SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10QSB/A


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


For Quarter Ended                                     Commission File Number
- ------------------                                    ----------------------
                                                       0-30145
March 31, 2003                                         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.


                         29,597,767 as of March 31, 2003


<PAGE>


                         GLOBAL ASSETS AND SERVICES, INC.
                                    (REVISED)
                          (A DEVELOPMENT STAGE COMPANY)
                              FINANCIAL STATEMENTS

                                 MARCH 31, 2003
                                   (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 March 31, 2003 and the related statement of operations and cash flows
for the three-months ended March 31, 2003 and 2002, and May 25, 1988 (inception)
to March 31, 2003, included in the accompanying Securities and Exchange
Commission Form 10-QSB for the period ended March 31, 2003. 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, 2002, and
the related statements of operations, stockholders' equity and cash flows for
the year then ended (not presented herein). In our report dated March 17, 2003,
we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying balance sheet as of March
31, 2003 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
May 20, 2003
August 3, 2004


<PAGE>
<TABLE>
<CAPTION>

                        GLOBAL ASSETS AND SERVICES, INC.
                         (A Development Stage Company)
                            Balance Sheets
                                  (Unaudited)

<S>                                                                          <C>                        <C>


                                            (Restated)

                                                                                 March 31,                December 31,
                                                                                   2003                       2002
                                                                             ------------------         ------------------
ASSETS:
Current assets:
   Cash                                                                                $ 4,475                    $ 1,365
                                                                             ------------------         ------------------

      Total current assets                                                               4,475                      1,365
                                                                             ------------------         ------------------

TOTAL ASSETS                                                                           $ 4,475                    $ 1,365
                                                                             ==================         ==================


LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
   Accounts Payable and Accrued Liabilities                                           $ 16,869                    $ 7,869
   Notes Payable - Shareholder                                                          10,000                          -
                                                                             ------------------         ------------------

Total Current Liabilities                                                               26,869                      7,869
                                                                             ------------------         ------------------


Stockholders' Equity:
Common Stock, $0.01 Par Value, 100,000,000 shares                                       29,597                     24,192
   authorized, 29,597,767 shares issued and outstanding
   in 2003, 24,192,767 shares outstanding in 2002                                    2,816,553                  2,320,958
Additional Paid-In Capital                                                          (2,868,544)                (2,351,654)
                                                                             ------------------         ------------------

Deficit accumulated during the development stage
                                                                                       (22,394)                    (6,504)
                                                                             ------------------         ------------------
Total Stockholders' Deficit
                                                                                       $ 4,475                    $ 1,365
                                                                             ==================         ==================
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


See Accountants Review Report
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                        GLOBAL ASSETS AND SERVICES, INC.
                           (Development Stage Company)
                            Statements of Operations
                                  (Unaudited)
<S>                                             <C>                  <C>                 <C>
                                                    Three-Months Ended                (Inception) to
                                                         March 31,                        March 31,
                                                 2003                2002                  2003
                                                 ----                ----                  ----

Revenue
   Revenue                                             $ -                 $ -              $ 846,545
   (Less) Cost of Sales                                  -                   -               (336,524)
                                                ----------           -----------         ------------
Total Income                                             -                   -                510,021
                                                ----------           -----------         ------------
Operating Expenses
   Doubtful Accounts                                     -                   -                 34,469
   Consultant Fees                                 258,299                   -              1,689,811
   Legal & Accounting                                2,000              10,000                 99,083
   Advertising                                           -                   -                 14,542
   Directors and Officers Fees                     255,000                   -              1,229,500
   Interest Expense                                      -                   -                  8,577
   Telephone                                           707                   -                 28,523
   Travel                                                -                   -                  7,500
   Rent                                                  -               2,894                 47,096
   Other General Expenses                              884               3,073                223,485
                                                ----------           -----------         ------------
Total Expenses                                     516,890              15,967              3,382,586
                                                ----------           -----------         ------------
Net Loss From Operations                          (516,890)            (15,967)            (2,872,565)
                                                ----------           -----------         ------------
Other Income
   Interest Income                                       -                   -                  4,021
                                                ----------           -----------         ------------
Net Loss                                         $(516,890)          $ (15,967)          $ (2,868,544)
                                                ==========           ===========         ============
Per Share Information:


   Weighted average number of
     common shares outstanding                  29,597,767          14,597,767
                                                ----------           -----------

Net Loss per Common Share                          *                   *
                                                ==========           ===========
* Less than $.01

See Accountants Review Report
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                        GLOBAL ASSETS AND SERVICES, INC.
                          (Development Stage Company)
                  Statement of Stockholders' Equity (Deficit)
                                 March 31, 2003
                                  (Unaudited)
<S>                                   <C>        <C>             <C>            <C>          <C>        <C>            <C>

                                                                                                                Accumulated
                                                                                                 (Restated Statement)
                                                                                                           Deficit
                                                                                                           Accumulated
                                                                                                Additonal   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         1,980           -           2,000
Issuance of stock for services 3/28          -             -      6,800,000        6,800       673,200           -         680,000
Issuance of stock for services 4/2           -             -      1,000,000        1,000        99,000           -         100,000
Issuance of stock for services 6/18          -             -        500,000          500        49,500           -          50,000
Issuance of stock for services 7/12          -             -        710,000          710        70,327           -          71,037
Issuance of stock for Asset
 Acquisition 8/12                            -             -      1,750,000        1,750       645,500           -         647,250
Issuance of stock for services 8/12          -             -        590,000          590        58,410           -          59,000
Issuance of stock for cash 9/18              -             -         80,000           80        19,920           -          20,000
Issuance of stock for services 10/15         -             -      4,945,000        4,945       489,555           -         494,500
Loss for year                                -             -              -            -             -  (2,103,229)     (2,103,229)
                                      --------   -----------     ----------     --------     ---------  ----------      ------------
Balance - December 31, 2002                  -             -     24,192,767       24,192     2,311,958  (2,351,654)        (15,504)
                                      --------   -----------     ----------     --------     ---------  ----------      ------------
Issuance of stock for services 1/15          -             -      2,775,000        2,775       252,225           -         255,000
Issuance of stock for services 3/11          -             -      2,630,000        2,630       252,370           -         255,000
Loss for period                              -             -              -            -             -    (516,890)       (516,890)
                                      --------   -----------     ----------     --------     ---------- -----------      -----------
Balance - March 31, 2003                     -           $ -     29,597,767     $ 29,597     $2,816,553 $(2,868,544)     $ (22,394)
                                      ========   ===========     ==========     ========     ========== ===========      ===========


See Accountants Review Report
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                        GLOBAL ASSETS AND SERVICES, INC.
                         (A Development Stage Company)
                            Statements of Cash Flows
                                  (Unaudited)

<S>                                                                       <C>                 <C>                <C>

                                                                        (Restated)
                                                                                                               May 25, 1988
                                                                             Three-Months Ended               (Inception) to
                                                                                  March 31,                      March 31,
                                                                           2003               2002                 2003
                                                                           ----               ----                 ----

Cash Flows from Operating Activities:
Net Loss                                                                  $ (516,890)         $ (15,967)         $ (2,868,544)
Issuance of stock for services                                               510,000                  -             1,962,837
Increase in accounts payable                                                       -             10,000                16,869
                                                                            --------            -------            ----------
Net Cash Flows Used by Operating Activities                                   (6,890)            (5,967)             (888,838)
                                                                            --------            -------            ----------
Cash Flows from Financing Activities:
   Proceeds from notes - Shareholder                                          10,000                  -                10,000
   Issuance of Common Stock for Asset Acquisition                                  -                  -               656,250
   Issuance of Common Stock                                                        -              8,000               227,063
                                                                            --------            -------            ----------
Net Cash Flows Provided by Financing Activities                               10,000              8,000               893,313
                                                                            --------            -------            ----------
Net Increase (Decrease) in Cash                                                3,110              2,033                 4,475
                                                                            --------            -------            ----------
Cash and cash equivalents - Beginning of period                                1,365                100                     -
                                                                            --------            -------            ----------
Cash and cash equivalents - End of period                                    $ 4,475            $ 2,133               $ 4,475
                                                                            ========            =======            ==========
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                          $510,000                $ -            $1,962,837
                                                                            ========            =======            ==========
See Accountants Review Report
</TABLE>

<PAGE>

                          GLOBAL ASSETS AND SERVICES, INC.
                                   (Restated)
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 2003
                                   (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 March 31,
2003 and the results of operations and cash flows for the three-months ended
March 31, 2003 and 2002, and May 25, 1988 (inception) to March 31, 2003. 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, 2002.

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 - Restatement of Financials

These financial statements have been restated to show the additional shares of
common stock, which were issued by the Board, however, the amended minutes were
not received by the audit firm.


<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        -----------------------------------------------------------------------
OF OPERATIONS
- -------------


RESULTS OF OPERATIONS FOR THREE MONTH PERIOD ENDED MARCH 31, 2003
- -----------------------------------------------------------------

The Company incurred expenses and general and administrative costs for the three
month  period in 2003 of  $516,890  compared  to $15,967 in 2002.  There were no
revenues  for the period in 2003 or 2002.  The Company  recorded net loss in the
period in 2003 of  ($516,890)  and loss  of($15,967)  in 2002.  The net loss per
share was nominal in the period in 2003 and in 2002.  The largest  components of
the operating  expenses in 2003 in the quarter were $258,299 in consultant fees,
$255,000 in directors and officers fees, and 42,000 in accounting  costs. In the
quarter in 2002 the Company incurred $10,000 in legal and accounting,  $2,894 in
rent and $3,073 in other expenses.

LIQUIDITY AND CAPITAL RESOURCES

The  Company  had  minimal  cash  capital  at the end of the  period,  which  is
insufficient  for any  significant  operations.  The Company will need to either
borrow  or make  private  placements  of stock in order to fund  operations.  No
assurance exists as to the ability to achieve loans, or make private  placements
of stock.  The Company is seeking capital  sources for  investment,  there is no
assurance that sources can be found.

EVALUATION OF INTERNAL AND DISCLOSURE CONTROLS
----------------------------------------------
Management  of the Company  has  evaluated  the  effectiveness  of the  issuer's
disclosure  controls  and  procedures  as of a date  within 90 days prior to the
filing  date of the  report  (evaluation  date)  and  have  concluded  that  the
disclosure  controls and procedures are adequate and effective  based upon their
evaluation  as of the  evaluation  date.  There were no  significant  changes in
internal controls or in other factors that could  significantly  affect internal
controls subsequent to the date of the most recent evaluation of such, including
any  corrective  actions with regard to  significant  deficiencies  and material
weaknesses.


<PAGE>

                           PART II - OTHER INFORMATION

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

           None

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

           In the quarter, the Company issued common shares for services
rendered, and 2,550,000 common shares for the EPONS product license.

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
- -------    --------------------------------



<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: May 23, 2003                      /s/ Bertram Cutler
                                             -----------------------------------
                                             Bertram Cutler, President