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**UNITED STATES  SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**

**FORM 10-KSB /A**

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

For the fiscal period ended  December 31, 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)

 
**Minnesota******(State or Other Jurisdiction        incorporation or organization)
**410985135******(I.R.S. Employer I.D. No.)
 
**Suite 1200, 777 West Broadway, Vancouver, British Columbia,  Canada V5Z 4J7**(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  [**X**]

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 [**X**]   No  [   ]

State Registrant's revenues  for its most recent fiscal year **$2,469,560**

  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: 

**2,010,745 common shares @  $0.40(1) = $804,298 **                                                                                  

(1) Average of the best bid and asked prices on March 24,  2003

**(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.  ** N/A**

              Yes [   ]   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.

**14,735,962 common shares issued and outstanding as of March 24, 2003**

**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    Financial Outlook for        Fiscal 2003    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 Financial Expert           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, Vancouver, British Columbia and Hong Kong. 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 30 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. The original term of the  license was for one year commencing on March 9, 2001, subject to our right to  renew the agreement for two successive one-year terms. We have exercised our  option to renew the agreement for the current one-year term.

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, 2002, we also generated modest revenues in the  form of subscriptions and activation fees in the amount of $17,596.

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 will  concentrate our marketing resources on our relationships with brokerage firms  within our international network.  Through our company's business  development team, marketing efforts will be 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 will  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 $182,582 on research and development activities,  comprised primarily of website development costs.

***Employees****.*

We currently have 14  employees. Of the 14 employees, one is the Chief Executive Officer, one is the  Chief Financial Officer, two are in business development and marketing, one is  in market research, one is in investor relations, 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.

SE Global Equities, Inc.  leased approximately 160 square feet of office space located at 4160  Sherbrooke West, Suite 601, Montreal, Quebec, Canada under a month to month  lease for a monthly rent of approximately $650 per month. The month to month  lease was terminated on June 30, 2002.

Through our wholly owned subsidiary, SE Global Equities Company Limited, we  lease approximately 2,500 square feet of office space located at Unit 5507,  551F, The Centre, 99 Queen's Road central, Hong Kong, under a lease which  expires on February 28, 2003 for a monthly rent of HK $67,149 (approximately  $8,620) and HK $13,678 (approximately $1,755) for management costs.

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, 2002
$0.51
$0.19
September 30, 2002
$0.65
$0.25
June 30, 2002
$0.60
$0.21
March 31, 2002
$1.06
$0.30
December 31, 2001
$0.51
$0.40
September 30, 2001
$1.15
$0.55
June 30, 2001
$1.06
$0.58
March 31, 2001(2)
$3.00
$1.688
      (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 24, 2003, the shareholders' list for our  common shares showed 224 registered shareholders and 14,735,962 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, 2002, we completed a   private placement to two accredited European investors pursuant to Regulation  S.  This was a unit offering of 135,000 units.  Each unit was issued  at a price of $0.50 and consists of one common share and one common share  purchase warrant. Each warrant is exercisable at a price of $0.75 for a period  of one year. Gross proceeds of the placement was $67,500.

**Stock Options Exercised**.  During the year ended December 31,  2002, 136,000 common shares were issued on the exercise of certain stock  options.

**Stock Options Issued**.  No stock options were issued during the year ended December 31, 2002.

**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.

**2002 Business  Environment**.  The U.S. and world economies remained generally sluggish  throughout fiscal 2002. The equity market was already well into a slower  period following declines in the technology  equities when the events of  September 11, 2001 further destablized the equity and other markets. These  events, followed by a series of accounting scandals such as Enron and  Worldcom, eroded investor confidence, particularly that of individual  investors. The result has been  not only a volatile and declining equity  market but also weaker credit markets. The U.S. Federal Reserve and the  Canadian Bank of Canada lowered the overnight interest rate three times during  the fiscal year, in an attempt to stimulate an economic recovery of the North  American economy. To a certain degree this has helped the housing market and  auto sales.  Equity markets, however, had not recovered by fiscal year  end. In 2002, the Dow Jones Industrial Average had its worst September  performance in 65 years and its worst quarterly showing since 1987. 

Despite  this volatile and negative environment, we were able to generate increased  trading volume each month since the acquisition of Global-American  Investments, Inc. Our focused effort at marketing to the active direct stock  traders has proven to be effective during the fiscal year ended December 31,  2002, and this marketing campaign will be continued into the foreseeable  future. When the equity markets eventually stabilizes and investor confidence  returns then we believe that we are strongly positioned to take advantage of a  positive environment.

The following comparisons of our financial results for the fiscal year  ended December 31, 2002 and December 31, 2001 should be considered in light of  the following:

▪▪ we have had no significant source of revenue      prior to our acquisition of our subsidiary, Global-American Investments,      Inc., effective August 1, 2001; and      since August 1, 2001, substantially all of our consolidated revenues have      been comprised of commission income generated by Global-American      Investments, Inc.
***Results of Operations***.

**Fiscal Year Ended  December 31, 2002 Compared to Fiscal Year Ended December 31, 2001**

**Revenue.**  Total  revenue for the fiscal year ended December 31, 2002 was $2,469,560 compared to  revenues of $660, for the fiscal year ended December 31, 2001. We began  offering online direct access trading services in February 2001, but did not  realize any revenues from operations until after we acquired Global-American  Investments, Inc. effective August 1, 2001. In particular, we did not realize  any significant revenues from SE Global Trade, SEG Lite and GDT and we do not  expect to earn any significant revenues from these products in the foreseeable  future.

Global-American Investments,  Inc.'s revenue grew at an average rate of 5% per month from May 2001 to July  2001 prior to our acquisition of Global-American Investments, Inc. Following  our acquisition we embarked on a marketing campaign targeted at active direct  stock traders. We have experienced increased revenue at an average rate of 8%  per month since then.

  Global-American Investments, Inc. was not adversely affected by the volatile  and declining equity market during fiscal 2002.  In fact, during fiscal  2002 we increased the client base of active direct stock traders that thrive  in such volatile markets. With the eventual return of a positive equity market  it is anticipated that we will substantially increase the client base of  active direct stock traders even further, and thus increase our revenue  accordingly.

Our direct costs, consisting of trade clearing charges and quotation costs,  were $1,275,270 for the fiscal ended December 31, 2002, compared to $314,446  for the fiscal year ended December 31, 2001. We believe that increased trading  volume will allow us to negotiate lower trade clearing charges, thereby  lowering our operational expenses.  In addition, our costs for clearing  transactions effected through the use of our SE Global Trade software has  declined since the launching of the software in April 2001. We anticipate that  Global-American Investments, Inc.'s generated cash flow from operations will  contribute to our overall cash operating needs.

Our ability to achieve profitability in the future will depend upon our  ability to expand our brand awareness and client base, increase our global  market presence and reduce our operating costs. In order to achieve these  goals, we will need to increase spending on marketing and enhance our cost  control program.

**Expenses**.   Total expenses decreased by $1,808,613, from  $3,204,354 for the fiscal year ended December 31, 2001 to $1,395,741 for the  fiscal year ended December 31, 2002. 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.

Marketing  costs for the fiscal year ended December 31, 2002 was $616,614 compared to  $346,286 for the fiscal year ended December 31, 2001, an increase of $270,328.  Marketing expenditures were targeted at active direct stock traders. The  marketing campaign in fiscal 2002 generated a significant increase in  revenues, and as such we will continue with this highly effective campaign in  fiscal 2003.

Consulting expense decreased  by 67% from $24,845 for the fiscal year ended December 31, 2001 to $8,300 for  the fiscal year ended December 31, 2002. Management fees and salaries  decreased by $85,214, or 15%, from $575,079 for the fiscal year ended December  31, 2001 to $489,865 for the fiscal year ended December 31, 2002. This  decrease in personnel related expenditure was a result of using less  consultants and employees to operate the business during fiscal 2002.

General and  administrative costs for the fiscal year ended December 31, 2002 was $414,856  compared to $988,459 for the fiscal year ended December 31, 2001, a decrease  of $573,603, or 58%. The major categories of general and administrative  expenses were: (a) news and data feed of $60,654 as compared to $341,618 for  the fiscal year ended December 31, 2001; (b) rent of $139,987 as compared to  $266,516 for the fiscal year ended December 31, 2001; (c)office and sundry of  $172,811 as compared to $147,133 for the fiscal year ended December 31, 2001;  and (d) travel of $20,659 as compared to $116,354 for the fiscal year ended  December 31, 2001. As a reflection of our cost cutting and cost control  program the majority of the expenses decreased during the year.

  Professional fees for the fiscal year ended December 31, 2002 was $137,467  compared to $218,578 for the fiscal year ended December 31, 2001, a decrease  of $81,111, or 37%. Included in professional fees for the fiscal year ended  December 31, 2001 were legal and accounting fees amounting in the aggregate to  approximately $88,000 incurred in connection with the acquisition of  Global-American Investments, Inc. The services provided by our professional  advisors included due diligence and regulatory compliance filings outside the  ordinary course.

  We incurred no website development costs during the fiscal year ended December  31, 2002, compared to $182,582 in website development costs incurred during  the fiscal year ended December 31, 2001. The development of the SE Global  website was completed during fiscal 2001.

The net  loss for the fiscal year ended December 31, 2002 was $211,256 as compared to  $2,897,108 for the fiscal year ended December 31, 2001. This dramatic change  in the bottom line was a result of the combination of significantly increased  revenues and a substantial decrease in expenditures during fiscal 2002.

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

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 we realized a non-cash stock compensation expense of $756,600 for  the fiscal year ended December 31, 2001. The SE Global stock options that were  granted during fiscal 2001 had an exercise price below the market price, and  as a result of the Variable Accounting Rules, the difference between the  market price and the exercise price of each stock option was charged against  income as a non-cash stock-based compensation expense. Note 6 of the December  31, 2002 and 2001 audited consolidated financial statements explains in detail  the Variable Accounting of the SE Global stock options.

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

As at December 31, 2002, we  had $153,123 in cash on hand (comprised of $35,413 unrestricted cash, 36,980  clearing deposit and $80,730 restricted cash).  In comparison, as at  December 31, 2001 we had cash on hand of $394,175 (comprised of $161,349  unrestricted cash, $36,980 clearing deposit and $195,846 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. 

For the year ended December  31, 2002, we expended, before depreciation and amortization, approximately  $139,000 per month to operate our business.  Areas of significant  expenditure include marketing and advertising, salaries and benefits,  professional fees, rent and office costs. 

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, 2003 - 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 will be adversely  effected. However, we expect that we will have sufficient funds to meet our  corporate overhead and ongoing operational expenses during the next 12 months  assuming that revenues in our wholly-owned subsidiary, Global-American  Investments Inc., continue to grow at the rate of 5% to 8% per month with the  addition of new accounts, and assuming that we successfully control our  ongoing costs.

***Off-Balance Sheet Arrangement***.

As of December 31, 2002, 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, 2003.

***Capital Expenditure Commitments***.

We do not anticipate any  significant purchase or sale of equipment over the 12 months ending December  31, 2003.
***Financial Outlook for Fiscal 2003***
We continue to add new clients to the Global-American  Investments, Inc. client base that are prepared to actively trade in the  equity markets, especially if the equity markets improves over the current  situation. From June 2002 to February 2003 the total number of new accounts  increased by 16%. Also, Global-American Investments, Inc.'s asset and cash  under management increased by 42% 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.

Even in the current environment our trading volume is  experiencing modest increases each month. With our continued marketing  campaign targeted at active direct stock traders and with a return to a stable  and positive equity market, we are well positioned to enjoy significant  increases in trading volume and the corresponding revenue stream.

SE Global Capital, Inc. is  currently working with Asian companies that are interested in listing their  companies on a North American stock exchange. SE Global Capital, Inc. has  secured a $400,000 consulting contract with a Chinese company. Under the terms  of the contract, SE Global Capital, Inc. will assist the client in expanding  its businesses to North America and identifying suitable merger or acquisition  opportunities in the United States. In addition, SE Global Capital, Inc. will  provide strategic consulting services to the client in connection with its  listing on a U.S. equities market.

***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 February 27, 2003;      ▪   Consolidated Balance Sheets as at December 31, 2002  and December 31, 2001;      ▪   Consolidated Statements of Operations for  the year ended December 31, 2002 and for the year ended December 31, 2001;      ▪   Consolidated Statement of  Stockholders' Equity for the year ended December 31, 2002 and for the year  ended December 31, 2001      ▪   Consolidated Statements of Cash Flows for  the year ended December 31, 2002 and for the year ended December 31, 2001;  and      ▪   Notes to Consolidated  Financial Statements.

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

We filed a Current Report on  Form 8-K on June 13, 2001 in respect of our change of accountants from S.W.  Hatfield, C.P.A. to Labonte & Co. on June 7, 2002.  Our decision to  change accountants was based on the fact that Labonte & Co. was already  engaged to audit the financial statements of certain companies associated with  us, including our majority shareholder, Capital Alliance Group Inc.  We  provided S.W. Hatfield, C.P.A. with a copy of the original Current Report on  Form 8-K on June 14, 2002, subsequent to its filing with the Securities and  Exchange Commission, and requested that S.W. Hatfield, C.P.A. furnish us with  a letter addressed to the Securities and Exchange Commission stating whether  they agreed with the statements made in the original Current Report on Form  8-K, and if not, stating the aspects with which they did not agree.  In  its letter to the Securities and Exchange Commission dated June 19, 2001, S.W.  Hatfield, C.P.A. advised, among other things, that:

"[W]e were  engaged by current management to audit the financial statements of Future  Technologies, Inc. using a Board of Directors approved change of year-end from  September 30 to December 31 on or about April 11, 2001.  During the  course of this engagement, a difference of opinion arose related to the  requirements of the U.S. Securities and Exchange Commission related to the  filing of a transitional Form 10-KSB.  We have had no discussions with  management related to the completion of the April 11, 2001 engagement since  May 2001.  Accordingly, we cannot comment on, nor believe that, 'there  were no disagreements with Scott W. Hatfield, CPA on any matter concerning  principles or practices, financial statement disclosure or auditing scope or  procedure."

We filed an amended Current  Report on Form 8-K/A in respect of our change of accountants on June 21, 2001,  in which we disclosed the position taken by S.W. Hatfield, C.P.A.   However, we also confirmed our position that, based on our understanding of  the policies of the Securities and Exchange Commission, we were not required  to file a transition report on Form 10-KSB since our acquisition of all the  issued and outstanding shares of SE Global Equities Inc. was being treated as  a reverse acquisition for accounting purposes, and further that we have  adopted the fiscal year of the "accounting acquirer", SE Global Equities,  Inc., of December 31st.

**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**
Toby Chu
42
President, Chief Executive Officer and Director        
Feb. 20, 2001
Tim Leong
40
Chief Financial Officer, Secretary and Treasurer        
Feb. 21, 2001
Prithep Sosothikul
44
Director
Feb. 21, 2001
G. David Richardson
51
Director
Feb. 21, 2001
Ken Lee
37
Director
Feb. 21, 2001
Sukanya Prachuabmoh
51
Director
Feb. 21, 2001
Mark Lee
32
President of SE Global Capital, Inc. 
Feb. 21, 2001
Cedric M. Swirsky 
43
President and Secretary of Global-American        Investments Inc. 
Nov. 6, 1998
The principal occupation and  business experience during the last five years for each of our  present  directors and executive officers are as follows:

**Toby****Chu****,  President, Chief Executive Officer 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 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 Financial Expert***.

Our  Board of Directors   has determined that we have at least one audit committee financial expert  serving on our audit committee, namely Tim Leong. Mr. Leong would not be  considered independent, as that term is used in Item 7(d)(3)(iv) of Schedule  14A under the 1934 Securities Exchange Act ("SEC"). Under the applicable SEC  standard, an audit committee financial expert means a person who has the  following attributes:

▪▪▪

▪▪ An understanding of generally accepted        accounting principles and financial statements;        The ability to assess the general application of such principles in        connection with the accounting for estimates, accruals and reserves;        Experience preparing, auditing, analyzing or evaluating financial        statements that present a breadth and level of complexity of accounting        issues that are generally comparable to the breadth and complexity of        issues that can reasonably be expected to be raised by the registrant's        financial statements, or experience actively supervising one or more        persons engaged in such activities.        An understanding of internal controls and procedures for financial        reporting; and        An understanding of audit committee functions.
Mr. Leong is a chartered  accountant in Canada having received this designation in 1990.

***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***.

In 2003, we intend to adopt a  code of ethics 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)
        2002        2001
Nil         35,500
Nil         Nil
Nil         Nil
Nil         290,000(3)
Nil         Nil
Nil         Nil
Nil         Nil
        Craig Laughlin President(2)
        2001        2000
Nil        Nil
Nil        Nil
Nil        Nil
Nil        Nil
Nil        Nil
Nil        Nil
Nil        Nil
**Notes**:               (1)           Mr. Chu was  appointed President, Chief Executive Officer and a director of our company on  February 20, 2001.            (2)            Mr. Laughlin resigned as President of our company on February 20, 2001.            (3)            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, 2002 to our named executive  officers:

**Options Granted to Our Named  Executive Officers  in the Year Ended December 31, 2002**

** **

** **

**Name**
**Number of Shares of Common Stock Underlying Options Granted**
** **

**% of Total Options        Granted(1)**
** **

**Exercise or Base        Price ($/Share)**
** **

**  **

**Expiration Date**
        Toby Chu
        Nil 
        Nil
        Nil
        N/A 
           (1)    The total number of options to purchase common shares  granted to employees/consultants/officers/directors during the fiscal year  ended                     December 31, 2002 was nil.

**Value of the Options Granted in the Year Ended December 31, 2002**

**    **

** **

 

**Name**
**    **

** **

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

** **

**Value Realized ($)**
**Number of Shares of Common Stock Underlying Unexercised Options as        December 31, 2002 Exercisable / Unexercisable**
**         Value of Unexercised In-the-Money Options at December 31, 2002        Exercisable / Unexercisable**(1)
        Toby Chu
        Nil 
        Nil
        Nil
        N/A 
        (1)            The closing bid price on December 31, 2002 was $0.40.

***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, 2002.  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.

***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, 2002, 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**
        1,934,000
        $0.57
        350,000
**Equity compensation plans not approved by security holders**
                       N/A
        N/A
N/A

         
**Total** :
        1,934,000
        $0.57
        350,000
***Security Ownership of  Certain Beneficial Owners and Management***.

The following table sets  forth, as at March 24, 2002, 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)**
Toby Chu President,        CEO and Director         3780 KilbyCourt Richmond, BC, Canada  V6X 3M9
        290,000(2)
        1.97%
Tim Leong, Chief        Financial Officer, Secretary and Treasurer        3245 E. 17th Avenue Vancouver, BC, Canada V5M 2N9 
        70,000(3)
        0.5%
Prithep Sosothikul,        Director        85 Sukumvit Soi-39 Bangkok, Thailand 10110
        90,000(4)
        0.6%
G. David        Richardson, Director        2890 West 47th Avenue Vancouver, BC  Canada  V6N 3N7
        90,000(6)
        0.6%
Ken Lee, Director        191 West 20th Avenue Vancouver, BC, Canada  V5Y 2C4
        90,000(7)
        0.6%
Sukanya        Prachuabmoh, Director        51/76 Sukhumvit 23 Bangkok, Thailand  10110
        30,000(8)
        0.2%
Capital Alliance        Group Inc.        1200 - 777 West Broadway Vancouver, BC V5Z 4J7
        12,065,217(9)
        81.88%
        Directors and Executive Officers as a Group
        12,725,217(10)
        86.35%
**Notes**:

(1) 

 

(2)      (3)      (4)      (5)      (6)      (7)      (8)      (9)Based on 14,735,962 shares of      common stock issued and outstanding as of March 24, 2002.  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.      Includes 290,000 options to purchase common shares in the capital of our      company.      Includes 70,000 options to purchase common shares in the capital of our      company.      Includes 90,000 options to purchase common shares in the capital of our      company.      Includes 70,000 options to purchase common shares in the capital of our      company.      Includes 90,000 options to purchase common shares in the capital of our      company.      Includes 90,000 options to purchase common shares in the capital of our      company.      Includes 30,000 options to purchase common shares in the capital of our      company.      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, 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.   During the period ended December 31, 2001, Capital Alliance Group Inc.  received net cash advances from us of $10,667, and paid or incurred expenses  on our behalf of $523,237.  The amounts paid or incurred on our behalf by  Capital Alliance Group Inc. have been included in determining our net losses  for the years ended December 31, 2002 and December 31, 2001, as follows:
 December 31, 2002December 31, 2001 Consulting$                           -$                 130,566General and administrative$                 39,988$                 392,671  $                 39,988$                 523,237   
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)16.Letter on Change of Certifying Accountant        (incorporated by reference from our Form 8-K, filed July 3, 2001)21.Subsidiaries99.1Certificate of CEO as Required by Rule        13a-14(a)/15d-1499.2Certificate of CFO as Required by Rule        13a-14(a)/15d-1499.3Certificate 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 Code99.4Certificate 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**
      November 15, 2002
      November 15, 2002
      Section 906 Certificate of CFO and CEO for quarterly statements for period      ended  September 30, 2002 
      August 20, 2002
      August 19, 2002
      Section 906 Certificate of CFO and CEO for quarterly statements for period      ended June 30, 2002 
**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.
**CONSOLIDATED FINANCIAL  STATEMENTS

 

 

SE GLOBAL EQUITIES CORP.

 

CONSOLIDATED  FINANCIAL STATEMENTS  DECEMBER 31, 2002 and 2001(Expressed In United States Dollars)

 
**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
      LABONTE & CO.610 -      938 Howe Street      Vancouver, British Columbia      V6Z 1N9      Telephone:      (604) 682-2778      Facsimile:        (604) 689-2778      Email:                   info@labonteco.comCHARTERED      ACCOUNTANTS**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, 2002 and 2001 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  consolidated financial statements based on our audits.

We conducted our audit in accordance with Canadian and  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, 2002 and 2001 and the results of its operations and  its cash flows and the changes in stockholders' equity for the years ended  December 31, 2002 and 2001, in accordance with generally accepted accounting  principles in the United States.
**
CHARTERED ACCOUNTANTS

Vancouver, B.C.

February 27, 2003
**COMMENTS BY AUDITORS FOR U.S. READERS ON CANADA-UNITED  STATES REPORTING DIFFERENCES**
In the United States, reporting standards for auditors  would require the addition of an explanatory paragraph following the opinion  paragraph when the financial statements are affected by conditions and events  that cast substantial doubt on the Company's ability to continue as a going  concern, such as those described in Note 1. Our report to the stockholders and  Board of Directors dated February 27, 2003 is expressed in accordance with  Canadian reporting standards, which do not permit a reference to such  conditions and events in the auditors' report when these are adequately  disclosed in the financial statements.
**
CHARTERED ACCOUNTANTS

Vancouver, B.C.

February 27, 2003

 

 

F-2
**SE GLOBAL EQUITIES CORP.  CONSOLIDATED BALANCE SHEETS** 
December 31, 2002
December 31, 2001 **ASSETS   **CURRENT  
     Cash 
$                35,413 
$        161,349 
     Accounts receivable
46,694 
102,914 
     Prepaid expenses and        deposits
19,513 
-  
101,620 
264,263    **FIXED ASSETS (Note 4)
2,453 
31,892 **DUE FROM RELATED PARTIES (Note 7)
28,637 
51,689 **RESTRICTED CASH (Note 5)
80,730 
195,846 **CLEARING BROKER DEPOSIT
36,980 
36,980  
$       250,420 
$       580,670  **LIABILITIES   **CURRENT  
     Accounts payable
$       372,322 
$       162,552 
     Current portion of capital        lease obligation
43,333 
104,199  
415,655 
266,751    **CAPITAL LEASE OBLIGATION (Note 5)
- 
43,333 **DUE TO PARENT COMPANY (Note 7)
682,425 
683,710  
1,098,080 
993,794  **STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)   **CONTINGENCY (Note 1)     **CAPITAL STOCK (Note 6)  
     Common stock $.01 par value;        100,000,000 shares authorized   
     14,735,962 (2001 -        14,464,962) shares issued and outstanding
147,359 
144,649 **COMMON SHARE SUBSCRIPTIONS
- 
67,500 **ADDITIONAL PAID IN CAPITAL
4,284,287 
4,442,777 **DEFICIT 
(5,279,306)
(5,068,050) 
(847,660)
(413,124) 
$      250,420 
$      580,670 
 
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, 2002
For the        year ended December 31, 2001  
(Notes 1 & 3)**REVENUES  
     Brokerage commissions
$   2,469,560 
$      660,213 
     Direct costs
1,275,270 
314,446  
1,194,290 
345,767    **EXPENSES  
     Advertising and marketing
616,614 
346,286 
     Depreciation
29,439 
111,925 
     Consulting
8,300  
24,845 
     Consulting - stock based        compensation (recovery) (Note 6)
(300,800)
756,600 
     General and administrative
414,856 
988,459 
     Management fees and salaries
489,865 
575,079 
     Professional fees
137,467 
218,578 
     Website development costs
- 
182,582  
1,395,741 
3,204,354 **LOSS BEFORE THE FOLLOWING
(201,451)
(2,858,587)   **OTHER (EXPENSES) INCOME
     Interest income
428 
36,599 
     Interest on leases
(10,233)
(21,576)
     Loss on disposal of assets
- 
(53,544)   **NET LOSS FOR THE YEAR
$    (211,256)
$  (2,897,108)**BASIC NET LOSS PER SHARE
$                 (0.01)
$                  (0.20)   **WEIGHTED AVERAGE COMMON  **SHARES OUTSTANDING
14,657,655 
14,171,360 
 

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, 2002 AND 2001**Common Shares      Number      Amount      Additional Paid in Capital      Common Share Subscriptions      Deficit      Accumulated other comprehensive income (loss)      Total
Balance, December 31, 2000
2 
1 
- 
2,418,086 
(2,170,942)
(2,915)
244,230 
Issued on settlement of advances from CAG
277,692,306 
356,002 
990,137 
-
- 
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