SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10QSB


                  Quarterly Report under Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


For Quarter Ended                                     Commission File Number
- ------------------                                    ----------------------
                                                       0-30145
June 30, 2002                                         33-41063-A

                        GLOBAL ASSETS & SERVICES, INC.
                     --------------------------------------
             (Exact name of registrant as specified in its charter)

Florida                                               59-3723328
- ------------------------------------               --------------------------
State or Other Jurisdiction                           (I.R.S. Employer
of incorporation or organization)                     Identification Number)

3816 W. Linebaugh Ave., Suite 200, Tampa, FL, 33624
- --------------------------------------------------------
(Address of principal Executive Offices                     Zip Code)

Registrant's telephone number, including area code: (813) 964-1300


Indicate by check mark whether the registrant (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 registrant was
required to file such reports), and (2) has been subject to the filing
requirements for at least 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.

                         16,117,767 as of June 30, 2002
<PAGE>


                        GLOBAL ASSETS AND SERVICES, INC.

                          (A DEVELOPMENT STAGE COMPANY)
                              FINANCIAL STATEMENTS

                                JUNE 30, 2002
                                   (UNAUDITED)



<PAGE>




                           MICHAEL JOHNSON & CO., LLC
                          Certified Public Accountants
                        9175 East Kenyon Ave., Suite 100
                             Denver, Colorado 80237

Michael B. Johnson C.P.A.                             Telephone:  (303) 796-0099
Member:  A.I.C.P.A.                                         Fax:  (303) 796-0137
Colorado Society of C.P.A.s




                   REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


Board of Directors
Global Assets and Services, Inc.
Tampa, FL


We have reviewed the accompanying balance sheet of Global Assets and Services,
Inc. for June 30, 2002 and the related statement of operations for the three and
six-months ended June 30, 2002 and 2001, and cash flows for the six-months ended
June 30, 2002 and 2001, and May 25, 1988 (inception) to June 30, 2002, included
in the accompanying Securities and Exchange Commission Form 10-QSB for the
period ended June 30, 2002. These financial statements are the responsibility of
the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States, the objective
of which is the expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are unaware of any material modifications that should be
made to the accompanying financial statements for them to be in conformity with
accounting principles generally accepted in the United States.

We have previously audited, in accordance with auditing standards generally
accepted in the United States, the balance sheet as of December 31, 2001, and
the related statements of operations, stockholders' equity and cash flows for
the year then ended (not presented herein). In our report dated April 18, 2002,
we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying balance sheet as of June
30, 2002 is fairly stated in all material respects in relation to the balance
sheet from which it has been derived.



Michael Johnson & Co., LLC
Denver, CO
August 10, 2002

/s/Michael Johnson & Co., LLC
<PAGE>
<TABLE>
<CAPTION>
                        GLOBAL ASSETS AND SERVICES, INC.
                         (A Development Stage Company)
                                 Balance Sheets
                                  (Unaudited)


<S>                                                                         <C>                       <C>



                                                                               June 30,                December 31,
                                                                                  2002                      2001
                                                                            -----------------         ------------------
ASSETS:
Current assets:
   Cash                                                                              $ 573                        $ 100
                                                                            -----------------         ------------------

      Total current assets                                                             573                          100
                                                                            -----------------         ------------------

TOTAL ASSETS                                                                         $ 573                        $ 100
                                                                            =================         ==================


LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
   Accounts Payable and Accrued Liabilities                                         $ 61,037                   $ 36,162
                                                                            -----------------         ------------------

Total Current Liabilities                                                             61,037                     36,162
                                                                            -----------------         ------------------

Stockholders' Equity:
Common Stock, $0.01 Par Value, 100,000,000 shares
   authorized, 16,117,767 shares issued and outstanding                               16,117                      7,797
Additional Paid-In Capital                                                           209,146                    204,566
Deficit accumulated during the development stage                                    (285,727)                  (248,425)
                                                                            -----------------         ------------------

Total Stockholders' Deficit                                                          (60,464)                   (36,062)
                                                                            -----------------         ------------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                           $ 573                        $ 100
                                                                            =================         ==================
</TABLE>

See Accountants Review Report

<PAGE>
<TABLE>
<CAPTION>
                        GLOBAL ASSETS AND SERVICES, INC.
                         (A Development Stage Company)
                            Statements of Operations
                                  (Unaudited)

                                                                                                 May 25, 1988
                                    Three-Months Ended             Six-Months Ended             (Inception) to
                                  June 30,                      June 30,                          June 30,
                                    2002           2001           2002          2001             2002
                                    ----           ----           ----          ----             ----
<S>                               <C>            <C>            <C>           <C>              <C>

Revenue
   Revenue                              $ -            $ -            $ -           $ -         $ 846,545
   (Less) Cost of Sales                   -              -              -             -          (336,524)
                                  ---------            ----     ---------          ----        ----------
Total Income                              -              -              -             -           510,021

Operating Expenses
   Doubtful Accounts                      -              -              -             -            34,469
   Consultant Fees                   15,046              -         15,046             -           357,225
   Legal & Accounting                     -              -         10,000             -            88,692
   Advertising                            -              -              -             -            14,542
   Interest Expense                       -              -              -             -             8,577
   Telephone                              -              -              -             -            26,242
   Rent                               4,314              -          7,208             -            49,878
   Other General Expenses             1,975              -          5,048             -           220,144
                                  ---------            ----     ---------          ----        ----------
Total Expenses                       21,335              -         37,302             -           799,769
                                  ---------            ----     ---------          ----        ----------
Net Loss From Operations            (21,335)             -        (37,302)            -          (289,748)
                                  ---------            ----     ---------          ----        ----------
Other Income
   Interest Income                        -              -              -             -             4,021
                                  ---------            ----     ---------          ----        ----------
Net Loss                          $ (21,335)           $ -      $ (37,302)          $ -        $ (285,727)
                                  =========            ====     =========          ====        ==========
Per Share Information:

   Weighted average number of
     common shares outstanding    9,101,100      4,397,767      9,101,100     4,397,767
                                  ---------      ---------      ---------     ---------
Net Loss per Common Share             *              *              *             *
                                  =========      =========      =========     =========
* Less than $.01
</TABLE>
See Accountants Review Report
<PAGE>
<TABLE>
<CAPTION>
                         GLOBAL ASSETS & SERVICES, INC.
                         (A Development Stage Company)
                  Statement of Stockholders' Equity (Deficit)
                                 June 30, 2002
                                  (Unaudited)
<S>                                 <C>            <C>             <C>             <C>         <C>          <C>          <C>


                                                                                                                Deficit
                                                                                                             Accumulated
                                                                                               Additional     During the
                                         Preferred Stock                Common Stock           Paid-In       Development
                                    # of Shares      Amount         # of Shares   Amount       Capital        Stage          Totals
                                    -----------      ------         -----------   ------       -------        -----          ------


Balance December 31, 1995                   -              $ -      3,575,268      $ 3,575      $ 87,810    $ (132,399)   $ (41,014)

Issuance for Merger                   693,221       55,556,100         66,533           67           (67)            -   55,556,100
Reverse Merger                       (486,754)     (48,675,400)             -            -             -             -  (48,675,400)
Deduction other assets                      -       (6,763,122)             -            -                           -   (6,763,122)
Net Loss for Year                           -                -              -            -             -       (72,473)     (72,473)
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Balance - December 31, 1996           206,467          117,578      3,641,801        3,642        87,743      (204,872)       4,091
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Preferred Stock to Common Stock      (206,467)        (117,578)       755,966          755       116,823             -            -
Net Loss for year                           -                -              -            -             -        (4,091)      (4,091)
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Balance - December 31, 1997                 -                -      4,397,767        4,397       204,566      (208,963)           -
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Balance - December 31, 1998                 -                -      4,397,767        4,397       204,566      (208,963)           -
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Balance - December 31, 1999                 -                -      4,397,767        4,397       204,566      (208,963)           -
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Balance - December 31, 2000                 -                -      4,397,767        4,397       204,566      (208,963)           -
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Issuance of stock for services 12/11        -                -      3,400,000        3,400             -             -        3,400
Loss for year                               -                -              -            -             -       (39,462)     (39,462)
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Balance - December 31, 2001                 -                -      7,797,767        7,797       204,566      (248,425)     (36,062)
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Issuance of stock for cash 3/28             -                -         20,000           20         7,980             -        8,000
Issuance of stock for services 3/28         -                -      6,800,000        6,800        (3,400)            -        3,400
Issuance of stock for services 4/2          -                -      1,000,000        1,000             -             -        1,000
Issuance of stock for services 6/18         -                -        500,000          500             -             -          500
Loss for period                             -                -              -            -             -       (37,032)     (37,302)
                                     --------      -----------      ---------      -------      --------     ---------   -----------
Balance - March 31, 2002                    -              $ -     16,117,767      $16,117     $ 209,146    $ (285,727)   $ (60,464)
                                     ========      ===========      =========      =======      ========     =========   ===========
</TABLE>
See Accountants Review Report


<PAGE>
<TABLE>
<CAPTION>
                        GLOBAL ASSETS AND SERVICES, INC.
                         (A Development Stage Company)
                            Statements of Cash Flows
                                  (Unaudited)

                                                                                                            May 25, 1988
                                                                             Six-Months Ended              (Inception) to
                                                                                 June 30,                     June 30,
                                                                         2002               2001                2002
                                                                         ----               ----                ----
<S>                                                                      <C>                     <C>            <C>
Cash Flows from Operating Activities:
Net Loss                                                                 $(37,302)               $ -            $ (285,727)

Adjustments to reconcile net loss to cash
   used in operating activities:
   Issuance of stock for services                                           4,900                  -                 8,300
   Increase in accounts payable                                            24,875                  -                61,037
                                                                         --------                ----           ----------
Net Cash Flows Used by Operating Activities                                (7,527)                 -              (216,390)
                                                                         --------                ----           ----------
Cash Flows from Financing Activities:
   Issuance of Common Stock                                                 8,000                  -               216,963
                                                                         --------                ----           ----------
Net Cash Flows Provided by Financing Activities                             8,000                  -               216,963
                                                                         --------                ----           ----------
Net Increase (Decrease) in Cash                                               473                  -                   573
                                                                         --------                ----           ----------
Cash and cash equivalents - Beginning of period                               100                  -                     -
                                                                         --------                ----           ----------
Cash and cash equivalents - End of period                                   $ 573                $ -                 $ 573
                                                                         ========                ====           ==========


Supplemental Disclosure of Cash Flow Information
      Cash paid for Interest                                                  $ -                $ -                   $ -
                                                                         ========                ====           ==========
      Cash paid for Income Taxes                                              $ -                $ -                   $ -
                                                                         ========                ====           ==========
Non-Cash Transactions
      Common stock issued in exchange for services                        $ 4,900                $ -               $ 8,300
        8,300,000 shares issued                                          ========                ====           ==========
</TABLE>


See Accountants Review Report

<PAGE>

                        GLOBAL ASSETS AND SERVICES, INC.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)



Note 1 - Presentation of Interim Information:

In the opinion of the management of Global Assets and Services, Inc., the
accompanying unaudited financial statements include all normal adjustments
considered necessary to present fairly the financial position as of June 30,
2002 and the results of operations for the three and six-months ended June 30,
2002 and 2001, and the related cash flows for the six-months ended June 30, 2002
and 2001. Interim results are not necessarily indicative of results for a full
year.

The financial statements and notes are presented as permitted by Form 10-QSB,
and do not contain certain information included in the Company's audited
financial statements and notes for the fiscal year ended December 31, 2001.

Note 2 - Going Concern:

The Company's financial statements have been presented on the basis that it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business.

The Company is in the development stage and has not earned any revenue from
operations. The Company's ability to continue as a going concern is dependent
upon its ability to develop additional sources of capital or locate a merger
candidate and ultimately, achieve profitable operations. The accompanying
financial statements do not include any adjustments that might result from the
outcome of these uncertainties. Management is seeking new capital to revitalize
the Company.

Note 3 - Subsequent Event:

A Consulting Agreement was entered into on July 2, 2002 between Global Assets
and Services, and Mike Littman. The agreement states that in consideration of
the services already provided, the Consultant shall receive 610,000 shares of
common stock, which shall be issued for $61, 037 for prior services rendered to
the Company. An additional 100,000 shares of common stock are to be issued to
Jeffrey Lang for future consulting services.

<PAGE>

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

Results of Operations for the quarter ended June 30, 2002 compared to quarter
--------------------------------------------------------------------------------
ended June 30, 2001
- ---------------------

         The Company had no revenue  for the period in 2002 or 2001. The company
incurred expenses totalling $21,335 in the quarter in 2002 compared to no
expenses in the quarter in 2001.  The increased expenses in the quarter in 2002
consisted of $15,046 in consulting fees, rent of $4,314 and miscellaneous
expenses of $1,975.  The company had a net loss of ($21,355) in the quarter in
2002 compared to no profit or loss in the quarter in 2001.  The company had a
nominal loss per share in the quarter in 2002 and no profit/loss per share in
the quarter in 2001.

Comparison  of  Operating  Results for the Six  Months Ended June 30, 2002 and
- -----------------------------------------------------------------------------
June 30, 2001
- -------------

     The Company had no revenues  for the six month period ended June 30 in 2002
or 2001.  The  Company  incurred  expenses  in the  quarter  in 2002 of  $37,302
compared to none in the period in 2001. The company incurred $15,046 in
consulting, $10,000 legal and accounting, $7,208 in rent, and $5,048 in
miscellaneous expenses in the period in 2001 compared to none in 2001 in the
period.  The company had a net loss of ($37,302) in the six month period in 2002
compared to no profit or loss in 2001.  The net loss per share was nominal for
the period in 2002 and none in the period in 2001.

The company expects to continue to incur expenses for the forseeable future at a
similar rate as in the six month period in 2002.  It cannot predict revenues at
the date of this report.

Liquidity and Capital Resources
- -------------------------------

     At June,  2002, the Company had $573 cash and no other tangible assets with
which to conduct  operations.  The lack of  liquidity  or liquid  assets  raises
substantial  doubt about the  Company's  ability to continue as a going  concern
unless it is able to generate  sufficient cash flows to meet its obligations and
sustain operations.

         Once the Company has identified an appropriate business combination,
lack of existing capital may be a sufficient impediment to prevent its
consummation. And if a business combination is completed, the Company's needs
for additional financing is likely to increase substantially.


<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS
- -------    -----------------

           None

ITEM 2.    CHANGES IN SECURITIES
- -------    ---------------------

           On March 28, 2002 the company issued 20,000 shares of common stock
           for $8,000 cash in a private placement.

ITEM 3.    DEFAULT UPON SENIOR SECURITIES
- -------    ------------------------------

           None

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- -------    ---------------------------------------------------

           None

ITEM 5.    OTHER INFORMATION
- -------    -----------------

           None

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K
- -------    --------------------------------

                8/K 12g3/A April 25, 2002
                8/K 12g3 April 25, 2002


<PAGE>


                          GLOBAL ASSETS & SERVICES, INC.
                          (A Development Stage Company)


                                   SIGNATURES

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



                                             GLOBAL ASSETS & SERVICES, INC.



Date: August 14, 2002                      /s/ Thomas McCrimmon
                                             -----------------------------------
                                             Thomas McCrimmon, President