SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   ----------

                                  FORM 10-QSB/A
                               (Amendment No. 1)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended June 30, 2002

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

      For the Transition Period from _________________ to _________________

                             Commission file number

                      GLOBUS INTERNATIONAL RESOURCES CORP.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                                               88-0203697
-------------------------------                              -------------------
(State of other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

            80 Wall Street
               Suite 518
            New York, N.Y.                                               10005
---------------------------------------                               ----------
(Address of principal executive office)                               (zip code)

        Registrant's telephone number, including area code: 212-558-6100

                                 Not Applicable
              ----------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

         4,245,872 shares, $.001 par value, as of July 24, 2002 (Indicate the
number of shares outstanding of each of the issuer's classes of common stock, as
of the latest practicable date).
<PAGE>

              GLOBUS INTERNATIONAL RESOURCES CORP. AND SUBSIDIARIES

                                  JUNE 30, 2002
                                   (Unaudited)

                                    I N D E X

                                                                        Page No.
                                                                        --------

Part I - Financial Information:

     Item 1.  Consolidated Financial Statements (Unaudited):

              Balance Sheets
              As at June 30, 2002 and September 30, 2001 .............      3

              Statements of Operations
              For the Nine Months Ended
              June 30, 2002 and 2001 .................................      4

              Statements of Changes in Stockholders' Equity
              For the Nine Months Ended June 30, 2002
              and Year Ended September 30, 2001.......................      5

              Statements of Cash Flows
              For the Nine Months Ended
              June 30, 2002 and 2001 .................................      6

              Notes to Consolidated Financial Statements .............    7-15


                                  Page 2 of 17
<PAGE>

              GLOBUS INTERNATIONAL RESOURCES CORP. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS


                                                       June 30,    September 30,
                                                         2002          2001
                                                     (Unaudited)
                                                     -----------    -----------

                                     ASSETS

Current assets:
   Cash and cash equivalents                         $   169,403    $    46,087
   Accounts receivable                                 2,186,432      1,737,905
   Inventories                                           120,525        137,024
   Other assets                                            3,100         41,200

                                                     -----------    -----------
            Total current assets                       2,479,460      1,962,216
                                                     -----------    -----------

Property assets - at cost,
   net of accumulated depreciation                         1,727          7,748
                                                     -----------    -----------

Prepaid costs                                                 --         47,334
                                                     -----------    -----------

Other assets:
   Goodwill net of accumulated amortization               67,517         89,087
   Security deposits                                       9,440          9,440
   Investment in e-GlobusNet                             105,414             --
                                                     -----------    -----------
            Total other assets                           182,371         98,527
                                                     -----------    -----------

                                                     $ 2,663,558    $ 2,115,825
                                                     ===========    ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Bank lines of credit payable                      $ 1,290,598    $ 1,307,675
   Notes payable - related parties                       760,202        644,009
   Accounts payable                                      933,975        671,439
   Accrued expenses and other current
      liabilities - related parties                      103,825        103,825
   Accrued expenses and other current liabilities         66,032         73,259
                                                     -----------    -----------
            Total current liabilities                  3,154,632      2,800,207
                                                     -----------    -----------

Commitments and contingencies                                 --             --

Stockholders' equity:
   Common stock, $.001 par value, authorized -
      50,000,000 shares, issued and outstanding -
      4,245,872(as retroactively
      adjusted for reverse stock split) at
      June 30,2002 and September 30,2001,
      respectively                                         4,246          3,278
   Additional paid-in capital                          5,422,675      5,365,563
   Deficit                                            (5,917,995)    (6,053,223)
                                                     -----------    -----------
                                                        (491,074)      (684,382)
                                                     -----------    -----------

                                                     $ 2,663,558    $ 2,115,825
                                                     ===========    ===========


          See accompanying notes to consolidated financial statements.

                                  Page 3 of 17
<PAGE>

                    GLOBUS INTERNATIONAL RESOURCES CORP. AND SUBSIDIARIES

                            CONSOLIDATED STATEMENTS OF OPERATIONS
                                         (Unaudited)


<TABLE>
<CAPTION>
                                                Nine                         Three
                                            Months Ended                  Months Ended
                                              June 30,                      June 30,
                                     --------------------------    --------------------------
                                         2002           2001           2002           2001
                                     -----------    -----------    -----------    -----------
<S>                                  <C>            <C>            <C>            <C>

Net sales                            $ 9,777,104    $ 5,430,752    $ 3,846,332    $ 1,887,295
Cost of goods sold                     9,375,910      5,056,036      3,718,192      1,720,017
                                     -----------    -----------    -----------    -----------
Gross profit                             401,194        374,716        128,140        167,278
                                     -----------    -----------    -----------    -----------
Operating expenses:
   Selling                                75,995         70,763         28,383         23,886
   General and administrative            112,536        113,948         50,345         44,538
   Depreciation and amortization          27,591         17,670         16,697          5,890
   Allowance for doubtful accounts        32,500             --             --             --
                                     -----------    -----------    -----------    -----------
                                         248,622        202,381         95,425         74,310
                                     -----------    -----------    -----------    -----------
Income (loss) from operations            152,572        172,335         32,715         92,964
                                     -----------    -----------    -----------    -----------
Other income (expense):
   Interest income                            --              0             --              0
   Interest expense                      (16,374)      (147,573)        (1,416)       (53,741)
                                     -----------    -----------    -----------    -----------
Total other income (expense)             (16,374)      (147,573)        (1,416)       (53,741)
                                     -----------    -----------    -----------    -----------
Income (loss) before
   income taxes                          136,198         24,762         31,299         39,223
Provision for income taxes                   970             (0)           139         (1,755)
                                     -----------    -----------    -----------    -----------
Income (loss)                            135,228         24,762    $    31,160    $    37,468
                                     ===========    ===========    ===========    ===========
Net income (loss)
   per common share                  $      .038    $      .008    $      .008    $      .012
                                     ===========    ===========    ===========    ===========
Weighted average number
   of shares outstanding,
   as retroactively adjusted
   for reverse stock split             3,586,198      3,211,205      4,213,605      3,211,205
                                     ===========    ===========    ===========    ===========
</TABLE>


          See accompanying notes to consolidated financial statements.

                                  Page 4 of 17
<PAGE>

                GLOBUS INTERNATIONAL RESOURCES CORP. AND SUBSIDIARIES

             CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                     (Unaudited)
      FOR THE NINE MONTHS ENDED JUNE 30, 2002 AND YEAR ENDED SEPTEMBER 30, 2001


<TABLE>
<CAPTION>
                                        Common Shares         Additional
                                  ------------------------     Paid-in-    Accumulated
                                    Shares        Amount       Capital       Deficit
                                  ----------    ----------    ----------   ----------
<S>                                <C>               <C>       <C>          <C>

Balance at September 30, 2000      9,633,616         9,634     5,331,207   (6,060,670)

Common shares issued for
  consulting fees                    200,000           200        27,800

One for three reverse split       (6,555,744)       (6,556)        6,556

Net income for the year ended
  September 30, 2001                      --            --            --        7,447

Balance at September 30,2001       3,277,872         3,278     5,365,563   (6,053,223)

Common shares issued for
  purchase of e-GlobusNet            968,000           968        57,112           --

Net income for nine months
  ended June 30, 2002                     --            --            --      135,228
                                  ----------    ----------    ----------   ----------

Balance at June 30, 2002           4,245,872         4,246     5,422,675   (5,917,995)
                                  ==========    ==========    ==========   ==========
</TABLE>


          See accompanying notes to consolidated financial statements.

                                  Page 5 of 17
<PAGE>

                GLOBUS INTERNATIONAL RESOURCES CORP. AND SUBSIDIARIES

                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                     (Unaudited)


<TABLE>
<CAPTION>
                                                            For the Nine Months Ended
                                                                     June 30,
                                                            -------------------------
                                                               2002            2001
                                                            ---------       ---------
<S>                                                         <C>             <C>

Cash flows from operating activities:
  Net income (loss)                                         $ 135,228       $  24,762
                                                            ---------       ---------
  Adjustments to reconcile net income (loss)
    to net cash provided by (used in)
    operating activities:
      Depreciation and amortization                            27,591          17,670
      Charge to bad debt allowance                             32,500               0
      Issuance of stock in lieu of salaries and fees               --               0
      Charge to inventory reserve                              14,000               0
      Increase (decrease) in cash flows as a
        result of changes in asset and liability
        account balances:
          Accounts receivable                                (481,027)       (340,951)
          Inventories                                           2,499              --
          Other assets                                         38,100              (0)
          Accounts payable                                    262,536         234,554
          Accrued expenses and other current liabilities:
            Related parties                                        --              --
            Other                                              (7,227)       (101,440)
            Income taxes                                           --              --
                                                            ---------       ---------
  Total adjustments                                          (111,028)       (190,167)
                                                            ---------       ---------
Net cash provided by (used in) operating
  activities                                                   24,200        (165,405)
                                                            ---------       ---------

Cash flows from investing activities:
  Acquisition of property assets                                    0          (2,000)
  Restricted cash                                                  --               0
  Security deposit                                                 --          15,776
                                                            ---------       ---------
Net cash provided by investing activities                           0          13,776
                                                            ---------       ---------

Cash flows from financing activities:
  Proceeds from (payments of) lines of credit                 (17,077)        (83,641)
  Proceeds from note payable-related parties                  116,193         392,509
                                                            ---------       ---------
Net cash provided by (used in) financing activities            99,116         308,868
                                                            ---------       ---------

Net increase (decrease) in cash and cash equivalents          123,316         157,239

Cash and cash equivalents at beginning of year                 46,087          34,712
                                                            ---------       ---------

Cash and cash equivalents at end of year                    $ 169,403       $ 191,951
                                                            =========       =========

Supplemental Disclosures of Cash Flow Information:
  Interest paid                                             $  16,374       $ 147,573
                                                            =========       =========
  Taxes paid                                                $     970       $   5,522
                                                            =========       =========
</TABLE>


          See accompanying notes to consolidated financial statements.

                                  Page 6 of 17
<PAGE>

              GLOBUS INTERNATIONAL RESOURCES CORP. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                  JUNE 30, 2002


NOTE 1 - BASIS OF PRESENTATION.

     The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions for Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, the statements contain all
adjustments (consisting only of normal recurring accruals) necessary to present
fairly the financial position as of June 30, 2002. The results of operations for
the nine months ended June 30, 2002 and 2001 and cash flows for the nine months
ended June 30, 2002 and 2001 are not necessarily indicative of the results to be
expected for the full year.

     The September 30, 2001 consolidated balance sheet has been derived from the
audited consolidated financial statements at that date included in the Company's
annual report. These unaudited financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's annual report on.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

     (a) Description of Business:

     The Company has embarked on a major expansion of its international trade
activity by operating a multi-lingual, Internet-based portal that allows
international buyers and sellers of commercial and industrial products to engage
in electronic commerce seamlessly, efficiently, and in their own native
languages. The Company contracted e-GlobusNet Corp., the developer of the
software, to provide electronic commerce among businesses in various countries.
This software is being used currently by the Company to sell its own products
but as of yet the Company is not deriving revenue from other users of the site.
e-GlobusNet Corp. had been asked to expand the features of the software. In
April, 2002 the Company exchanged 968,000 shares for the ownership of
e-GlobusNet Corp., which results in the ownership of the software. (see Note 6)

     The Company can operate either as a broker or a principal in electronic
commercial transactions. Over the past year it had been functioning primarily as
a principal between companies in Russia and the Ukraine and those in Western
Europe because of its strong background and experience in dealing with the
languages and cultures of the Eastern Bloc countries. Many Western European
countries prefer to deal with Globus as a principal rather than dealing directly
with companies in Russia and the Ukraine.

                                  Page 7 of 17
<PAGE>

     In situations where Globus will act as a broker on the e-GlobusNet Corp.
portal, it will receive a commission of 1% each from buyer and seller. As a
principal, the Company can generate gross profit margins of 5% to 10%, or
higher, depending on the transaction. For further discussion on
E-GlobusNet.corp., see Footnote 6.

     The Company had two wholly-owned subsidiaries at June 30, 2002,Globus Food
Systems Corp., and Shuttle International. Globus Food Systems exports meat, meat
by-products, cheese, fish, chicken, and other high-end food products from
manufacturers in Western Europe to Russia and the Ukraine. Additionally it now
has expanded to incorporate several other items into its product line, such as
construction supplies, stationary and office supplies. It will continue to look
for new product markets based on its contacts abroad. It represents over 96% of
the current total revenues of the Company. It also has entered into a new
contract with a major tire manufacturer in Russia, with rubber purchased from a
supplier in Southeast Asia. Initial sales orders took place in the last quarter
of fiscal 2001. Profit margins on these sales are expected to be between
20-25%.Shuttle International exports auto parts from U.S. manufacturers to
Russia and the Ukraine. Shuttle accounts for about 4% of the total revenues of
the Company.

     The Company was originally incorporated on October 24, 1984, under the name
Ross Custom Electronics ("Ross") and was engaged in the electronics business. On
May 6, 1995, Globus Food Systems International Corp., a privately held Delaware
corporation, was merged into Ross. On October 18, 1996, Globus Food Systems
International Corp. changed its name to Globus International Resources Corp., to
reflect a reflect a broadening of its exporting business to include non-food
products. Its food exporting business was transferred to a new, wholly-owned
subsidiary called Globus Food Systems Corp., a New York corporation formed in
September, 1996.

     (b) Principles of Consolidation:

     The accompanying consolidated financial statements as at June 30, 2002 and
September 30, 2001 and for the nine months ended June 30, 2002 and 2001 include
the accounts of Globus International Resources Corp. and its subsidiaries,
Shuttle International, Ltd. and Globus Foods International, Inc. All material
intercompany transactions and balances have been eliminated in consolidation.

     (c) Revenue Recognition:

     The Company recognizes revenues in accordance with generally accepted
accounting principles in the period in which its products are shipped to its
customers. The Company records expenses in the period in which they are
incurred, in accordance with generally accepted accounting principles.

     (d) Use of Estimates:

     The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly,
actual results could differ from those estimates.

     (e) Cash and Cash Equivalents:

     The Company considers all highly liquid debt instruments purchased with a
maturity of three months or less to be cash equivalents.

     (f) Concentrations of Credit Risk:

     Financial instruments that potentially subject the Company to significant
concentrations of credit risk consist principally of cash and trade accounts
receivable. The Company places its cash with high credit quality financial
institutions which at times may be in excess of the FDIC insurance limit.
Concentrations of credit risk with respect to trade accounts receivable are
generally limited due to the Company's requiring the prepayment from certain
customers of up to 50% of each sale prior to shipment. Additionally, the
accompanying financial statements reflect an allowance for doubtful accounts of
$2,898,175 and $2,890,675 at June 30, 2002 and September 30, 2001, respectively.

     (g) Inventories:

     Inventories, consisting principally of finished goods, are valued at the
lower of cost (first-in, first-out method) or market. The accompanying financial
statements reflect an allowance for the disposal of inventory of $1,706,818 and
$1,692,818 at June 30, 2002 and September 30, 2001, respectively.

     (h) Property and Equipment:

     The cost of property and equipment is depreciated over the estimated useful
lives of the related assets of 5 to 7 years. The cost of leasehold improvements
is amortized over the lesser of the length of the related leases or the
estimated useful lives of the assets. Depreciation is computed on the
straight-line method for financial reporting purposes. Repairs and maintenance
expenditures which do not extend original asset lives are charged to income as
incurred.

                                  Page 8 of 17
<PAGE>

     (i) Goodwill:

     Goodwill arising from the acquisition of a subsidiary's minority interest
in 1996 is being amortized over a fifteen-year period. Amortization charged to
operation was $21,570 and 6,570 for the nine months ended June 30, 2002 and
2001, respectively.

     (j) Per Share Data:

     Net income (loss) per share was computed by the weighted average number of
shares outstanding during each period as retroactively adjusted for the 1 for 3
reverse stock split in January, 2001.

NOTE 3 - PROPERTY ASSETS.

     Property assets consist of:

                                                      June 30,     September 30,
                                                        2002           2001
                                                     ----------     ----------

     Data processing and office equipment            $   63,331     $   63,331
     Furniture and fixtures                              21,283         21,283
     Automobiles and trucks                              43,687         43,687
                                                     ----------     ----------
                                                        128,301        128,301
     Less:  Accumulated depreciation                    126,574        120,553
                                                     ----------     ----------
                                                     $    1,727     $    7,748
                                                     ==========     ==========

     Depreciation expense charged to operations for the nine months ended June
30, 2002 and 2001 amounted to $6,021 and $11,100, respectively.


Security Deposits:

     Security deposits are comprised of rent deposits relating to various
leaseholds which the Company occupies of which $3,000 is for warehouse space
leased from a related party.(see note 4)

                                  Page 9 of 17
<PAGE>

NOTE 4 - RELATED PARTY TRANSACTIONS.

     (a) Notes Payable:

     A stockholder and the Company entered into a loan agreement in April 1996
whereby the stockholder acquired the Company's 7% interest bearing note $125,000
at par. The note was originally payable in full plus accrued interest on March
31, 1997. On April 30, 1997, the note was amended and the due date was extended
to April 30, 1998. Accrued interest payable on these loans aggregated $45,500 at
June 30, 2002 and September 30, 2001, respectively, and is included in accrued
expenses-related party. No interest was charged in the nine months ended June
30, 2002 as the stockholder has waived the right to accrue more interest at this
time. In May 1997, the stockholder agreed to subordinate his loan to a bank
which the Company owes $1,220,617. The stockholder has extended the due date
indefinitely and has verbally agreed not to demand payment of the debt as long
as any portion of the line of credit is outstanding.

     On August 26, 1996, the parents of the Company's President purchased
Shuttle's 15% interest bearing $20,000 note at par. The note, as amended, is
repayable in full with no definite repayment date. No interest was charged for
the nine months ended June 30, 2002 and 2001. Accrued interest payable to these
individuals of $7,750 is included in accrued expenses-related party at June 30,
2002 and September 30, 2001, respectively. These creditors have agreed to
subordinate this indebtedness to a bank which the Company owes $1,220,617 and
also have verbally agreed not to demand payment of the debt as long as any
portion of the debt is outstanding.

     During the first quarter of fiscal 2000, three shareholders of the Company
loaned the Company $156,000 due to the current cash needs of the business. In
October, 2000, $65,000 was loaned to the company by one shareholder. This same
shareholder loaned another $235,000 to the Company in January, 2001, $150,000 in
April, 2001 $25,000 in October, 2001,and an additional 125,000 in February and
March,2002.As of June 30, 2002,$134,874 was paid back to the shareholders. These
amounts have no definite repayment terms and the shareholders have agreed not to
require the accrual of interest.

     (b) Rent Payable:

     Globus and Shuttle lease warehouse space from an entity controlled by three
of the Company's officer/directors. Rent charged to operations in the nine
months ended June 30, 2002 and 2001 was $7,710 and 7,510, respectively,of which
$44,651 was unpaid and included in accrued expenses - related parties at June
30, 2002 and September 30, 2001, respectively. The leases which expire in 2003
require aggregate monthly rentals of $700.

                                  Page 10 of 17
<PAGE>

NOTE 5 - FINANCING ARRANGEMENT.

         (i)   SHORT-TERM DEBT:

         At June 30, 2002, the Company had various credit facilities available:

         A bank note exists for direct borrowings and acceptances in the amount
         of $1,220,617 on direct borrowings, currently at 12% interest per
         annum. The line was originally $3,000,000, however due to the inability
         of the Company to pay any portion of the balance in the last two years,
         the line has been limited to what is outstanding currently. The line is
         collateralized by a first lien on all corporate assets not previously
         pledged or collateralized. One of these shareholders and the parents of
         another have subordinated notes payable due them by the Company to the
         bank. The Company is presently in discussions to sell a building owned
         by the three officers, of which the proceeds will be paid to the bank.
         At that point, the Company expects to restructure the present debt
         arrangement in order to pay it off in the future. Due to the
         restructure, no interest expense was accrued in the third quarter.

         The Company has lines of credit with two other banks totalling $100,000
         in the aggregate.This $100,000 is guaranteed by an officer of the
         Company. Interest during the nine months ended June 30, 2002 and 2001
         was charged at various rates of 5.75% to 15%.

                                  Page 11 of 17
<PAGE>

NOTE 5 - FINANCING ARRANGEMENT: (CONTINUED)

         SHORT-TERM DEBT: (CONTINUED)

<TABLE>
<CAPTION>
                                                                     June 30,   September 30,
                                                                       2002          2001
                                                                   -----------   -----------
<S>                                                                <C>           <C>
     Bank borrowing outstanding at June 30, 2002 and
     September 30, 2001 amounted to:

         Acceptances payable under the $1,220,617 bank note        $ 1,220,617   $ 1,220,617

         Other bank loans payable (2) under $100,000 credit-line        69,981        87,058
                                                                   -----------   -----------

                                                                   $ 1,290,598   $ 1,307,675
                                                                   ===========   ===========
</TABLE>

         (ii)  RELATED PARTIES:

         On April 7, 1996, the Company borrowed $125,000 from an
         officer/stockholder. The repayment date is indefinite as of June 30,
         2002. Interest had been accrued until September 30, 2000 at 7%. Per
         approval of the shareholder, no interest has been accrued since. On
         August 26, 1996 the Company borrowed $20,000 from a parent of its
         President as evidenced by a 15% note. The note has no definite
         repayment date. Per the noteholder's approval, no interest was accrued
         in fiscal 2002 and 2001. Both of these notes are subordinated to a bank
         (see above) in connection with the granting of a note to the Company by
         the bank. As long as any balance is outstanding under this note, the
         note holders have verbally agreed not to demand payment of the notes
         and to subordinate such notes to this bank.

                                  Page 12 of 17
<PAGE>
NOTE 6 - COMMON STOCK.

     (a) COMMON STOCK ISSUED FOR SERVICES RENDERED:

         In fiscal 2000,500,000 shares were issued to two different consultants
         in lieu of cash payments for the exclusive rights to use certain
         software which is the basis for the portal described in Footnote 1.
         200,000 shares were issued to another consultant in lieu of cash
         payments for services related to developing the business plan to the
         internet based portal. The market value of the shares recorded was
         recorded as prepaid costs based on the fact that as of April, 2002 the
         Company used the shares as a downpayment towards buying the software
         outright. This purchase was done through the issuance of 968,000 shares
         in April 1, 2002. The value of these shares at the time of issuance was
         $58,080, and was recorded as "investment in e-GlobusNet", along with
         the downpayment of $47,334.

         Three shareholders who owned 28% of e-globusNet are also majority
         shareholders and officers of Globus International Resources Corp. The
         company called e-globusNet will be formally disolved, as it is now part
         of Globus International Resources Corp.

     (b) REVERSE STOCK SPLIT:

         In January, 2001, a one for three reverse stock split was executed by
         the Company. This was done in order to facilitate the acquisition of
         another company, E-Globus Net Corp., which owned the specialized
         "Business to Business" software described in Footnote 1. It became a
         wholly owned subsidiary of Globus International Resources in
         April,2002. After the split, 9,833,616 shares outstanding became
         3,277,872 shares. In acquiring E-Globus Net Corp., the Company issued
         968,000 shares to E-Globus Net Corp. shareholders from the treasury of
         Globus, under Rule 144 of SEC's Security Act of 1933, in exchange for
         all the shares of E-Globus Net Corp. After the acquisition, there were
         4,245,872 shares outstanding.

     (c) WARRANTS:

         The Company had 1,822,756 common shares reserved for issuance upon the
         exercise of warrants at $3.625. These warrants expired on June 30,
         2001.

                                  Page 13 of 17
<PAGE>

NOTE 7 - MAJOR RELATIONSHIPS AND SEGMENT INFORMATION.

     The Company is comprised of two business segments. The distribution of food
products, rubber and stationary (food products) and the distribution of auto
paint and parts. Set forth below are sales, operating income, capital
expenditures, depreciation and identifiable assets of the segments.

                                                           For the Nine
                                                           Months Ended
                                                          June 30, 2002
                                                          -------------
     Net sales (000's):
       Food products                                      $       9,411
       Other                                                        366
                                                          -------------
                                                          $       9,777
                                                          =============
     Operating income (loss) (000's):
       Food products                                      $         119
       Other                                                         34
                                                          -------------
                                                          $         153
                                                          =============
     Depreciation and
     amortization (000's):
       Food products                                      $          22
       Other                                                          5
                                                          -------------
                                                          $          27
                                                          =============
     Identifiable assets (000's):
       Food products                                      $       2,500
       Other                                                        164
                                                          -------------
                                                          $       2,564
                                                          =============

                                  Page 14 of 17
<PAGE>

NOTE 8 - COMMITMENTS AND CONTINGENCIES.

Leases:

The Company is a lessee under 3 operating real property leases for office and
warehouse space. Rent expense charged to operations for the nine months ended
June 30, 2002 and 2001 was $49,531 and $57,586, respectively. Future minimum
annual rent commitments as of the Company's fiscal year end are as follows:

Years Ended September 30, 2002-2003              $ 67,755


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