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**UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549****FORM 10-KSB /A-1**
**:**ANNUALREPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal period ended December 31, 2004 

9 TRANSITION REPORT UNDER SECTION 13 OR15(d) OF THE EXCHANGE ACTFor the transition period from [   ] to [   ]
Commission File Number: **000-26347****SE Global Equities Corp.(Exact name of small business issuer as specified in its charter)
**MINNESOTA**410985135
(State or other jurisdiction of      incorporation)
(IRS Employer Identification No.)**P.O. Box 297, 1142 South Diamond Bar Boulevard,Diamond Bar, CA 91765(Address of principal executive offices)**(604) 871-9909**
(Issuer's telephonenumber)

**N/A**(Former name, former address and former fiscal year, if changed sincelast report)

Securities Registered under Section 12(b) of the Exchange Act: **None**

Securities Registered pursuant to Section 12(g) of the Act:**Common Stock, par value $0.01 per share
(Title of class)
Check whether the Registrant (1) filed all reports required to be filed bySection 13 or 15(d) of the Exchange Act during the past 12 months (or for suchshorter 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 9No

Check if there is no disclosure of delinquent filers pursuantto Item 405 of Regulation S-K (229.405 of this chapter) contained herein, and nodisclosure will be contained, to the best of the Registrant's knowledge, indefinitive proxy or information statements incorporated by reference in Part IIIof this Form 10-KSB or any amendment to this Form 10-KSB.

**:** Yes  9No

State Registrant's revenues for its most recent fiscal year:**$2,213,069**
State the aggregate market value of the voting and non-votingcommon equity held by non-affiliates computed by reference to the price at whichthe common equity was sold, or the average bid and asked prices of such commonequity, as of a specified date within the past 60 days: 

17,643,739 common shares @ $2.35(1) = $41,462,786

(1) Average of the best bid and asked prices on March 30, 2005.
**(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THEPRECEDING FIVE YEARS)**
Check whether the Registrant has filed all documents andreports required to be filed by Section 12, 13 or 15(d) of the Exchange Actafter the distribution of securities under a plan confirmed by a court. 

**:** Yes  9No
**(APPLICABLE ONLY TO CORPORATE REGISTRANTS)**
State the number of shares outstanding of each of theRegistrant's classes of common stock, as of the latest practicable date.

17,643,739 common shares issued and outstanding as of March  30, 2005
**DOCUMENTS INCORPORATED BY REFERENCE****None.**
Transitional Small Business Disclosure Format (Check one):

Yes 9  No **:**
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**TABLE OF CONTENTS**
 Page**FORWARD LOOKING INFORMATION**4**PART I**4 **Item 1. Description of Business**4  ***Business Development - Formation and Reorganization***4  ***Our Current Business***5  ***Marketing***5  ***Competition***6  ***Governmental Regulation***6  ***Research and Development***7  ***Employees***8  ***SE Global Subsidiaries***8***Recent      Developments - Term Sheet with Sun Media***8***Reports to Securities Holders***9**Item 2. Description of      Property**10 **Item 3. Legal Proceedings**10 **Item 4. Submissions of Matters to a Vote of Security Holder**10**PART II**10**Item 5. Market for Common Equity and Related Stockholder Matters**10  ***Dividend Policy***11***Recent Sales of      Unregistered Securities***11**Item 6. Management      Discussion and Analysis**11  ***Overview***11  ***Results of Operations*******12***Stock Based Compensation      Expense***13  ***Liquidity and Capital Resources***13  ***Off-Balance Sheet Arrangement***14***Research and Development***14  ***Capital Expenditure Commitment***14  ***Strategic Acquisitions***14  ***Recent Development      - Term Sheet with Sun Media***14  ***Financial Outlook for Fiscal      2005***16***Recent Accounting      Pronouncements***16  ***Critical Accounting      Policies and Estimates***17 **Item 7. Financial Statements**18  ***Financial Statements***18 **Item 8. Changes In and Disagreements With Accountants on Accounting and      Financial Disclosure**18 ***Item 8A. Controls and      Procedures***18***Evaluation of      Disclosure Controls and Procedures***18  ***Changes in internal controls***18 **Item 8B. Other Information**18**PART III**19 **Item 9. Directors and Executive Officers of the Registrant**19  ***Identification of Directors and Executive Officers***19  ***Significant Employees***21  ***Family Relationships***21  ***Involvement in Certain      Legal Proceedings***21  ***Audit Committee***21  ***Disclosure Committee and Charter***22  ***Compliance with Section 16(a) of the Securities Exchange Act of 1934***22  ***Code of Ethics***22 **Item 10. Executive Compensation**22  ***Summary of      Compensation of Executive Officers***22  ***Stock Options/SAR Grants***23  ***Aggregated Option/SAR Exercises and Fiscal Year-End Option/SAR Value Table***24  ***Long-Term Incentive Plans*****24  ***Compensation of Directors***25  ***Stock Option Plan***25 **Item 11. Security Ownership of Certain Beneficial Owners and Management**27  ***Equity Compensation Plan***27  ***Security      Ownership of Certain Beneficial Owners and Management***27  ***Changes in Control***28 **Item      12. Certain Relationships and Related Transactions**29**PART IV**29 **Item 13. Exhibits, Financial Statement Schedules, and Reports on Form 8-K**29  ***Exhibits***29  ***Reports of Form 8-K***30 **Item 14.      Principal Accountant Fees and Services**30**SIGNATURES**31
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***FORWARD LOOKINGINFORMATION**
This annual report contains forward-looking statements asthat term is defined in the Private Securities Litigation Reform Act of 1995.These statements relate to future events or our future financial performance. Insome cases, you can identify forward-looking statements by terminology such as"may", "will", "should", "expects", "plans", "anticipates", "believes","estimates", "predicts", "potential" or "continue" or the negative of theseterms or other comparable terminology. These statements are only predictions andinvolve known and unknown risks, uncertainties and other factors, including therisks in the section entitled "Risk Factors", that may cause our or ourindustry's actual results, levels of activity, performance or achievements to bematerially different from any future results, levels of activity, performance orachievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in theforward-looking statements are reasonable, we cannot guarantee future results,levels of activity, performance or achievements. Except as required byapplicable law, including the securities laws of the United States, we do notintend to update any of the forward-looking statements to conform thesestatements to actual results.

Our financial statements are stated in United States Dollars(US$) and are prepared in accordance with United States Generally AcceptedAccounting Principles. In this annual report, unless otherwise specified, alldollar amounts are expressed in United States Dollars. All references to CDN$refer to Canadian Dollars.

As used in this annual report, the terms "we", "us", "our",and "SE Global" mean SE Global Equities Corp. and its wholly-owned subsidiariesSE Global Equities, Inc., SE Global Capital, Inc. (formerly SE Global Direct,Inc.) and Global-American Investments, Inc., unless otherwise indicated.
**PART I

Item 1. Descriptionof Business*****BusinessDevelopment - Formation and Reorganization***
We were formed in Minnesota on June 20, 1972 under the name"Land Corporation of America, Inc." We changed our name to "Future Homes, Inc."on November 30, 1977, and then to "Future Technologies, Inc." on February 8,1999. We have carried on business under our present name, "SE Global EquitiesCorp." since April 20, 2001. 

We were inactive until the acquisition of 100% of the issuedand outstanding shares of SE Global Equities Inc. (a company incorporated in theCayman Islands on October 30, 2000). The acquisition of all the issued andoutstanding shares of SE Global Equities Inc. was completed on February 21, 2001by a share exchange reorganization pursuant to which we issued a total of12,873,944 shares of common stock to the stockholders of SE Global Equities Inc.

The stockholders of SE Global Equities Inc. controlledapproximately 89.6% of SE Global immediately after the share exchange.Accordingly, the acquisition was treated as a reverse acquisition for accountingpurposes, and SE Global adopted the fiscal year of the "accounting acquirer", SEGlobal Equities Inc., of December 31. 

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SE Global now carries on business primarily through itswholly-owned subsidiaries SE Global Equities, Inc., which maintains itscorresponding office at Suite 1200, 777 West Broadway, Vancouver, BritishColumbia, Canada V5Z 4J7, SE Global Capital, Inc. (a California corporationincorporated on May 9, 2001), which maintains its business office at Suite 222,1569 Fairway Drive, Walnut, California, and also through Global-AmericanInvestments Inc., which maintains its business office at 34167 Pacific CoastHighway, Suite D, Dana Point, California. 
***Our Current Business***
SE Global, through its subsidiaries and affiliates, is aprovider of direct access trading software and financial resources forinternational investors. SE Global's subsidiary, Global-American Investments,Inc., maintains a separate office in Dana Point, California and sublets officespace from the Company in Walnut, California. SE Global provides its customerswith access to its global alliance network of 28 brokerage firms, 24 hours aday, covering 29 stock exchanges spanning five continents.

SE Global provides direct access trading software, SE GlobalTradeTM and SEG LiteTM, and market data through a formal licensing and worldwidedistribution agreement with Direct Access Financial Corporation ("DirectAccess"). SE Global pays a licensing fee to license the direct access tradingsoftware. 

Users of the SE Global Trade and SEG Lite software opentrading accounts directly with SE Global's subsidiary, Global-AmericanInvestments, Inc., which is a U.S. registered broker-dealer, or through any oneof SE Global's alliance brokers. Those users of the software who choose to openaccounts with Global-American Investments, Inc. or any of our alliance brokersare provided with direct access to the relevant broker. Unlike traditionalweb-based online brokers, direct access trading software enables the users tobypass middlemen and route trades directly to electronic communication networks(ECNs) and exchanges. SE Global Trade and SEG Lite route orders through channelsthat directly match buyers and sellers - unlike some web-based trading platformswhich utilize local broker dealers who may sell orders to third parties, therebypotentially compromising both purchase price and speed of execution. Benefits ofSE Global's direct access trading software include: swift trade execution andtrade confirmation, and increased currency of available pricing information as aresult of improved trade execution.

Substantially all of SE Global's revenues have consisted ofbrokerage commissions generated by Global American Investments, Inc. since itsacquisition effective August 1, 2001. Revenues generated by Global AmericanInvestments, Inc. for the fiscal year ended December 31, 2004 was $2,149,073.

Trades effected through Global-American Investments, Inc. arecleared by Computer Clearing Services, Inc. All U.S. registered broker dealersare required to become members of the Securities Investor ProtectionCorporation. This membership provides for $500,000 in coverage per customer(with a $100,000 cash limit).

Not all securities, products or services described areavailable in all countries, and nothing herein is an offer or solicitation ofsecurities products and services in any jurisdiction where their offer or saleis not qualified or exempt from registration.
***Marketing***
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The international active stock-trader segment is the keymarket segment that we will focus upon. In particular, our company's strategy isto market the direct access stock-trading software through the followingchannels:
-  a global network of brokerage firms with whom we have  strategic marketing alliances,joint venture and business-to-business alliances with  websites and financial services providers,international agent representatives, anddirect marketing to users through the Internet, print and  multimedia.
Initially, we have been and continue to concentrate ourmarketing resources on our relationships with brokerage firms within ourinternational network. Through our company's business development team, ourmarketing efforts are dedicated to generating agreements with these brokeragefirms who will direct clients to SE Global Trade. As this network grows, weanticipate that the brokerage firms will continue to be responsible for themajority of direct marketing costs.

Additionally, we continue to pursue and develop targetedmarketing efforts through Internet marketing, targeted advertising,sponsorships, co-branding, trade shows, corporate videos, public relations andthe development of collateral marketing materials. Together, these marketingelements are intended to attract software users, build market awareness, educatethe investing public and develop brand name recognition
***Competition***
The market for brokerage services, particularly electronicbrokerage services, is rapidly evolving and intensely competitive. We encounterdirect competition from numerous North American and other brokerage firms, manyof which provide online brokerage services. These competitors include suchbrokerage firms as AmeriTrade Online Holdings Corp., Charles Schwab & Co., Inc.,CSFBdirect, E*TRADE Securities, Inc., Fidelity Brokerage Services, Inc., and TDWaterhouse Securities, Inc. We also encounter competition from establishedfull-commission brokerage firms as well as financial institutions, mutual fundsponsors and other organizations, some of which provide or have announced thatthey intend to provide online brokerage services. 
***Governmental Regulation*****Securities Regulations. SE Global is not a securitiesdealer in its own right and has not sought such registration. Our customers arerequired to open trading accounts with the appropriate alliance brokers, whoscreen applicants for new trading accounts, and who provide trade execution andsupport services, in compliance with local regulatory requirements. All ordersfor U.S. securities placed through our SE Global Trade or SEG Lite brandedsoftware are processed through Global-American Investments, Inc. 

Certain of our subsidiaries and affiliates are subject tovarious securities and commodities regulations and capital adequacy requirementspromulgated by the regulatory and exchange authorities of the jurisdictions inwhich they operate. Some subsidiaries are registered as broker-dealers and asinvestment advisers with the U.S. Securities and Exchange Commission. Certain ofour subsidiaries and affiliates are also members of securities exchanges, aswell as the National Association of Securities Dealers, Inc. ("NASD"). 

Our primary U.S. broker-dealer subsidiary, Global-AmericanInvestments, Inc., is registered as a broker-dealer in 42 states and theDistrict of Columbia. Global-American Investments, Inc. is subject to extensiveregulation, including minimum capital requirements, which are promulgated andenforced by, among others, the Securities Exchange Commission, and various

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other self-regulatory organizations of which they are amember and the securities administrators of the 42 states and the District ofColumbia. The Securities and Exchange Commission requires certain registeredbroker-dealers (including Global-American) to maintain records concerningcertain financial and securities activities of affiliated companies that may bematerial to the broker-dealer, and to file certain financial and otherinformation regarding such affiliated companies.
**USA Patriot Act of 2001. In October 2001, the USAPatriot Act of 2001 was enacted in response to the terrorist attacks in NewYork, Pennsylvania and Washington D.C. which occurred on September 11, 2001. ThePatriot Act is intended to strengthen U.S. law enforcement's and theintelligence communities' abilities to work cohesively to combat terrorism on avariety of fronts. The potential impact of the Patriot Act on financialinstitutions of all kinds is significant and wide ranging. The Patriot Actcontains sweeping anti-money laundering and financial transparency laws andimposes various regulations, including standards for verifying clientidentification at account opening, and rules to promote cooperation amongfinancial institutions, regulators and 1aw enforcement entities in identifyingparties that may be involved in terrorism or money laundering.
**Sarbanes-Oxley Act of 2002. On July 30, 2002,President Bush signed into law the *Sarbanes-Oxley Act of 2002*, or the SOA.SOA imposes a wide variety of new requirements on both U.S. and non-U.S.companies, that file or are required to file periodic reports with theSecurities and Exchange Commission (the "SEC") under the *Securities ExchangeAct of 1934*. Many of these new requirements will effect us and our board ofdirectors. For instance, under SOA we are required to:
- form an audit committees in compliance with SOA;  
- have our chief executive office and chief financial      officer are required to certify our financial statements; 
- ensure our directors and senior officers are required      to forfeit all bonuses or other incentive-based compensation and profits      received from the sale of our securities in the twelve month period      following initial publication of any of our financial statements that      later require restatement; disclose any off-balance sheet transactions as required      by SOA; prohibit all personal loans to directors and officers;      insure directors, officers and 10% holders file their      Forms 4's within two days of a transaction; adopt a code of ethics and file a Form 8-K when ever      there is a change or waiver of this code; andinsure our auditor is independent as defined by SOA.
SOA has required us to review our current procedures andpolicies to determine whether they comply with the SOA and the new regulationspromulgated thereunder. We will continue to monitor our compliance with allfuture regulations that are adopted under the SOA and will take whatever actionsare necessary to ensure that we are in compliance. 
***Research and Development***
Over the past two fiscal years, we have spent no money onresearch and development activities. 

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***Employees***
We currently have 12 employees. Of the 12 employees, one isthe Chief Executive Officer, one is the Chief Financial Officer, two are inbusiness development and marketing, three are in corporate administration, threeare in operations, one is in compliance, and one is in technical support.SE Global expects it will add more employees and independent consultants if itsuccessful in completing its proposed acquisition of AMMT-BVI.***SE Global Subsidiaries***
We have three wholly-owned subsidiary companies at this time:
- Global-American Investments, Inc. 
- SE Global Capital, Inc. 
- SE Global Equities Inc.
***RecentDevelopment - Term Sheet Signed with Sun Media***
On January 7, 2005, SE Global, Capital Alliance Group Inc. ("CAG"),the majority stockholder of SE Global, and Sun Media Investment HoldingsLimited, the majority stockholder of Asia Network Technologies Limited ("AsiaNet"),entered into an engagement term sheet (the "Term Sheet") which outlined thedocuments and steps necessary to acquire the business assets of Asia Multi-MediaTechnology Services Holdings Limited ("AMMT-BVI"), which is British VirginIslands incorporated company wholly-owned by AsiaNet, and related transactions.The parties originally planned on structuring the acquisition as an assetacquisition; however, we have subsequently decided to structure the acquisitionas a direct or indirect share purchase of all the issued and outstanding sharecapital of AMMT-BVI. Given this change the transaction will require approvalfrom the stockholders of SE Global. SE Global expects to file with the SEC apreliminary proxy statement on Schedule 14A with the respect to the transactionsas soon as practicable upon completion of the audit of AMMT-BVI's 2004 financialstatements. No formal agreements have been signed by the parties. Currently, theparties are completing their due diligence of one another and are negotiatingthe final form of all agreements and documents related to the proposedtransactions.

On completion of the transaction SE Global has agreed toissue 341,500,000 restricted shares of its common stock to Asia Net and relatedparties. On closing of the transaction Asia Net and related parties will controlapproximately 97% of the outstanding common stock of SE Global on a fullydiluted basis after giving effect to a proposed two for one reverse split of SEGlobal's issued and outstanding share capital.

The following transactions will also be undertaken inconnection with the foregoing:

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- CAG, Asia Net and certain other stockholders have agreed to enter into a  Pooling Agreement on close of the Transaction. Under the pooling agreement CAG  will place 7,125,000 of its post consolidation shares of common stock of SE  Global in the pooling agreement. Asia Net and related parties have agreed to  enter into a pooling agreement to place 341,500,000 of their shares of common  stock of SE Global in the pooling agreement. The pooling agreement is for a  term of two years. The first release of shares under the pooling agreement is  to occur six months after the close of the Transaction. The beneficial holders  retain the right to vote their shares as they see fit. 
- CAG has agreed to enter into a two year management agreement with SE  Global on close of the Transaction. CAG is to receive 250,000 shares of common  stock of SE Global as full consideration for these services. 
- CAG has agreed to sell 450,000 shares of pre-consolidated common stock of  SE Global to Sun Media for US$450,000. CAG has received US$150,000 from Sun  Media as partial payment for these shares.
- After completion of the transaction the name of the Company will be  changed.

The acquisition of AMMT-BVI and related transactions are subject to variousconditions to closing, including:
- a certified business valuator having provided an independent valuation  report confirming the assets being acquired have a current market value of not  less than US $269,470,000;
- SE Global must be current with all reports it is required to be filed  under the  Securities Exchange Act of 1934 , as amended; 
- SE Global must have obtained stockholder approval of the name change,  reverse split, recapitalization and appointment of new directors; 
- CAG must complete the sale of 450,000 shares of SE Global to Sun Media;  
- all representations and warranties contained in the asset acquisition  agreement must be true in all material respects as of the closing date; 
- the performance of all agreements, covenants and obligations required to  be performed under the asset acquisition agreement as of the closing date;  
- receipt by the parties of the necessary officers' certificates and legal  opinions; 
- receipt of all third party consents that may be required from government  bodies and others; 
- the resignation of the current directors and officers of SE Global; 
- the appointment of the nominees of Asia Net to the Board of Directors of  SE Global and the resignation of the current Board of Directors of SE Global;  and 
- no injunction or litigation having been commenced regarding the  Transaction.   

AMMT-BVI is a newly formed British Virgin Island company. Wehave been told AMMT-BVI owns a 100% interest in an advanced fiber-optic networkin the Peoples' Republic of China ("PRC"). The network is a 32,440 kilometertwo-core national IP protocol fiber optic network serves 440 cities in the PRC.The network includes 370 ground stations, and supports 10 G/bs multimediatransmission, upgradeable to 20 G/bs in its second phase. We have also been toldAMMT-BVI has 100% interest of the DWDM Optical Transmission Devices Systemsmainly supplied by Israel ECI Telecom. AMMT-BVI is wholly owned by Asia Net.Asia Net's stockholders Sun Media (50% ownership), Mr. Huang Zhiping (37.5%) andMr. Ma Jiankai (12.5% ownership) provide AMMT-BVI with access to expertise andextensive contacts in the television, telecommunication, cable and internetindustries in the PRC. It is our intent to leverage this physical network ofAMMT-BVI with the content assets and alliances of associated companies to ournew majority stockholders and new Board of Directors.
***Reports to SecuritiesHolders***
We are required to file annual reports on Form 10-KSB andquarterly reports on Form 10-QSB with the Securities Exchange Commission on aregular basis, and will be required to timely disclose certain material events(e.g., changes in corporate control; acquisitions or dispositions of asignificant amount of assets other than in the ordinary course of business; andbankruptcy) in a current report on Form 8-K.

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Although our Internet site (http://www.seglobal.com) does notcontain our reports, you may read and copy any materials we file with theSecurities and Exchange Commission at their Public Reference Room at 450 FifthStreet, N.W., Washington, D.C. 20549. You may obtain information on theoperation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.Additionally, the SEC maintains an Internet site (http://www.sec.gov) thatcontains reports, proxy and information statements and other informationregarding issuers that file electronically with the SEC.
**Item 2. Descriptionof Property**
Through our subsidiary, SE Global Capital, Inc. (formerly SEGlobal Direct, Inc.) we lease approximately 2,500 square feet of office spacelocated at Suite 222, 1569 Fairway Drive, Walnut, California under a lease whichexpires on August 1, 2007 for a monthly rent of approximately $6,000. SE GlobalCapital, Inc. sublets the office space to Global American Investments, Inc.

Through our subsidiary Global-American Investments Inc., Welease approximately 500 square feet of office space located at 34167 PacificCoast Highway, Suite D, Dana Point, California, under a month to month lease fora monthly rent of $600.
**Item 3. Legal Proceedings**
We know of no material, active or pending legal proceedingsagainst our company, nor are we involved as a plaintiff in any materialproceeding or pending litigation. There are no proceedings in which any of ourdirectors, officers or affiliates, or any registered or beneficial shareholder,is an adverse party or has a material interest adverse to our interest.
**Item 4.Submissions of Matters to a Vote of Security Holders**
None.
**PART II

Item5. Market for Common Equity and Related Stockholder Matters**
Our common shares are quoted on the Over-the-Counter BulletinBoard under the symbol "SEGB". The following quotations reflect the high and lowbids for our common stock based on inter-dealer prices, without retail mark-up,mark-down or commission and may not represent actual transactions. The high andlow bid prices for our common shares (obtained from Canada Stockwatch) for eachfull financial quarter for the two most recent full fiscal years were asfollows:

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**Quarter Ended**(1)**High****Low**December 31, 2004$0.95$0.70September 30, 2004$0.30$0.30June 30, 2004$0.17$0.17March 31, 2004$0.35$0.35December 31, 2003$0.43$0.21September 30, 2003$0.61$0.22June 30, 2003$0.51$0.15March 31, 2003$0.51$0.16
(1) The quotations above reflect inter-dealer prices, without retail mark-up,mark-down or commission and may not represent actual transactions.

As of March 30, 2005, the shareholders' list for our common shares showed 198registered shareholders and 17,643,739 common shares issued and outstanding.
***Dividend Policy***
We have not declared or paid any cash dividends sinceinception. Although there are no restrictions that limit our ability to paydividends on our common shares, we intend to retain future earnings, if any, foruse in the operation and expansion of our business and do not intend to pay anycash dividends in the foreseeable future. 
***RecentSales of Unregistered Securities*****Private Placement. No equity offerings were conductedduring the year ended December 31, 2004.
**Stock Options Exercised. During the year endedDecember 31, 2004, no common shares were issued on the exercise of stockoptions.
**Item 6.Management Discussion and Analysis
*Overview*****General We and our subsidiaries and affiliates areprimarily engaged in securities execution and clearance, securities brokerage,securities lending and borrowing and trading as a principal in equity and fixedincome securities. All of these activities are highly competitive and aresensitive to many factors outside of our control, including volatility ofsecurities prices and interest rates; trading volume of securities; economicconditions in the regions where we or our subsidiaries and affiliates business;income tax legislation; and demand for financial services. Brokerage revenuesare dependent upon the level of trading volume, which may fluctuatesignificantly, a large portion of our expenses remains fixed. Consequently, netoperating results can vary significantly from period to period.
**2004 Activies and Developments Effective July 7, 2004the Company entered into an agreement to acquire 90% of the issued andoutstanding shares of Fidelity Asset Management Inc. ("FAM"), a broker-dealerbased in Huntington Beach, California, for $10,000. FAM is a NASD registeredfull service broker-dealer in good standing with the regulatory bodies. TheCompany is awaiting final NASD approval for the acquisition of FAM. As atDecember 31, 2004 the acquisition of FAM was not completed. It is anticipatedthat the acquisition of FAM will be completed in April 2005.

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*On July 22, 2004 the Company announced a planned acquisitionof the business operations of CPY Holdings LLC ("CPY"), a broker-dealer based inFremont, California. As at December 31, 2004 the acquisition of CPY was notcompleted. The Company will not be proceeding with the acquisition of CPY as aresult of CPY not meeting certain revenue requirements as stipulated by SEGlobal.
***Results of Operations*****Fiscal Year Ended December 31, 2004 Compared to Fiscal YearEnded December 31, 2003****Revenue. Brokerage commission revenue for the fiscal yearended December 31, 2004 was $2,149,073 compared to revenues of $2,367,205 forthe fiscal year ended December 31, 2003, a decrease of 9%. Our direct costs,consisting of trade clearing charges, quotation costs and commissions, were$1,691,184 for the fiscal year ended December 31, 2004, compared to $1,720,578for the fiscal year ended December 31, 2003, a decrease of 2%.

We had other income of $63,996 for the fiscal year endedDecember 31, 2004 compared to $309,552 for the fiscal year ended December 31,2003. Other income during the fiscal year ended December 31, 2004 was comprisedof forfeited deposits from certain consulting contracts, while other incomeduring the fiscal year ended December 31, 2003 was comprised primarily ofconsulting fees.

Our ability to achieve profitability in the future willdepend upon our ability to expand our brand awareness and client base, increaseour global market presence and reduce our operating costs. In order to achievethese goals, we will need to increase spending on marketing and enhance our costcontrol program.
**Expenses. Total cash expenses decreased from $825,132 forthe fiscal year ended December 31, 2003 to $690,274 for the fiscal year endedDecember 31, 2004, a decrease of 16%. Total expenses, including non-cash expenseitems, for the fiscal year ended December 31, 2004 was $875,340 compared to$827,585 for the fiscal year ended December 31, 2003. Included in total expensesfor the fiscal year ended December 31, 2004 was a non-cash stock-basedcompensation expense of $181,000 which accounted for the increase in totalexpenses during the fiscal year ended December 31, 2004.

Management fees and salaries for the fiscal year endedDecember 31, 2004 was $381,859, compared to $508,248 for the fiscal year endedDecember 31, 2003, a decrease of 25%. General and administrative costs for thefiscal year ended December 31, 2004 were $227,079, compared to $243,013 for thefiscal year ended December 31, 2003, a decrease of 7%. Professional fees for thefiscal year ended December 31, 2004 was $81,336 compared to $73,871 for thefiscal year ended December 31, 2003, an increase of 10%.

During the fiscal year ended December 31, 2004 the Companyincurred management and consulting fees to Directors and Officers of the Companyin the amount of $122,600 (2003 - $148,329).
**Other Income. On May 30, 2003, we sold our interest intwo of our inactive subsidiaries, SE Global Equities Company Limited ("SEGHK")and SE Global Communications (Hong Kong) Limited ("SEGCHK"), to arm's-lengthparties for nominal consideration. The sale of SEGHK and SEGCHK to arm's-lengthparties relieved SE Global from $210,225 in debts owing to unsecured creditors,and accordingly, we recognized a non-cash gain in the amount of $210,225 on thesale of SEGHK and SEGCHK.

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We generated an operating loss, excluding non-cash expenseitems, of $168,389 for the fiscal year ended December 31, 2004 compared to anoperating loss, excluding non-cash expense items, of $131,047 for the fiscalyear ended December 31, 2003.

For the fiscal year ended December 31, 2004, we generated anet loss of $353,455 compared to a net income of $338,819 for the fiscal yearended December 31, 2003. Of the $353,455 net loss for the fiscal year endedDecember 31, 2004, $181,000 was attributable to the non-cash stock-basedcompensation charge against income.****Of the $338,819 net income for thefiscal year ended December 31, 2003, $210,225 was attributable to the non-cashgain on sale of subsidiaries.
***Stock-BasedCompensation Expense***
An $181,000 non-cash stock-based compensation expense wasrealized for the fiscal year ended December 31, 2004. No non-cash stock-basedcompensation expense was incurred for the fiscal year ended December 31, 2003.
***Liquidity andCapital Resources***
As at December 31, 2004, we had $96,185 in cash on hand(comprised of $44,205 unrestricted cash and $51,980 clearing deposit). Incomparison, as at December 31, 2003 we had cash on hand of $324,871 (comprisedof $267,891 unrestricted cash and $56,980 clearing deposit). The unrestrictedcash is available for general working capital purposes while the clearingdeposit is held by the trade clearing house.

For the fiscal year ended December 31, 2004, we expended,before depreciation and non-cash stock-based compensation, approximately $57,500per month to operate our business, compared to approximately $69,000 per monthfor operation of our business for the fiscal year ended December 31, 2003. Areasof significant expenditure include management fees, salaries and benefits,professional fees, rent and office costs.

During the fiscal year ended December 31, 2004 the Companyreceived net cash advances from CAG of $96,565 (2003 - $682,425 net cashadvances from the Company to CAG). As at December 31, 2004, $104,565 was owingby SE Global to CAG (December 31, 2003 - $8,000 owed to CAG by SE Global.)

On August 25, 2003, we received a $100,000 loan, which bearsinterest at a rate of 12% per annum payable monthly. The loan matured on August31, 2004 and the term of the loan has expired. A conversion feature was added onOctober 20, 2003 which allowed the loan amount to be converted into shares of SEGlobal at a price of $0.30 per share, and upon conversion of the loan the holderwill receive share purchase warrants entitling the holder to purchase shares ofSE Global at a price of $0.40 per share for a two year period. The conversionfeature has now expired. To date the Company has not received a demand forpayment, and the Company intends to repay the loan in full. Accordingly, theCompany has accrued interest on this loan to December 31, 2004.

To achieve our goals and objectives for the next 12 months,we plan to raise additional capital through private placements of our equitysecurities, proceeds received from the exercise of outstanding options,continued financing from our majority shareholder, Capital Alliance Group Inc.,and, if available on satisfactory terms, debt financing.

-13-

We plan to use any additional funds that we might besuccessful in raising for marketing and advertising, as well as for strategicacquisition of existing businesses that complement our market niche, and generalworking capital purposes.

If we are unsuccessful in obtaining new capital, our abilityto seek and consummate strategic acquisitions to build our companyinternationally, and to expand of our business development and marketingprograms could be adversely affected.
***Off-Balance SheetArrangement***
As of December 31, 2004, we have had no off-balance sheetarrangements.
***Research and Development***
We do not anticipate incurring any significant expenditureson research and development over the 12 months ending December 31, 2005.
***Capital ExpenditureCommitments***
Capital expenditures the year ended December 31, 2004amounted to $27,364. SE Global does not anticipate any more significant purchaseor sale of equipment over the next 12 months.
***Strategic Acquisitions***
In July 2004, the Company entered into an agreement toacquire 90% of the issued and outstanding shares of FAM, a broker-dealer basedin Huntington Beach, California, for $10,000. FAM is a NASD registered fullservice broker-dealer in good standing with the regulatory bodies. The Companyis awaiting final NASD approval for the acquisition of FAM. As at December 31,2004 the acquisition of FAM was not completed. It is anticipated that theacquisition of FAM will be completed in April 2005.
***RecentDevelopment - Term Sheet Signed with Sun Media***
On January 7, 2005, SE Global, Capital Alliance Group Inc. ("CAG"),the majority stockholder of SE Global, and Sun Media Investment HoldingsLimited, the majority stockholder of Asia Network Technologies Limited ("AsiaNet"),entered into an engagement term sheet (the "Term Sheet") which outlined thedocuments and steps necessary to acquire the business assets of Asia Multi-MediaTechnology Services Holdings Limited ("AMMT-BVI"), which is British VirginIslands incorporated company wholly-owned by AsiaNet, and related transactions.The parties originally planned on structuring the acquisition as an assetacquisition; however, we have subsequently decided to structure the acquisitionas a direct or indirect share purchase of all the issued and outstanding sharecapital of AMMT-BVI. Given this change the transaction will require approvalfrom the stockholders of SE Global. SE Global expects to file with the SEC apreliminary proxy statement on Schedule 14A with the respect to the transactionsas soon as practicable upon completion of the audit of AMMT-BVI's 2004 financialstatements. No formal agreements have been signed by the parties. Currently, theparties are completing their due diligence of one another and are negotiatingthe final form of all agreements and documents related to the proposedtransactions.

-14-

On completion of the transaction SE Global has agreed toissue 341,500,000 restricted shares of its common stock to Asia Net and relatedparties. On closing of the transaction Asia Net and related parties will controlapproximately 97% of the outstanding common stock of SE Global on a fullydiluted basis after giving effect to a proposed two for one reverse split of SEGlobal's issued and outstanding share capital.

The following transactions will also be undertaken inconnection with the foregoing:
- CAG, Asia Net and certain other stockholders have agreed to  enter into a Pooling Agreement on close of the Transaction. Under the pooling  agreement CAG will place 7,125,000 of its post consolidation shares of common  stock of SE Global in the pooling agreement. Asia Net and related parties have  agreed to enter into a pooling agreement to place 341,500,000 of their shares  of common stock of SE Global in the pooling agreement. The pooling agreement  is for a term of two years. The first release of shares under the pooling  agreement is to occur six months after the close of the Transaction. The  beneficial holders retain the right to vote their shares as they see fit.  
- CAG has agreed to enter into a two year management agreement with SE  Global on close of the Transaction. CAG is to receive 250,000 shares of common  stock of SE Global as full consideration for these services. 
- CAG has agreed to sell 450,000 shares of pre-consolidated common stock of  SE Global to Sun Media for US$450,000. CAG has received US$150,000 from Sun  Media as partial payment for these shares.
- After completion of the transaction the name of the Company will be  changed.

The acquisition of AMMT-BVI and related transactions are subject to variousconditions to closing, including:
- a certified business valuator having provided an independent valuation  report confirming the assets being acquired have a current market value of not  less than US $269,470,000;
- SE Global must be current with all reports it is required to be filed  under the  Securities Exchange Act of 1934 , as amended; 
- SE Global must have obtained stockholder approval of the name change,  reverse split, recapitalization and appointment of new directors; 
- CAG must complete the sale of 450,000 shares of SE Global to Sun Media;  
- all representations and warranties contained in the asset acquisition  agreement must be true in all material respects as of the closing date; 
- the performance of all agreements, covenants and obligations required to  be performed under the asset acquisition agreement as of the closing date;  
- receipt by the parties of the necessary officers' certificates and legal  opinions; 
- receipt of all third party consents that may be required from government  bodies and others; 
- the resignation of the current directors and officers of SE Global; 
- the appointment of the nominees of Asia Net to the Board of Directors of  SE Global and the resignation of the current Board of Directors of SE Global;  and 
- no injunction or litigation having been commenced regarding the  Transaction.   

AMMT-BVI is a newly formed British Virgin Island company. Wehave been told AMMT-BVI owns a 100% interest in an advanced fiber-optic networkin the Peoples' Republic of China ("PRC"). The network is a 32,440 kilometertwo-core national IP protocol fiber optic network serves 440 cities in the PRC.The network includes 370 ground stations, and supports 10 G/bs multimediatransmission, upgradeable to 20 G/bs in its second phase. We have also been toldAMMT-BVI has 100% interest of the DWDM Optical Transmission Devices Systemsmainly supplied by Israel ECI Telecom. AMMT-BVI is wholly owned by Asia Net.Asia Net's stockholders Sun Media (50% ownership), Mr. Huang Zhiping (37.5%) andMr. Ma Jiankai (12.5% ownership) provide AMMT-BVI with access to expertise andextensive contacts in the television, telecommunication, cable and internetindustries in the PRC. It is our intent to leverage this physical network ofAMMT-BVI with the content assets and alliances of associated companies to ournew majority stockholders and new Board of Directors.

-15-
***Financial Outlookfor Fiscal 2005***
Our business will change significantly on completion of theproposed acquisition of AMMT-BVI. As we are not familiar enough with thefinancial requirements of AMMT-BVI's business we cannot project our financialoutlooks of this new business sector.

***RecentAccounting Pronouncements***

In May 2003, SFAS 150, "Accounting for Certain FinancialInstruments with Characteristics of both Liabilities and Equity", was issued.This Statement establishes standards for how an issuer classifies and measurescertain financial instruments with characteristics of both liabilities andequity. It requires that an issuer classify a financial instrument that iswithin its scope as a liability (or an asset in some circumstances). Many ofthose instruments were previously classified as equity. Generally, a financialinstrument, whether in the form of shares or otherwise, that is mandatorilyredeemable, i.e. that embodies an unconditional obligation requiring the issuerto redeem it by transferring its shares or assets at a specified or determinabledate (or dates) or upon an event that is certain to occur, must be classified asa liability (or asset in some circumstances). In some cases, a financialinstrument that is conditionally redeemable may also be subject to the sametreatment. This Statement does not apply to features that are embedded in afinancial instrument that is not a derivative (as defined) in its entirety. Forpublic entities, this Statement is effective for financial instruments enteredinto or modified after May 31, 2003. The adoption of SFAS 150 did not affect theCompany's financial position or results of operations.

In January 2003, the FASB issued FASB Interpretation No. 46,Consolidation of Variable Interest Entities, an interpretation of AccountingResearch Bulletins ("ARB") No. 51, Consolidated Financial Statements ("FIN 46").FIN 46 applies immediately to variable interest entitles created after January31, 2003, and in the first interim period beginning after June 15, 2003 forvariable interest entities created prior to January 31, 2003. The interpretationexplains how to identify variable interest entities and how an enterpriseassesses its interest in a variable interest entity to decide whether toconsolidate that entity. The interpretation requires existing unconsolidatedvariable interest entities to be consolidated by their primary beneficiaries ifthe entities do not effectively disperse risks among parties involved. Variableinterest entities that effectively disperse risks will not be consolidatedunless a single party holds an interest or combination of interests thateffectively recombines risks that were previously dispersed. The adoption of FIN46 did not have a material effect on the Company's financial position or resultsof operations. In December 2003, the FASB issued FASB Interpretations No. 46(Revised December 2003) Consolidation of Variable Interest Entities, anInterpretation of ARB No. 51 ("FIN 46R").  FIN 46R is an update of FIN 46and contains different implementation dates based on the types of entitiessubject to the standard and based on whether a company has adopted FIN 46. The Company does not expect the adoption FIN 46R will have a material impact onthe Company's financial position or results of operations.

-16-

In December 2004, the FASB issued Statement of FinancialAccounting Standards ("SFAS") No. 123R, Share-Based Payment, which establishesstandards for the accounting for transactions in which an entity exchanges itsequity instruments for goods or services. A key provision of this statement isthe requirement of a public entity to measure the cost of employee servicesreceived in exchange for an award of equity instruments (including stockoptions) based on the grant date fair value of the award. That cost will berecognized over the period during which an employee is required to provideservice in exchange for the award (i.e., the requisite service period or vestingperiod). This standard becomes effective for the Company for its first annual orinterim period ended on or after December 15, 2005. The Company will adopt SFAS123R no later than the beginning of the Company's fourth quarter ending December31, 2005. The adoption of SFAS 123 did not have a material impact on theCompany's financial position or results of operations.

In December 2004, the FASB issued SFAS No. 153, *Exchangesof Non-monetary Assets, an amendment of APB Opinion No. 29, Accounting forNon-monetary Transactions* ("SFAS 153") SFAS 153 requires that exchanges ofnon-monetary assets are to be measured based on fair value and eliminates theexception for exchanges of non-monetary, similar productive assets, and adds anexemption for non-monetary exchanges that do not have commercial substance. SFAS153 will be effective for fiscal periods beginning after June 15, 2005.Management does not believe that the adoption of this standard will have amaterial impact on the Company's financial position or results of operations.

In December 2003, the United States Securities and ExchangeCommission issued Staff Accounting Bulletin No. 104, "Revenue Recognition" (SAB104), which supersedes SAB 101, "Revenue Recognition in Financial Statements."The primary purpose of SAB 104 is to rescind accounting guidance contained inSAB 101 related to multiple element revenue arrangements, which was supersededas a result of the issuance of EITF 00-21, "Accounting for Revenue Arrangementswith Multiple Deliverables." While the wording of SAB 104 has changed to reflectthe issuance of EITF 00-21, the revenue recognition principles of SAB 101 remainlargely unchanged by the issuance of SAB 104. The adoption of SAB 104 did nothave a material impact on the Company's financial position or results ofoperations.
***CriticalAccounting Policies and Estimates***
Our audited financial statements and accompanying notes areprepared in accordance with generally accepted accounting principles used in theUnited States. Preparing financial statements requires management to makeestimates and assumptions that affect the reported amounts of assets,liabilities, revenue, and expenses. These estimates and assumptions are affectedby management's application of accounting policies. We believe thatunderstanding the basis and nature of the estimates and assumptions involvedwith the following aspects of our consolidated financial statements is criticalto an understanding of our financials.
**Revenue recognition**
The Company's revenues have consisted of brokeragecommissions generated by Global American Investments, Inc. Securitiestransactions and related revenues and expenses are recorded on a trade datebasis. Commission revenues are recorded on a settlement date basis.
**Stock-based compensation**
The Company accounts for stock-based employee compensationarrangements in accordance with the provisions of Accounting Principles BoardOpinion No. 25, "Accounting for Stock Issued to Employees", ("APB No. 25") andcomply with the disclosure provisions of Financial Accounting Standard No. 123"Accounting for Stock-Based Compensation" ("SFAS No. 123") as amended byFinancial Accounting Standards Board issued Financial Accounting StandardNo. 148, "Accounting for Stock-Based Compensation - Transition and Disclosure"("SFAS No. 148"). In addition, in accordance with SFAS No. 123 the Companyapplies the fair value method using the Black-Scholes option-pricing model inaccounting for options granted to consultants. Under APB No. 25, compensationexpense is recognized based on the difference, if any, on the date of grantbetween the estimated fair value of the Company's stock and the amount anemployee must pay to acquire the stock. Compensation expense is recognizedimmediately for past services and pro-rata for future services over theoption-vesting period. The Company has also adopted the provisions of theFinancial Accounting Standards Board Interpretation No.44, Accounting forCertain Transactions Involving Stock Compensation - An Interpretation of APBOpinion No. 25 ("FIN 44"), which provides guidance as to certain applications ofAPB 25.

-17-
**Item 7. FinancialStatements*****Financial Statements***** 

 

 

SE GLOBAL EQUITIES CORP.

 

CONSOLIDATED Financial Statements

December 31, 2004 and 2003**
(Expressed In United States Dollars)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statement of Stockholders' Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements**
F-1

 
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Stockholders and Board of Directors of SE Global Equities Corp.

We have audited the consolidated balance sheets of SE GlobalEquities Corp. as at December 31, 2004 and 2003 and the consolidated statementsof operations, stockholders' equity and cash flows for the years then ended.These consolidated financial statements are the responsibility of the Company'smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

We conducted our audits in accordance with the standards ofthe Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform an audit to obtain reasonable assurance whetherthe financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for our opinion.

In our opinion, these consolidated financial statements present fairly, inall material respects, the financial position of the Company as at December 31,2004 and 2003 and the results of its operations and cash flows and the changesin stockholders' equity for the years then ended in accordance with generallyaccepted accounting principles in the United States.

The accompanying consolidated financial statements have beenprepared assuming that the Company will continue as a going concern. Asdiscussed in Note 1 to the financial statements, to date the Company hasincurred substantial losses in developing its business. The Company anticipatesthat additional external funding may be required to meet its obligations and thecosts of its operations. These factors raise substantial doubt about theCompany's ability to continue as a going concern. Management's plans in thisregard are described in Note 1. The financial statements do not include anyadjustments that might result from the outcome of this uncertainty.
*"Dale Matheson Carr-Hilton LaBonte"CHARTERED ACCOUNTANTS

 

Vancouver, B.C.February 28, 2005

 

****
F-2
**SE GLOBAL EQUITIES CORP.

CONSOLIDATED BALANCE SHEETS**
 
 
December 31, 2004
December 31, 2003**ASSETS**CURRENT  Cash 
$ 44,205 
$ 267,891 Accounts receivable
15,479 
78,090 Prepaid expenses and deposits
37,082 
13,725     
96,766 
359,706    **DUE FROM PARENT COMPANY (Note 5)
- 
67,000**FIXED ASSETS
23,298 
- **CLEARING BROKER DEPOSIT
51,980 
56,980     
$ 172,044 
$ 483,686    **LIABILITIES   **CURRENT  Accounts payable
$ 108,875 
$ 352,627 Loan payable (Note 3)
100,000 
100,000     
208,875 
452,627 **DUE TO PARENT COMPANY (Note 5)
104,565 
-     
313,440 
452,627    **CONTINGENCY** (Note 1) **STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)   **CAPITAL STOCK (Note 4)  
Common stock $.01 par value; 100,000,000 shares      authorized   
17,583,740 (2003 - 17,583,740) shares issued and      outstanding
175,837 
175,837 **ADDITIONAL PAID IN CAPITAL
4,976,709 
4,795,709 **DEFICIT**
(5,293,942)
(4,940,487)    
(141,396)
31,059     
$ 172,044 
$ 483,686 
The accompanying notes are an integral part of theseconsolidated financial statements.

 

F-3
**SE GLOBAL EQUITIES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31** 
2004
2003**REVENUES  
Brokerage commissions
$ 2,149,073 
$ 2,367,205 
Consulting fees and other income
63,996 
309,552  
2,213,069 
2,676,757 
Direct costs
1,691,184 
1,720,578    **NET REVENUES**
521,885 
956,179       **EXPENSES  Depreciation
4,066 
2,453 Consulting - stock based      compensation (Note 4)
181,000 
- General and administrative
227,079 
243,013 Management fees and salaries
381,859 
508,248 Professional fees
81,336 
73,871     
875,340 
827,585    **OPERATING INCOME (LOSS) 
(353,455)
128,594    **OTHER INCOMEGain on sale of subsidiaries (Note 6)
- 
210,225    **INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX
(353,455) 
338,819    **PROVISION FOR (BENEFIT FROM) INCOME TAXES (Note 7)  Current 
-
(115,198) Recovery of deferred tax assets
-
115,198    **NET INCOME (LOSS) FOR THE YEAR**
$ (353,455) 
$ 338,819       **BASIC NET INCOME (LOSS) PER SHARE**
$ (0.02) 
$ 0.02       **WEIGHTED AVERAGE NUMBER OF      COMMON**  **SHARES OUTSTANDING**
17,583,740 
14,988,630 
The accompanying notes are an integral part of theseconsolidated financial statements.

F-4
**SE GLOBAL EQUITIES CORP.

Consolidated Statement of Stockholders' Equity

FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003**

Common shares      

Number
Amount

Additional Paid      in Capital
Common share      Subscriptions
Deficit 

Total 

Balance, December 31, 2002
14,735,962 
147,359 
4,284,287 
- 
(5,279,306)
(847,660)Issued for      stock options at $0.57 per share
70,000 
700 
39,200 
- 
- 
39,900 Issued on      settlement of advances from CAG
2,777,778 
27,778 
472,222 
- 
- 
500,000 Net income for the year
- 
- 
- 
- 
338,819 
338,819 Balance, December 31, 2003
17,583,740 
175,837 
4,795,709 
- 
(4,940,487)
31,059 Stock based      compensation expense
- 
- 
181,000 
- 
- 
181,000 Net loss for the year
- 
- 
- 
- 
(353,455)
(353,455)Balance, December 31, 2004
17,583,740 
$175,837 
$ 4,976,709 
$ - 
$ (5,293,942)
$ (141,396)
The accompanying notes are an integral part of theseconsolidated financial statements

F-5
**SE GLOBAL EQUITIES CORP.

Consolidated Statements of cash flows

FOR THE YEAR ENDED DECEMBER 31**
2004
2003**Cash flows from operating activitiesNet      income (loss) for the year
$ (353,455) 
$ 338,819       Adjustments to reconcile net income (loss) to net cash from (used in)      operating activities-      depreciation
4,066 
2,453 -      stock-based compensation 
181,000 
- -      gain on sale of subsidiaries
- 
(210,225)-      accounts receivable
62,611 
(2,759)-      prepaid expenses and deposits
(23,357)
5,788 - accounts payable
(243,752)
123,531 **CASH FROM (USED IN) OPERATING ACTIVITIES**
(372,887)
257,607 **Cash flows from investing activities-      fixed assets
(27,364)
-- broker deposit
5,000 
(20,000)**CASH FROM (USED IN) investing activities**
(22,364)
(20,000)**Cash flows from financing activities-      restricted cash
- 
80,730 -      loan advances
- 
100,000 -      capital lease obligation repayments
- 
(43,333)-      advances (to) from parent company and related parties
171,565 
(682,425)- issue of common shares
- 
539,899 **Cash from (USED IN) financing activities
171,565 
(5,129)**Increase (DECREASE) in cash
(223,686)
232,478 **Cash, Beginning of year**
267,891 
35,413 **Cash, End of year
$ 44,205 
$ 267,891 **SUPPLEMENTAL CASH FLOW INFORMATION**Interest paid
$ 11,000
$ Nil Taxes paid$ Nil
$ Nil
The accompanying notes are an integral part of theseconsolidated financial statements.

F-6
**NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION**
The Company offers a software platform that provideselectronic low cost order routing of U.S. securities through a licensed U.S.securities broker-dealer to investors throughout most of the world.  All orderrouting and support services are provided by the individual alliance broker incompliance with local regulatory requirements.  Global-AmericanInvestments, Inc. ("GAI"), a subsidiary of SE Global Equities Corp., is a U.S.licensed securities broker-dealer.  GAI provides a wide range of brokerageservices in the United States.
**Going concern**
These financial statements have been prepared in accordancewith generally accepted accounting principles in the United States of Americawith the on-going assumption applicable to a going concern which contemplatesthe realization of assets and the satisfaction of liabilities and commitments inthe normal course of business. The continued operations of the Company and therecoverability of the carrying value of its assets is dependent upon the abilityof the Company to maintain profitable operations. The accompanying financialstatements do not include any adjustments relative to the recoverability andclassification of assets carrying amounts or the amount and classification ofliabilities that might result from the outcome of this uncertainty. To date, theCompany has incurred losses since inception totaling $5,293,942 and at December31, 2004 had a working capital deficit of $112,109 and continues to rely onoutside equity capital to finance recurring operating losses. 

There can be no assurance that capital will be available asnecessary to meet the Company's working capital requirements or, if the capitalis available, that it will be on terms acceptable to the Company. The issuancesof additional equity securities by the Company may result in a significantdilution in the equity interests of its current stockholders. Obtainingcommercial loans, assuming those loans would be available, will increase theCompany's liabilities and future cash commitments. If the Company is unable toobtain financing in the amounts and on terms deemed acceptable, the business andfuture success may be adversely affected. Given the Company's limited profitableoperating history, there can be no assurance that it will be able to achieve ormaintain profitability. Accordingly, these factors raise substantial doubt aboutthe Company's ability to continue as a going concern.
****
On January 7, 2005, the Company, CAG, and Sun MediaInvestment Holdings Limited entered into an engagement term sheet for theacquisition of the business assets of Asia Multi-Media Technology ServicesHoldings Limited (refer to Note 8).
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES****Basis of presentation**
The accompanying consolidated financial statements arepresented in United States dollars and are prepared in accordance withaccounting principles generally accepted in the United States.
**Principles of Consolidation**
The consolidated financial statements include the accounts ofthe Company and its wholly owned subsidiaries, which include SE Global Capital,Inc., a company incorporated on May 11, 2001 in the State of California, SEGlobal Equities Inc. ("SEG Cayman"), a Cayman Islands company incorporated onOctober 30, 2000, and GAI. The Company also has an inactive subsidiary, SEGlobal Investment Company Limited, which has no assets, liabilities oroperations. On May 30, 2003 the Company sold its interest in two of itsnon-operating subsidiaries, SE Global Equities Company Limited and SE GlobalCommunications (Hong Kong) Limited, to arms-length parties for nominalconsideration. All significant intercompany balances and transactions have beeneliminated on consolidation.

F-7
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Use of estimates**
The preparation of financial statements in conformity withgenerally accepted accounting principles requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenue and expenses for the periods thatthe financial statements are prepared. Actual amounts could differ from theseestimates.
**Financial instruments**
The Company's financial instruments include cash and cashequivalents, accounts receivable and payable and loans payable. The fair valuesof these financial instruments approximate their carrying values due to theshort-term maturity of the instruments.
**Revenue recognition**
Brokerage fees and commissions derived from securitiestransactions and related revenues and expenses are recorded on a trade datebasis. Commission revenues are recorded on a settlement date basis. Consultingfees are recorded in accordance with the terms of consulting agreements whencollection is reasonably assured.
**Net earnings (loss) per common share**
Basic earnings (loss) per share includes no dilution and iscomputed by dividing earnings (loss) available to common stockholders by theweighted average number of common shares outstanding for the year. Diluted netearnings (loss) per share reflects the potential dilution of securities thatcould share in the earnings (loss) of the Company. The accompanying presentationis only of basic net earnings (loss) per share as the potentially dilutivefactors are anti-dilutive to basic net earnings (loss) per share.
**Foreign currency transactions**
The financial statements are presented in United Statesdollars. In accordance with Statement of Financial Accounting Standards ("SFAS")No. 52, "Foreign Currency Translation", since the functional currency of theCompany is U.S. dollars, the foreign currency financial statements of theCompany's subsidiaries are re-measured into U.S. dollars. Monetary assets andliabilities are re-measured using the foreign exchange rate that prevailed atthe balance sheet date. Revenue and expenses are translated at weighted averagerates of exchange during the year and stockholders' equity accounts and capitalasset accounts are translated by using historical exchange rates. Anyre-measurement gain or loss incurred is reported in the consolidated incomestatement.
**Income taxes**
The Company follows the liability method of accounting forincome taxes in accordance with SFAS No. 109. Under this method, future taxassets and liabilities are recognized for the future tax consequencesattributable to differences between the financial statement carrying amounts ofexisting assets and liabilities and their respective tax balances. Future taxassets and liabilities are measured using enacted or substantially enacted taxrates expected to apply to the taxable income in the years in which thosedifferences are expected to be recovered or settled. The effect on future taxassets and liabilities of a change in tax rates is recognized in income in theperiod that includes the date of enactment or substantive enactment. A valuationallowance is provided for deferred tax assets if it is more likely than not thatthe Company will not realize the future benefit, or if the future deductibilityis uncertain.
****
F-8
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Stock-based compensation**
In December 2002, the Financial Accounting Standards Boardissued Financial Accounting Standard No. 148, "Accounting for Stock-BasedCompensation - Transition and Disclosure" ("SFAS No. 148"), an amendment ofFinancial Accounting Standard No. 123 "Accounting for Stock-Based Compensation"("SFAS No. 123"). The purpose of SFAS No. 148 is to: (1) provide alternativemethods of transition for an entity that voluntarily changes to the fair valuebased method of accounting for stock-based employee compensation, (2) amend thedisclosure provisions to require prominent disclosure about the effects onreported net income of an entity's accounting policy decisions with respect tostock-based employee compensation, and (3) to require disclosure of thoseeffects in interim financial information. The disclosure provisions of SFAS No.148 were effective for the Company for the year ended December 31, 2002 and therequired disclosures have been made below.

The Company has elected to continue to account forstock-based employee compensation arrangements in accordance with the provisionsof Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued toEmployees", ("APB No. 25") and comply with the disclosure provisions of SFAS No.123 as amended by SFAS No. 148 as described above. In addition, in accordancewith SFAS No. 123 the Company applies the fair value method using the Black-Scholesoption-pricing model in accounting for options granted to consultants. Under APBNo. 25, compensation expense is recognized based on the difference, if any, onthe date of grant between the estimated fair value of the Company's stock andthe amount an employee must pay to acquire the stock. Compensation expense isrecognized immediately for past services and pro-rata for future services overthe option-vesting period.

The following table illustrates the pro forma effect on netincome (loss) and net income (loss) per share as if the Company had accountedfor its for stock-based employee compensation using the fair value provisions ofSFAS No. 123 using the assumptions as described in Note 4:
  
December 31, 2004
December 31, 2003    Net income (loss) for the yearAs reported
$ (353,455)
$ 338,819SFAS 123 employee compensation      expensePro-forma
(80,000)
(76,800)    Net income (loss) for the yearPro-forma
$ (433,455)
$ 262,019    Pro-forma basic net income      (loss) per sharePro-forma
$ (0.02)
$ 0.02
The Company accounts for equity instruments issued inexchange for the receipt of goods or services from other than employees inaccordance with SFAS No. 123 and the conclusions reached by the Emerging IssuesTask Force in Issue No. 96-18, "Accounting for Equity Instruments That AreIssued to Other Than Employees for Acquiring or in Conjunction with SellingGoods or Services" ("EITF 96-18"). Costs are measured at the estimated fairmarket value of the consideration received or the estimated fair value of theequity instruments issued, whichever is more reliably measurable. The value ofequity instruments issued for consideration other than employee services isdetermined on the earlier of a performance commitment or completion ofperformance by the provider of goods or services as defined by EITF 96-18.

The Company has also adopted the provisions of the FinancialAccounting Standards Board Interpretation No.44, Accounting for CertainTransactions Involving Stock Compensation - An Interpretation of APB Opinion No.25 ("FIN 44"), which provides guidance as to certain applications of APB 25. FIN44 is generally effective July 1, 2000 with the exception of certain eventsoccurring after December 15, 1998.

F-9
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)**
In January 2003, the FASB issued FASB Interpretation No. 46,Consolidation of Variable Interest Entities, an interpretation of AccountingResearch Bulletins ("ARB") No. 51, Consolidated Financial Statements ("FIN 46").FIN 46 applies immediately to variable interest entitles created after January31, 2003, and in the first interim period beginning after June 15, 2003 forvariable interest entities created prior to January 31, 2003. The interpretationexplains how to identify variable interest entities and how an enterpriseassesses its interest in a variable interest entity to decide whether toconsolidate that entity. The interpretation requires existing unconsolidatedvariable interest entities to be consolidated by their primary beneficiaries ifthe entities do not effectively disperse risks among parties involved. Variableinterest entities that effectively disperse risks will not be consolidatedunless a single party holds an interest or combination of interests thateffectively recombines risks that were previously dispersed. The adoption of FIN46 did not have a material effect on the Company's financial position or resultsof operations. In December 2003, the FASB issued FASB Interpretations No. 46(Revised December 2003) Consolidation of Variable Interest Entities, anInterpretation of ARB No. 51 ("FIN 46R").  FIN 46R is an update of FIN 46and contains different implementation dates based on the types of entitiessubject to the standard and based on whether a company has adopted FIN 46. The Company does not expect the adoption FIN 46R will have a material impact onthe Company's financial position or results of operations.

In December 2004, the FASB issued Statement of FinancialAccounting Standards ("SFAS") No. 123R, Share-Based Payment, which establishesstandards for the accounting for transactions in which an entity exchanges itsequity instruments for goods or services. A key provision of this statement isthe requirement of a public entity to measure the cost of employee servicesreceived in exchange for an award of equity instruments (including stockoptions) based on the grant date fair value of the award. That cost will berecognized over the period during which an employee is required to provideservice in exchange for the award (i.e., the requisite service period or vestingperiod). This standard becomes effective for the Company for its first annual orinterim period ended on or after December 15, 2005. The Company will adopt SFAS123R no later than the beginning of the Company's fourth quarter ending December31, 2005. The adoption of SFAS 123 did not have a material impact on theCompany's financial position or results of operations.

 

 

 

 

 

F-10
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)**
In December 2004, the FASB issued SFAS No. 153, *Exchangesof Non-monetary Assets, an amendment of APB Opinion No. 29, Accounting forNon-monetary Transactions* ("SFAS 153") SFAS 153 requires that exchanges ofnon-monetary assets are to be measured based on fair value and eliminates theexception for exchanges of non-monetary, similar productive assets, and adds anexemption for non-monetary exchanges that do not have commercial substance. SFAS153 will be effective for fiscal periods beginning after June 15, 2005.Management does not believe that the adoption of this standard will have amaterial impact on the Company's financial position or results of operations.

In December 2003, the United States Securities and ExchangeCommission issued Staff Accounting Bulletin No. 104, "Revenue Recognition" (SAB104), which supersedes SAB 101, "Revenue Recognition in Financial Statements."The primary purpose of SAB 104 is to rescind accounting guidance contained inSAB 101 related to multiple element revenue arrangements, which was supersededas a result of the issuance of EITF 00-21, "Accounting for Revenue Arrangementswith Multiple Deliverables." While the wording of SAB 104 has changed to reflectthe issuance of EITF 00-21, the revenue recognition principles of SAB 101 remainlargely unchanged by the issuance of SAB 104. The adoption of SAB 104 did nothave a material impact on the Company's financial position or results ofoperations.
**NOTE 3 - LOAN PAYABLE**
The $100,000 loan was received on August 25, 2003, bearsinterest at a rate of 12% per annum, payable monthly, and matured on August 31,2004. A conversion feature was added on October 20, 2003 which allows the loanamount to be converted into shares of the Company at a price of $0.30 per sharewhich conversion feature expired effective August31, 2004. Upon conversion ofthe loan the holder will also receive share purchase warrants entitling theholder to purchase 333,333 shares of the Company at a price of $0.40 per sharefor a two year period. The Company may repay the loan during the term of theloan with a penalty equivalent to three months of interest. An agent's fee of$8,000 was paid on the loan. As of August 31, 2004 this loan and accruedinterest is due and payable in full, and the term of the loan has expired. Todate the Company has not received a demand for payment and the Company intendsto repay the loan in full. Accordingly, the Company has accrued interest on thisloan to December 31, 2004.

As at December 31, 2004 $2,000 of accrued and unpaid interestis included in accounts payable.
**NOTE 4 - CAPITAL STOCK**
On July 8, 2003, the Company issued 2,777,778 shares of itscapital stock in settlement of $500,000 of debt owed to Capital Alliance GroupInc. ("CAG"), the Company's parent company.

 

F-11
**NOTE 4 - CAPITAL STOCK (cont'd)****2001 Stock Option Plan**
Effective October 10, 2001, the Company adopted The 2001Stock Option Plan (the "2001 Plan") allowing for the awarding of options toacquire shares of the Company's common stock. The 2001 Plan allows forNon-qualified Stock Options to be awarded to employees, officers, directors andconsultants of the Company and for Incentive Stock Options to be awarded toemployees of the Company. The maximum number of options issuable under this plancannot exceed 2,500,000 of which a maximum of 700,000 can be Incentive options.The incentive options must be granted at a minimum of market value of theCompany's common stock and for a term not to exceed 5 years. Unless otherwisedetermined, the Incentive options will vest to the holder as follows: 30% sixmonths following the award date, 40% twelve months following the award date and30% eighteen months following the award date. The non-qualified options vestimmediately, must be granted at a minimum of 85% of the market value of theCompany's common stock and for a term not to exceed 10 years. In January 2004the Company adopted a new Stock Option Plan (see below).

Effective October 10, 2001 the Company awarded a total of2,150,000 non-qualified options at a price of $0.57 under the 2001 Plan tocertain employees, officers, directors and consultants of the Company andcertain of its subsidiaries. Of these options, 940,000 were deemed to be amodification of options granted under the original Plan and as such are subjectto variable accounting in accordance with the provisions of the FinancialAccounting Standards Board Interpretation No.44, Accounting for CertainTransactions Involving Stock Compensation - An Interpretation of APB Opinion No.25 ("FIN 44"). During the year ended December 31, 2004, 290,000 of the stockoptions that were subject to variable accounting expired leaving 650,000 stockoptions subject to variable accounting. As at December 31, 2004 the market priceof the Company's shares of common stock exceeded the exercise price of thesestock options and accordingly, a compensation expense of $117,000 (2003 - $Nil)was recorded. 

On June 13, 2003 a total of 320,000 stock options weregranted to employees, officers and directors at an exercise price of $0.28,exercisable for a term of five years. The fair value of these stock options of$76,800 was estimated at grant date using the Black-Scholes option-pricing modelapplying the market value per share and the risk-free interest rate in effect atthe grant date of 3%, 193.60% volatility and an expected life of six years andhas been reported on a pro-forma basis in Note 2.
**2004 Stock Option Plan**
Effective January 22, 2004, the Company adopted the 2004Stock Option Plan (the "2004 Plan") allowing for the awarding of options toacquire shares of the Company's common stock. The 2004 Plan allows forNon-qualified Stock Options to be awarded to employees, officers, directors andconsultants of the Company and for Incentive Stock Options to be awarded toemployees of the Company. The maximum number of options issuable under this plancannot exceed 2,500,000 of which a maximum of 700,000 can be Incentive options.The incentive options must be granted at a minimum of market value of theCompany's common stock and for a term not to exceed 5 years. Unless otherwisedetermined, the Incentive options will vest to the holder as follows: 30% sixmonths following the award date, 40% twelve months following the award date and30% eighteen months following the award date. The non-qualified options vestimmediately, must be granted at a minimum of 85% of the market value of theCompany's common stock and for a term not to exceed 10 years.

Effective February 2, 2004 the Company filed a Form S-8registering a total of 3,000,000 shares of the Company's common stock inconnection with the Company's 2004 Plan.

F-12
**NOTE 4 - CAPITAL STOCK (cont'd)**
On January 26, 2004 a total of 200,000 non-qualified stockoptions were granted to consultants at an exercise price of $0.33 per share,exercisable for a term of five years and a total of 250,000 non-qualified stockoptions were granted to employees, officers and directors at a price of $0.33per share, exercisable for a term of five years. The fair value of these stockoptions was estimated at grant date using the Black-Scholes option-pricing modelapplying the market value per share and the risk-free interest rate in effect atthe grant date of 2%, 213% volatility and an expected life of five yearsresulting in a consulting expense of $64,000 and a pro forma expense of $80,000as disclosed in Note 2.

The following table summarizes the Company's stock optionactivity:

 

Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual LifeBalance, December      31, 2002
1,934,000 
$ 0.57 
3.78 yearsExercised
(70,000)
0.57 Expired/cancelled
(380,000)
0.57 Granted
320,000 
0.28 Balance, December      31, 2003
1,804,000 
$ 0.52 
3.07 yearsExpired/cancelled
(290,000) 
0.57 Granted
450,000 
0.33 Balance, September      30, 2004
1,964,000 
$ 0.47 
2.57 years**NOTE 5 - RELATED PARTY TRANSACTIONS**
Included in accounts payable are unpaid management fees of$43,000 owing to a Director of the Company. 

During the year ended December 31, 2004 CAG made net cashadvances to the Company of $67,639 (2003 - $257,425 net cash advances from theCompany to CAG), and CAG paid or incurred expenses on behalf of the Company of$103,926 (2003 - $8,000). During the year ended December 31, 2003 CAG converted$500,000 of inter-corporate debt into 2,777,778 shares of the Company at $0.18per share. As at December 31, 2004 $104,565 was owing by the Company to CAG(2003 - $67,000 owing from CAG to the Company).

During the year ended December 31, 2004 the Company incurredmanagement and consulting fees to Directors of the Company in the amount of$122,600 (2003 - $148,329).

Amounts due to and from related parties are unsecured,non-interest bearing and have no specific terms of repayment.
**NOTE 6 - GAIN ON SALE OF SUBSIDIARIES**
On May 30, 2003 the Company sold its interest in two of itsnon-operating subsidiaries, SE Global Equities Company Limited ("SEGHK") and SEGlobal Communications (Hong Kong) Limited ("SEGCHK"), to arm's-length partiesfor nominal consideration. The sale of SEGHK and SEGCHK to arm's-length partiesrelieved the Company from $210,225 in debts owing to unsecured creditors, andaccordingly, the Company has recognized a gain in the amount of $210,225 on thedisposition of SEGHK and SEGCHK.

F-13
**NOTE 7 - INCOME TAXES**
A reconciliation of the effective income tax rate to theFederal statutory rate is as follows:
  
December 31, 2004
December 31, 2003    Federal Income Tax Rate 
34.0% 
34.0% Effect of valuation allowance 
(34.0%)
(34.0%)    Effective Income Tax Rate 
- 
- 
A reconciliation of current income taxes at statutory rates with the reportedtaxes is as follows:
 
Year ended December 31, 2004
Year ended December 31, 2003   Income (loss) before income      taxes$ (353,455)$ 338,819   Current income taxes      (recovery)$ (120,175)$ 115,198Non-cash stock based      compensation61,540-Unrecognized (recognized)      benefits of non-capital losses58,635(115,198)   Total current income taxes      (recovery)$ -$ -
The tax effects of temporary differences that give rise to significantcomponents of future income tax assets and liabilities are as follows:
 
2004
2003   Future income tax assets      (liabilities):  Operating losses available for      future periods$ 203,455$ 31,000    
203,455
31,000
Valuation allowance
(203,455)
(31,000)   Net future income tax asset      (liability)$ -$ -
The Company has incurred operating losses of approximately$203,455 which, if unutilized, will expire through 2020. Management believesthat the realization of the benefits from these deferred tax assets appearsuncertain due to the Company's limited operating history. Accordingly a full,deferred tax asset valuation allowance has been provided and no deferred taxasset benefit has been recorded. The Company has not recorded a tax provisionfor the current period as sufficient tax loss carryforwards are available tooffset any income which may be subject to income taxes.

F-14
**NOTE 8 - PROPOSED ACQUISITIONS**
Effective July 7, 2004 the Company entered into an agreementto acquire 90% of the issued and outstanding shares of Fidelity Asset ManagementInc. ("FAM"), a broker-dealer based in Huntington Beach, California, for $10,000cash. FAM is a NASD registered full service broker-dealer in good standing withthe regulatory bodies. The Company is awaiting final NASD approval for theacquisition of FAM. As at December 31, 2004 the acquisition of FAM was notcompleted. It is anticipated that the acquisition of FAM will be completed inApril 2005.

On July 22, 2004 the Company announced a planned acquisitionof the business operations of CPY Holdings LLC ("CPY"), a broker-dealer based inFremont, California. As at December 31, 2004 the acquisition of CPY was notcompleted. The Company will not be proceeding with the acquisition of CPY as aresult of CPY not meeting certain revenue requirements as stipulated by theCompany.

On January 7, 2005, the Company ("SE Global"), CAG, and SunMedia Investment Holdings Limited, the majority stockholder of Asia NetworkTechnologies Limited ("AsiaNet"), entered into an engagement term sheet (the"Term Sheet") for the acquisition of the business assets of Asia Multi-MediaTechnology Services Holdings Limited ("AMMT-BVI"), which is British VirginIslands incorporated company wholly-owned by AsiaNet. The parties originallyplanned on structuring the acquisition as an asset acquisition; however, theparties have subsequently decided to structure the acquisition as a direct orindirect share purchase of all the issued and outstanding share capital ofAMMT-BVI. Given this change the transaction will require approval from thestockholders of SE Global. SE Global expects to file with the SEC a preliminaryproxy statement on Schedule 14A with respect to the transactions as soon aspracticable upon completion of the audit of AMMT-BVI's 2004 financialstatements. No formal agreements have been signed by the parties. Currently, theparties are completing their due diligence of one another and are negotiatingthe final form of all agreements and documents related to the proposedtransactions. On completion of the transaction SE Global has agreed to issue341,500,000 post-split restricted shares of its common stock to Asia Net andrelated parties. On closing of the transaction Asia Net and related parties willcontrol approximately 97% of the outstanding common stock of SE Global on afully diluted basis after giving effect to a proposed two for one reverse splitof SE Global's issued and outstanding share capital.

 

F-15
**Item 8. Changes In and Disagreements With Accountants on Accounting andFinancial Disclosure**
We have had no change in, or disagreements with, ourprincipal independent accountant during our past two fiscal years.
**Item 8A.****Controls and Procedures*****Evaluation of Disclosure Controls and Procedures***
Within the 90 days prior to the filing date of this report,we carried out an evaluation, under the supervision and with the participationof our management, including our Chief Executive Officer and Chief FinancialOfficer, of the effectiveness of the design and operation of our disclosurecontrols and procedures. Based upon that evaluation, our Chief Executive Officerand Chief Financial Officer concluded that our disclosure controls andprocedures are effective. Disclosure controls and procedures are designed toensure that information required to be disclosed in our reports filed orsubmitted under the *Securities Exchange Act of 1934*is recorded,processed, summarized and reported within the time periods specified inSecurities and Exchange Commission rules and forms.
***Changes in internalcontrols***
There were no significant changes in our internal controls orin other factors that could significantly affect these controls subsequent tothe date of our evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses. 

-18-
**Item 8B. Other Information**
None
**PART III****Item 9.Directors and Executive Officers of the Registrant*****Identification of Directors and Executive Officers***
The following table sets forth the names of all directors andexecutive officers of the SE Global as of December 31, 2004 and March 25, 2005.These persons will serve until the next annual meeting of the stockholders oruntil their successors are elected or appointed and qualified, or their priorresignation or termination.
**Name****Age**Position with the Company****Date Position First Held**Hong-Lip Yow
32President,      Chief Operating Officer and DirectorJan. 6, 2004Toby Chu
44Chief Executive      Officer, Chairman and DirectorFeb. 20, 2001Prithep      Sosothikul
46DirectorFeb. 21, 2001G. David      Richardson
53DirectorFeb. 21, 2001Sukanya      Prachuabmoh
53DirectorFeb. 21, 2001
The principal occupation and business experience during thelast five years for each of our present directors and executive officers are asfollows: 
**Hong-Lip Yow, President, Chief Operating Officer and Director.Mr. Yow has over seven years of experience in the direct access securities fieldwith a proven track record in early stage high growth companies, distinguishedleadership skills and extensive industry-wide contacts. Since joining SE Globalas Senior Vice President in 2001, Mr. Yow has contributed greatly to thecompany's rapid growth. Mr. Yow successfully developed and guided entrystrategies for new markets both domestically and internationally, facilitatedkey corporate initiatives designed to reduce or consolidate expenses, andcontinues to introduce new firms and clients to the company's order routingplatform. Before joining SE Global, Mr. Yow served as a Director ofMarketrade.com, a California-based direct access securities firm. During histwo-year tenure at Marketrade.com, Mr. Yow was a significant contributor to thecompany's dramatic growth in both international and domestic markets and playeda critical role in reengineering systems as the company went through asuccessful procedure restructuring. Prior to this, Mr. Yow worked at BluestoneSecurities, in both the trading and customer services divisions. Mr. Yowreceived his Bachelor of Economics degree from the University of California.
**Toby Chu, Chief Executive Officer, Chairman and Director.Mr. Toby Chu has been the President, CEO, and a Director of SE Global since itwas founded in 1999. Since 1986, Mr. Toby Chu has also been the President, CEO,and Director of Capital Alliance Group Inc, a Canadian listed company, andparent company of SE Global Equities Corp. Mr. Chu also serves on the Board ofDirectors for several other privately and publicly held companies in Canada,United States, Hong Kong, China and Switzerland. Mr. Chu has an extensiveexperience in business management and administration particularly in the areasof Initial Public Offering, Reverse Take Over, Merger Acquisition, CorporateFinance and Venture Capital.

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Prior to his involvement with Capital Alliance Group, Mr. Chuwas the operations manager of a major food distribution company and was also adirector of three other computer-related companies that grossed over $25 millionin 1992. In 1993, Mr. Chu was awarded the honor of "Top 40 Business People Underthe Age of 40'" by the Business in Vancouver newspaper. He guided one of CapitalAlliance Group's former subsidiaries, ANO Office Automation, to become the "33rdFastest Growing Company out of 100 Companies in Canada" (PROFIT magazine -1993), and guided Capital Alliance Group to become one of the "Top 100 PublicCompanies in Vancouver" ranked by Business in Vancouver Newspaper in 1994. Mr.Chu was nominated for the Ernst & Young Chartered Accountants and Montreal Trustsponsored Entrepreneur of the Year Award and made the short-list as one of thetop 30 finalists among 300 nominees across Canada. 

Over the past two decades, Mr. Chu has founded, merged oracquired over twenty companies in a wide range of industry sectors including:information technology, Internet personnel services, academic and careereducation, marketing media, securities and investments. These companiescurrently have a business presence in Canada, United States, Thailand, HongKong, China and the Middle East. 
**Tim Leong, Chief Financial Officer, Secretary and Treasurer.Mr. Tim Leong is responsible for the financial matters of the SE Global Group ofCompanies. Mr. Leong has been the Chief Financial Officer of SE Global's parentcompany, Capital Alliance Group, since July 1995 and served as a director fromJuly 1995 to July 1996. Prior to joining Capital Alliance Group in 1994, Mr.Leong was a Senior Manager of Dyke & Howard, Chartered Accountants and Auditor,Price Waterhouse Chartered Accountants. 
**Prithep Sosothikul, Senior Vice President - South Asia andDirector. Mr. Sosothikul earned his Bachelor of Science degree inComputer Science at the University of Missouri at Rolla. Mr. Sosothikul is awell-known business executive in Thailand with extensive contacts throughoutSoutheast Asia's IT industry including Singapore, Cambodia, India, Laos,Malaysia and the Philippines. Mr. Sosothikul completed his studies in the UnitedStates and returned to Thailand in 1980. Since his return to Thailand, he hasworked for major international corporations such as Loxley Public Co., Ltd., theSeacon Group, Datamat Public Company Ltd., HCL, and Perot Systems of Singapore.For three years, he served as the president and executive director of DatamatPublic Company Ltd. of Bangkok, Thailand. During these years, he guided Datamatin its international expansion plan and doubled their annual revenue from $65million CAD to over $130 million CAD. Among other accomplishments, Mr.Sosothikul was the founder and managing director of Seacon Co. Ltd. He was alsoresponsible for establishing corporate and marketing policies for Seacon Center,the fifth largest shopping center in the world, and the largest in Asia. He isalso a Director of various private and public companies in Thailand with totalrevenue exceeding CDN$150 million dollars.
**G. David Richardson, Director.Prior to becoming President of Investor First Financial Inc., Mr. Richardsonworked with his family's business, James Richardson and Sons, Limited which wasfounded in 1857.
Concurrent with and supporting his experience with the familyenterprise, Mr. Richardson was actively involved in government lobby activities.He was a founding member and director of the Asia Pacific Foundation and wasco-leader in various government trade missions to Asia while on the Board of theCanada China Trade Council. 

-20-

Mr. Richardson has served as director on many boards duringthe past 25 years as well as having been a past member of numerous charities andphilanthropic activities. He is currently a Director Emeritus of DucksUnlimited, Director of Novus Telecom Group Inc., and Director of InternationalKodiak Resources Inc. Mr. Richardson was elected to the Board of CapitalAlliance Group Inc., the parent company of SE Global Equities, in August 1999and joined the Board of SE Global in February 2001.
**Sukanya Prachuabmoh, Director. Ms. SukanyaPrachuabmoh was appointed to Family Court Judge of Thailand in 1999 by hismajesty the King, Rama 9. In addition to her experience in the public servicesector, Ms. Prachuabmoh is an established businessperson who has businessinterest in market sectors ranging from banking, real estate, food,entertainment, and technology. Ms. Prachuabmoh is the Chairperson for Bovis(Thailand) Company Limited, a company specializing in the construction ofairports, hospitals, schools, theaters, arenas, and offices. The Bovis Companyspans 100 years of history, 36 countries, and six continents. Ms. Prachuabmoh isalso Chairperson of the Datamat Public Company Limited, with business focus oncomputer system integration sales and servicing relating to major systeminstallations. In addition, Ms. Prachuabmoh is a Director of the RattanakonsinInstitute of Technology, a fully accredited institution that focuses onmedicine, computer science, engineering, and business management.
***Significant Employees***
We have no employees who are not executive officers, but whoare expected to make a significant contribution to the Company's business.
***Family Relationships***
The Chief Executive Officer and the Chief Financial Officerare brother-in-laws.
***Involvement in Certain Legal Proceedings***
During the past five years, none of our directors, or personsnominated to become a director, or executive officer, promoter or controlperson:
was a general partner or executive officer of any business against which    any bankruptcy petition was filed, either at the time of the bankruptcy or    two years prior to that time;
was convicted in a criminal proceeding or named subject to a pending    criminal proceeding (excluding traffic violations and other minor offenses);
was subject to any order, judgment or decree, not subsequently reversed,    suspended or vacated, of any court of competent jurisdiction, permanently or    temporarily enjoining, barring, suspending or otherwise limiting his    involvement in any type of business, securities or banking activities; or
as found by a court of competent jurisdiction (in a civil action), the    Securities and Exchange Commission or the Commodity Futures Trading    Commission to have violated a federal or state securities or commodities    law, and the judgment has not been reversed, suspended or vacated.

***Audit Committee***
SE Global does not have a separately-designated standingaudit committee. Rather, SE Global's audit committee function is carried out bythe CEO and CFO, neither of whom meet the independent requirements for an auditcommittee member. SE Global's audit committee is responsible for: (1) selectionand oversight of our independent accountant; (2) establishing procedures for thereceipt, retention and treatment of complaints regarding accounting, internalcontrols and auditing matters; (3) establishing procedures for the confidential,anonymous submission by our employees of concerns regarding accounting andauditing matters; (4) engaging outside advisors; and, (5) funding for theoutside auditory and any outside advisors engagement by the audit committee. SEGlobal has adopted an audit committee charter.

-21-
***Disclosure Committee andCharter***
SE Global has a disclosure committee and disclosure committeecharter. SE Global 's disclosure committee is comprised of all of its officersand directors. The purpose of the committee is to provide assistance to thechief executive officer and the chief financial officer in fulfilling theirresponsibilities regarding the identification and disclosure of materialinformation about SE Global and the accuracy, completeness and timeliness of SEGlobal's financial reports.
***Compliance withSection 16(a) of the Securities Exchange Act of 1934***
Section 16(a) of the Securities Exchange Act of 1934, asamended, requires that our executive officers and directors and persons who ownmore than 10% of a registered class of our equity securities file with theSecurities and Exchange Commission initial statements of beneficial ownership,reports of changes in ownership and annual reports concerning their ownership ofour common stock and other equity securities, on Forms 3, 4 and 5 respectively.Executive officers, directors and greater than 10% shareholders are required bythe Securities and Exchange Commission regulations to furnish us with copies ofall Section 16(a) reports they file.

To the best of our knowledge, during the fiscal year endedDecember 31, 2004, all executive officers, directors and greater than 10%shareholders filed the required reports in a timely manner.
***Code of Ethics***
SE Global has adopted a code of ethics that applies to allits executive officers and employees, including its CEO and CFO. A copy of SEGlobal's adopted code of ethics is attached to this annual report. SE Globalundertakes to provide any person with a copy of its code of ethics free ofcharge. Please contact the Company at 604-871-9909 to request a copy of SEGlobal's code of ethics. Management believes SE Global's code of ethics isreasonably designed to deter wrongdoing and promote honest and ethical conduct;provide full, fair, accurate, timely and understandable disclosure in publicreports; comply with applicable laws; ensure prompt internal reporting of codeviolations; and provide accountability for adherence to the code.
**Item 10. ExecutiveCompensation*****Summary of Compensation of Executive Officers***
The following table summarizes the compensation paid to ourPresident and Chief Executive Officer during the last three complete fiscalyears. No other officer or director received annual compensation in excess of$100,000 during the last three complete fiscal years.

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