SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10QSB


                                  AMENDMENT #1


                  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, 2004                                          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.

                         24,192,767 as of June 30, 2004
<PAGE>


                        GLOBAL ASSETS AND SERVICES, INC.

                          (A DEVELOPMENT STAGE COMPANY)
                              FINANCIAL STATEMENTS

                                  JUNE 30, 2003
                                   (UNAUDITED)



<PAGE>


      RESTATED 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, 2004 and the related statement of operations for the three and
six-months ended June 30, 2004 and 2003 and the period May 25, 1988 (inception)
to June 30, 2004, and cash flows for the six-months ended June 30, 2004 and
2003, and May 25, 1988 (inception) to June 30, 2004, included in the
accompanying Securities and Exchange Commission Form 10-QSB for the period ended
June 30, 2004. 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.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2 to the
financial statements the Company is in the Development Stage, and will require
funds from profitable operations, from borrowing, or from sale of equity
securities to executed its business plan. Management's plan in regard to these
matters, are also described in Note 2.  These factors raise substantial doubt
about its ability to continue as a going concern. The financial statements do
not include any adjustments that might result from this uncertainty.

We have previously audited, in accordance with auditing standards generally
accepted in the United States, the balance sheet as of December 31, 2003, and
the related statements of operations, stockholders' equity and cash flows for
the year then ended (not presented herein). In our report dated April 12, 2004,
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, 2004 is fairly stated in all material respects in relation to the balance
sheet from which it has been derived.

/s/ Michael Johnson & Co., LLC
Michael Johnson & Co., LLC
Denver, CO
September 20, 2004

                                      F-1

<PAGE>

<TABLE>
<CAPTION>

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

                                                                                June 30,                December 31,
                                                                                  2004                      2003
                                                                            -----------------         ------------------
<S>                                                                         <C>                       <C>
ASSETS:
Current assets:
   Cash                                                                                $ 270                      $ 332
                                                                            -----------------         ------------------

      Total current assets                                                               270                        332
                                                                            -----------------         ------------------

TOTAL ASSETS                                                                           $ 270                      $ 332
                                                                            =================         ==================


LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
   Accounts Payable and Accrued Liabilities                                         $ 21,795                   $ 21,795
   Notes Payable - Shareholder                                                        31,363                     31,175
                                                                            -----------------         ------------------

Total Current Liabilities                                                             53,158                     52,970
                                                                            -----------------         ------------------

Stockholders' Equity:
Common Stock, $0.001 Par Value, 100,000,000 shares                                    31,497                     31,497
   authorized, 31,497,767 shares issued and outstanding
   in 2003, 24,192,767 shares outstanding in 2002
Additional Paid-In Capital                                                         3,013,653                  3,013,653
Deficit accumulated during the development stage                                  (3,098,038)                (3,097,788)
                                                                            -----------------         ------------------

Total Stockholders' Deficit                                                          (52,888)                   (52,638)
                                                                            -----------------         ------------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                             $ 270                      $ 332
                                                                            =================         ==================
</TABLE>

                                 See Accountants Review Report

                                              F-2


<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,
                                      2004            2003            2004           2003            2004
                                  -------------    -----------     -----------    ------------    ------------
<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                           -         10,000               -         268,299       1,699,811
   Legal & Accounting                        -            500               -           2,500          99,583
   Advertising                               -              -               -               -          14,542
   Directors and Officers Fees               -        180,000               -         435,000       1,409,500
   Interest Expense                          -              -               -               -           8,577
   Telephone                                 -            423               -           1,130          28,946
   Travel                                    -              -               -               -           7,500
   Rent                                      -          2,873               -           2,873          49,969
   Business Expenses                       250          1,859             250           2,743         225,344
                                  -------------    -----------     -----------    ------------    ------------
Total Expenses                             250        195,655             250         712,545       3,578,241
                                  -------------    -----------     -----------    ------------    ------------
Net Loss From Operations                  (250)      (195,655)           (250)       (712,545)     (3,068,220)
                                  -------------    -----------     -----------    ------------    ------------
Other Income
   Interest Income                           -              -               -               -           4,021
                                  -------------    -----------     -----------    ------------    ------------
Net Loss                                $ (250)     $(195,655)         $ (250)      $(712,545)    $(3,064,199)
                                  =============    ===========     ===========    ============    ============

Per Share Information:

   Weighted average number of
     common shares outstanding      29,292,767     29,292,767      29,292,767      29,292,767
                                  -------------    -----------     -----------    ------------
Net Loss per Common Share               *               *               *              *
                                  =============    ===========     ===========    ============

* Less than $.01
</TABLE>

                                         See Accountants Review Report

                                                      F-3

<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,
                                                                          2004               2003                2004
                                                                     ---------------     -------------     -----------------
<S>                                                                  <C>                 <C>               <C>
Cash Flows from Operating Activities:
Net Loss                                                                     $ (250)        $(712,545)         $ (3,098,038)
Issuance of stock for services                                                    -           700,000             2,157,937
Adjustments to reconcile net loss to cash used in
    operating activities:
    Increase in accounts payable                                                  -             6,465                21,795

Net Cash Flows Used by Operating Activities                                    (250)           (6,080)             (918,306)

Cash Flows from Financing Activities:
   Proceeds from notes - Shareholders                                           188             5,525                31,363
   Issuance of Common Stock for Asset Acquisition                                 -                 -               656,250
   Issuance of Common Stock                                                       -                 -               230,963
                                                                     ---------------     -------------     -----------------
Net Cash Flows Provided by Financing Activities                                 188             5,525               918,576
                                                                     ---------------     -------------     -----------------
Net Increase (Decrease) in Cash                                                 (62)             (555)                  270
                                                                     ---------------     -------------     -----------------
Cash and cash equivalents - Beginning of period                                 332               575                     -
                                                                     ---------------     -------------     -----------------
Cash and cash equivalents - End of period                                     $ 270              $ 20                 $ 270
                                                                     ===============     =============     =================

Supplemental Disclosure of Cash Flow Information
      Cash paid for Interest                                                    $ -               $ -               $ 8,577
                                                                     ===============     =============     =================
      Cash paid for Income Taxes                                                $ -               $ -                   $ -
                                                                     ===============     =============     =================

Non-Cash Transactions
      Common stock issued in exchange for services                              $ -         $ 700,000            $2,157,937
                                                                     ===============     =============     =================
</TABLE>


                                 See Accountants Review Report

                                              F-4

<PAGE>


<TABLE>
<CAPTION>

                                        GLOBAL ASSETS AND SERVICES, INC.
                                         (A Development Stage Company)
                                  Statement of Stockholders' Equity (Deficit)
                                                 June 30, 2004
                                                  (Unaudited)
                                                    Restated


                                                                                                        Deficit
                                                                                                      Accumulated
                                                                                     Additonal       During the
                                                           Common Stock               Paid-In          Development
                                                   # of Shares         Amount         Capital           Stage           Totals
                                                   -------------    -------------  -------------   --------------    --------------
<S>                                                <C>              <C>            <C>             <C>               <C>

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         654,500                -           656,250
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       2,320,958       (2,351,654)           (6,504)
                                                   -------------    ------------   -------------   --------------    --------------
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
Issuance of stock for services 4/20                     100,000             100           9,900                -            10,000
Issuance of stock for services 5/28                   1,800,000           1,800         178,200                -           180,000
Loss for Year                                                 -               -               -         (746,134)         (746,134)
                                                   -------------    ------------   -------------   --------------    --------------
Balance - December 31, 2003                          31,497,767          31,497       3,013,653       (3,097,788)          (52,638)
                                                   -------------    ------------   -------------   --------------    --------------
Loss for Period                                               -               -               -             (250)             (250)
                                                   -------------    ------------   -------------   --------------    --------------
Balance - June 30, 2004                              31,497,767        $ 31,497      $3,013,653      $(3,098,038)        $ (52,888)
                                                   =============    ============   =============   ==============    ==============
</TABLE>

                                         See Accountants Review Report

                                                      F-5



<PAGE>

                        GLOBAL ASSETS AND SERVICES, INC.
                          Notes to Financial Statements
                                  June 30, 2004
                                   (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,
2004 and the results of operations for the three and six-months ended June 30,
2004 and 2003 and for the period May 25, 1988 (inception) through June 30, 2004,
and the related cash flows for the six-months ended June 30, 2004 and 2003 and
the period May 25, 1988 (inception) through June 30, 2004. 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, 2003.

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.




                                      F-6


<PAGE>


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


RESULTS OF OPERATIONS FOR QUARTER ENDED JUNE 30, 2004
-----------------------------------------------------

The Company had no revenues in the quarter in 2004 or 2003.  The Company
incurred expenses and general and administrative costs for the quarter in 2004
of $250 compared to $195,655 in 2003. The Company recorded a net loss in the
period in 2004 of ($250) and a loss of of ($195,655) in 2003.  The net loss per
share was nominal in the period in 2004 and in 2003.  The largest components of
the operating expenses in 2003 in the quarter were $10,000 in consultant fees
and $180,000 in directors and officers fees.  In the quarter in 2004, no such
expenses were incured.

RESULTS OF OPERATIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2004
------------------------------------------------------------------

The Company had no revenues in the six month period in 2004 or 2003.  The
Company incurred a total of $250 in expenses in the period in 2004 compared to
$712,545 in the same period in 2003. The significant increase in expenses
occurred in 2003 due to the issuance of $268,299 in stock for consulting fees
and the issuance of $435,000 in stock for officers and directors fees.  The
Company incurred a loss of ($250) in the period in 2004 compared to a loss of
($712,545) in the period in 2003. The net loss per share was nominal in 2004 and
in 2003.

The Company expects the trend of losses to continue until it can generate
revenues.

NEED FOR ADDITIONAL FINANCING

The Company does not have capital  sufficient to meet the Company's  cash needs,
including the costs of compliance with the continuing reporting  requirements of
the  Securities  Exchange  Act of 1934.  The Company  will have to seek loans or
equity placements to cover such cash needs. There is no assurance, however, that
without funds it will ultimately allow registrant to carry out any business. The
Company's needs for additional  financing are likely to increase  substantially.
The  Company  will  need to raise  additional  funds  to  conduct  any  business
activities in the next twelve months.

No commitments to provide additional funds have been made by management or other
stockholders.  Accordingly,  there can be no assurance that any additional funds
will be  available  to the Company to allow it to cover its expenses as they may
be incurred. As of the date of this report management does not have any plan for
raising additional capital,  and does not know if or when it can or will develop
a plan.

Irrespective of whether the Company's cash assets prove to be inadequate to meet
the  Company's  operational  needs,  the Company  will  compensate  providers of
services by issuances of stock in lieu of cash.

The Company has no plans for any  research  and  development  in the next twelve
months.  The Company has no plans at this time for  purchases  or sales of fixed
assets which would occur in the next twelve months.

<PAGE>

The Company has no expectation or anticipation of significant  changes in number
of employees in the next twelve months.

The Company's auditor has issued a "going concern"  qualification as part of his
opinion in the Audit Report. There is substantial doubt about the ability of the
Company to  continue as a "going  concern."  The  Company  has no  business,  no
capital, debt in excess of $53,370, all of which is current, no cash, no assets,
except intangible  licenses which are illiquid and no capital  commitments.  The
effects of such conditions could easily be to cause the Company's bankruptcy.


LIQUIDITY AND CAPITAL RESOURCES

The Company had $270 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.

The  Company remains in the development stage and, since inception, has
experienced significant liquidity problems and has no significant capital
resources now and has stockholder's deficit of ($52,888) approximately at June
30, 2004.  The Company has minimal current assets and no other assets at June
30, 2004.

The Company is unable to carry out any plan of business without funding.  The
Company cannot predict to what extent its current lack of liquidity and capital
resources will impair the consummation of a business combination or whether it
will incur further operating losses through any business entity which the
Company may eventually acquire.  There is no assurance that the Company can
continue as a going concern without substantial funding, for which there is no
source.

The Company estimates it will require $25,000 to $30,000 to cover legal,
accounting, transfer and miscellaneous costs of being a reporting company in the
next fiscal year.  The Company will have a cash shortfall for current annual
reporting costs of at least $25,000 to $30,000, for which it has no source
except shareholder loans or contributions, none of which have been committed.

The  Company has no cash for any operations.  It will have to make private
placements of stock, for which it has no sources, or obtain loans from
shareholders, to have any cash for even limited operations.  There are no
committed loan sources at this time.

<PAGE>

ITEM 3.  CONTROLS AND PROCEEDURES

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.

Trends:  The company expects that the trend of no income and ongoing losses will
continue in the future until a business operation has been achieved which may
afford revenues and potential cash flows. No assurance can be made that any such
operation will ever occur.


                           PART II - OTHER INFORMATION


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

           None


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

           None


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

           None

<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: September 20, 2004                     /s/ Bertram Cutler
                                             -----------------------------------
                                             Bertram Cutler, President