----

----

| þ                                                         |  QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|----------------------------------------------------------------|------------------------------------------------------------------------------------------------------|
|                                                           |                                                                                                 |
|                                                           |
| For the period ended March 31. 2011                            |
| or                                                             |
|                                                           |
|   o                                                       |   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                           |                                                                                                 |
|                                                           |
| For the transition period from: _____________ to _____________ |

|                                                          |  CUSIP NUMBER |                             |
|---------------------------------------------------------------|--------------------|----------------------------------|
|                                                          |  89366P 105   |                             |
| Nevada                                                        |               |   88-0476779                |
| (State or other jurisdiction ofIncorporation or organization) |               | (IRS EmployeeIdentification No.) |

| 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 such filing requirements for the past 90 days.  Yes þ No  o                                                                                                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  o No þ |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):                                                                                 |

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

| State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: |
|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                             |   |   |   |   |
| Class                                                                                                                            |   | Shares outstanding |   | Date |
| Common, $.001 par value                                                                                                          |   | 85,436,170 |   |   March 31, 2011 |

----

----

|                       |  TABLE OF CONTENTS                                                          |   |
|----------------------------|----------------------------------------------------------------------------------|--------|
|  1.                   |  Consolidated Balance Sheet                                                 |   |
|                       |                                                                             |   |
|  2.    |  Colsolidate Statement of Operations                                        |   |
|                       |                                                                             |   |
|  3.                   |  Statement of Stockholders's Equity                                         |   |
|                       |                                                                             |   |
|  4.                   |  Colsolidated Statement of Cash Flow                                        |   |
|                       |                                                                             |   |
|  5.                   |  Note 1 - Organization                                                      |   |
|                       |                                                                             |   |
|  6.                   |  Note 2 - Accounting Policies                                               |   |
|                       |                                                                             |   |
|  7.                   |  Note 3 0 Management Discussion of FInancial, Legal, and Operational Issues |   |
|                       |                                                                             |   |
|  8.                   |  Note 4 - Going Concern                                                     |   |
|                       |                                                                             |   |
|  9.                   |  Note 5 - Share Structure                                                   |   |
|                       |                                                                             |   |
|  10.                  |  Note 6 - Signaificant Events, SEC Filings, and Press Releases              |   |
|                       |                                                                             |   |

----

| TRANSGLOBAL ASSETS INC.                                                              |
|--------------------------------------------------------------------------------------|
| CONSODIATED BALANCE SHEET                                                            |
| (unaudited)                                                                          |   |
|                                                                                 |   |   |   |   |   |   |
|                                                                                 |   | March 31 |   |   | December 31 |   |
|                                                                                 |   | 2011 |   |   | 2010 |   |
|                                                                                 |   |   |   |   |   |   |
|  ASSETS                                                                         |   |   |   |   |   |   |
|     Cash                                               |   | $ | 43,245 |   |   | $ | 13,820 |   |
|     Equipment (Helios)                                 |   | $ | 500,000 |   |   | $ | 0 |   |
|     Furniture                                          |   | $ | 13,525 |   |   | $ | 13,525 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|     TOTAL ASSETS                                                 |   | $ | 556,770 |   |   | $ | 27,345 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  LIABILITIES                                                                    |   |   |   |   |   |   |   |   |
|     Accounts Payable                                             |   | $ | 135,000 |   |   | $ | 135,000 |   |
|     Accrued Expenses                                   |   | $ | 5,830 |   |   | $ | 15,000 |   |
|     Short Term Notes Due to Affiliates                 |   | $ | 727,526 |   |   | $ | 727,526 |   |
|     Short Term Notes Due to Others                          |   | $ | 387,561 |   |   | $ | 387,561 |   |
|     Long Term Stock Loan                                    |   | $ |   |   |   | $ | - |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|     TOTAL LIABILITIES                             |   | $ | 1,255,917 |   |   | $ | 1,265,087 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  STOCKHOLDERS’ EQUITY                                                     |   |   |   |   |   |   |   |   |
|     Common Stock, $.001 par value                           |   | $ | 85,436 |   |   | $ | 82,517 |   |
|     175,000,000 shares authorized,                               |   |   |   |   |   |   |   |   |
|     82,517,000 outstanding in 2010,               |   |   |   |   |   |   |   |   |
|     85,436,170 outstanding in Q1 2011                            |   |   |   |   |   |   |   |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|     Additional paid-in capital               |   | $ | 6,730,096 |   |   | $ | 6,230,096 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|     Deficit accumulated during the                     |   |   |   |   |   |   |   |   |
|     development stage                                            |   | $ | (7,514,679 | )    |   | $ | (7,550,355 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|     TOTAL STOCKHOLDERS’ EQUITY                        |   | $ | (699,147 | )  |   | $ | (1,237,742 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|  TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY      |   | $ | 556,770 |   |   | $ | 27,345 |   |

----

| TRANSGLOBAL ASSETS INC.                                            |   |
|--------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENT OF OPERATIONS                               |   |
| (unaudited)                                                        |   |
|                                                               |   |   |   |   |   |   |
|                                                               |   | March 31 |   |   | December 31 |   |
|                                                               |   | 2011 |   |   |  2010 |   |
|                                                               |   |   |   |   |   |   |
|  REVENUE                                                 |   | $ | 70,000 |   |   | $ | 20,000 |   |
|                                                               |   |   |   |   |   |   |   |   |
|     TOTAL REVENUE               |   | $ | 70,000 |   |   | $ | 20,000 |   |
|                                                               |   |   |   |   |   |   |   |   |
|  EXPENSES                                                     |   |   |   |   |   |   |   |   |
|     Fees - Filing                         |   | $ | 6,992 |   |   | $ | 0 |   |
|     Insurance                        |   | $ | 1,175 |   |   | $ | 1,049 |   |
|     Legal                            |   | $ | 0 |   |   | $ | 279 |   |
|     Licenses                    |   | $ |   150 |   |   | $ |   1,700 |   |
|     Marketing & Press Releases   |   | $ | 3,732 |   |   | $ | 0 |   |
|     Postage                          |   | $ | 169 |   |   | $ | 46 |   |
|     Professional Fees                     |   | $ | 14,420 |   |   | $ | 950 |   |
|     Rent                                  |   | $ | 4,500 |   |   | $ | 1,000 |   |
|     Salary Expense                   |   | $ | 0 |   |   | $ | 574 |   |
|     Shareholders’ Meeting           |   | $ | 1,921 |   |   | $ | 0 |   |
|     Telephone & Internet         |   | $ | 1,026 |   |   | $ | 519 |   |
|     Utilities                             |   | $ | 122 |   |   | $ | 0 |   |
|      Other Expenses                       |   | $ | 0 |   |   | $ | 0 |   |
|                                                               |   |   |   |   |   |   |   |   |
|  TOTAL EXPENSES                                          |   | $ | 34,324 |   |   | $ | 6,180 |   |
|                                                               |   |   |   |   |   |   |   |   |
|  NET PROFIT OR LOSS                                 |   | $ | 35,676 |   |   | $ | 13,820 |   |

----

|                                                                                                                      |   |         |             |    |           |   |         | Additional        |   |   |                |    |   | Total     |       |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------------|---------|----------------|--------|--------------|-------------------|--------|--------|---------------------|---------|--------|-----------|------------|
|                                                                                                                      |   | Common Stock |             |    | Paid-In        |   |         |  Accumulated |   |   | Stockholders’ |    |
|                                                                                                                      |   |  Shares |             |    |  $ Amount |   |         | $ Capital         |   |   | $Deficit            |    |   | $ Deficit |       |
|                                                                                                                      |   |         |             |    |           |   |         |              |   |   |                |    |   |      |       |
|     Balance July 12, 2005                                                                   |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | -          |   |   |   | - |   |
|  Shares issued for Founders @ $0.001                                                                            |   |         | 21,563,483       |    |           |   | 21,564       |              |   |   | (13,064             | )  |   |      | -          |   |   |   | 8,500 |   |
|  Shares issued for cash @ $0.17                                                                                 |   |         | 253,688          |    |           |   | 254          |              |   |   | 199,746             |    |   |      | -          |   |   |   | 200,000 |   |
|  Net Loss-2005                                                                                             |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | (182,947   | )    |   |   | (182,947 | ) |
|     Balance December 31, 2005                                                                    |   |         | 21,817,171       |    |           |   | 21,818       |              |   |   | 186,682             |    |   |      | (182,947   | ) |   |   | (182,947 | ) |
|  Shares issued for cash @ $0.79                                                                            |   |         | 88,791           |    |           |   | 88           |              |   |   | 69,912              |    |   |      | -          |   |   |   | 70,000 |   |
|  Shares issued for services @ $0.71                                                                             |   |         | 7,805,981        |    |           |   | 7,806        |              |   |   | 5,534,441           |    |   |      | -          |   |   |   | 5,542,396 |   |
|  Net Loss-2006                                                                                             |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | (5,979,396 | )  |   |   | (5,979,396 | ) |
|     Balance December 31, 2006                                                                         |   |         | 29,711,943       |    |           |   | 29,712       |              |   |   | 5,791,035           |    |   |      | (6,162,343 | )  |   |   | (341,596 | ) |
|  Shares issued for cash @ $0.79                                                                                 |   |         | 152,213          |    |           |   | 152          |              |   |   | 119,848             |    |   |      | -          |   |   |   | 120,000 |   |
|  Shares issued for services@ $0.71                                                                    |   |         | 126,844          |    |           |   | 127          |              |   |   | 89,932              |    |   |      | -          |   |   |   | 90,059 |   |
|  Shares issued pfor cash @ $0.10 pursuant to a Private Placement                                                |   |         | 76,000           |    |           |   | 76           |              |   |   | 7,524               |    |   |      | -          |   |   |   | 7,600 |   |
|  Contributed capital                                                                                            |   |         | -                |    |           |   | -            |              |   |   | 10,000              |    |   |      | -          |   |   |   | 10,000 |   |
|  Shares issued for cash @ $0.50                                                                            |   |         | 100,000          |    |           |   | 100          |              |   |   | 49,900              |    |   |      | -          |   |   |   | 50,000 |   |
|  Net Loss-2007                                                                                        |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | (402,509   | ) |   |   | (402,509 | ) |
|     Balance December 31, 2007                                                                         |   |         | 30,167,000       |    |           |   | 30,617       |              |   |   | 6,068,239           |    |   |      | (6,564,852 | )  |   |   | (466,446 | ) |
|  Shares issued in association with common stock subscriptions @ $0.14                                           |   |         | 750,000          |    |           |   | 750          |              |   |   | 106,393             |    |   |      | -          |   |   |   | - |   |
|  Shares cancelled                                                                                          |   |         | (750,000         | )  |           |   | (750         | )            |   |   | (106393             | )  |   |      | -          |   |   |   | - |   |
|  Net loss-2008                                                                                                  |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | (471,215   | )   |   |   | (471,215 | ) |
|     Balance December 31, 2008                                                                    |   |         | 30,167,000       |    |           |   | 30,617       |              |   |   | 6,068,239           |    |   |      | (7,036,067 | )  |   |   | (937,661 | ) |
|   Shares issued in association with common stock subscriptions @ $0.14                                     |   |         | 1,000,000        |    |           |   | 1,000        |              |   |   | 141,857             |    |   |      | -          |   |   |   | - |   |
|  Net Loss-2009                                                                                                  |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | (49,365    | )  |   |   | (49,365 | ) |
|     Balance December 31, 2009                                                                    |   |         | 31,167,000       |    |           |   |  31,167 |              |   |   | 6,210,096           |    |   |      | (7,085,432 | ) |   |   | (987,026 | ) |
|  Shares issued in association with common stock subscriptions @  $0.00038                   |   |         | 52,000,000       |    |           |   | 20,000       |              |   |   | 20,000              |    |   |      | -          |   |   |   | - |   |
|  Shares cancelled                                                                                               |   |         | (650,000         | )  |           |   | (650         | )       |   |   | -                   |    |   |      | -          |   |   |   | - |   |
|  Other                                                                                                     |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | -          |   |   |   | 178,531 |   |
|  Net Loss-2010                                                                                             |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | (429,247   | )    |   |   | (429,247 | ) |
|     Balance December 31, 2010                                                          |   |         |  82,167,000 |    |           |   |  50,517 |              |   |   | 6,230,096           |    |   |      | (7,550,355 | )   |   |   | (1,237,742 | ) |
|  Shares issued in association with commonstock subscriptions for service contracts @ $0.015                     |   |         | 8,000,000        |    |           |   | 80,000       |              |   |   | -                   |    |   |      | -          |   |   |   | - |   |
|   Shares issued in association with commonStock subscriptions for JV guarantee @$0.006      |   |         | -                |    |           |   | 8,578        |              |   |   | 500,000             |    |   |      | -          |   |   |   | 509,170 |   |
| Shares cancelled                                                                                           |   |         | 4,730,830        |    |           |   | -            |              |   |   | -                   |    |   |      | -          |   |   |   | - |   |
|  Net Profit -2011-1st Quarter                                                                              |   |         | -                |    |           |   | -            |              |   |   | -                   |    |   |      | 35,676     |   |   |   | 35,676 |   |
|     Balance March 31, 2011                                                                            |   |         |  85,436,170 |    |           |   | 139,095      |              |   |   | 6,730,000           |    |   |      | (7,514,679 | )    |   |   | (692,896 | ) |
|                                                                                                                      |   |         |             |    |           |   |         |              |   |   |                |    |   |      |       |   |   |   |   |   |
|                                                                                                                      |   |         |             |    |           |   |         |              |   |   |                |    |   |      |       |   |   |   |   |   |
|                                                                                                                      |   |         |             |    |           |   |         |              |   |   |                |    |   |      |       |   |   |   |   |   |
|                                                                                                                      |   |         |             |    |           |   |         |              |   |   |                |    |   |      |       |   |   |   |   |   |

----

|                                                                   |   | March 31   |   |   | December 31 |   |
|------------------------------------------------------------------------|--------|------------|--------|--------|-------------|--------|
|                                                                   |   |  2011 |   |   | 2010        |   |
|                                                                   |   |       |   |   |        |   |
|  CASH FLOW FROM OPERATIONS                                        |   |       |   |   |        |   |
|     Net Income or Loss                        |   | $          | 35,676 |   |        | $      | 13,820 |   |
|     Depreciation                              |   | $          | 0      |   |        | $      | 3,600 |   |
|     Changes in Assets                         |   | $          | 0      |   |        | $      | 0 |   |
|     Changes in Liabilities:                        |   |       |   |   |        |   |   |   |
|        Accounts Payable   |   | $          | 0      |   |        | $      | (94,921 | ) |
|        Accrued Expenses        |   | $          | 5,830  |   |        | $      | 15,000 |   |
|                                                                   |   |       |   |   |        |   |   |   |
|     NET CASH USED IN OPERATIONS               |   | $          | 41,506 |   |        | $      | (62,501 | ) |
|                                                                   |   |       |   |   |        |   |   |   |
|  CASH FLOW FROM FINANCING                                         |   |       |   |   |        |   |   |   |
|                                                                   |   |       |   |   |        |   |   |   |
|     Proceeds from Issuance of Stock                |   | $          | 0      |   |        | $      | 20,000 |   |
|     Proceeds from Notes Payable               |   | $          | 0      |   |        | $      | 0 |   |
|                                                                   |   |       |   |   |        |   |   |   |
|     NET CASH FROM FINANCING                        |   | $          | 0      |   |        | $      | 20,000 |   |
|                                                                   |   |       |   |   |        |   |   |   |
|  NET INCREASE (DECREASE) IN CASH                             |   | $          | 41,506 |   |        | $      | 20,000 |   |
|                                                                   |   |       |   |   |        |   |   |   |
|  CASH BEGINNING OF YEAR                                 |   | $          | 13,820 |   |        | $      | 0 |   |
|                                                                   |   |       |   |   |        |   |   |   |
|  CASH END OF QTR                                             |   | $          | 55,326 |   |        | $      | 13,820 |   |

----

|  1.  |  Biomass to Energy mobile plant in Romania |
|----------------|-------------------------------------------------|
|  2.       |  Hotel Resort Casino in Bulgaria, and      |
|  3.       |  Solar photovoltaic project in Bulgaria    |

|  1. |  Biomas to Energy |
|----------|------------------------|
|  2. |  Hotel Resorts    |
|  3. |  Solar Power      |
|  4. |  Wind Power       |
|  5. |  Real Estate      |
|  6. |  Manufacturing    |

----

| 1.   | Review of fixed vs. tracking solar panels to determine the additional solar hour’s revenue vs. cost.  The review information is developed specifically for each project as solar insolation is calculated in kilowatt hours per square meter per day.  This is commonly known as Sun Hours per Day. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Review the construction techniques on the feasibility of applying modular construction to Solar PV parks.  It is our opinion that this system is the most efficient and cost effective method. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Studying the feasibility of modifying the Biomass project to allow for the environmental regulations in Canada and the United States of America. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  The current Company Shares Structure is:                             |   |   |             |
|----------------------------------------------------------------------------|--------|--------|------------------|
|      Authorized Shares -                |   |   | 175,000,000      |   |
|      Outstanding Shares -     |   |   |  85,436,170 |   |
|      Restricted Shares -                     |   |   | 67,722,796       |   |
|      Float -                            |   |   | 17,713,374       |   |

----

| 1.   | 8-K dated January 3, 2011 |
|----------------|---------------------------|

| 2.   | 8-K dated January 14, 2011 |
|----------------|----------------------------|

| 3.   | 8-K dated January 18, 2011 |
|----------------|----------------------------|

| 4.   | 8-K dated January 18, 2011 |
|----------------|----------------------------|

| 5.   | 8-K dated January 28, 2011 |
|----------------|----------------------------|

| 6.   | 8-K dated February 1, 2011 |
|----------------|----------------------------|

| 7.   | 8-K dated February 15, 2011 |
|----------------|-----------------------------|

| 8.   | 8-K dated February 25, 2011 |
|----------------|-----------------------------|

| 9.   | 8-K dated March 3, 2011 |
|----------------|-------------------------|

| 10.   | 10-K dated February 8, 2011 |
|-----------------|-----------------------------|

| 11.   | S-8 dated February 24, 2011 |
|-----------------|-----------------------------|

| 12.   | Press Release dated January 5, 2011 |
|-----------------|-------------------------------------|

| 13.   | Press Release dated January 10, 2011 |
|-----------------|--------------------------------------|

| 14.   | Press Release dated January 13, 2011 |
|-----------------|--------------------------------------|

| 15.   | Press Release dated January 18, 2011 |
|-----------------|--------------------------------------|

| 16.   | Press Release dated January 18, 2011 |
|-----------------|--------------------------------------|

| 17.   | Press Release dated January 27, 2011 |
|-----------------|--------------------------------------|

| 18.   | Press Release dated February 1, 2011 |
|-----------------|--------------------------------------|

| 19.   | Press Release dated February 15, 2011 |
|-----------------|---------------------------------------|

| 20.   | Press Release dated February 24, 2011 |
|-----------------|---------------------------------------|

| 21.   | Press Release dated February 25, 2011 |
|-----------------|---------------------------------------|

| 22.   | Press Release dated March 2, 2011 |
|-----------------|-----------------------------------|

| 23.   | Press Release dated March 16, 2011 |
|-----------------|------------------------------------|

| 24.   | Press Release dated March 24, 2011 |
|-----------------|------------------------------------|

----

|         |   |                     |                                                 |
|-------------------|--------|--------------------------|------------------------------------------------------|
|              |   | TimeShare Holdings, Inc. |
|              |   |                     |                                                 |
| Date: May 9, 2011 |   | By:                      | /s/ Kent A. Strickler                                |
|              |   |                     | Kent A. Strickler                                    |
|              |   |                     | President                                            |
|              |   |                     |  /s/ Douglas R. Johnson                         |
|              |   |                     | Douglas R. Johnson                                   |
|              |   |                     | Chief Operating Officer &Chief Financial Officer |

----

----