                                                                                                                                |   |                                                               | 584,427  |   |   |   | (247,539 | ) |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                                                                                                                              |   |                                                               |     |   |   |   |   |   |
| Investment in technology rights and development                                                                                                                                                                                    |   |                                                               | -        |   |   |   | (20,651 | ) |
| Investment in patents                                                                                                                                                                                                              |   |                                                               | -        |   |   |   | (1,925 | ) |
| Proceeds from Notes receivable                                                                                                                                                                                                     |   |                                                               | 15,587   |   |   |   | 15,958 |   |
| Purchase of property and equipment                                                                                                                                                                                                 |   |                                                               | (99,974  | ) |   |   | (135,437 | ) |
| NET CASH USED IN INVESTING ACTIVITIES                                                                                                                                                                                              |   |                                                               | (84,387  | ) |   |   | (142,055 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                                                                                                                              |   |                                                               |     |   |   |   |   |   |
| Proceeds from (payments to) demand notes payable, net of debt offering costs                                                                                                                                                       |   |                                                               | (621,517 | ) |   |   | 540,582 |   |
| Proceeds from notes and loans payable                                                                                                                                                                                              |   |                                                               | 281,032  |   |   |   | - |   |
| Payments on notes and loans payable                                                                                                                                                                                                |   |                                                               | (272,701 | ) |   |   | (112,890 | ) |
| Payments on notes and loans payable, related party                                                                                                                                                                                 |   |                                                               | (359,565 | ) |   |   | (74,186 | ) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                                                                                                                                                                |   |                                                               | (972,751 | ) |   |   | 353,506 |   |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH                                                                                                                                                                                            |   |                                                               | 7,013    |   |   |   | 1,754 |   |
| Cash and cash equivalents at beginning of year                                                                                                                                                                                     |   |                                                               | 612,275  |   |   |   | 496,135 |   |
| Cash and cash equivalents at end of period                                                                                                                                                                                         |   |                                                               | 146,577  |   |   |   | 461,801 |   |
| NET DECREASE IN CASH AND CASH EQUIVALENTS                                                                                                                                                                                          |   | $                                                                  | (465,698 | ) |   | $ | (34,334 | ) |
|                                                                                                                                                                                                                               |   |                                                               |     |   |   |   |   |   |

| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                                                 |   |   |    |   |   |   |
|-------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                                              |   |   |    |   |   |   |
| Income taxes paid                                                                                                 |   | $      | -       |   |   | $      | - |   |
| Interest paid                                                                                                     |   | $      | 242,444 |   |   | $      | 275,221 |   |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:                                           |   |   |    |   |   |   |   |   |
|                                                                                                              |   |   |    |   |   |   |   |   |
| Common stock issued for consulting services and compensation and accrued liabilities payable in common stock |   | $      | 42,000  |   |   | $      | - |   |

|                    |   | Estimated    |
|-------------------------|--------|--------------|
|                    |   | Useful Life  |
| Furniture and equipment |   | 3 to 7 years |
| Software                |   | 3 to 5 years |

| Technology Rights                              |   | $      | 821,112    |   |
|------------------------------------------------|--------|--------|------------|--------|
| Accumulated amortization                       |   |   | (91,015    | )      |
| Net                                            |   | $      | 730,097    |   |
|                                           |   |   |       |   |
| Debt offering costs                            |   | $      | 2,274,646  |   |
| Accumulated amortization                       |   |   | (2,015,007 | )      |
| Net                                            |   | $      | 259,639    |   |
|                                           |   |   |       |   |
| Intangible, trademark and tradename CUI        |   | $      | 4,892,856  |   |
| Accumulated amortization                       |   |   | -          |   |
| Net                                            |   | $      | 4,892,856  |   |
|                                           |   |   |       |   |
| Intangible, trademark and tradename V-Infinity |   | $      | 1,373,828  |   |
| Accumulated amortization                       |   |   | -          |   |
| Net                                            |   | $      | 1,373,828  |   |
|                                           |   |   |       |   |
| Intangible, patent pending technology          |   | $      | 551,559    |   |
| Accumulated amortization                       |   |   | -          |   |
| Net                                            |   | $      | 551,559    |   |
|                                           |   |   |       |   |
| Intangbiile, customer list                     |   | $      | 1,857,000  |   |
| Accumulated amortization                       |   |   | -          |   |
| Net                                            |   | $      | 1,857,000  |   |
|                                           |   |   |       |   |
| Intangible, Comex Electronics and CUI Japan    |   | $      | 473,692    |   |
| Accumulated amortization                       |   |   | -          |   |
| Net                                            |   | $      | 473,692    |   |
|                                           |   |   |       |   |
| Goodwill                                       |   | $      | 12,909,273 |   |
| Accumulated amortization                       |   |   | (2,116     | )      |
| Net                                            |   | $      | 12,907,157 |   |
|                                           |   |   |       |   |
| Other intangible assets                        |   | $      | 81,936     |   |
| Accumulated amortization                       |   |   | (72,996    | )      |
| Net                                            |   | $      | 8,940      |   |

| Current assets                             |   | $      | 5,141,908 |   |
|--------------------------------------------|--------|--------|-----------|--------|
| Non-current assets                         |   |   | 841,986   |   |
| Total Assets                               |   | $      | 5,983,894 |   |
|                                       |   |   |      |   |
| Current liabilities                        |   | $      | 2,632,594 |   |
| Non-current liabilities                    |   |   | 1,422,619 |   |
| Stockholders' equity                       |   |   | 1,928,681 |   |
| Total Liabilities and Stockholders' Equity |   | $      | 5,983,894 |   |
|                                       |   |   |      |   |
| Revenues                                   |   | $      | 3,038,933 |   |
| Operating income                           |   |   | 105,226   |   |
| Net profit                                 |   |   | 150,032   |   |
| Other comprehensive profit (loss):         |   |   |      |   |
| Foreign currency translation adjustment    |   |   | 7,207     |   |
| Comprehensive net profit                   |   |   | 157,239   |   |
| Company share of Net Profit at 11.544%     |   |   | 18,152    |   |
| Equity investment in affiliate             |   | $      | 175,301   |   |

|                                                                                                                         |   | External Power |      |   | InternalPower |   |      | IndustrialControls |   |   | Comex (Japan) |   |   | Other  |      |   | Totals |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|---------------|--------|-----------|--------------------|--------|--------|--------------------|--------|--------|--------|-----------|--------|--------|--------|
| Revenues from external customers                                                                                             |   | $                   | 4,961,064 |   |          | $      | 3,368,756 |               |   | $      | 1,157,644          |   |   | $      | 540,950   |   |   | $      | 19,619 |   |   | $ | 10,048,033 |   |
| Intersegment revenues                                                                                                        |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | -         |   |   | $      | - |   |   | $ | - |   |
| Derivative income                                                                                                            |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | -         |   |   | $      | - |   |   | $ | - |   |
| Interest revenues                                                                                                            |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | 14        |   |   | $      | 3,126 |   |   | $ | 3,140 |   |
| Equity in profit (loss) of unconsolidated affiliate                                                                          |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | -         |   |   | $      | 18,152 |   |   | $ | 18,152 |   |
| Interest expense - intrinsic value of convertible debt, amortization of debt offering costs and amortizatin of debt discount |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | -         |   |   | $      | 191,220 |   |   | $ | 191,220 |   |
| Interest expense                                                                                                             |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | 12,300    |   |   | $      | 230,144 |   |   | $ | 242,444 |   |
| Depreciation and amortization                                                                                                |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | 19,752    |   |   | $      | 193,445 |   |   | $ | 213,197 |   |
| Segment profit (loss)                                                                                                        |   | $                   | 1,535,222 |   |          | $      | 803,207   |               |   | $      | 156,896            |   |   | $      | 338,918   |   |   | $      | (2,753,200 | ) |   | $ | 81,043 |   |
| Other significant non-cash items:                                                                                            |   |                |      |   |          |   |      |               |   |   |               |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Stock, options, warrants and notes issued for compensation and services                                                      |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | -         |   |   | $      | 89,177 |   |   | $ | 89,177 |   |
| Gain on debt extinguishments                                                                                                 |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | -         |   |   | $      | 475,689 |   |   | $ | 475,689 |   |
| Segment assets                                                                                                               |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | 2,895,200 |   |   | $      | 31,166,328 |   |   | $ | 34,061,528 |   |
| Foreign currency translation adjustments                                                                                     |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | 7,013     |   |   | $      | - |   |   | $ | 7,013 |   |
| Expenditures for segment assets                                                                                              |   | $                   | -         |   |          | $      | -         |               |   | $      | -                  |   |   | $      | 858       |   |   | $      | 99,116 |   |   | $ | 99,974 |   |

|                                                                                                                              |   | External |      |   | Internal |    |      | Industrial |   |    | Comex /   |   |   |    |      |   |   |    |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------|--------|----------|---------|-----------|------------|--------|---------|----------------|--------|--------|---------|-----------|--------|--------|---------|
|                                                                                                                              |   | Power    |      |   | Power    |    |      | Controls   |   |    | CUI Japan |   |   | Other   |      |   | Totals |    |
| Revenues from external customers                                                                                                  |   | $        | 3,746,168 |   |     | $       | 1,343,189 |       |   | $       | 1,166,552      |   |   | $       | 1,167,562 |   |   | $       | 245,334 |   |   | $ | 7,668,805 |   |
| Intersegment revenues                                                                                                             |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | -         |   |   | $       | - |   |   | $ | - |   |
| Derivative income                                                                                                                 |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | -         |   |   | $       | - |   |   | $ | - |   |
| Interest revenues                                                                                                                 |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | 7,465     |   |   | $       | 3,778 |   |   | $ | 11,243 |   |
| Equity in profit (loss) of unconsolidated affiliate                                                                               |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | -         |   |   | $       | 14,615 |   |   | $ | 14,615 |   |
| Interest expense - intrinsic value of convertible debt, amortization of debt offering costs and amortizatin of debt discount |   | $        | -         |   |     | $  | -         |       |   | $  |  -        |   |   | $  | -         |   |   | $  | 741,855 |   |   | $ | 741,855 |   |
| Interest expense                                                                                                                  |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | 23,293    |   |   | $       | 364,240 |   |   | $ | 387,533 |   |
| Depreciation and amortization                                                                                                     |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | 4,765     |   |   | $       | 179,704 |   |   | $ | 184,469 |   |
| Segment profit (loss)                                                                                                             |   | $        | 1,067,421 |   |     | $       | 335,921   |       |   | $       | 111,166        |   |   | $       | (698      | )      |   | $       | (2,682,812 | ) |   | $ | (1,169,002 | ) |
| Other significant non-cash items:                                                                                                 |   |     |      |   |     |    |      |       |   |    |           |   |   |    |      |   |   |    |   |   |   |   |   |   |
| Stock, options, warrants and notes issued for compensation and services                                                      |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | -         |   |   | $       | 1,641 |   |   | $ | 1,641 |   |
| Segment assets                                                                                                                    |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | 4,264,314 |   |   | $       | 34,209,939 |   |   | $ | 38,474,253 |   |
| Foreign currencty translation adjustments                                                                                         |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | 1,754     |   |   | $       | - |   |   | $ | 1,754 |   |
| Expenditures for segment assets                                                                                                   |   | $        | -         |   |     | $       | -         |       |   | $       | -              |   |   | $       | 26,052    |   |   | $       | 131,961 |   |   | $ | 158,013 |   |

| Summary Balance Sheet:                    |   |   |      |
|-----------------------------------------------------|--------|--------|-----------|
| Cash                                                |   | $      | 81,800    |   |
| Receivables                                         |   |   | 654,716   |   |
| Inventory                                           |   |   | 1,273,297 |   |
| Other current assets                                |   |   | 11,013    |   |
| Total current assets                                |   |   | 2,020,826 |   |
|                                                |   |   |      |   |
| Property and equipment, net                         |   |   | 219,004   |   |
| Other assets                                        |   |   | 655,370   |   |
| Total assets                                        |   | $      | 2,895,200 |   |
|                                                |   |   |      |   |
| Accounts payable                                    |   | $      | 245,165   |   |
| Accounts payable, intercompany                      |   |   | 25,681    |   |
| Demand notes payable                                |   |   | 529,707   |   |
| Accrued expenses                                    |   |   | 20,419    |   |
| Accrued compensation                                |   |   | 77,876    |   |
| Advances payable, intercompany                      |   |   | 770,892   |   |
| Notes payable, current portion due                  |   |   | 279,398   |   |
| Notes payable, related party, current portion due   |   |   | 127,643   |   |
| Total current liabilities                           |   |   | 2,076,781 |   |
|                                                |   |   |      |   |
| Long term notes payable, net of current portion due |   |   | 1,111,515 |   |
| Total liabilities                                   |   |   | 3,188,296 |   |
|                                                |   |   |      |   |
| CUI Global equity investment                        |   |   | 170,256   |   |
| Noncontrolling interest                             |   |   | (346,344  | ) |
| Retained earnings                                   |   |   | (73,211   | ) |
| Accumulated other comprehensive (loss)              |   |   | (43,797   | ) |
| Total stockholders' equity                          |   |   | (293,096  | ) |
| Total liabilities and stockholders' equity          |   | $      | 2,895,200 |   |
|                                                |   |   |      |   |
| Summary Statement of Operations:                    |   |   |      |   |
| Total revenues                                      |   | $      | 540,950   |   |
| Cost of revenues                                    |   |   | 514,474   |   |
| Gross profit                                        |   |   | 26,476    |   |
| Total operating expenses                            |   |   | 151,816   |   |
| Operating (loss)                                    |   |   | (125,340  | ) |
| Other income                                        |   |   | 984       |   |
| Other expense                                       |   |   | (115      | ) |
| Gain on debt extinguishment                         |   |   | 475,689   |   |
| Interest expense                                    |   |   | (12,300   | ) |
| Total other income (expense), net                   |   |   | 464,258   |   |
| Net profit                                          |   | $      | 338,918   |   |

|                                                              |   | Three months ended |        |   | Three months ended |   |
|-------------------------------------------------------------------|--------|-------------------------|-------------|--------|-------------------------|--------|
|                                                              |   | March 31, 2011          |        |   | March 31, 2010          |   |
| Net profit (loss) for the period attributable to CUI Global, Inc. |   | $                       | (93,523     | )      |                    | $      | (1,172,730 | ) |
| Weighted average number of shares outstanding                     |   |                    | 214,139,219 |   |                    |   | 169,837,626 |   |
| Weighted average number of common and common equivalent shares    |   |                    | 214,139,219 |   |                    |   | 169,837,626 |   |
|                                                              |   |                    |        |   |                    |   |   |   |
| Basic earnings (loss) per share                                   |   | $                       | (0.00       | )      |                    | $      | (0.01 | ) |

|                                                                        |   | Three months ended |        |   | Three months ended |   |
|-----------------------------------------------------------------------------|--------|------------------------------|-------------|--------|------------------------------|--------|
|                                                                        |   | March 31, 2011     |        |   | March 31, 2010     |   |
| Net profit (loss) for the period attributable to CUI Global, Inc.           |   | $                            | (93,523     | )      |                         | $      | (1,172,730 | ) |
| Add:    Adjustment for interest on 12% convertible note |   |                         | -           |   |                         |   | - |   |
| Adjusted net income (loss)                                                  |   | $                            | (93,523     | )      |                         | $      | (1,172,730 | ) |
|                                                                        |   |                         |        |   |                         |   |   |   |
| Weighted average number of shares outstanding                               |   |                         | 214,139,219 |   |                         |   | 169,837,626 |   |
| Add: Warrants and options as of beginning of period                         |   |                         |        |   |                         |   | - |   |
|   Warrants and options as of date of vesting                      |   |                         | -           |   |                         |   | - |   |
|   Convertible preferred shares oustanding                         |   |                         | -           |   |                         |   | - |   |
|   12% convertible notes as of end of period                       |   |                         | -           |   |                         |   | - |   |
| Weighted average number of common and common equivalent shares              |   |                         | 214,139,219 |   |                         |   | 169,837,626 |   |
|                                                                        |   |                         |        |   |                         |   |   |   |
| Diluted earnings (loss) per share                                           |   | $                            | (0.00       | )      |                         | $      | (0.01 | ) |

|                                      |   | Number ofWarrants andOptions |      |   | Weighted AverageExercise Price |   |   |  WeightedAverageRemainingContract Life  |
|-------------------------------------------|--------|----------------------------------------|-----------|--------|--------------------------------|--------|--------|--------------------------------------------------------|
| Outstanding at December 31, 2010          |   |                                   | 8,801,155 |   |                           | $      | 0.25   |                                                   |   | 8.37 Years |
| Exercised                                 |   |                                   | (8,076    | )      |                           | $      | 0.19   |                                                   |   |   |
| Expired                                   |   |                                   | (21,924   | )      |                           | $      | 0.19   |                                                   |   |   |
| Forfeited                                 |   |                                   | -         |   |                           | $      | -      |                                                   |   |   |
| Granted                                   |   |                                   | -         |   |                           | $      | -      |                                                   |   |   |
| Outstanding at March 31, 2011             |   |                                   | 8,771,155 |   |                           | $      | 0.25   |                                                   |   | 8.13 Years |
| Outstanding exercisable at March 31, 2011 |   |                                   | 5,494,773 |   |                           | $      | 0.22   |                                                   |   | 7.71 Years |

|                                       |   | 2011   |   |   | 2010   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|
| Exercise price lower than the market price |   |   | N/A    |   |   |   | N/A |   |
| Exercise price equaled the market price    |   |   | N/A    |   |   |   | N/A |   |
| Exercise price exceeded the market price   |   |   | N/A    |   |   |   | N/A |   |
| Exercise price exceeded the market price   |   |   | N/A    |   |   |   | N/A |   |

|                                      |   | Number ofWarrants |       |   | Weighted AverageExercise Price |   |   | Weighted AverageRemainingContract Life |
|-------------------------------------------|--------|------------------------|------------|--------|--------------------------------|--------|--------|---------------------------------------------|
| Outstanding at December 31, 2010          |   |                   | 12,499,028 |   |                           | $      | 0.12   |                                        |   | 0.48 Years |
| Exercised                                 |   |                   | -          |   |                           | $      | -      |                                        |   |   |
| Expired                                   |   |                   | -          |   |                           | $      | -      |                                        |   |   |
| Forfeited                                 |   |                   | -          |   |                           | $      | -      |                                        |   |   |
| Granted                                   |   |                   | -          |   |                           | $      | -      |                                        |   |   |
| Outstanding at March 31, 2011             |   |                   | 12,499,028 |   |                           | $      | 0.12   |                                        |   | 0.23 Years |
| Outstanding exercisable at March 31, 2011 |   |                   | 12,499,028 |   |                           | $      | 0.12   |                                        |   | 0.23 Years |

|   | · | 50,000 shares of common stock were issued in relation to the 50,000 issuable shares listed on the balance sheet as of December 31, 2010. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 8,076 shares of common stock were issued in relation to the exercise of shares under the 2008 Equity Incentive Plan options at $0.19 per share.  The company received no cash payment for these shares because the options were exercised through a cashless exercise election. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 178,723 shares of common stock were issued for services performed by a consultant.  The share had a fair value of $42,000.  The Company recorded a $42,000 consulting expense in relation to this transaction. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a)  A report on Form 8-K filed on January 4, 2011, reporting the Company's name change to CUI Global, Inc. |
|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | (b)  A report on Form 8-K filed on January 7, 2011, reporting the sale of unregistered securities. |
|--------|--------------------------------------------------------------------------------------------------------------|

|   | (c)  A report on Form 8-K filed on March 28, 2011, reporting the restatement of financials. |
|--------|-------------------------------------------------------------------------------------------------------|

| Exhibit No. |   | Description                                                                                                                                                                                  |
|------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.11             |   | Amended Articles of Incorporation                                                                                                                                                            |
| 3.21             |   | Bylaws of the Registrant.                                                                                                                                                                    |
| 3.32             |   | Articles of Amendment to Certificate of Incorporation - Certificate of Designations, Preferences, Limitations and Relative Rights of the Series A Preferred Stock, filed July 25, 2002.      |
| 3.42             |   | Articles of Amendment to Articles of Incorporation-Terms of Series A Convertible Preferred Stock, filed November 13, 2003.                                                                   |
| 3.52             |   | Restated Articles of Incorporation to increase the authorized common stock to 150,000,000 shares, filed December 23, 2003.                                                                   |
| 3.62             |   | Restated Articles of Incorporation - Certificate of Designations of the Series B Convertible Preferred Stock, filed April 1, 2004.                                                           |
| 3.73             |   | Restated Articles of Incorporation, Officers’ Certificate and Colorado Secretary of State Certificate filed June 30, 2004 showing corporate name change to OnScreen Technologies, Inc. |
| 3.84             |   | Restated Articles of Incorporation and Colorado Secretary of State Certificate filed January 7, 2008 showing corporate name change to Waytronx, Inc.                                         |
| 3.98             |   | Restated Articles of incorporation to increase the authorized common shares to 325,000,000 shares.                                                                                           |
| 3.1012           |   | Restated Articles of Incorporation and Colorado Secretary of State Certificate filed January 7, 2008 showing corporate name change to CUI Global, Inc.                                       |
| 10.236           |   | OnScreen Technologies, Inc. 2005 Equity Incentive Plan                                                                                                                                       |
| 10.257           |   | Employment Agreement between the Registrant and William J. Clough, Esq. dated November 21, 2005.                                                                                             |
| 10.289           |   | 2008 Equity Incentive Plan.                                                                                                                                                                  |
| 10.2911          |   | Convertible Promissory Note dated May 15, 2008, in the principal amount of $17,500,000 relating to the purchase of CUI, Inc. assets.                                                         |
| 10.3011          |   | Promissory Note dated May 15, 2008, in the principal amount of $14,000,000 relating to the purchase of CUI, Inc. assets.                                                                     |
| 10.3111          |   | Amendment to $17,500,000 Convertible Promissory Note effective May 1, 2009.                                                                                                                  |
| 10.3211          |   | Amendment to $14,000,000 Promissory Note effective September 1, 2010.                                                                                                                        |
| 10.3311          |   | Agreement for Accord and Satisfaction of an Undisputed Debt dated April 1, 2010.                                                                                                             |
| 10.3412          |   | Stock Sale and Purchase Agreement dated July 1, 2009.                                                                                                                                        |
| 10.3512          |   | Amendment to Stock Sale and Purchase Agreement Between Waytronx, Inc., Kunio Yamagishi and Others on July 1, 2009.                                                                           |
| 10.3612          |   | Amendment No. "A" to Stock Sale and Purchase Agreement dated November 11, 2009.                                                                                                              |
| 22.6             |   | Proxy Statement and Notice of 2010 Annual Shareholder Meeting filed with the Commission on October 5, 2010.                                                                                  |
| 31.112           |   | Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 203 of the Sarbanes-Oxley Act of 2002.                       |

| 31.212 |   | Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 203 of the Sarbanes-Oxley Act of 2002. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 32.112 |   | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                     |
| 32.212 |   | Certification 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.                     |

|   | 1 | Incorporated by reference to our Registration Statement on Form SB-2/A filed with the Commission on October 26, 2001. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------|

|   | 2 | Incorporated by reference to our Report on Form 10-KSB filed with the Commission on April 14, 2004. |
|--------|---|-----------------------------------------------------------------------------------------------------|

|   | 3 | Incorporated by reference to our Report on Form 10-KSB filed with the Commission on March 31, 2005. |
|--------|---|-----------------------------------------------------------------------------------------------------|

|   | 4 | Incorporated by reference to our Registration Statement on Form S-8 filed with the Commission on March 12, 2008. |
|--------|---|------------------------------------------------------------------------------------------------------------------|

|   | 5 | Incorporated by reference to our Report on Form 10-KSB filed with the Commission on May 4, 2005. |
|--------|---|--------------------------------------------------------------------------------------------------|

|   | 6 | Incorporated by reference to our Proxy Statement pursuant to Section 14(a) filed with the Commission on October 7, 2005. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------|

|   | 7 | Incorporated by reference to our Report on Form 10-KSB filed with the Commission on February 24, 2006. |
|--------|---|--------------------------------------------------------------------------------------------------------|

|   | 8 | Incorporated by reference to the Proxy Statement and Notice of 2008 Annual Shareholder Meeting filed with the Commission July 3, 2008. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 9 | Incorporated by reference to our Registration Statement on Form S-8 filed with the Commission on March 12, 2008. |
|--------|---|------------------------------------------------------------------------------------------------------------------|

|   | 10 | Incorporated by reference to our Annual Report on Form 10-K filed with the Commission on April 1, 2010. |
|--------|----|---------------------------------------------------------------------------------------------------------|

|   | 11 | Incorporated by reference to our Annual Report on Form 10-K filed with the Commission on March 30, 2011. |
|--------|----|----------------------------------------------------------------------------------------------------------|

|   | 12 | Filed herewith. |
|--------|----|-----------------|

| CUI Global, Inc. |                                        |
|------------------|---------------------------------------------|
|             |                                        |   |
| By:              | /s/  William J. Clough                 |   |
|             | William J. Clough,                |   |
|        | Chief Executive Officer/President |   |
|        |                                   |   |
| by:              | /s/ Daniel N. Ford           |   |
|        | Daniel N. Ford,                   |   |
|        | Chief Financial Officer           |   |