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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington,  D.C. 20549**

**FORM 10-KSB**

 

ANNUAL  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal period ended  September 30, 2002              

 

  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For 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)

 
**Florida**(State or Other Jurisdiction        incorporation or organization)
**91-1930691**(I.R.S. Employer I.D. No.)
 
**P.O. Box 297, 1142 South Diamond Bar Boulevard, Diamond Bar, CA  91765**(Address of principal executive offices)

**(604) 871-9909**(Issuer's telephone number)

                                                       N/A                                                                (Former name, former address and former fiscal year, if changed since last  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 by Section 13 or 15(d) of the Exchange Act during the  past 12 months (or for such shorter period that the Registrant was required to  file such reports) and (2) has been subject to such filing requirements for  the past 90 days

             Yes No 

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

              Yes            No

State Registrant's revenues  for its most recent fiscal year **$2,676,757**

  State the aggregate market value of the voting and non-voting common equity  held by non-affiliates computed by reference to the price at which the common  equity was sold, or the average bid and asked prices of such common equity, as  of a specified date within the past 60 days: 

**17,583,740 common shares @  $0.36(1) = $6,330,146  **                                                                            

(1) Average of the best bid and asked prices on March 25,  2004

**(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE  YEARS)**

  Check whether the Registrant has filed all documents and reports required to  be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution  of securities under a plan confirmed by a court.   

              Yes: **X**   No: ___

**(APPLICABLE ONLY TO CORPORATE REGISTRANTS)**

State the number of shares  outstanding of each of the Registrant's classes of common stock, as of the  latest practicable date.

**17,583,740 common shares issued and outstanding as of March 25, 2004**

**DOCUMENTS INCORPORATED BY REFERENCE**

**None.**

Transitional Small Business  Disclosure Format (Check one):

              Yes: ___   No: **X**

**TABLE OF  CONTENTS**
          FORWARD LOOKING INFORMATION      PART I  Item 1. Description of        Business   Business        Development - Formation and Reorganization.   Our Current        Business   Marketing   Competition           Governmental Regulation   Research        and Development   Employees           Reports to Securities Holders          Item 2. Description of Property  Item 3. Legal Proceedings  Item 4. Submissions of        Matters to a Vote of Security Holders      PART II  Item 5. Market for Common        Equity and Related Stockholder Matters   Dividend Policy   Recent Sales of        Unregistered Securities  Item 6. Management        Discussion and Analysis   Overview    Results of Operations    Stock-Based        Compensation Expense Recovery    Liquidity and        Capital Resources    Off-Balance Sheet        Arrangement    Research and Development    Capital        Expenditure Commitments    Strategic Acquisitions    New Accounting Pronouncements   Item 7. Financial        Statements   Item 8. Changes In and        Disagreements With Accountants on Accounting and Financial Disclosure      PART III  Item 9. Directors and        Executive Officers of the Registrant           Identification of Directors and Executive Officers   Significant        Employees   Family        Relationships   Involvement in        Certain Legal Proceedings           Audit Committee           Compliance with Section 16(a) of the Securities Exchange Act of 1934   Code of Ethics  Item 10. Executive        Compensation   Summary        of Compensation of Executive Officers   Stock        Options/SAR Grants           Aggregated Option/SAR Exercises and Fiscal Year-End Option/SAR Value        Table           Long-Term Incentive Plans           Compensation of Directors   Stock Option        Plan  Item 11. Security        Ownership of Certain Beneficial Owners and Management   Equity        Compensation Plan   Security        Ownership of Certain Beneficial Owners and Management   Changes in        Control  Item 12. Certain        Relationships and Related Transactions      PART IV  Item 13. Exhibits,        Financial Statement Schedules, and Reports on Form 8-K   Exhibits   Reports of        Form 8-K  Item 14. Controls and        Procedures   Evaluation        of Disclosure Controls and Procedures           Changes in internal controls      CONSOLIDATED FINANCIAL        STATEMENTS      SIGNATURES 
**FORWARD LOOKING INFORMATION**

This annual report contains  forward-looking statements as that term is defined in the Private Securities  Litigation Reform Act of 1995. These statements relate to future events or our  future financial performance. In some 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 these terms or other comparable terminology. These  statements are only predictions and involve known and unknown risks,  uncertainties and other factors, including the risks in the section entitled  "Risk Factors", that may cause our or our industry's actual results, levels of  activity, performance or achievements to be materially different from any  future results, levels of activity, performance or achievements expressed or  implied by these forward-looking statements.  Although we believe that the expectations reflected in the forward-looking  statements are reasonable, we cannot guarantee future results, levels of  activity, performance or achievements. Except as required by applicable law,  including the securities laws of the United States, we do not intend to update  any of the forward-looking statements to conform these statements to actual  results.  Our financial statements are stated in United States Dollars (US$) and are  prepared in accordance with United States Generally Accepted Accounting  Principles. In this annual report, unless otherwise specified, all dollar  amounts are expressed in United States Dollars. All references to CDN$ 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 subsidiaries SE Global  Equities, Inc., SE Global Capital, Inc. (formerly SE Global Direct, Inc.) and  Global-American Investments, Inc., unless otherwise indicated. 

**PART I**

**Item 1.  Description of Business**.

***Business Development - 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 Equities Corp." since April 20, 2001.   We were inactive until the acquisition of 100% of the issued and outstanding  shares of SE Global Equities Inc. (a company incorporated in the Cayman  Islands on October 30, 2000). The acquisition of all the issued and  outstanding shares of SE Global Equities Inc. was completed on February 21,  2001 by a share exchange reorganization pursuant to which we issued a total of  12,873,944 shares of common stock to the stockholders of SE Global Equities  Inc.   The stockholders of SE Global Equities Inc. controlled approximately 89.6% of  SE Global immediately after the share exchange. Accordingly, the acquisition  was treated as a reverse acquisition for accounting purposes, and SE Global  adopted the fiscal year of the "accounting acquirer", SE Global Equities Inc.,  of December 31.  

SE Global now carries on  business primarily through its wholly-owned subsidiaries SE Global Equities,  Inc., which maintains its corresponding office at Suite 1200, 777 West  Broadway, Vancouver, British Columbia, Canada V5Z 4J7, SE Global Capital, Inc.  (a California corporation incorporated on May 9, 2001), which maintains its  business office at Suite 225, 21660 Copley Drive, Diamond Bar, California, and  also through Global-American Investments Inc., which maintains its business  office at 34167 Pacific Coast Highway, Suite D, Dana Point, California. 

***Our  Current Business****.*

SE Global through its  subsidiaries and affiliates is a provider of direct access trading software  and financial resources for international investors. We have offices in  Diamond Bar, California and Vancouver, British Columbia. Our subsidiary,  Global-American Investments, Inc., maintains a separate office in Dana Point,  California. We are provide our customers with access to our global alliance  network of 28 brokerage firms, 24 hours a day, covering 29 stock exchanges  spanning five continents.  We provide direct access trading software, SE Global TradeTM and SEG LiteTM,  and market data through a formal licensing and worldwide distribution  agreement with Direct Access Financial Corporation ("Direct Access"). We pay a  licensing fee to license the direct access trading software.   Users of the SE Global Trade and SEG Lite software open trading accounts  directly with our subsidiary, Global-American Investments, Inc., which is a  U.S. registered broker-dealer, or through any one of SE Global's alliance  brokers. Those users of the software who choose to open accounts with  Global-American Investments, Inc. or any of our alliance brokers are provided  with direct access to the relevant broker. Unlike traditional web-based online  brokers, direct access trading software enables the users to bypass middlemen  and route trades directly to electronic communication networks (ECNs) and  exchanges. SE Global Trade and SEG Lite route orders through channels that  directly match buyers and sellers - unlike some web-based trading platforms  which utilize local broker dealers who may sell orders to third parties,  thereby potentially compromising both purchase price and speed of execution.  Benefits of our direct access trading software include: swift trade execution  and trade confirmation, and increased currency of available pricing  information as a result of improved trade execution.  In late September 2001, we launched a sophisticated data provider labeled  Global Data TerminalTM ("GDT"). GDT is a low cost and efficient tool that  enables investors to monitor securities on the Nasdaq, NYSE, AMEX, OPRA and  CME exchanges in addition to ECNs in real time on their desktops.  The target market for GDT includes a broad range of individual investors, high  net worth clients, proprietary traders, financial advisors, securities dealers  and asset mangers located in North America and abroad. In particular, we  believe we have positioned GDT to meet the market information needs of  overseas clients who require a data platform with sophisticated charting and  tracking features, which is moderately priced. GDT provides an extensive range  of live Level II quotes from multiple U.S. stock and derivative exchanges,  comprehensive fundamental and technical analysis tools, portfolio management,  price alerts and time and sales data. GDT subscribers may access SE Global  Trade, without its trading capabilities, for a fixed monthly fee. Those GDT  subscribers wishing to upgrade to the full direct access trading capabilities  of SE Global Trade may do so by paying additional activation fees. 

Substantially all of our  revenues have consisted of brokerage commissions generated by Global American  Investments, Inc. since its acquisition effective August 1, 2001. For the  fiscal year ended December 31, 2003, we also generated modest revenues in the  form of subscriptions and activation fees in the amount of $9,903.  Trades effected through Global-American Investments, Inc. are cleared by  Computer Clearing Services, Inc. All U.S. registered broker dealers are  required to become members of the Securities Investor Protection Corporation.  This membership provides for $500,000 in coverage per customer (with a  $100,000 cash limit).  Not all securities, products or services described are available in all  countries, and nothing herein is an offer or solicitation of securities  products and services in any jurisdiction where their offer or sale is not  qualified or exempt from registration.  We are still in our infancy as a viable commercial entity, and consequently  our focus has been on the identification of market needs, the development of  products and services to meet these needs, and the branding of our company and  our products. 

***Marketing.***

The international active  stock-trader segment is the key market segment that we will focus upon. In  particular, our company's strategy is to market the direct access  stock-trading software through the following channels:        - 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, and        - direct marketing to users through  the Internet, print and multimedia.  Initially, we have been and continue to concentrate our marketing resources on  our relationships with brokerage firms within our international network.  Through our company's business development team, our marketing efforts are  dedicated to generating agreements with these brokerage firms who will direct  clients to SE Global Trade. As this network grows, we anticipate that the  brokerage firms will continue to be responsible for the majority of direct  marketing costs.  Additionally, we continue to pursue and develop targeted marketing efforts  through Internet marketing, targeted advertising, sponsorships, co-branding,  trade shows, corporate videos, public relations and the development of  collateral marketing materials. Together, these marketing elements are  intended to attract software users, build market awareness, educate the  investing public and develop brand name recognition

***Competition***.

The market for brokerage  services, particularly electronic brokerage services, is rapidly evolving and  intensely competitive. We encounter direct competition from numerous North  American and other brokerage firms, many of which provide online brokerage  services. These competitors include such brokerage firms as AmeriTrade Online  Holdings Corp., Charles Schwab & Co., Inc., CSFBdirect, E*TRADE Securities,  Inc., Fidelity Brokerage Services, Inc., and TD Waterhouse Securities, Inc. We  also encounter competition from established full-commission brokerage firms  

as well as financial  institutions, mutual fund sponsors and other organizations, some of which  provide or have announced that they intend to provide online brokerage  services. 

***Governmental Regulation***.

**Securities Regulations**. SE Global  is not a securities dealer in its own right and has not sought such  registration. Our customers are required to open trading accounts with the  appropriate alliance brokers, who screen applicants for new trading accounts,  and who provide trade execution and support services, in compliance with local  regulatory requirements. All orders for U.S. securities placed through our SE  Global Trade or SEG Lite branded software are processed through  Global-American Investments, Inc.   Certain of our subsidiaries and affiliates are subject to various securities  and commodities regulations and capital adequacy requirements promulgated by  the regulatory and exchange authorities of the jurisdictions in which they  operate. Some subsidiaries are registered as broker-dealers and as investment  advisers with the U.S. Securities and Exchange Commission. Certain of our  subsidiaries and affiliates are also members of securities exchanges, as well  as the National Association of Securities Dealers, Inc. ("NASD").   Our primary U.S. broker-dealer subsidiary, Global-American Investments, Inc.,  is registered as a broker-dealer in 42 states and the District of Columbia.  Global-American Investments, Inc. is subject to extensive regulation,  including minimum capital requirements, which are promulgated and enforced by,  among others, the Securities Exchange Commission, and various other  self-regulatory organizations of which they are a member and the securities  administrators of the 42 states and the District of Columbia. The Securities  and Exchange Commission requires certain registered broker-dealers (including  Global-American) to maintain records concerning certain financial and  securities activities of affiliated companies that may be material to the  broker-dealer, and to file certain financial and other information regarding  such affiliated companies.**USA Patriot Act of 2001**. In October 2001, the USA Patriot Act of  2001 was enacted in response to the terrorist attacks in New York,  Pennsylvania and Washington D.C. which occurred on September 11, 2001. The  Patriot Act is intended to strengthen U.S. law enforcement's and the  intelligence communities' abilities to work cohesively to combat terrorism on  a variety of fronts. The potential impact of the Patriot Act on financial  institutions of all kinds is significant and wide ranging. The Patriot Act  contains sweeping anti-money laundering and financial transparency laws and  imposes various regulations, including standards for verifying client  identification at account opening, and rules to promote cooperation among  financial institutions, regulators and 1aw enforcement entities in identifying  parties 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 the Securities and Exchange  Commission (the "SEC") under the Securities Exchange Act of 1934. Many of  these new requirements will effect us and our board of directors. 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; and      insure our auditor is independent as defined by SOA.
SOA has required us to review  our current procedures and policies to determine whether they comply with the  SOA and the new regulations promulgated thereunder. We will continue to  monitor our compliance with all future regulations that are adopted under the  SOA and will take whatever actions are necessary to ensure that we are in  compliance. 

***Research and Development****.*

Over the past two fiscal  years, we have spent no money on research and development activities. 

***Employees****.*

We currently have 12  employees. Of the 12 employees, one is the Chief Executive Officer, one is the  Chief Financial Officer, two are in business development and marketing, three  are in corporate administration, three are in operations, one is in  compliance, and one is in technical support. We may add employees and  independent consultants if we are successful in completing one or more  strategic acquisitions of complementing businesses over the next 12 months.

***Reports to Securities Holders***.

We are required to file  annual reports on Form 10-KSB and quarterly reports on Form 10-QSB with the  Securities Exchange Commission on a regular basis, and will be required to  timely disclose certain material events (e.g., changes in corporate control;  acquisitions or dispositions of a significant amount of assets other than in  the ordinary course of business; and bankruptcy) in a current report on Form  8-K.  Although our Internet site (http://www.seglobal.com) does not contain our  reports, you may read and copy any materials we file with the Securities and  Exchange Commission at their Public Reference Room at 450 Fifth Street, N.W.,  Washington, D.C. 20549. You may obtain information on the operation 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) that contains reports,  proxy and information statements and other information regarding issuers that  file electronically with the SEC. 

**Item 2.  Description of  Property**.

We rent a portion of the  space leased by our majority stockholder Capital Alliance Group, Inc. for  approximately $2,500 per month. Capital Alliance Group, Inc. leases  approximately 3,526 square feet of office space located at Suite 1200, 777  West Broadway, Vancouver, British Columbia, Canada under a lease which expires  on August 31, 2005. Our portion of these premises house our principal  executive offices.

Through our subsidiary, SE Global Capital, Inc. (formerly SE Global Direct,  Inc.) we lease approximately 2,189 square feet of office space located at  Suite 225, 21660 Copley Drive, Diamond Bar, California, under a lease which  expires on May 31, 2004 for a monthly rent of $4,444.  Through our subsidiary Global-American Investments Inc., we lease  approximately 500 square feet of office space located at 34167 Pacific Coast  Highway, Suite D, Dana Point, California, under a month to month lease for a  monthly rent of $600.

**Item 3.  Legal Proceedings****.**

We know of no material,  active or pending legal proceedings against our company, nor are we involved  as a plaintiff in any material proceeding or pending litigation. There are no  proceedings in which any of our directors, 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**

**Item 5.   Market for Common Equity and Related Stockholder Matters.**

Our common shares are quoted  on the Over-the-Counter Bulletin Board under the symbol "SEGB". The following  quotations reflect the high and low bids 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 and low bid prices for our common  shares (obtained from Canada Stockwatch) for each full financial quarter for  the two most recent full fiscal years were as follows:
**Quarter Ended**(1)**High****Low**December 31, 2003$0.43$0.21September 30, 2003$0.61$0.22June 30, 2003$0.51$0.15March 31, 2003$0.51$0.16December 31, 2002$0.51$0.19September 30, 2002$0.65$0.25June 30, 2002$0.60$0.21March 31, 2002$1.06$0.30
      (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 25, 2004, the shareholders' list for our  common shares showed 206 registered shareholders and 17,583,740 common shares  issued and outstanding.

***Dividend Policy.***

We have not declared or paid  any cash dividends since inception. Although there are no restrictions that  limit our ability to pay dividends on our common shares, we intend to retain  future earnings, if any, for use in the operation and expansion of our  business and do not intend to pay any cash dividends in the foreseeable  future. 

***Recent Sales of  Unregistered Securities***.

**Private Placement**.  On July 8, 2003, Capital Alliance Group  Inc. agreed to convert $500,000 of debt owed to it by SE Global into 2,777,777  shares of SE Global at a purchase price of $0.18 per share. The shares issued  on the settlement of the debt will be considered restricted securities in  accordance with the applicable regulatory bodies. This debt settlement was  completed in December of 2003. Capital Alliance Group Inc. now owns 14,633,555  shares of SE Global, representing 83.5 percent of the issued and outstanding  shares of SE Global.

**Stock Options Exercised**.  During the year ended December 31,  2003, 70,000 common shares were issued on the exercise of certain stock  options.

**Stock Options Issued**.  During the year ended December 31, 2003, 320,000 stock options were granted  under the Stock Option Plan. 

**Item 6.   Management Discussion and Analysis** .

***Overview***.

**General**.   We and our subsidiaries and affiliates are primarily engaged in securities  execution and clearance, securities brokerage, securities lending and  borrowing and trading as a principal in equity and fixed income securities.  All of these activities are highly competitive and are sensitive to many  factors outside of our control, including volatility of securities prices and  interest rates; trading volume of securities; economic conditions in the  regions where we or our subsidiaries and affiliates business; income tax  legislation; and demand for financial services. Brokerage revenues are  dependent upon the level of trading volume, which may fluctuate significantly,  a large portion of our expenses remains fixed. Consequently, net operating  results can vary significantly from period to period.

**2003 Activities and  Developments**.  We continue to add new clients to the client base of  Global-American Investments Inc. that are prepared to actively trade in the  equity markets. In 2003 the total number of new accounts increased by 21%.  Also, Global-American Investments Inc.' asset and cash under management  increased by 61% during this period. As the amount of asset and cash under  management increases, more capital becomes available for stock trading when  the equity markets improve. Global-American Investments Inc's trading volume  is experiencing increases each month. From December 2002 to December 2003 the  total number of stock equity trades increased by 117%. The positive stock  market activities and the positive sentiments in the stock markets in the  recent months should provide a basis for Global-American Investments Inc. to  increase the client base of active direct stock traders even further. It is  management's belief that we are well positioned to enjoy significant increases  in trading volume and the corresponding revenue stream.

On May 29, 2003, we announced that Global-American Investments Inc. added a  new branch office in Florida, USA. The new branch office has its own  proprietary stock trading platform as well as its own existing active retail  client base which has given Global-American Investments Inc. the ability to  rapidly double its current trading volume.  On July 14, 2003, we signed a letter of intent with a Canadian based firm, SE  Global Securities Corp. ("SEG Canada"), to expand SEG's trading, financial and  consulting services to institutional and retail clients in Canada. SEG Canada  will have the exclusive rights, through a licensing arrangement with SEG, to  use SEG's trademark and financial products and services in Canada. SEG Canada  is currently in the process of obtaining a securities license with the  provincial regulatory bodies in Canada. SEG Canada will provide Canadian  investors and stock traders with cost effective and sophisticated tools to  trade on major U.S. stock markets.  On July 21, 2003, we entered into a non-binding letter of intent to acquire a  broker-dealer based in New York. The broker-dealer has over US$80 million of  client assets under management, and reported annual revenues of US$8.5 million  in 2002. This transaction is subject to other material conditions present, due  diligence results and final negotiation of financial and other terms to be  contained in a contract that will supersede the letter of intent. By acquiring  the New York based broker-dealer, we will be in a position to negotiate lower  clearing costs and receive larger volume discounts as well as creating many  revenue opportunities within our group of related companies.  In September 2003, we launched a Chinese language order routing platform for  US securities. This platform provides international investors the ability to  transact both equity orders and option orders on major US stock exchanges. We  have been providing a Japanese trading platform for the past few years, and  with the addition of the Chinese trading platform, we have positioned  ourselves to gain a large market share of Asians wishing to invest and  transact in US securities in their native language.

***Results of Operations***.

**Fiscal Year Ended  December 31, 2003 Compared to Fiscal Year Ended December 31, 2002**

**Revenue.**  

Total revenue for the fiscal  year ended December 31, 2003 was $2,676,757 compared to revenues of $2,469,560  for the fiscal year ended December 31, 2002, an increase of 8%. The majority  of our revenue for 2003 was derived from online direct access trading services  and other related services provided through our subsidiary Global-American  Investments, Inc. Revenue from online direct access trading services and other  related services totalled $2,367,205 for the fiscal period ended December 30,  2003 compared to $2,469,560 for the fiscal period ended December 30, 2002. The  majority of our revenue in 2002 from online direct access trading services was  derived from retail clients whereas in 2003 the revenue from online direct  access trading services was derived from a combination of wholesale (ie.  institutional) and retail clients. During 2003 the wholesale client base was  more active than the retail client base.  Global-American Investments, Inc. continues to add new clients to its client  base that are prepared to actively trade in the equity markets. From December  31, 2002 to December 31, 2003 the total number of new accounts increased by  21%. Also, Global-American Investments, Inc.'s asset and cash under management  increased by 61% during this period. As the amount of asset and cash under  management increases, more capital becomes available for stock trading when  the equity markets improve. Global-American Investments, Inc.'s trading volume  is experiencing increases each month. From December 31, 2002 to December 31,  2003 the total number of stock equity trades increased by 117%. The positive  stock market activities and the positive sentiments 

in the stock markets in the recent months should provide a basis for us to  increase the client base of active direct stock traders even further, and thus  increase our revenue accordingly.  We also generated $309,552 in consulting fees during the fiscal period ended  December 31, 2003. This consulting fee revenue is a new source of business  activity for SE Global and is derived from consulting services provided to  Asian companies that are interested in listing their companies on a North  American stock exchange. The consulting fee revenue of $309,552 represents the  net consulting fees earned for the fiscal period ended December 31, 2003.  Our direct costs, consisting of trade clearing charges and quotation costs,  were $1,720,578 for the fiscal ended December 31, 2003, compared to $1,275,270  for the fiscal year ended December 31, 2002. The increase in direct costs for  the fiscal period ended December 31, 2003 was a result of incurring more costs  to serve the wholesale client base. Commissions were paid to licensed brokers  that assisted in generating the online direct access trading revenues from the  wholesale clients.

**Expenses**.  Total expenses decreased by $577,961, from  $1,405,546 for the fiscal year ended December 31, 2002 to $827,585 for the  fiscal year ended December 31, 2003, a decrease of 41%. Total expenses for the  fiscal period ended December 31, 2002 included a non-cash stock compensation  expense recovery of $300,800. If this $300,800 non-cash expense recovery was  not included in the December 31, 2002 total expense figure then the total  expenses would have been $1,706,346 for the fiscal period ended December 31,  2002 compared to $827,585 for the fiscal period ended December 31, 2003, a  decrease of 51%. This substantial decrease in expenditures was a direct result  of our cost control program that was initiated during the year. We spent funds  carefully on categories such as marketing and advertising that we felt would  generate a direct benefit to the Company.  Management fees and salaries increased marginally by $10,083, or 2%, from  $498,165 for the fiscal year ended December 31, 2002 to $508,248 for the  fiscal year ended December 31, 2003. General and administrative costs for the  fiscal year ended December 31, 2003 was $243,013 compared to $1,041,275 for  the fiscal year ended December 31, 2002, a decrease of $798,262, of 77%.  Professional fees for the fiscal year ended December 31, 2003 was $73,871  compared to $137,467 for the fiscal year ended December 31, 2002, a decrease  of $63,596, or 46%. As a reflection of our cost cutting and cost control  program the majority of the expenses decreased during the year.  We generated an operating profit of $128,594 for the fiscal year ended  December 31, 2003 compared to an operating loss of $211,256 for the fiscal  year ended December 31, 2002. The operating loss for the fiscal year ended  December 31, 2002 included a non-cash stock compensation expense recovery of  $300,800. If this $300,800 non-cash expense recovery was not included in the  December 31, 2002 operating loss then the operating loss would have been  $512,056 for the fiscal year ended December 31, 2002 compared to an operating  profit of $128,594 for the fiscal year ended December 31, 2003.**Other Income**. On May 30, 2003, we sold our interest in two of our  inactive subsidiaries, SE Global Equities Company Limited ("SEGHK") and SE  Global Communications (Hong Kong) Limited ("SEGCHK"), to arm's-length parties  for nominal consideration. The sale of SEGHK and SEGCHK to arm's-length  parties relieved SE Global from $210,225 in debts owing to unsecured  creditors, and accordingly, we recognized a gain in the amount of $210,225 on  the sale of SEGHK and SEGCHK.

***Stock-Based Compensation Expense  Recovery***.

No non-cash stock  compensation expense recovery was realized for the fiscal period ended  December 31, 2003. We realized a non-cash stock compensation expense recovery  of $300,800 for the fiscal year ended December 31, 2002. This non-cash  stock-based compensation expense recovery was a result of SE Global's stock  options that were subject to Variable Accounting as a reflection of the  decreased market value of SE Global's share price during fiscal 2002. Note 5  of the December 31, 2003 and 2002 audited consolidated financial statements  explains in detail the Variable Accounting of the SE Global stock options.

***Liquidity and Capital Resources****.*

As at December 31, 2003, we  had $324,871 in cash on hand (comprised of $267,891 unrestricted cash and  $56,980 clearing deposit). In comparison, as at December 31, 2002 we had cash  on hand of $153,123(comprised of $35,413 unrestricted cash, $36,980 clearing  deposit and $80,730 restricted cash) The unrestricted cash is available for  general working capital purposes while the clearing deposit is held by the  trade clearing house and restricted cash is deposit held by the leasing  company for leased equipment. The leases on the leased equipment ended on June  1, 2003.  For the year ended December 31, 2003, we expended, before depreciation and  amortization, approximately $69,000 per month to operate our business. Areas  of significant expenditure include management fees, salaries and benefits,  rent and office costs.  On August 25, 2003, we received a $100,000 loan, which bears interest at a  rate of 12% per annum payable monthly and matures on August 31, 2004. A  conversion feature was added on October 20, 2003 which allows the loan amount  to be converted into shares of SE Global at a price of $0.30 per share, and  upon conversion of the loan the holder will receive share purchase warrants  entitling the holder to purchase shares of SE Global at a price of $0.40 per  share for a two year period. We may repay the loan during the term of the loan  with a penalty equivalent to three months of interest. An agent's fee in the  amount of $8,000 was paid in connection with this financing.  On July 8, 2003, Capital Alliance Group Inc. agreed to convert $500,000 of  debt owed to it by SE Global into 2,777,777 shares of SE Global at a purchase  price of $0.18 per share. The shares issued on the settlement of the debt will  be considered restricted securities in accordance with the applicable  regulatory bodies. This debt settlement was completed in December of 2003.  Capital Alliance Group Inc. now owns 14,502,635 shares of SE Global,  representing 82% of the issued and outstanding shares of SE Global.  To achieve our goals and objectives for the next 12 months, we plan to raise  additional capital through private placements of our equity securities,  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.  We plan to use any additional funds that we might be successful in raising for  marketing and advertising of SE Global Trade, SEG Lite and GDT, as well as for  strategic acquisition of existing businesses that complement our market niche,  and general working capital purposes.

We plan to raise debt and/or  equity capital on a private placement basis to finance the operating and  capital requirements of our company, assuming that we are able to do so on  acceptable terms. If we are able to raise $1 million during the 12 month  period ending December 31, 2004 - which cannot be assured, having regard to  factors outside our control such as market conditions - we anticipate that  this will provide sufficient funds for corporate overhead, more strategic  acquisitions to build our company internationally, and the expansion of our  business development and marketing programs. If we are unsuccessful in raising  the full $1 million in financing, we intend to seek debt and/or equity  financing in smaller amounts on an as needed basis.  If we are unsuccessful in raising any of the planned debt or equity financing,  our ability to seek and consummate strategic acquisitions to build our company  internationally, and to expand of our business development and marketing  programs could be adversely affected. However, we expect that we will have  sufficient funds to meet our corporate overhead and ongoing operational  expenses during the next twelve months assuming that revenues in our  wholly-owned subsidiary, Global-American Investments Inc., continue to grow at  the rate of 5% per month with the addition of new accounts, and assuming that  we continue to control our ongoing costs. We anticipate that Global-American  Investments, Inc.'s generated cash flow from operations will contribute to our  overall cash operating needs in the future. In addition, the cash flow from  consulting revenues in SEG's new business activity will greatly enhance the  overall cash operating needs of the SEG Group of Companies.***Off-Balance Sheet Arrangement***.

As of December 31, 2003, we  have had no off-balance sheet arrangements.

***Research and Development***.

We  do not anticipate incurring any significant expenditures on research and  development over the 12 months ending December 31, 2004.

***Capital Expenditure Commitments***.

We do not anticipate any  significant purchase or sale of equipment over the 12 months ending December  31, 2004.

***Strategic Acquisitions***.  On July 14, 2003, SE Global entered into a non-binding letter of intent to  acquire a broker-dealer based in New York. The broker-dealer has over $80  million of client assets under management, and reported annual revenues of  $8.5 million in 2002. This transaction is subject to other material conditions  present, due diligence results and final negotiation of financial and other  terms to be contained in a contract that will supercede the letter of intent. 

***New Accounting Pronouncements***

In June 1998, the United  States Financial Accounting Standards Board issued SFAS No. 133, "Accounting  for Derivative Instruments and Hedging Activities". SFAS No. 133 requires  companies to recognize all derivatives contracts as either assets or  liabilities in the balance sheet and to measure them at fair value. If certain  conditions are met, a derivative may be specifically designated as a hedge,  the objective of which is to match the timing of gain or loss recognition on  

the hedging derivative with  the recognition of the changes in the fair value of the hedged asset or  liability that are attributable to the hedged risk or hedged forecasted  transaction. For a derivative not designated as a hedging instrument, the gain  or loss is recognized in income in the period of change. SFAS No. 133 is  effective for all fiscal quarters of fiscal years beginning after June 15,  2000.  Historically, the Company has not entered into derivatives contracts either to  hedge existing risks or for speculative purposes. Accordingly, adoption of the  new standards did not affect our consolidated financial statements.  In June 2001, the Financial Accounting Standards Board finalized FASB  Statements No. 141, Business Combinations (SFAS 141), and No. 142, Goodwill  and Other Intangible Assets (SFAS 142). SFAS 141 requires the use of the  purchase method of accounting and prohibits the use of the  pooling-of-interests method of accounting for business combinations initiated  after June 30, 2001. SFAS 141 also requires that we recognize acquired  intangible assets apart from goodwill if the acquired intangible assets meet  certain criteria. SFAS 141 applies to all business combinations initiated  after June 30, 2001 and for purchase business combinations completed on or  after July 1, 2001. It also requires, upon adoption of SFAS 142, that we  reclassify the carrying amounts of intangible assets and goodwill based on the  criteria in SFAS 141.  SFAS 142 requires, among other things, that companies no longer amortize  goodwill, but instead test goodwill for impairment at least annually. In  addition, SFAS 142 requires that we identify reporting units for the purposes  of assessing potential future impairments of goodwill, reassess the useful  lives of other existing recognized intangible assets, and cease amortization  of intangible assets with an indefinite useful life. An intangible asset with  an indefinite useful life should be tested for impairment in accordance with  the guidance in SFAS 142. SFAS 142 is required to be applied in fiscal years  beginning after December 15, 2002 to all goodwill and other intangible assets  recognized at that date, regardless of when those assets were initially  recognized. SFAS 142 requires us to complete a transitional goodwill  impairment test six months from the date of adoption. We are also required to  reassess the useful lives of other intangible assets within the first interim  quarter after adoption of SFAS 142.  We do not expect SFAS 141 will have a material impact on our financial  position or results of operations. In addition, we do not expect SFAS 142 will  have a material impact on our financial position or results of operations.  In October 2002, the FASB issued SFAS No. 144, "Accounting for the Impairment  or Disposal of Long-Lived Assets". SFAS No. 144 requires that those long-lived  assets be measured at the lower of carrying amount or fair value less cost to  sell, whether reported in continuing operations or in discontinued operations.  Therefore, discontinued operations will no longer be measured at net  realizable value or include amounts for operating losses that have not yet  occurred. SFAS No. 144 is effective for financial statements issued for fiscal  years beginning after December 15, 2002 and, generally, is to be applied  prospectively. The implementation of this new standard is not expected to have  a material effect on our consolidated financial statements.

**Item 7.   Financial Statements**

Our Consolidated Financial  Statements, include the following items which constitute  Item 7 of Form 10-KSB, can be found in pages F-1 to F-15 immediately following  Item 14 below.

      ▪   Auditor's Report dated January 27, 2004;      ▪   Consolidated Balance Sheets as at December 31, 2003  and December 31, 2002;      ▪   Consolidated Statements of Operations for  the year ended December 31, 2003 and for the year ended December 31, 2002;      ▪   Consolidated Statement of  Stockholders' Equity for the year ended December 31, 2003 and for the year  ended December 31, 2002      ▪   Consolidated Statements of Cash Flows for  the year ended December 31, 2003 and for the year ended December 31, 2002;  and      ▪   Notes to Consolidated  Financial Statements.

**Item 8.   Changes In and Disagreements With Accountants on Accounting and Financial  Disclosure**.

We have had no change in, or  disagreements with, our principal independent accountant during our past two  fiscal years.

**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 current directors and executive officers of the  Company. These persons will serve until the next annual meeting of the  stockholders or until their successors are elected or appointed and qualified,  or their prior resignation or termination.
**Name****Age**Position with the Company****Date Position         First Held**Hong-Yip Yow        
31President, Chief        Operating Officer and DirectorJan. 6, 2004Toby Chu
43Chief Executive        Officer, Chairman and DirectorFeb. 20, 2001Tim Leong
41Chief Financial        Officer, Secretary and TreasurerFeb. 21, 2001Prithep        Sosothikul
45DirectorFeb. 21, 2001G. David        Richardson
52DirectorFeb. 21, 2001Ken Lee(1)
38DirectorFeb. 21, 2001Sukanya        Prachuabmoh
52DirectorFeb. 21, 2001Mark Lee(2)
33President of SE        Global Capital, Inc.Feb. 21, 2001Cedric M.        Swirsky
44President and        Secretary of Global-American Investments Inc.Nov. 6, 1998Note: (1)Mr. Ken Lee resigned from        the Board of Directors on February 27, 2004. His letter of resignation        was received by SE Global on March 18, 2004. (2)Mr. Mark Lee resigned from        SE Global Capital Inc. on January 1, 2004. His letter of resignation was        received by SE Global on January 15, 2004.
The principal occupation and  business experience during the last five years for each of our  present  directors and executive officers are as follows:

The principal occupation and  business experience during the last five years for each of our present  directors and executive officers are as follows: **Hong-Lip Yow, President, Chief Operating Officer and Director**.  Mr. Yow has over seven years of experience in the direct access securities  field with a proven track record in early stage high growth companies,  distinguished leadership skills and extensive industry-wide contacts. Since  joining SE Global as Senior Vice President in 2001, Mr. Yow has contributed  greatly to the company's rapid growth. Mr. Yow successfully developed and  guided entry strategies for new markets both domestically and internationally,  facilitated key corporate initiatives designed to reduce or consolidate  expenses, and continues to introduce new firms and clients to the company's  order routing platform. Before joining SE Global, Mr. Yow served as a Director  of Marketrade.com, a California-based direct access securities firm. During  his two-year tenure at Marketrade.com, Mr. Yow was a significant contributor  to the company's dramatic growth in both international and domestic markets  and played a critical role in reengineering systems as the company went  through a successful procedure restructuring. Prior to this, Mr. Yow worked at  Bluestone Securities, in both the trading and customer services divisions. Mr.  Yow received 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 it  was 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,  and parent company of SE Global Equities Corp. Mr. Chu also serves on the  Board of Directors for 9 other privately and publicly held companies in  Canada, United States, Hong Kong, China and Switzerland. Mr. Chu has an  extensive experience in business management and administration particularly in  the areas of Initial Public Offering, Reverse Take Over, Merger Acquisition,  Corporate Finance and Venture Capital.

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

Over the past two decades, Mr. Chu has founded, merged or  acquired over twenty companies in a wide range of industry sectors including:  information technology, Internet personnel services, academic and career  education, marketing media, securities and investments. These companies  currently have a business presence in Canada, United States, Thailand, Hong  Kong, 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  of Companies. Mr. Leong has been the Chief Financial Officer of SE Global's  parent company, Capital Alliance Group, since July 1995 and served as a  director from July 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 and  Director. Mr. Sosothikul earned his Bachelor of Science degree in  Computer Science at the University of Missouri at Rolla. Mr. Sosothikul is a  well-known business executive in Thailand with extensive contacts throughout  Southeast Asia's IT industry including Singapore, Cambodia, India, Laos,  Malaysia and the Philippines. Mr. Sosothikul completed his studies in the  United States and returned to Thailand in 1980. Since his return to Thailand,  he has worked for major international corporations such as Loxley Public Co.,  Ltd., the Seacon Group, Datamat Public Company Ltd., HCL, and Perot Systems of  Singapore. For three years, he served as the president and executive director  of Datamat Public Company Ltd. of Bangkok, Thailand. During these years, he  guided Datamat in its international expansion plan and doubled their annual  revenue from $65 million CAD to over $130 million CAD. Among other  accomplishments, Mr. Sosothikul was the founder and managing director of  Seacon Co. Ltd. He was also responsible for establishing corporate and  marketing policies for Seacon Center, the fifth largest shopping center in the  world, and the largest in Asia. He is also a Director of various private and  public companies in Thailand with total revenue exceeding CDN$150 million  dollars.

**G. David Richardson, Director**. Prior to  becoming President of Investor First Financial Inc., Mr. Richardson worked  with his family's business, James Richardson and Sons, Limited which was  founded in 1857.  Concurrent with and supporting his experience with the family enterprise, Mr.  Richardson was actively involved in government lobby activities. He was a  founding member and director of the Asia Pacific Foundation and was co-leader  in various government trade missions to Asia while on the Board of the Canada  China Trade Council.   Mr. Richardson has served as director on many boards during the past 25 years  as well as having been a past member of numerous charities and philanthropic  activities. He is currently a Director Emeritus of Ducks Unlimited, Director  of Novus Telecom Group Inc., and Director of International Kodiak Resources  Inc. Mr. Richardson was elected to the Board of Capital Alliance Group Inc.,  the parent company of SE Global Equities, in August 1999 and joined the Board  of SE Global in February 2001.**Ken Lee, Director**. Mr. Ken Lee is a Certified Management  Consultant (CMC) and a Chartered Accountant (CA). He has also earned a  Bachelor of Commerce degree with Honours and Distinction. Currently, he is  providing management consulting services in the areas of strategic  development, business transformation, organizational & process design,  information management, and financial analysis, planning and control. Mr. Lee  has extensive experience in a number of industries including financial  institutions, telecommunications, utilities, information technology services,  forestry, government, real estate and small business. Mr. Lee brings to the  board an extensive background in strategic and financial management. **Sukanya Prachuabmoh, Director**. Ms. Sukanya Prachuabmoh was  appointed to Family Court Judge of Thailand in 1999 by his majesty the King,  Rama 9. In addition to her experience in the public service sector, Ms.  Prachuabmoh is an established businessperson who has business interest 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 of airports, hospitals,  schools, theaters, arenas, and offices. The Bovis Company spans 100 years of  history, 36 countries, and six continents. Ms. Prachuabmoh is also Chairperson  of the Datamat Public Company Limited, with business focus on computer system  integration sales and servicing relating to major system installations. In  addition, Ms. Prachuabmoh is a Director of the Rattanakonsin Institute of  Technology, a fully accredited institution that focuses on medicine, computer  science, engineering, and business management.**Mark Lee, President of SE Global Capital, Inc.** Mark Lee is the  President and Director of SE Global Capital Inc of Diamond Bar, California - a  sister company to SE Global Investment Company Limited of Hong Kong. Mr. Lee  is a graduate of University of California, Berkley, major in Bio-engineering.  He is also a licensed securities dealer with the United States National  Association of Securities Dealers (NASD). Prior to joining SE Global group of  companies, Mr. Lee served as senior management and investment advisor for  several investment dealers in the California area. In 1996, Mr. Lee founded  his own on-line investment company with special focus on the on-line Direct  Access trading industry.   During his 10 years in the securities industry, Mr. Lee established a wide  network of business contacts ranges from the United States to many parts of  Asia. He possesses in-depth knowledge, skills and experience in portfolio  management, merger acquisitions, securities and stock broking, with emphasis  in the international corporate finance sector.

**Cedric M. Swirsky, President and Secretary of  Global-American Investments Inc**. Cedric is the executive responsible  for ensuring that Global American Investments, Inc. (GAI), our U.S. registered  broker-dealer arm operations strictly comply with all securities industry  regulations. To his role, he brings years of securities industry experience  with a heavy emphasis on compliance.

***Significant Employees***.

We have no employees who are  not executive officers, but who are expected to make a significant  contribution to the Company's business.

***Family Relationships***.

The Chief Executive Officer  and the Chief Financial Officer are brother-in-laws.***Involvement in Certain  Legal Proceedings***.

During the past five years,  none of our directors, or  persons nominated to become a director, or  executive officer, promoter or control person:

a. 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;
b. was convicted in a criminal      proceeding or named subject to a pending criminal proceeding (excluding      traffic violations and other minor offences);c. 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; ord. asfound 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***.

As of the date of this Annual Report, we have not appointed members to an  audit committee and, therefore, the respective role of an audit committee has  been conducted by our board of directors. When established, the audit  committee's primary function will be to provide advice with respect to the  Company's financial matters and to assist the board of directors in fulfilling  its oversight responsibilities regarding finance, accounting, tax and legal  compliance. The audit committee's primary duties and responsibilities will be  to: (i) serve as an independent and objective party to monitor the Company's  financial reporting process and internal control system; (ii) review and  appraise the audit efforts of the Company's independent accountants; (iii)  evaluate the Company's quarterly financial performance as well as its  compliance with laws and regulations; (iv) oversee management's establishment  and enforcement of financial policies and business practices; and (v) provide  and open avenue of communication among the independent accountants, management  and the board of directors.

***Compliance with Section 16(a) of  the Securities Exchange Act of 1934***. 

 Section 16(a) of the  Securities Exchange Act of 1934, as amended, requires that our executive  officers and directors and persons who own more than 10% of a registered class  of our equity securities file with the Securities and Exchange Commission  initial statements of beneficial ownership, reports of changes in ownership  and annual reports concerning their ownership of our common stock and other  equity securities, on Forms 3, 4 and 5 respectively. Executive officers,  directors and greater than 10% shareholders are required by the Securities and  Exchange Commission regulations to furnish us with copies of all Section 16(a)  reports they file.  To the best of our knowledge, during the fiscal year ended December 31, 2001,  all executive officers, directors and greater than 10% shareholders filed the  required reports in a timely manner.

***Code of Ethics***.

 We intend to adopt a code of  ethics in 2004 that applies to our principal executive officer, principal  financial officer, principal accounting officer or controller, or persons  performing similar functions. We intend to post the text of our code of ethics  on our website at www.seglobal.com in connection with our "Investor Relations"  materials. In addition, we intend to promptly disclose (1) the nature of any  amendment to our code of ethics that applies to our principal executive  officer, principal financial officer, principal accounting officer or  controller, or persons performing similar functions and (2) the nature of any  waiver, including an implicit waiver, from a provision of our code of ethics  that is granted to one of these specified officers, the name of such person  who is granted the waiver and the date of the waiver on our website in the  future. We do not currently have a code of ethics as this is a new regulatory  requirement and we are examining the various form and contents of other  companies written code of ethics, discussing the merits and meaning of a code  of ethics to determine the best form for our company.

**Item 10.   Executive Compensation** .                                                  

***Summary of Compensation of Executive  Officers***.

The following table  summarizes the compensation paid to our President and Chief Executive Officer  during the last three complete fiscal years.  No other officer or  director received annual compensation in excess of $100,000 during the last  three complete fiscal years.

**SUMMARY COMPENSATION TABLE****Name and Principal        Position****Year****Annual        Compensation****Long Term        Compensation****All Other Compen-         sation**  **Salary****Bonus****Other Annual Compen-        sation****Awards****Payouts**      **Securities Under Options/        SARs Granted****Restricted Shares or        Restricted Share Units****LTIP Payouts** Toby Chu President, CEO and        Director(1)2003        2002        2001Nil        Nil        35,500Nil        Nil         NilNil        Nil         Nil100,000(3)Nil        290,000(4)Nil        Nil         NilNil        Nil         NilNil        Nil         NilCraig Laughlin President(2)2003        2002        2001Nil        Nil         NilNil        Nil         NilNil        Nil         NilNil        Nil         NilNil        Nil         NilNil        Nil         NilNil        Nil         Nil**Notes**: (1) Mr. Chu was appointed        President, Chief Executive Officer and a director of our company on        February 20, 2001. Mr. Chu stepped aside as President of SE Global to        make room for Mr. Hong-Lip Yow to step into that position. Mr. Chu        remains CEO and has been appointed to the position of Chairman. (2)Mr. Laughlin resigned as        President of our company on February 20, 2001. (3)Mr. Chu was granted options        to purchase 100,000 common shares in the capital of our company,        pursuant to our 2001 Stock Option Plan. The options are exercisable at a        price of $0.28 per share and expire on June 12, 2008. (4)Mr. Chu was granted options        to purchase 290,000 common shares in the capital of our company,        pursuant to our 2001 Stock Option Plan. The options are exercisable at a        price of $0.57 per share and expire on October 9, 2006.
As of the date of this annual  report, we have no compensatory plan or arrangement with respect to any  officer that results or will result in the payment of compensation in any form  from the resignation, retirement or any other termination of employment of  such officer's employment with our company, from a change in control of our  company or a change in such officer's responsibilities following a change in  control.

                                                        

***Stock Options/SAR Grants.***

The  following grants of stock options or stock appreciation rights were made  during the fiscal year ended December 31, 2003 to our named executive  officers:

**Options Granted to Our Named  Executive Officers  in the Year Ended December 31, 2003**
** 
        Name**Number of Shares of Common Stock Underlying Options        Granted**% of Total Options Granted(1)**Exercise or Base Price ($/Share)** 
        Expiration DateToby Chu
100,000
31%
$0.28June 12, 2008
           (1)    The total number of options to purchase common shares  granted to employees/consultants/officers/directors during the fiscal year  ended                     December 31, 2003 was 320,000.

**Value of the Options Granted in the Year Ended December 31, 2003**

**    **

** **

 

**Name**
**    **

** **

**Shares Acquired on        Exercise (#)**
**            **

** **

**Value Realized ($)**
**Number of Shares of Common Stock Underlying Unexercised Options as        December 31, 2003 Exercisable / Unexercisable**
**         Value of Unexercised In-the-Money Options at December 31, 2003        Exercisable / Unexercisable**(1)
        Toby Chu
        Nil 
        Nil
        100,000
        8,000
        (1)            The closing bid price on December 31, 2003 was $0.36.

***Aggregated Option/SAR Exercises  and Fiscal Year-End Option/SAR Value Table***.

**Aggregate Option/SAR Exercises in Last Fiscal Year      and FY-End Option/SAR Values**
**Name**
**Shares Acquired on Exercise (#)**
**Value Realized      ($)**
**Number of Securities Underlying Unexercised      Options/SARs at FY-End (#)      Exercisable/Unexercisable**
**Value of Unexercised In-the Money      Options/SARs at FY-End ($)      Exercisable/Unexercisable**
Toby Chu
Nil 
Nil 
Nil 
Nil 
***Long-Term Incentive Plans****.*

There are no arrangements or  plans in which we provide pension, retirement or similar benefits for  directors or executive officers, except that our directors and executive  officers may receive stock options at the discretion of our board of  directors. We do not have any material bonus or profit sharing plans pursuant  to which cash or non-cash compensation is or may be paid to our directors or  executive officers, except that stock options may be granted at the discretion  of our board of directors.

We have no plans or  arrangements in respect of remuneration received or that may be received by  our executive officers to compensate such officers in the event of termination  of employment (as a result of resignation, retirement, change of control) or a  change of responsibilities following a change of control, where the value of  such compensation exceeds $60,000 per executive officer.

***Compensation of Directors****.*

No cash compensation was paid  to any of our directors for the director's services as a director during the  fiscal year ended December 31, 2003. We have no standard arrangement pursuant  to which our directors are compensated for their services in their capacity as  directors except for the granting from time to time of incentive stock  options. The board of directors may award special remuneration to any director  undertaking any special services on behalf of our company other than services  ordinarily required of a director. Other than indicated below, no director  received and/or accrued any compensation for his services as a director,  including committee participation and/or special assignments.  On October 10, 2001, we granted an aggregate of 300,000 options to purchase  common shares in the capital of our company to four (4) of our directors and  290,000 options to purchase common shares in the capital of our company to a  director who is also an officer of our company. The options are exercisable at  a price of $0.57 per share and expire on October 9, 2006.  On June 13, 2003, we granted an aggregate of 120,000 options to purchase  common shares in the capital of our company to four (4) of our directors and  100,000 options to purchase common shares in the capital of our company to a  director who is also an officer of our company. The options are exercisable at  a price of $0.28 per share and expire on June 12, 2008.

***Stock Option Plan***.

Effective October 10, 2001,  we adopted a stock option plan referred to as the "2001 Plan" allowing for the  awarding of options to acquire shares of our common stock. The 2001 Plan  allows for non-qualified stock options to be awarded to our employees,  officers, directors and consultants and for incentive stock options to be  awarded to our employees. The maximum number of options issuable under the  2001 Plan cannot exceed 2,500,000 of which a maximum of 700,000 can be  incentive options. The incentive options must be granted at the market value  of our common stock at the time of issue and for a term not to exceed 5 years.  Unless otherwise determined, the incentive options will vest to the holder as  follows: 30% six months following the award date, 40% twelve months following  the award date and 30% eighteen months following the award date. The  non-qualified options vest immediately, must be granted at a minimum of 85% of  the market value of our common stock at the time of issue and for a term not  to exceed 10 years.  Since October 10, 2001, 2,150,000 non-qualified options at a price of $0.57  were issued under the 2001 Plan to certain employees, officers, directors and  consultants of the Company and certain of its subsidiaries. Of these options,  940,000 are deemed to be a modification of options granted under the our  previous stock option plan and as such are subject to variable accounting in  accordance with the provisions of FIN 44.  Of these options, 1,530,000 were granted to employees, officers and directors  at less than market value of our common stock with a total intrinsic value,  being the excess of the quoted market price of the common stock over the  exercise price at the date the options are granted, of $153,000 which was  recorded in 2001. In addition, 940,000 of these options are subject to  variable 

accounting in accordance with  FIN 44 resulting in additional compensation expense as at December 31, 2001 of  $206,800. Effective December 31, 2002, a compensation recovery of $300,800 has  been recorded to reflect a decline in the market value of the Company's common  stock as it relates to the options requiring variable accounting. The  remaining 620,000 options were granted to consultants and have been accounted  for as required by SFAS No. 123 by applying the fair value method using the  Black-Scholes option pricing model assuming a dividend yield of 0%, a  risk-free interest rate of 5%, expected option life of five years and an  expected volatility of 174%, resulting in additional compensation expense of  $396,800 which was recorded in 2001.

**Item 11.  Security Ownership of Certain Beneficial  Owners and Management.*Equity Compensation Plan.***

The  following table provides information as of December 31, 2003, concerning  shares of our common stock authorized for issuance under our existing equity  compensation plans.
**Plan Category**Number of securities to be issued upon exercise of        outstanding options, warrants and rights**Weighted average exercise price of outstanding        options, warrants and rights**Number of securities remaining available for future issuance**Equity compensation plans approved by        security holders**
1,804,000
$0.51
696,000**Equity compensation plans not approved        by security holders**
N/A
N/A
N/A

 **Total:
1,804,000
$0.51
696,000
***Security Ownership of  Certain Beneficial Owners and Management***.

The  following table sets forth, as at March 25, 2004, certain information with  respect to the beneficial ownership of our common stock by each shareholder  known by us to be the beneficial owner of more than five percent (5%) of our  common stock, and by each of our current directors and executive officers. 

**[Continued on Next Page]**

Each person has sole voting  and investment power with respect to the shares of common stock, except as  otherwise indicated.  Beneficial ownership consists of a direct interest  in the shares of common stock, except as otherwise indicated.
**Name      and Address of Beneficial Owner****Amount and Nature of      Beneficial Ownership(1)****Percentage of Class(1)**Hong-Yip Yow, President, COO      and Director      P.O. Box 297, 1142 South Diamond Bar Boulevard, Diamond Bar, CA 9176500%Toby Chu President, CEO and      Director      3780 Kilby Court Richmond, BC, Canada V6X 3M9390,000(2)2.22%Tim Leong, Chief Financial      Officer, Secretary and Treasurer       3245 E. 17th Avenue Vancouver, BC, Canada V5M 2N9 95,000(3)0.54%Prithep Sosothikul, Director            85 Sukumvit Soi-39 Bangkok, Thailand 10110100,000(4)0.57%G. David Richardson, Director            2890 West 47th Avenue Vancouver, BC Canada V6N 3N7140,000(5)0.79%Ken Lee, Director       191 West 20th Avenue Vancouver, BC, Canada V5Y 2C4140,000(6)0.79%Sukanya Prachuabmoh, Director            51/76 Sukhumvit 23 Bangkok, Thailand 1011040,000(7)0.23%Capital Alliance Group Inc.            1200 - 777 West Broadway Vancouver, BC V5Z 4J714,502,635(8)82.48%Directors and Executive      Officers as a Group15,407,63587.62%**Notes**: (1) Based on 17,583,740 shares        of common stock issued and outstanding as of March 25, 2004. Except as        otherwise indicated, we believe that the beneficial owners of the common        stock listed above, based on information furnished by such owners, have        sole investment and voting power with respect to such shares, subject to        community property laws where applicable. Beneficial ownership is        determined in accordance with the rules of the SEC and generally        includes voting or investment power with respect to securities. Shares        of common stock subject to options or warrants currently exercisable, or        exercisable within 60 days, are deemed outstanding for purposes of        computing the percentage ownership of the person holding such option or        warrants, but are not deemed outstanding for purposes of computing the        percentage ownership of any other person. (2)Includes 390,000 options to        purchase common shares in the capital of our company. (3)Includes 95,000 options to        purchase common shares in the capital of our company. (4)Includes 100,000 options to        purchase common shares in the capital of our company. (5)Includes 140,000 options to        purchase common shares in the capital of our company. (6)Includes 140,000 options to        purchase common shares in the capital of our company. (7)Includes 40,000 options to        purchase common shares in the capital of our company. (8)Our President and CEO, Toby        Chu, is also the President, CEO and a director of Capital Alliance Group        Inc.
***Changes in Control****.*

We are unaware of any contract or other arrangement, the  operation of which may, at a subsequent date, result in a change in control of  our company.

**Item 12.  Certain Relationships and Related  Transactions****.**

As  detailed elsewhere in this annual report, we acquired 100% of the issued and  outstanding shares of SE Global Equities Inc. (a company incorporated in the  Cayman Islands on October 30, 2000) effective February 21, 2001. The  acquisition was effected by a share exchange reorganization pursuant to which  we issued a total of 12,873,944 shares of common stock (representing  approximately 89.6% of our issued and outstanding common stock immediately  following the acquisition) to the stockholders of SE Global Equities Inc.,  including our parent company, Capital Alliance Group Inc. Capital Alliance  Group Inc. now holds approximately 82% of our issued and outstanding shares of  common stock.   During the year ended December 31, 2003, Capital Alliance Group Inc. received  net cash advances from us of $202,340. During the period ended December 31,  2002, Capital Alliance Group Inc. received net cash advances from us of  $41,273, and paid or incurred expenses on our behalf of $39,988. The amounts  paid or incurred on our behalf by Capital Alliance Group Inc. have been  included in determining our net losses for the years ended December 31, 2002  and December 31, 2003, as follows:

 
December 31, 2002
December 31,      2003

 
Consulting
$                        -
$               _______
General and administrative
$               39,988
$               _______
 
 
 
$               39,988
$               _______
 
Amounts due to Capital  Alliance Group Inc. are presently non-interest bearing and have no specific  terms of repayment.

**PART IV**

**Item 13.   Exhibits, Financial Statement Schedules, and Reports on Form 8-K** .

***Exhibits.***

Exhibit Number and Exhibit  Title
3.1Articles of Incorporation as        Amended (incorporated by reference from our Form 10-SB Registration        Statement, filed June 14, 1999)3.2Bylaws (incorporated by        reference from our Form 10-SB Registration Statement, filed June 14,        1999)3.3Certificate of Amendment to        Articles of Incorporation, dated April 11, 2001 (incorporated by        reference from our Form 10-KSB, filed April 1, 2002)10Material Contracts - None for        fiscal21.Subsidiaries 
-SE Global Equities Inc. -SE Global Equities Company Ltd. -SE Global Communications (Hong Kong) Ltd. -SE Global Investment Company Limited -SE Globla Capital Inc. (formerly SE Global        Direct, Inc.) -Global American Investments, Inc.31.aCertificate        of CEO as Required by Rule 13a-14(a)/15d-1431.bCertificate        of CFO as Required by Rule 13a-14(a)/15d-1432.aCertificate        of CEO as Required by Rule Rule 13a-14(b) and Rule 15d-14(b) (17 CFR        240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United        States Code32.bCertificate        of CFO as Required by Rule Rule 13a-14(b) and Rule 15d-14(b) (17 CFR        240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United        States Code
***Reports of Form 8-K***.

**Date of Report**
**Date of Event**
**Item Reported**
      June 23, 2003
      June 18, 2003
      Resignation of Mr. Anish Sunderji
**Item 14.   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 participation of our management, including our Chief  Executive Officer and Chief Financial Officer, of the effectiveness of the  design and operation of our disclosure controls and procedures. Based upon  that evaluation, our Chief Executive Officer and Chief Financial Officer  concluded that our disclosure controls and procedures are effective.  Disclosure controls and procedures are designed to ensure that information  required to be disclosed in our reports filed or submitted under the *Securities Exchange Act of 1934* is recorded, processed, summarized and  reported within the time periods specified in Securities and Exchange  Commission rules and forms.

***Changes in internal controls***.  

There were no significant  changes in our internal controls or in other factors that could significantly  affect these controls subsequent to the date of our evaluation, including any  corrective actions with regard to significant deficiencies and material  weaknesses.
**SE GLOBAL EQUITIES CORP.

 

CONSOLIDATED  FINANCIAL STATEMENTS  DECEMBER 31, 2003 and 2002(Expressed In United States Dollars)

 
**INDEPENDENT AUDITORS' REPORT

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED STATEMENT OF OPERATIONS

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

CONSOLIDATED STATEMENTS OF CASH FLOWS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**
 

F-1

 

 

**DALE MATHESONCARR - HILTON LABOBTE**C H A R T E R E D  A C C O U N T A N T SPartnership of:      Alvin F. Dale, Ltd.      Robert J. Matheson, Inc. Robert J.      Burkart, Inc.      Peter J. Donaldson, Inc.      Fraser G. Ross, Ltd. James F.      Carr-Hilton, Ltd.      R.J. LaBonte, Ltd. **INDEPENDENT AUDITORS' REPORT
To the Stockholders and Board of Directors of SE Global  Equities Corp.  We have audited the consolidated balance sheets of SE Global Equities Corp. as  at December 31, 2003 and 2002 and the consolidated statements of operations,  stockholders' equity and cash flows for the years then ended. These  consolidated financial statements are the responsibility of the Company's  management. Our responsibility is to express an opinion on these financial  statements based on our audit.  We conducted our audit in accordance with United States generally accepted  auditing standards. Those standards require that we plan and perform an audit  to obtain reasonable assurance whether the financial statements are free of  material misstatement. An audit includes examining, on a test basis, evidence  supporting the amounts and disclosures in the financial statements. An audit  also includes assessing the accounting principles used and significant  estimates made by management, as well as evaluating the overall financial  statement presentation. We believe that our audit provides a reasonable basis  for our opinion.  In our opinion, these consolidated financial statements present fairly, in all  material respects, the financial position of the Company as at December 31,  2003 and 2002 and the results of its operations and its cash flows and the  changes in stockholders' equity for the years then ended.   The accompanying consolidated financial statements have been prepared assuming  that the Company will continue as a going concern. As discussed in Note 1 to  the financial statements, to date the Company has incurred substantial losses  in developing its business.and has a limited history of profitable operations  The Company anticipates that additional external funding may be required to  meet its obligations and the costs of its operations. These factors raise  substantial doubt about the Company's ability to continue as a going concern.  Management's plans in this regard are described in Note 1. The financial  statements do not include any adjustments that might result from the outcome  of this uncertainty.

"Dale Matheson Carr-Hilton LaBonte"  CHARTERED ACCOUNTANTS

Vancouver, B.C.  January 27, 2004 
**A MEMBER OF MMGI        INTERNATIONAL, A WORLDWIDE NETWORK OF INDEPENDENT ACCOUNTANTS AND        BUSINESS ADVISORS**Vancouver Offices:Suite 1700 - 1140 West Pender Street,        Vancouver, B.C., Canada  , V6E 4G1  Tel: 604-687-4747        ∙ Fax: 604-687-4216 Suite 610 - 938 Howe Street, Vancouver,        B.C., Canada  , V6Z 1N9  Tel: 604-682-2778        ∙ Fax: 604-689-2778Surrey Office:Suite 303 - 7337 - 137th Street, Surrey,        B.C., Canada  , V3W 1A4  Tel: 604-572-4586        ∙ Fax: 604-572-4587
F-2
**SE GLOBAL EQUITIES CORP.  CONSOLIDATED BALANCE SHEETS** 
December 31, 2003
December 31, 2002 **ASSETS   **CURRENT  
     Cash 
$                267,8913 
$                35,413 
     Accounts receivable
78,090 
46,694 
     Prepaid expenses and        deposits
13,725 
19,513  
359,706 
101,620   **FIXED ASSETS    - 
2,453 **DUE FROM RELATED PARTIES (Note 6)    -
28,637 **RESTRICTED CASH (Note 3)   -
80,730 **CLEARING BROKER DEPOSIT
56.980 
36,980  
$       416,686 
$       250,420  **LIABILITIES   **CURRENT  
     Accounts payable
$       277,627 
$       372,322             Loan Payable (Note 4)
100,000
   -
     Current portion of capital        lease obligation
   -
43,333  
377,627
415,655   **DUE TO PARENT COMPANY (Note 6)
8,000
682,425 
385,627 
1,098,080  **CONTINGENCY**        (Notes 1 and 11) **STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)
   **CAPITAL STOCK (Note 5)  
     Common stock $.01 par value;        100,000,000 shares authorized   
     17,583,740 (2002 -        14,735,962) shares issued and outstanding
175,837 
147,359 **ADDITIONAL PAID IN CAPITAL
4,795,709 
4,284,287 **DEFICIT 
(4,940,487)
(5,279,306) 
31,059
(847,660) 
$      416,686 
$      250,420 
 
The accompanying notes are an integral part of these  consolidated financial statements.

F-3
**SE GLOBAL EQUITIES CORP.  CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31**         2003
2002**REVENUES  
     Brokerage commissions
$   2,367,205 
$   2,469,560            Consulting Fees
309,552
   -
2,676,757
2,469,560
     Direct costs
1,720,578 
1,275,270  
956,179
1,194,290    **EXPENSES  
     Depreciation
2,453 
29,439 
     Consulting -stock based        compensation (recovery) (Note 5)
   -
(300,800)
     General and administrative
243,013
1,041,275
     Management fees and salaries
508,248
498,165 
     Professional fees
73,871
137,467  
827,585 
1,405,546 
**INCOME BEFORE OTHER ITEM**
128,594
(211,256)**GAIN ON        SALE OF SUBSIDIARY**
210,225
   -**INCOME (LOSS)        BEFORE INCOME TAX**
$    338,819
$  (211,256)   
**INCOME TAXES**
    Current
(115,198)
   -
     Recovery of deferred tax        assets
115,198
    - 
$    338,819
$  (211,256)**BASIC NET INCOME (LOSS) PER SHARES
$                 0.02
$               (0.01)   **WEIGHTED AVERAGE COMMON  **SHARES OUTSTANDING
17,583,740
14,657,655 
 

The accompanying notes are an integral part of these  consolidated financial statements.

F-4
**SE GLOBAL EQUITIES CORP.  CONSOLIDATED STATEMENT OF  STOCKHOLDERS' EQUITY  FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002**Common Shares      Number      Amount      Additional Paid in Capital      Common Share Subscriptions      Deficit      Accumulated other comprehensive income (loss)      Total
Balance, December 31, 2001
14,464,962 
144,649 
4,442,777 
67,500 
(5,068,050)
$                 - 
$    (413,124)
Issued for stock options at $0.57 per share
136,000 
1,360 
76,160 
77,520 
Issued for cash at $0.50 per share
135,000 
1,350 
66,150 
(67,500)
- 
- 
- 
Stock based compensation recovery
- 
- 
(300,800)
- 
- 
- 
(300,800)
Net loss for the year
- 
- 
- 
- 
(211,256)
- 
(211,256)
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
17,583,740
$     175,837 
$   4,795,709 
$                 - 
$ (4,940,487)
$                 - 
$    (31,059)
The accompanying notes are an integral part of these  consolidated financial statements

F-5

**SE GLOBAL EQUITIES CORP.  CONSOLIDATED STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31**
20032002
(Notes 1 and 3)**CASH FLOWS FROM OPERATING ACTIVITIES
     Net income (loss) for the        year
$    (211,256)
$    (231,256)
     Adjustments to reconcile net        income (loss) to net cash     from (used in) operating activities
     - depreciation
2,453 
29,439 
     - stock-based compensation        (recovery)
   -
(300,800)          - gain on sale of subsidiaries
(210,225)
   -
     - accounts receivable
(2,759) 
56,220 
     - prepaid expenses
5,788
(19,513)
     - accounts payable
123,531
229,770  **CASH FROM (USED IN) OPERATING ACTIVITIES
257,607
(236,140)**CASH FLOWS FROM INVESTING ACTIVITIES
     - broker deposit
(20,000)
- ************************************************************************** |
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