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
September 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)

13575 58th Street North, Suite 122, Clearwater, FL 33760
--------------------------------------------------------
(Address of principal Executive Offices                     Zip Code)

Registrant's telephone number, including area code: (727) 538-1434


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.

                       88,997,767 as of September 30, 2004


<PAGE>

Item 1.  Financial Statements






                         GLOBAL ASSETS & SERVICES, INC.
                                   (RESTATED)

                          (A DEVELOPMENT STAGE COMPANY)
                              FINANCIAL STATEMENTS

                  FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2004
<PAGE>

                           Michael Johnson & Co., LLC.
                             9175 Kenyon Ave., #100
                                Denver, CO 80237
                               Phone: 303-796-0099
                                Fax: 303-796-0137



                           ACCOUNTANT'S REVIEW REPORT




Board of Directors of
Global Assets and Services, Inc.


We have reviewed the accompanying balance sheet for Global Assets & Services,
Inc. (a development stage company) for September 30, 2004 and the related
statements of operations for the three and nine-months ended September 30, 2004
and 2003 and for the period from May 25, 1988 (inception) to September 30, 2004
and cash flows for the nine-months ended September 30, 2004 and 2003 and for the
period from May 25, 1988 (inception) to September 30, 2004, included in the
accompanying Securities and Exchange Commission 10-QSB for the period ended
September 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 State, and will require
funds from profitable operations, from borrowing or from sale of equity
securities to execute its business plan. Management's plan in regard to these
matters, are also discussed 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
September 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
November 15, 2004




                                       F-1


<PAGE>

<TABLE>
<CAPTION>

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


                                                                             September 30,              December 31,
                                                                                  2004                      2003
                                                                            -----------------         ------------------
<S>                                                                         <C>                       <C>
ASSETS:
Current assets:
   Cash                                                                              $ 1,000                      $ 332
                                                                            -----------------         ------------------

      Total current assets                                                             1,000                        332
                                                                            -----------------         ------------------

TOTAL ASSETS                                                                         $ 1,000                      $ 332
                                                                            =================         ==================


LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
   Accounts Payable and Accrued Liabilities                                              $ -                   $ 21,795
   Notes Payable - Shareholder                                                         1,000                     31,175
                                                                            -----------------         ------------------

Total Current Liabilities                                                              1,000                     52,970
                                                                            -----------------         ------------------

Stockholders' Equity:
Common Stock, $.001 Par Value, 100,000,000 shares
   authorized, 88,997,767 shares issued and outstanding                               88,997                     31,497
   in 2004 and 31,497,767 issued and outstanding in 2003
Additional Paid-In Capital                                                         3,243,653                  3,013,653
Deficit accumulated during the development stage                                  (3,332,650)                (3,097,788)
                                                                            -----------------         ------------------

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

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                           $ 1,000                      $ 332
                                                                            =================         ==================

</TABLE>

                         See Accountant's 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                   Nine-Months Ended             (Inception) to
                                             September 30,                       September 30,                September 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                        193,637                -            193,637          268,299            1,890,749
   Legal & Accounting                      40,975              500             40,975            3,000              158,183
   Advertising                                  -                -                  -                -               14,542
   Directors & Officers Fees                    -                -                  -          435,000            1,409,500
   Telephone                                    -              829                  -            1,959               30,412
   Travel                                       -                -                  -                -               19,409
   Rent                                         -            1,125                  -            3,998               52,594
   Business Expenses                            -              869                250            3,612              228,257
                                     -------------     ------------      -------------     ------------      ---------------
Total Expenses                            234,612            3,323            234,862          715,868            3,838,115
                                     -------------     ------------      -------------     ------------      ---------------
Net Loss From Operations                 (234,612)          (3,323)          (234,862)        (715,868)          (3,328,094)
                                     -------------     ------------      -------------     ------------      ---------------
Other Income
   Interest Expense                             -                -                  -                -               (8,577)
   Interest Income                              -                -                  -                -                4,021
                                     -------------     ------------      -------------     ------------      ---------------
Net Loss                               $ (234,612)        $ (3,323)        $ (234,862)       $(715,868)        $ (3,332,650)
                                     =============     ============      =============     ============      ===============

Per Share Information:

   Weighted average number of
     common shares outstanding         31,497,767       29,292,767         31,497,767       29,292,767
                                     -------------     ------------      -------------     ------------
Net Loss per Common Share              $ (0.01)             *              $ (0.01)           $(0.02)
                                     =============     ============      =============     ============
</TABLE>

                         See Accountant's Review Report

                                      F-3

<PAGE>

<TABLE>
<CAPTION>


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


                                                                                                            May 25, 1988
                                                                            Nine-Months Ended              (Inception) to
                                                                              September 30,                 September 30,
                                                                         2004               2003                2004
                                                                     --------------     --------------    ------------------
<S>                                                                  <C>                <C>               <C>
Cash Flows from Operating Activities:
Net Loss                                                                 $(234,862)         $(715,868)         $ (3,332,650)
   Stocks issued for services                                               37,500            700,000             2,195,437
Adjustments to reconcile net loss to cash
   used in operating activities:
   Increase (decrease) in accounts payable                                 (21,795)                 2                     -
                                                                     --------------     --------------    ------------------
Net Cash Flows Used by Operating Activities                               (219,157)           (15,866)           (1,137,213)
                                                                     --------------     --------------    ------------------

Cash Flows from Financing Activities:
   Proceeds from Notes Payable - Shareholder                                 1,000             16,500                 1,000
   Payment of Notes Payable - Shareholders                                 (31,175)                 -                     -
   Issuance of Stock for Asset Acquisition                                       -                  -               656,250
   Issuance of Common Stock                                                250,000                  -               480,963
                                                                     --------------     --------------    ------------------
Net Cash Flows Provided by Financing Activities                            219,825             16,500             1,138,213
                                                                     --------------     --------------    ------------------
Net Increase (Decrease) in Cash                                                668                634                 1,000
                                                                     --------------     --------------    ------------------
Cash and cash equivalents - Beginning of period                                332              1,365                     -
                                                                     --------------     --------------    ------------------
Cash and cash equivalents - End of period                                  $ 1,000            $ 1,999               $ 1,000
                                                                     ==============     ==============    ==================

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

Non-Cash Transactions
    Common stock issued for services                                      $ 37,500          $ 700,000           $ 2,195,437
                                                                     ==============     ==============    ==================
</TABLE>


                         See Accountant's Review Report

                                      F-4

<PAGE>

<TABLE>
<CAPTION>


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

                                                                                                  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)                   -
                                          --------------    --------------     -------------   ---------------     ----------------
Stock issued for services 12/11               3,400,000             3,400                 -                 -                3,400
Net Loss for year                                     -                 -                 -           (39,462)             (39,462)
                                          --------------    --------------     -------------   ---------------     ----------------
Balance - December 31, 2001                   7,797,767             7,797           204,566          (248,425)             (36,062)
                                          --------------    --------------     -------------   ---------------     ----------------
Stock issued for cash 3/28                       20,000                20             1,980                 -                2,000
Stock issued for services 3/28                6,800,000             6,800           673,200                 -              680,000
Stock issued for services 4/2                 1,000,000             1,000            99,000                 -              100,000
Stock issued for services 6/18                  500,000               500            49,500                 -               50,000
Stock issued for services 7/12                  710,000               710            70,327                 -               71,037
Stock issued for Asset Acquistion 8/12        1,750,000             1,750           654,500                 -              656,250
Stock issued for services 8/12                  590,000               590            58,410                 -               59,000
Stock issued for cash 9/18                       80,000                80            19,920                 -               20,000
Stock issued for cash 10/15                   4,945,000             4,945           489,555                 -              494,500
Net 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)
                                          --------------    --------------     -------------   ---------------     ----------------
Stock issued for services 1/15                2,775,000             2,775           252,225                 -              255,000
Stock issued for services 3/11                2,630,000             2,630           252,370                 -              255,000
Stock issued for services 4/20                  100,000               100             9,900                 -               10,000
Stock issued 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)
                                          --------------    --------------     -------------   ---------------     ----------------
Stock Issued for Cash                        50,000,000            50,000           200,000                 -              250,000
Stock Issued for Services                     7,500,000             7,500            30,000                 -               37,500
Loss for Period                                       -                 -                 -          (234,862)            (234,862)
                                          --------------    --------------     -------------   ---------------     ----------------
Balance - September 30, 2004                 88,997,767          $ 88,997        $3,243,653       $(3,332,650)                 $ -
                                          ==============    ==============     =============   ===============     ================
</TABLE>


                         See Accountant's Review Report

                                      F-5

<PAGE>

                        GLOBAL ASSETS AND SERVICESS, INC.
                          (A Development Stage Company)
                          Notes to Financial Statements
                               September 30, 2004
                                   (Unaudited)



Note 1 - Presentation of Interim Information:
         -----------------------------------

In the opinion of the management of Global Assets & Services, Inc., the
accompanying unaudited financial statements include all normal adjustments
considered necessary to present fairly the financial position as of September
30, 2004, and the results of operations for the three-months and nine-months
ended September 30, 2004 and 2003, and May 25, 1988 (inception) to September 31,
2004, and cash flows for the nine-months ended September 30, 2004 and 2003 and
May 25, 1988 (inception) to September 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>



                        GLOBAL ASSETS AND SERVICESS, INC.
                          (A Development Stage Company)
                          Notes to Financial Statements
                               September 30, 2004
                                   (Unaudited)


Note 3 - Share Purchase Agreement:
         ------------------------

On September 15, 2004 the Board of Directors resolved that for the consideration
received in the private placement ($250,000), the transfer agent is authorized
and instructed to issue 50,000,000 shares of Restricted Common stock to Praise
Direct Holdings Limited for the purchase of the assets of the company. It was
also resolved that 7,500,000 shares of Restricted Common stock be issued to Top
Harmony Holdings Limited for services.

















                                      F-7

<PAGE>

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

     The  forward-looking  statements  included in  Management's  Discussion and
Analysis  of  Financial  Condition  and  Results of  Operations,  which  reflect
management's best judgment based on factors  currently known,  involve risks and
uncertainties.  Our actual  results  may differ  significantly  from the results
discussed  in the  forward-looking  statements.  You  should  not  regard  their
inclusion  as a  representation  by us that  the  objectives  or  plans  will be
achieved.  Factors  that might  cause  such a  difference  include,  but are not
limited to, competitive, technological, financial and business challenges making
it more difficult than expected to sell products and services.  We may be unable
to hire and retain our key sales, technical and management personnel;  there may
be other  material  adverse  changes in our  industry  or in our  operations  or
business,  and any or all of these factors may affect our ability to achieve our
projected sales growth.  Forward-looking  information  provided by Global Assets
and Services, Inc. should be evaluated in the context of these factors.


Results of Operations for the quarter ended September 30, 2004 compared to
------------------------------------------------------------------------
quarter ended September 30, 2003
--------------------------------

     The  Company  had no revenue  for the period in 2004 or 2003.  The  company
incurred expenses  totalling  $234,612 in the quarter in 2003 compared to $3,323
in  expenses  in the  quarter  in 2003.  The  expenses  in the  quarter  in 2004
consisted of legal and accounting of $40,975,  consulting fees of $193,637,  and
miscellaneous  expenses. The company had a net loss of ($234,612) in the quarter
in 2004  compared to a ($3,323)  loss in the quarter in 2003.  The company had a
loss per  share in the  quarter  in 2004 of  ($.01).  The loss per  share in the
quarter in 2003 was nominal.

Results of Operations for the Nine Months Ended September 30, 2004 and
----------------------------------------------------------------------
September 30, 2003
------------------

     The Company had no revenues for the nine month period ended September 30 in
2004 or 2003.  The Company  incurred  expenses in the period in 2004 of $234,862
compared  to $715,868 in the period in 2003.  The company  incurred  $193,637 in
consulting,  $40,975 in legal and accounting  fees,  $1,125 in rent, and $869 in
miscellaneous  expenses in the period in 2004 compared to $268,299 in consulting
fees, $3,000 in legal and accounting, $435,000 in Directors' and officers' fees,
$1,959 in  telephone  expenses,  $3,998  in rent,  and  $3,612 in  miscellaneous
expenses in 2003 in the period.  The company had a net loss of ($234,862) in the
nine month period in 2004  compared a net loss of  ($715,868)  in 2003.  The net
loss per share was ($.01) for the period in 2004 and ($.02) in 2003.


                                       2
<PAGE>

     The company expects to continue to incur expenses for the forseeable future
at a  similar  rate as in the nine  month  period  in 2004.  It  cannot  predict
revenues at the date of this report.

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

     At September 2004, the Company had $1,000 cash and no other current 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.

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.

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


                                       3
<PAGE>

     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  $234,000,  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.

GOING CONCERN

     The Company's auditor has issued a "going concern" qualification as part of
his  opinion in the Audit  Report for year ended  December  31,  2003.  There is
substantial  doubt  about the  ability of the  Company to  continue  as a "going
concern." The Company has no business, limited capital, debt in excess of $1,000
of which is all current,  $1,000 in cash,  minimal other liquid  assets,  and no
capital  commitments.  The  effects  of such  conditions  could be to cause  the
Company's bankruptcy.

     Management  hopes  to  seek  and  obtain  funding,  via  loans  or  private
placements  of stock  for  operations,  debt  and to  provide  working  capital.
Management  has  plans to seek  capital  in the  form of loans or stock  private
placements.

Item 3. Controls and Procedures
-------------------------------

     The  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.


                                       4
<PAGE>


                           PART II - OTHER INFORMATION

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

           None


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

     On  September  15,  2004  the  Board  of  Directors  resolved  that for the
consideration received in the private placement ($250,000), 50,000,000 shares of
Restricted  Common  stock was issued to Praise  Direct  Holdings  Limited.  Also
7,500,000  shares of Restricted  Common stock be issued to Top Harmony  Holdings
Limited for services.


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

           None


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

           None


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

     Xexi Xu was appointed  President and director in September  2004, and Alice
Chan was appointed Secretary and director in September 2004.

New Directors and Executive Officers

The following biographical information concerning the New Directors is provided.

     Mr. Xu Kexi, age 41, graduated from high school in Shanghai in 1982. Mr. Xu
was the supervisor of the Shanghai Textile Company from 1982 to 1985, the Export
Manager of Shengzhen China Import-Export Company from 1985-1990,  the Manager of
Shanghai  Galaxy Film Limited from 1990-1996.  From 1996 to the present,  Mr. Xu
has been the Chief Executive Officer of Shanghai Asia Loyalty Tradings Limited.

     Miss  Chan Yi Tung  Alice  Anastasia,  age 36,  graduated  in 1995 from the
University of Minnesota,  United States of America.  She was the  Administrative
Manager  of  Minghua  Group  Holdings  Limited,   a  company  listed  on  NASD's
Overt-the-Counter Bulletin Board in the United States of America until May 2002.
In the past,  Miss Chan has worked as the Sales  Manager  for the KYH Steel Co.,
Limited,  a steel stocklist in Hong Kong, and as the  Administrative  Officer of
B+B Asia Limited, a contractor in Hong Kong, with its parent company, located in
Germany.  At present,  Miss Chan is a director of Genuisoft  Limited,  a company
involved in the research,  development,  and  production of remote  surveillance
monitoring, data security, and wireless communication systems.

     The New Directors have taken office on September 20, 2004. Mr. Xu Kexi, one
of the New Directors  beneficially own 50,000,000  common shares of the Company.
None of the New  Directors  has been  involved  in any  trans-  action  with the
Company or any of its  Current  Directors  or  officers  that is  required to be
disclosed  pursuant to the rules and  regulations of the Securities and Exchange
Commission prior to date hereof.

                                       5

<PAGE>


     Prior to September 20, 2004,  the Company spun off the shares of its wholly
owned  subsidiary  Global  Tech  Assets,  Inc.  pro  rata to  shareholders  as a
dividend.  Global  Tech holds the  technology  licenses  previously  held by the
Company. None of which were producing revenue.


ITEM 6.  EXHIBITS
-------  --------

           Exhibits:    31  Sarbanes-Oxley Certification
                        32 Sarbanes-Oxley Certification



                                       6
<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: November 22, 2004            By: /s/ Kexi Xu
                                        -------------------------------------
                                        Kexi Xu, President, CEO, & CFO







                                       7