===============================================================================

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549
                          -----------------------------


                                   FORM 10-QSB
                               -------------------

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                      For the quarter ended March 31, 2003

                                       OR

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

                       Commission file number 033-303365-C
                -------------------------------------------------


                            CCC GLOBALCOM CORPORATION
                -------------------------------------------------
           (Name of Small Business Issuer as specified in its charter)

                   Nevada                                    36-3693936
                  ---------                                --------------
       (State or other jurisdiction of                     (I.R.S. employer
       incorporation or organization)                    Identification No.)



          1250 Wood Branch Park Drive, 6th Floor, Houston, Texas 77079
 -------------------------------------------------------------------------------
                    (Address of principal executive offices)

         Registrant's telephone no., including area code: (281) 529-4600
 -------------------------------------------------------------------------------

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


    Securities registered pursuant to Section 12(b) of the Exchange Act: None

    Securities registered pursuant to Section 12(g) of the Exchange Act: None

Check  whether the Issuer  (1) has filed  all reports  required to  be  filed by
Section  3 or 15(d) of the  Exchange Act 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

Common Stock outstanding at April 30, 2003, 32,247,251 shares of $.001 par value
Common Stock.


<PAGE>
================================================================================

                                   FORM 10-QSB

                       FINANCIAL STATEMENTS AND SCHEDULES
                            CCC GLOBALCOM CORPORATION


                      For the Quarter ended March 31, 2003


       The following financial statements and schedules of the registrant
                            are submitted herewith:


                         PART I - FINANCIAL INFORMATION
                         ------------------------------
<TABLE>
<CAPTION>

                                                                                          Page of
                                                                                        Form 10-QSB
                                                                                     -----------------
<S>          <C>                                                                            <C>
Item 1.      Financial Statements:

             Consolidated Balance Sheet - March 31, 2003 and December 31, 2002               3

             Consolidated Statement of Operations - for the three
               months ended March 31, 2003 and March 31, 2002                                4

             Consolidated Statement of Cash Flows - for the three
               months ended March 31, 2003 and March 31, 2002                                5

             Notes to Consolidated Financial Statements                                      6

Item 2.      Management's Discussion and Analysis of Financial Condition and
              Results of Operations                                                          8

Item 3.      Controls and Procedures                                                        18


                           PART II - OTHER INFORMATION
                           ---------------------------
                                                                                           Page
                                                                                           ----

Item 1.      Legal Proceedings                                                              19

Item 2.      Changes in the Securities                                                      19

Item 3.      Defaults Upon Senior Securities                                                19

Item 4.      Submission of Matters to Vote of Security Holders                              19

Item 5.      Other Information                                                              19

Item 6(a).   Exhibits                                                                       19

Item 6(b).   Reports on Form 8-K                                                            19

             Signatures                                                                     20

             Certifications                                                                 21
</TABLE>



                                       2
<PAGE>


PART I  -  FINANCIAL INFORMATION
ITEM 1.      FINANCIAL STATEMENTS
<TABLE>
<CAPTION>

                                                                       CCC GLOBALCOM CORPORATION AND SUBSIDIARIES
                                                                                       CONSOLIDATED BALANCE SHEET
                                                                             MARCH 31, 2003 AND DECEMBER 31, 2002
                                                                                                      (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------

               Assets                                                            2003                  2002
               ------
                                                                          ---------------------------------------
<S>                                                                       <C>                    <C>
Current assets:
   Cash and cash equivalents                                              $        341,834       $        212,730
   Restricted cash                                                                 375,146                389,138
   Accounts receivable, net of allowance for
         doubtful accounts of $1,970,002 and $2,435,015, respectively            2,995,778              3,008,240
   Prepaid expense and other current assets                                        268,361                134,525
                                                                          ---------------------------------------

                  Total current assets                                           3,981,119              3,744,633

Property and equipment, net                                                      1,923,637              2,293,825
Intangibles, net                                                                   644,875              1,042,624
Other Assets                                                                       204,089                214,089
                                                                          ---------------------------------------

                  Total assets                                            $      6,753,720       $      7,295,171
                                                                          =======================================


               Liabilities and Stockholders' Deficit
               -------------------------------------

Current liabilities:
   Note payable                                                           $      2,598,613       $      2,762,609
   Accounts payable                                                             15,901,961             14,430,550
   Accrued expenses                                                              2,014,347              2,127,858
   Excise taxes payable                                                          3,029,548              2,457,696
   Accrued compensation and other                                                  240,432                395,684
   Current portion of long-term debt, net of discount of $738,150 and
         $777,000, respectively                                                 14,555,496             14,684,318
   Deferred revenue                                                                222,103                183,843
                                                                          ---------------------------------------

                  Total current liabilities                                     38,562,500             37,042,558

Long-term debt                                                                     549,446                549,446
                                                                          ---------------------------------------

                  Total liabilities                                             39,111,946             37,592,004
                                                                          ---------------------------------------

Commitments and contingencies                                                            -                      -

Stockholders' deficit:
   Common stock, $.001 par value, authorized 100,000,000 shares;
         issued and outstanding 32,213,918 and 37,213,918, respectively             32,214                 37,214
   Additional paid-in capital                                                   10,740,325             10,684,656
   Accumulated deficit                                                         (43,130,765)           (41,018,703)
                                                                          ---------------------------------------

                  Total stockholders' deficit                                  (32,358,226)           (30,296,833)
                                                                          ---------------------------------------

                                                                          $      6,753,720       $      7,295,171
                                                                          =======================================
</TABLE>


See accompanying notes to consolidated financial statements.

                                       3
<PAGE>
<TABLE>
<CAPTION>

                                                                       CCC GLOBALCOM CORPORATION AND SUBSIDIARIES
                                                                             CONSOLIDATED STATEMENT OF OPERATIONS
                                                                                     THREE MONTHS ENDED MARCH 31,
                                                                                                      (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------

                                                                                 2003                  2002
                                                                          ---------------------------------------
<S>                                                                       <C>                    <C>
Net sales                                                                 $      5,223,021       $      7,061,117

Expenses:
     Cost of services                                                           (3,835,713)            (5,891,253)
     Selling, general and administrative expenses                               (2,570,178)            (5,196,354)
     Depreciation and amortization expense                                        (783,986)            (1,015,811)
                                                                          ---------------------------------------

                  Loss from operations                                          (1,966,856)            (5,042,301)
                                                                          ---------------------------------------

Other income (expense):
     Interest income                                                                    42                  4,551
     Interest expense                                                             (277,631)              (344,485)
     Other, net                                                                    183,052                (18,230)
                                                                          ---------------------------------------

                                                                                   (94,537)              (358,164)
                                                                          ---------------------------------------

Loss before income taxes                                                        (2,061,393)            (5,400,465)

Income taxes                                                                             -                      -
                                                                          ---------------------------------------

Net loss                                                                        (2,061,393)            (5,400,465)

Preferential dividend                                                              (50,669)                     -
                                                                          ---------------------------------------

Net loss applicable to common shareholders                                $     (2,112,062)      $     (5,400,465)
                                                                          ---------------------------------------

Net loss per share - basic and diluted                                    $          (0.06)      $          (0.15)
                                                                          ---------------------------------------

Weighted average shares - basic and diluted                                     33,787,000             35,048,000
                                                                          ---------------------------------------
</TABLE>


See accompanying notes to consolidated financial statements.

                                       4
<PAGE>
<TABLE>
<CAPTION>

                                                                       CCC GLOBALCOM CORPORATION AND SUBSIDIARIES
                                                                             CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                     THREE MONTHS ENDED MARCH 31,
                                                                                                      (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------

                                                                                 2003                  2002
                                                                          ---------------------------------------
<S>                                                                       <C>                    <C>
Cash flows from operating activities:
   Net loss                                                               $     (2,061,393)      $     (5,400,465)
   Adjustments to reconcile net loss to net cash
     provided by operating activities:
        Depreciation and amortization                                              783,986              1,015,811
        Bad debt expense                                                                 -                623,159
        Interest and fees added to line of credit                                        -                160,879
        Gain from disposal of subsidiary                                          (183,052)                     -
        (Increase) decrease in:
          Restricted cash                                                           13,992               (365,029)
          Accounts receivable                                                       12,462                238,047
          Prepaid expenses                                                        (120,784)               415,581
          Other assets                                                              10,000               (158,673)
        Increase (decrease) in:
          Accounts payable                                                       1,471,411              3,079,530
          Accrued compensation and other                                          (155,252)              (168,510)
          Excise taxes payable                                                     571,852                711,848
          Accrued expenses                                                        (113,511)               251,257
          Deferred revenue                                                          38,260                 11,535
                                                                          ---------------------------------------

             Net cash provided by operating activities                             267,972                414,970
                                                                          ---------------------------------------

Cash flows from investing activities:
   Proceeds from sale of subsidiary                                                170,000                      -
   Purchase of property and equipment                                              (16,049)               (44,901)
                                                                          ---------------------------------------

             Net cash provided by (used in) investing activities                   153,950                (44,901)
                                                                          ---------------------------------------

Cash flows from financing activities:
   Payments on long-term debt                                                     (128,822)               (26,151)
   Net decrease on line of credit                                                 (163,996)              (703,830)
                                                                          ---------------------------------------

             Net cash used in financing activities                                (292,818)              (729,981)
                                                                          ---------------------------------------

             Net change in cash                                                    129,104               (359,912)

Cash and cash equivalents at beginning of period                                   212,730                742,761
                                                                          ---------------------------------------

Cash and cash equivalents at end of period                                 $       341,834       $        382,849
                                                                          ---------------------------------------


Supplemental disclosure of cash flow information:
Cash paid during the period for:
        Interest                                                          $        245,096       $         24,500
                                                                          ---------------------------------------

        Income taxes                                                      $              -       $              -
                                                                          ---------------------------------------

</TABLE>

See accompanying notes to consolidated financial statements.

                                       5
<PAGE>
                                      CCC GLOBALCOM CORPORATION AND SUBSIDIARIES
                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                                         MARCH 31, 2003 AND 2002
--------------------------------------------------------------------------------


1.  Organization        CCC GlobalCom  Corporation,  a Nevada  corporation ("CCC
                        GlobalCom" or the "Company"), conducts operations in the
                        telecommunications   industry  though  its  wholly-owned
                        subsidiary,  Ciera Network Systems, Inc. ("Ciera").  The
                        Company provides local and long-distance  communications
                        services in the United States.

2.  Principles of       The  consolidated   financial   statements  include  the
    Consolidation       accounts of the Company and its wholly-owned subsidiary,
                        Ciera Network Systems, Inc. All significnat intercompany
                        balances  and  transactions   have  been  eliminated  in
                        consolidation.

3.  Basis of            The  accompanying   unaudited   consolidated   financial
    Presentation        statements   have  been   prepared  by  the  Company  in
                        accordance with accounting principles generally accepted
                        in the United States for interim  financial  information
                        and are in the form  prescribed  by the  Securities  and
                        Exchange  Commission in  instructions to Form 10-QSB and
                        Item 310 of  Regulation  S-B.  Accordingly,  they do not
                        include all of the information and footnotes required by
                        accounting  principles  generally accepted in the United
                        States for complete  financial  statements.  The interim
                        unaudited   financial   statements  should  be  read  in
                        conjunction   with  the  Company's   audited   financial
                        statements  as of and for the year  ended  December  31,
                        2002.  The unaudited  financial  statements  include all
                        adjustments (consisting of normal recurring items) which
                        are, in the opinion of  management,  necessary to fairly
                        present the financial  position as of March 31, 2003 and
                        the results of  operations  for the periods  ended March
                        31,  2003 and  2002.  Operating  results  for the  three
                        months   ended  March  31,  2003  are  not   necessarily
                        indicative  of the results  that may be expected for the
                        year ending December 31, 2003.

4.  Loss per            The  computation  of basic  earnings  (loss)  per common
    Common Share        share is based on the weighted  average number of shares
                        outstanding  during each  quarter.  The  computation  of
                        diluted  earnings  per  common  share  is  based  on the
                        weighted average number of shares outstanding during the
                        year, plus the common stock equivalents that would arise
                        from  the   exercise  of  stock   options  and  warrants
                        outstanding,  using the  treasury  stock  method and the
                        average market price per share during the year.  Options
                        to purchase 1,503,000 and 915,000 shares of common stock
                        at a range of $1.00 to $3.75 per share were  outstanding
                        at March 31,  2003 and 2002  respectively,  but were not
                        included  in the  diluted  loss  per  share  calculation
                        because the effects would have been anti-dilutive.

5.  Stock-Based         Stock-Based Compensation
    Compensation        The Company accounts for stock-based  compensation under
                        the  recognition  and  measurement   principles  of  APB
                        Opinion  No.  25,   Accounting   for  Stock   Issued  to
                        Employees, and related Interpretations.  No options were
                        issued or vested  during the  quarters  ended  March 31,
                        2003 and 2002 therefore, there would be no effect on net
                        loss and loss per share if the  Company  had applied the
                        fair value recognition  provisions of FASB Statement No.
                        123,   Accounting  for  Stock-Based   Compensation,   to
                        stock-based employee compensation.

                                       6
<PAGE>

6.  Commitments         During the  quarter  ended March 31,  2003,  the Company
    and Contingencies   sold their  interest in CCC  GlobalTel  Columbia S.A. As
                        part of the  agreement,  management  agreed to indemnify
                        the new owner against certain claims that could arise up
                        to  $170,000  for a period  of one year from the date of
                        sale  and  for  amounts  incurred  over  $170,000  up to
                        $190,000  for  three  years  from the date of the  sale.
                        Management  is  unable to  estimate  the  likelihood  or
                        amount, if any, of the potential liability.

                        In  March  2003,  the  Company  entered  into a  carrier
                        agreement with a local service reseller.  If the Company
                        is unable to pay for the  services as they are due,  the
                        carrier  has  the  right  to  assume  the  corresponding
                        customer base.

7.  Return of Shares    During  the  quarter  ended  March  31,  2003,  a  major
    and Preferential    shareholder of the Company returned  5,000,000 shares of
    Dividend            the Company's common stock to the Company.

                        The  major   shareholder  also  agreed  to  give  up  to
                        3,000,000  shares  of  the  Company's  common  stock  to
                        another  significant  shareholder as  reimbursement  for
                        shares  given  to  certain  other  shareholders  who had
                        purchased  shares  of  the  Company's  common  stock  in
                        previous  periods.  As of March 31, 2003,  approximately
                        1,815,000 shares had been  distributed.  The transaction
                        was treated as a preferential dividend.

8.  Supplemental        During the quarter ended March 31, 2003, the Company:
    Disclosure of
    Cash Flow           o    Had 5,000,000 shares of the Company's common  stock
    Information              returned by a major shareholder causing an increase
                             in  additional  paid-in-capital  and a  decrease in
                             common stock of $5,000.

                        o    Recorded a preferential  dividend of $50,669 caused
                             by a major  shareholder  giving  shares of stock to
                             other  shareholders.  The shares were valued at the
                             fair market price on the date of the agreement.

                        o    The  Company  sold its  interest  in  GlobalTel  in
                             exchange for cash of $170,000 and a note receivable
                             of $20,000 included on the Company's  balance sheet
                             under the caption other assets.

                        During  the  three  months  ended  March 31,  2002,  the
                        Company:

                        o    Increased  common  stock  and  additional  paid  in
                             capital by  $366,496  upon the  issuance of 112,768
                             shares  of  common  stock  and  decreased  accounts
                             payable  by the  same  amount.  The  services  were
                             provided in 2001.

                        o    Purchased software financed with a $441,119 capital
                             lease.

                        o    RFC Capital Corp.  exercised a warrant and received
                             125,000  shares of  Company  stock  for a  $500,000
                             reduction in the line of credit.



                                       7
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

General

         The  following   discussion  and  analysis  relates  to  our  financial
condition  and results of  operations  for the three months ended March 31, 2002
and 2003. This  information  should be read in conjunction with the consolidated
financial  statements  and  notes  thereto  contained  herein,  as  well  as the
"Cautionary Statement Regarding Forward-Looking Statements" in this Form 10-QSB.

         We were,  prior to June 12, 2000,  named Emerald  Capital  Investments,
Inc. On June 9, 2000 we commenced operations in the telecommunications  industry
through the acquisition of CCC GlobalCom Corporation,  a Texas corporation ("CCC
Texas").   CCC  Texas  was  formed  in  1999  to  commence   operations  in  the
telecommunications  industry.  CCC Texas conducted no operations  except for its
acquisition of Ciera Network  Systems,  Inc.  ("Ciera").  Our acquisition of CCC
Texas,  and as a result  of such  acquisition,  the  acquisition  of  Ciera  was
accounted for as a reverse merger.

         The  telecommunications  industry  has  experienced  a  great  deal  of
instability during the past several years.  During the 1990s,  forecasts of very
high levels of future demand  brought a  significant  number of new entrants and
new capital investments into the industry.  However,  many industry participants
have  gone  through   bankruptcy,   those   forecasts  have  not   materialized,
telecommunications  capacity now far exceeds actual demand and, as a result, the
marketplace is characterized by fierce price competition as traditional and next
generation  carriers and Integrated  Communications  Providers compete to secure
market  share.  Resulting  lower  prices have eroded  margins and have kept many
industry  participants,  including the Company,  from attaining ongoing positive
cash flow from operations.  Many industry  participants and their customers have
gone  and  are  undergoing  reorganizations  through  bankruptcy,  contemplating
bankruptcy, or experiencing significant operating losses while consuming much of
their  remaining  liquidity.  The Company  does not know if and when the current
state of aggressive pricing will end.

         On March 18, 2003,  we entered into an agreement  with  Teleinversiones
Ltda.,  a limited  liability  company  organized  under the laws of Colombia and
domiciled in Bogota,  Colombia, to sell 100% of our interest in CCC GlobalTel de
Colombia.  The  terms  of the  agreement  call  for  Teleinversiones  to pay CCC
GlobalCom  $170,000 (less 15% - Colombian income and remittance tax) immediately
and additional  payments of $10,000 on the first and second anniversary dates of
the signed  agreement.  A gain of  approximately  $183,000  was  recorded in the
financial  results for the three  months  ended March 31,  2003.  As part of the
agreement  with the new owner,  the Company  agreed to  indemnify  the new owner
against  certain claims that could arise up to $170,000 for a period of one year
from the date of the sale and for amounts  incurred over $170,000 up to $190,000
for  three  years  from the date of the sale.  We are  unable  to  estimate  the
likelihood or amount, if any, of the potential liability.

         The Company has had  operating  losses for every quarter since it began
operations in June 2000.  The auditors'  opinion on the  consolidated  financial
statements as of December 31, 2002,  calls attention to substantial  doubt about
the  Company's  ability  to  continue  as  a  going  concern.   The  Company  is
experiencing  difficulty in paying its vendors,  carriers,  taxing  entities and
lenders on time,  and it may  continue  to  experience  this  difficulty  in the
future.  If the Company is unable to pay its  vendors,  carriers  and lenders on
time, they may stop providing  critical services or repossess critical equipment
that the Company needs to stay in business.

         On December 31, 2002, we signed an Amended and Restated Loan  Agreement
with RFC Financial  Corporation  that  provides for a revolving  line of credit.
Under the Loan and Security  Agreement,  RFC has a security interest in and lien
on Ciera Network Systems, Inc. and CCC GlobalCom Corporation's assets, including
inventory, accounts receivable,  intangibles, equipment, furniture and fixtures,
trade names and marks,  intellectual property,  customer base, deposit accounts,
and  insurance  proceeds.  Under the Loan and Security  Agreement  the principal
amount  of the  revolving  line of credit  is not to  exceed  the  lesser of (a)
$6,000,000 and (b) the Availability  Formula.  The Company has extended the full
amount available under the Availability  Formula.  In addition,  we were able to
refinance  $14,000,000  of the line of credit to term  notes.  The notes  have a
number of loan covenants,  one of which requires the Company to pay all required
federal and state taxes in a timely  manner.  The Company is  delinquent  in the
payment of federal and state excise taxes.  Another loan  covenant  requires the
Company to achieve  negative  EBITDA results of no greater than $850,000 for the

                                       8
<PAGE>

three months ended March 31, 2003. The Company achieved  negative EBITDA results
of  approximately  $1,000,000  for the three months  ended March 31, 2003.  As a
result,  the Company is not in compliance with the loan  covenants.  RFC has not
notified the Company of an event of default.

         During the quarter  ended March 31,  2003, a major  shareholder  of the
Company returned  5,000,000 shares of the Company's common stock to the Company.
The  major  shareholder  also  agreed  to give  up to  3,000,000  shares  of the
Company's  common stock to another  significant  shareholder as reimbursement of
shares  given to certain  other  shareholders  who had  purchased  shares of the
Company's common stock in previous periods. As of March 31, 2003,  approximately
1,815,000  shares  had  been  distributed.  The  transaction  was  treated  as a
preferential dividend.

         The Company has  received  disconnection  notices for past due balances
from  significant  carriers.  It is our belief that certain amounts  included in
these past due  balances  are in error and are being  disputed.  As of March 31,
2003, we had disputed approximately $1,189,000 of charges with various carriers.
The consolidated  financial  statements do not reflect any adjustments to reduce
liabilities  for the impact of the  unresolved  claims.  The  Company is also in
discussions  with  the  carriers   regarding  extended  payment  terms  for  the
undisputed balances. We believe that ultimately these discussions will result in
lower monthly charges for CCC GlobalCom. However, there can be no assurance that
we can  successfully  dispute the balances  identified  as in error or negotiate
favorable payment terms for the remaining undisputed balances.

         On March 10, 2003, SBC sent a letter  notifying the Company that we had
fifteen  calendar  days to pay all past due balances  owed to SBC. SBC stated in
the letter that they  reserved the right to disconnect  Ciera  Network  Systems,
Inc.'s  service on all of its  Missouri,  Texas,  Kansas,  and  Oklahoma UNE and
resale  accounts.  The Company  contracted with a third party vendor to continue
servicing  customers  in  Texas.  Ciera  Network  Systems,  Inc.'s  service  for
customers in Missouri,  Kansas,  and Oklahoma has been  disconnected by SBC. The
Company estimates  monthly revenues lost with this  disconnection of services at
$250,000.

         On March 19, 2003, the Missouri Department of Revenue sent a Revocation
Order to Ciera Network Systems,  Inc. The Order,  which revokes Ciera's Missouri
retail sales license, was issued because of Ciera's delinquency in reporting and
paying  Missouri  retail sales tax. The operation of a business  without a valid
Missouri  retail  sales  tax  license  is a Class A  misdemeanor  and  continued
operation  will  subject  the Company to a penalty  not to exceed  $10,000.  The
Company  is  evaluating  choices of action to resolve  outstanding  issues  with
Missouri taxing authorities.

         During  the  three  months  ended  March 31,  2003,  the  Company  paid
consulting fees and expenses to a board member totaling $42,600.

         Our consolidated  financial statements have been prepared assuming that
we will continue as a going concern. We have incurred losses since inception and
have a working capital deficit as of March 31, 2003.  Additionally,  we have had
recurring  negative  cash  flows  from  operations.  For the  reasons  stated in
Liquidity  and  Capital  Resources  and  subject  to the  risks  referred  to in
Liquidity  and  Capital  Resources,  we cannot  assure you that we can raise the
money necessary to fund future operations.

Our History of Operating Losses and Deficiencies in Cash Flows

         We have incurred  operating  losses and  deficiencies in operating cash
flows in each year since our inception and expect our losses to continue through
December  31, 2003.  Our  operating  losses were  $15,831,916,  $17,881,001  and
$1,816,901 for the years ended December 31, 2002,  2001 and 2000,  respectively.
We had an operating  loss of $1,966,856 for the first quarter 2003 and a working
capital deficit of $34,581,381 at March 31, 2003.

Results of Operations

THREE MONTHS ENDED March 31, 2003 COMPARED TO March 31, 2002

         NET SALES.  Revenues  primarily  consist of billings for  long-distance
telephone services, local telephone services, private line circuits, and prepaid
and postpaid  calling cards.  Revenues for the three months ended March 31, 2003
and 2002, were $5,223,021 and $7,061,117,  respectively.  Revenues  declined for
the three months ended March 31, 2003, compared to the same period 2002, because

                                       9
<PAGE>

of the  disconnection  of services by certain carriers during the fourth quarter
2002  and  first  quarter  2003 and  because  of a  decline  in  customer  base.
Usage-based  revenues  are  approximately  62%  of  total  revenue  and  monthly
recurring  revenues are  approximately 38% of total revenue for the three months
ended March 31, 2003.

         COST OF SERVICES.  Cost of services includes direct costs for telephone
services.  Cost of services for telephone  services include the cost of services
provided by other carriers,  network costs, and miscellaneous  costs incurred to
provide service. Cost of services for the three months ended March 31, 2003 were
$3,835,713  compared to  $5,891,253  for the three  months ended March 31, 2002.
Cost  of  services  for  the  three  months  ended  March  31,  2003,   includes
approximately  $3,722,000 of direct carrier costs. Cost of services declined for
the three months ended March 31, 2003,  because of the  reduction in  associated
revenues and improved cost management that includes disputing  incorrect carrier
charges and directing voice traffic to the least cost provider. Gross margin for
the three  months ended March 31, 2003 and 2002 was  approximately  27% and 17%,
respectively.  Gross margin  improved  because of improved cost  management  and
billing processes.

         SELLING,    GENERAL   AND   ADMINISTRATIVE.    Selling,   general   and
administrative   (SG&A)  expenses  consist  of  costs  to  provide  billing  and
collection  of all  services,  support  services  for  subscribers,  cost of the
information  systems,  commissions  and salaries of the personnel to support our
operations.  SG&A  expenses  for  quarters  ended March 31, 2003 and 2002,  were
$2,570,178 and $5,196,354,  respectively.  The reduction in SG&A expense for the
three months ended March 31, 2003,  compared to the three months ended March 31,
2002, was primarily because of the reduction in number of employees, the closing
of  facilities  in  Missouri  and  California  as  previously  reported  and the
reduction of integration  costs incurred during the first quarter 2002. SG&A for
the three months ended March 31, 2003,  includes:  approximately  $1,284,000  of
payroll  and  employee  benefit  related  expenses;  approximately  $174,000  in
facilities expense; and approximately $454,000 in professional fees and expenses
compared to the three months ended March 31, 2002:  approximately  $2,889,000 of
payroll related expenses;  approximately  $293,000 of facilities  expenses;  and
approximately $805,000 in professional fees.

         DEPRECIATION  AND AMORTIZATION  EXPENSE:  Depreciation and amortization
expense  for the  quarters  ended March 31,  2003 and 2002,  were $783,  986 and
$1,105,811, respectively. The decrease in depreciation expense is because of the
one-time  noncash write off of  approximately  $2,312,000 for the abandonment of
leasehold  improvements  related to the  closing  of  facilities  in  California
recorded during the third quarter 2002.

         OTHER INCOME  (EXPENSE).  For the three months ended March 31, 2003 and
2002, other expense was $94,537 and $358,164, respectively. For the three months
ended  March 31,  2003,  other  expense  consists of  approximately  $278,000 of
interest  expense offset with a gain on the sale of our interest in GlobalTel of
approximately $183,000.

Liquidity and Capital Resources

         During the three  months ended March 31,  2003,  we generated  positive
cash  flow  from  operations  of  approximately  $268,000.  The  amount  of cash
generated is a result of the net loss  incurred  during the period offset by the
timing of cash  receipts  from our customers and the extension of monies owed to
our  vendors  and excise  taxes  payable.  We have  historically  operated  with
negative  cash flows and have sought to fund those losses and  deficits  through
the issuance of debt and the completion of private equity placements.

         During the three  months  ended March 31,  2003,  the Company  acquired
approximately  $16,000 in equipment that was not financed  through capital lease
or  financing  arrangements.  Additional  cash  outflows  included  payments  of
approximately  $129,000 towards our capital lease obligations and notes payable.
In addition,  we had cash  outflows of  approximately  $164,000 that reduced our
line of credit with RFC Capital  Corporation.  RFC Capital  Corporation in March
2002,  also  exercised  common  stock  warrants  reducing  our line of credit an
additional $500,000.

         Altogether,  our net  operating,  investing  and  financing  activities
during the year generated  approximately  $129,000 in cash. Our working  capital
deficit at March 31, 2003 was  approximately  $34,581,000.  This  represents  an
increase  of  approximately  $1,283,000  from the  working  capital  deficit  of
$33,298,000 at December 31, 2002.

                                       10
<PAGE>

         Our current  liabilities  include a total of approximately  $11,526,000
owed to various carriers,  most of which is significantly  past credit terms. We
have disputed  approximately  $1,189,000 of charges with various  carriers.  The
consolidated  financial  statements  do not  reflect any  adjustments  to reduce
liabilities  for the impact of  unresolved  claims.  In  addition,  our  current
liabilities  include  approximately  $4,376,000 of amounts owed to various other
trade  vendors,  some of which are also past credit  terms.  We currently do not
have sufficient cash to bring our vendors back to current terms.

         Until we  produce  positive  cash flow from  operations  and  reduce or
eliminate our working  capital  deficit,  management will be faced with deciding
whether  to use  available  funds to pay  vendors  and  suppliers  for  services
necessary for  operations,  to pay federal and state taxes,  to service our debt
requirements, or to purchase equipment to be used in the growth of our business.
We will need to raise  additional  capital to pay vendors and suppliers,  to pay
federal and state taxes, to service debt requirements and purchase equipment. We
do not consistently pay all of our suppliers on time, some of which are critical
to our operations. These suppliers have given us payment extensions in the past,
although there is no guarantee they will do so in the future.

         Since we have produced  negative EBITDA results during 2002 and for the
three months ended March 31, 2003, we will most likely need to achieve  positive
EBITDA in order to obtain any  significant  amounts of debt  funding to meet our
capital expenditure and working capital needs. As such, we will need to complete
additional  private  placements  in order to raise  the funds  needed.  Although
capital markets have been difficult, we have shown an ability to raise funds. In
May  2001,  we  raised,  net of  issuance  costs,  $2,331,706  through a private
placement  memorandum.  Although we have been successful in raising funds in the
past, there are no assurances that we will be able to continue to do so.

Liquidity Assessment

         In addition,  we expect our network  development  will require funds to
develop our comprehensive information technology platform to support and enhance
the provisioning,  billing and installation of new and existing customers and to
purchase and install network equipment.  We estimate our capital expenditures to
be  approximately  $200,000  for  2003.  We will  also be  required  to fund our
operating losses and working capital and possible  expenditures  associated with
market  expansions  and  potential  acquisitions  of  businesses  or assets.  In
addition,  we  will  require  funds  to pay our  current  future  minimum  lease
obligations under noncancelable  operating and capital leases and future minimum
commitments under long-term contractual  obligations associated with maintenance
and service agreements. Such future minimum commitments are as follows:
<TABLE>
<CAPTION>

                                                 Capital       Other long-term    Total minimum
 Period Ending              Operating lease       lease          contractual          long-term
 March 31, 2003,              obligations      obligations       obligations         obligations
                              -----------      -----------       -----------         -----------
<C>                           <C>               <C>              <C>                 <C>
2003                          $   549,000       $  352,000       $  14,415,000       $ 15,316,000
2004                              626,000          145,000             278,000          1,049,000
2005                              282,000           28,000             222,000            532,000
2006                              249,000                0                   0            249,000
2007                               31,000                0                   0             31,000
Thereafter                              0                0                   0                  0


Total future minimum
long-term obligations         $ 1,737,000       $  525,000       $  14,915,000       $ 17,177,000
</TABLE>

         We have limited capital resources  available to us, and these resources
may not be available to support our ongoing operations until such time as we are
able to generate  positive cash flows from operations.  There is no assurance we
will be able to achieve future revenue levels  sufficient to support  operations
or recover  our  investment  in property  and  equipment,  and other  intangible
assets. These matters raise substantial doubt about our ability to continue as a
going concern.  Our ability to continue as a going concern is dependent upon the
ongoing support of our stockholders and customers, our ability to obtain capital
resources  to support  operations  and our  ability to  successfully  market our
services.

                                       11
<PAGE>

         It is the plan of management,  in order to continue operations, to seek
additional  revenue  generating  activities and to seek  additional  capital and
borrowing infusion. There can be no assurance that management will be successful
with this plan.

Inflation

         Inflation  continues to apply  modest,  upward  pressure on the cost of
services provided by CCC GlobalCom.

Forward Outlook and Risks

         From time to time, CCC GlobalCom may publish forward-looking statements
relating  to  such  matters  as  anticipated  financial  performance,   business
prospects,  technological  development,  new products,  research and development
activities and similar matters. The Private Securities  Litigation Reform Act of
1995 provides a safe harbor for forward-looking  statements.  In order to comply
with the terms of the safe harbor, CCC GlobalCom notes that a variety of factors
could cause our actual  results and  experience  to differ  materially  from the
anticipated   results   or   other   expectations   expressed   in  any  of  our
forward-looking  statements.  The risks and  uncertainties  that may  affect the
operations,  performance,  development and results of CCC  GlobalCom's  business
include,  but are not  limited  to,  the  following:  (a) the  failure to obtain
additional  borrowed and/or equity capital on favorable  terms for  acquisitions
and  expansion;  (b) adverse  changes in federal and state laws,  to  government
reimbursement  policies, to private industry reimbursement policies and to other
matters affecting CCC GlobalCom's industry and business; (c) the availability of
appropriate   acquisition   candidates   and  the   successful   completion   of
acquisitions;  (d) the demand for our products and services; and (e) other risks
detailed in our Securities and Exchange Commission filings.

         This  Form  10-QSB  contains  and  incorporates  by  reference  certain
"forward-looking statements" within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange  Act with  respect to results of  operations
and  businesses  of CCC  GlobalCom.  All  statements,  other than  statements of
historical facts, included in this Form 10-QSB, including those regarding market
trends, CCC GlobalCom's financial position, business strategy,  projected costs,
and  plans  and   objectives   of   management   for  future   operations,   are
forward-looking  statements.  In general,  such statements are identified by the
use  of  forward-looking  words  or  phrases  including,  but  not  limited  to,
"intended", "will", "should", "may", "expects",  "expected",  "anticipates", and
"anticipated"  or  the  negative  thereof  or  variations   thereon  or  similar
terminology.  These  forward-looking  statements  are  based on CCC  GlobalCom's
current  expectations.  Although we believe that the  expectations  reflected in
such forward-looking  statements are reasonable,  there can be no assurance that
such expectations will prove to be correct.  Because forward-looking  statements
involve risks and  uncertainties,  CCC  GlobalCom's  actual results could differ
materially.  Important  factors  that  could  cause  actual  results  to  differ
materially from our expectations  are disclosed  hereunder and elsewhere in this
Form 10-QSB. These  forward-looking  statements represent our judgment as of the
date of this  Form  10-QSB.  All  subsequent  written  and oral  forward-looking
statements  attributable  to CCC  GlobalCom  are  expressly  qualified  in their
entirety by the Cautionary  Statements.  CCC GlobalCom  disclaims,  however, any
intent or obligation to update its forward-looking statements.

Ability to Continue as a Going Concern. As a result of our financial  condition,
our independent  auditor included an explanatory  paragraph in its report on our
financial statements for the period ended December 31, 2002, with respect to our
ability to  continue as a going  concern.  Our ability to continue in the normal
course of business is dependent  upon its access to  additional  capital and the
success  of  future  operations.   Uncertainties  as  to  these  matters  raised
substantial  doubt about our ability to continue as a going  concern at the date
of such report.

We Have a History  of  Operating  Losses,  and We May Not Be  Profitable  in the
Future.  We have incurred  significant  operating and net losses in the past and
expect to  continue  to incur  losses in the  future as we deploy  our  network,
expand our service offerings and enter new markets.  For the year ended December
31, 2001, the Company had a net loss of $18,790,367. For the year ended December
31, 2002,  CCC  GlobalCom  had a net loss of  $19,710,961.  For the three months
ended March 31, 2003, the Company had a net loss of $2,061,393. As we expand our
operations, we expect our negative cash flow, operating losses and net losses to
continue for the  foreseeable  future.  We cannot  assure that our revenues will
grow or that we will  achieve  profitability  in the  future.  If we continue to
generate losses without obtaining  additional funding, our ability to pursue our
business  strategy may be restricted.  We have never been  profitable and do not
expect  to  become  profitable  in the near future. We  have  invested  and will

                                       12
<PAGE>

continue to invest significant  amounts of money in our network and personnel in
order to  maintain  and  develop  the  infrastructure  we need to compete in the
markets for our services and achieve profitability.

Limited Assets and Working Capital  Deficit.  As of March 31, 2003, we had, on a
consolidated  basis,  total  assets of  approximately  $6,754,000  and a working
capital deficit of approximately $34,581,000.  There can be no assurance that we
will realize positive cash flow from operations in the foreseeable  future. With
limited  assets and working  capital  deficit,  we may  continue  to  experience
difficulty in paying our vendors,  lenders,  and taxing  authorities.  If we are
unable  to pay our  vendors,  lenders,  and  taxing  authorities  they  may stop
providing critical services,  repossess critical equipment, cease funding on our
revolving  line of  credit,  or revoke  taxing  authority  licenses  or  permits
required  to  conduct  business.  In the past we have had  significant  carriers
terminate services to the Company,  we currently are not in compliance with loan
covenants  and we have  received a  Revocation  Order from the State of Missouri
revoking Ciera Network Systems' Missouri retail sales tax license.

Additional Capital Required.  Our business plan provides that we will attempt to
complete additional  acquisitions.  We believe that we will be required to raise
additional capital in order to fund our business plan during the next 24 months.
There can be no assurance that additional financing would be available to us or,
if available,  that it could be obtained on acceptable  terms.  We have financed
our operations almost exclusively through the private sales of securities. Since
we are losing money, we must raise the money we need to continue  operations and
expand our network either by selling more  securities or borrowing  money. If we
are not able to raise  additional  money  we will not be able to  implement  our
strategy for the future, and we will either have to scale back our operations or
shut down all of our  operations.  Failure to obtain such financing could result
in the delay or  abandonment  of some or all of our  development  and  expansion
plans and expenditures and could have a material adverse effect on us.

Limited Operating History. We provide voice and data services through the use of
the networks of other  communication  providers.  We have been  operating in the
telecommunications  business  through our  wholly-owned  subsidiary,  Ciera, for
approximately three years. We have limited assets,  limited revenues and limited
customers.  Our customer  base and revenues are stable to declining on a monthly
basis  and we have  operated  at a loss  since  its  inception.  There can be no
assurance  that we will  ever  operate  profitably.  In order  to  significantly
increase revenues, we must acquire other companies,  as well as grow internally.
Although our management has conducted extensive  discussions with the principals
of several acquisition  targets,  there can be no assurance that we can fund the
acquisitions,  that  we can  complete  the  acquisitions  or that  the  acquired
businesses  will  operate  at a  profit.  As a result of our  limited  operating
history  as a  facilities-based  Integrated  Communications  Provider,  we  have
limited  operating  and  financial  data on  which  we can  predict  our  future
performance  and base our  investment  decisions.  We cannot  assure that we can
successfully operate as a facilities-based Integrated Communications Provider.

We Must Expand and Operate Our Network.  Our success and ability to increase our
revenues depends upon our ability to deliver  telecommunication  services which,
in turn,  depends on our  ability to  successfully  integrate  new and  emerging
technologies  and  equipment  into our network and to increase the number of our
customers significantly.

The Telecommunications Market in Which We Operate is Highly Competitive,  and We
May Not Be Able to Compete Effectively Against Companies That Have Significantly
Greater  Resources Than We Do, Which Could Cause Us to Lose Customers and Impede
Our Ability to Attract New Customers. The telecommunications  industry is highly
competitive  and is affected by the  introduction  of new  services  by, and the
market  activities  of, major industry  participants.  Most of our other current
competitors are substantially  larger and have greater financial,  technical and
marketing  resources  than we do.  We have not  achieved,  and do not  expect to
achieve, a significant market share for any of the telecommunication services we
offer. Many of our competitors have the following advantages over us:

         o    long-standing relationships and brand recognition with customers;

         o    financial,  technical,  marketing,  personnel and other  resources
              substantially greater than ours;

         o    more funds to deploy telecommunication services;

         o    potential  to  lower  prices  of   competitive   telecommunication
              services that compete with ours;

                                       13
<PAGE>

         o    fully-deployed and operational networks; and

         o    benefits  from  existing  regulations  that  favor  the  incumbent
              telephone companies.

         We face, and expect to continue to face,  competition  from current and
potential market entrants, including:

         o    long-distance  providers seeking to enter, reenter or expand entry
              into the local telecommunications marketplace; and

         o    other   domestic  and   international   integrated   communication
              providers,   resellers,   Internet  companies,   cable  television
              companies, electric utilities and municipalities,  which are using
              their    rights-of-way    and   other    assets   to   enter   the
              telecommunication services market. In addition, a continuing trend
              toward    combinations    and    strategic    alliances   in   the
              telecommunications  industry  could give rise to  significant  new
              competitors, which could cause us to lose customers and impede our
              ability to attract new customers.

Continuing  Weakness  in the  Economy and the  Telecommunications  Industry  May
Impact the  Company.  The  continuation  of the  downturn in the United  States'
economy  and,  in  particular,  the  telecommunications  industry,  may  have  a
significant  impact on the Company.  Several of the  Company's  competitors  and
customers  have filed for protection  under the bankruptcy  laws and the Company
may  be  unable  to  collect   receivables  due  to  bankruptcies  and  business
difficulties  among  its  customers.   Competitors  who  successfully   complete
restructuring  or  bankruptcy  reorganization  processes  or who  introduce  new
product offerings may put the Company at a competitive disadvantage.

Resistance by Potential Customers to Enter into Service Arrangements With Us May
Reduce   Our   Ability   to   Increase   Our   Revenue.   The   success  of  our
telecommunications service offerings will be dependent upon, among other things,
the  willingness  of  customers to accept us as a new provider of voice and data
services.  Many of our potential customers have entered into term contracts with
incumbent telephone  providers that have penalties for early termination,  which
our potential customers may not want to incur. In addition,  potential customers
may not want to change their existing service providers for a variety of reasons
such as:

         o    long-standing service relationships with existing providers;

         o    potential  service  interruptions  in switching to a new provider;
              and

         o    existing  providers  having  financial,  technical,  marketing and
              other resources that are substantially greater than ours.

         We  cannot  assure  that  we  will  be  successful  in  overcoming  the
resistance  of  customers  to  change  their  current  integrated  communication
providers,  particularly  those that purchase services from incumbent  telephone
companies.  The lack of such  success  would  reduce our ability to increase our
revenue.

A Default in the RFC Financial  Corporation  Loan and Security  Agreement  could
result in the lender seizing the Company's  Assets.  The Company is in technical
default on its obligations under the RFC Financial Corporation Loan and Security
Agreement because it has failed to achieve certain financial  covenants required
by the Loan and Security Agreement. Since the RFC Financial Corporation Loan and
Security  Agreement  represents  debt secured by assets of the  Company,  if the
Company is not able to comply with the financial covenants contained in the Loan
and  Security  Agreement  or obtain a waiver for the failure to comply with such
covenants from RFC Financial  Corporation,  the default could potentially result
in the Company's assets being seized by RFC Financial Corporation.

If Our Back Office and Customer Service Systems Are Unable to Meet Our Needs, We
May Not Be Able to Bill Our Customers  Efficiently  or Provide an Adequate Level
of  Customer  Service.  Sophisticated  back  office  processes  and  information
management  systems  are vital to our growth and our  ability to bill  customers
accurately,  initiate service for customers,  achieve operating efficiencies and
improve our operating  margins.  Our plans to develop and  implement  these back
office  and  customer  service  systems  rely,  for the most part,  on  choosing
products and  services  offered by  third-party  vendors and  integrating  these
products and services into our  operations.  We cannot assure that these systems
will perform as expected as we grow our customer base. In addition, our right to

                                       14
<PAGE>


use these systems depends upon license agreements with third-party  vendors.  If
these  vendors  elect  to  cancel  or not  renew  some or all of  these  license
agreements, our business may be adversely affected. Some of the risks associated
with our back office and customer service systems include:

         o    the failure by  third-party  vendors to deliver their products and
              services in a timely and effective manner and at acceptable costs;

         o    our failure to identify key information and processing needs;

         o    our  failure  to  integrate  our  various  information  management
              systems effectively;

         o    our failure to maintain and upgrade systems as necessary; and

         o    our  failure  to  attract  and retain  qualified  systems  support
              personnel.

Development and Expansion Risk and Possible  Inability to Manage Growth.  We are
in the early stages of operations.  Our success will depend, among other things,
on substantial  increases in customer base, on our ability to engage in business
in  foreign  markets,  on  the  execution  of  agreements  with  the  owners  of
long-distance  lines or  distribution  channels,  on obtaining  of  governmental
permits,  and on subsequent  developments in state and federal  regulations.  In
addition,  the expansion of our business will involve acquisitions,  which could
divert the resources and management time and require  integration  with our then
existing  operations.  There can be no assurance that any acquired business will
be successfully integrated into our operations or that any such acquisition will
meet our  expectations.  Our future  performance will depend,  in part, upon our
ability to manage our growth effectively, which will require us to implement and
improve our operating,  financial and accounting systems,  to expand,  train and
manage its employee base and to effectively  manage the  integration of acquired
businesses.  These factors,  and others, could adversely affect the expansion of
our  customer  base and service  offerings.  Our  inability  either to expand in
accordance with our plans or to manage our growth could have a material  adverse
effect on our business, financial condition and results of operations.

We  Will  Need  to  Rely  on  Incumbent  Local  Exchange   Carriers  (ILECs)  to
Successfully  Implement Our Services.  Their Failure to Cooperate  With Us Could
Adversely  Affect the Services We Offer and Cause Us to Lose Customers.  We are,
and will  continue to be,  dependent on the ILECs and, as we expand our network,
on other incumbent  telephone  companies that operate in our target market areas
to  assure  that  we  can  provide  our  customers   uninterrupted  service  and
competitive services.  The  Telecommunications  Act of 1996 requires the largest
incumbent  telephone companies to lease or "unbundle" their network elements and
make them  available  to others and us for  purchase,  as well as provide  their
telecommunications  services to others and us at  wholesale  prices.  We cannot,
however,  assure  that  these  elements  and  services  will  be  provided  in a
commercially-viable   manner  or  at  reasonable  prices.  Many  new  integrated
communication providers have experienced  difficulties in working with incumbent
telephone   companies.   Problems  have  arisen  in  installing   access  lines,
implementing  interconnection  and co-location and integrating the  preordering,
ordering,  repairing and billing  systems used by new  integrated  communication
providers with the systems of incumbent telephone companies.  These problems may
impair our  reputation  with  customers  who can easily switch back to incumbent
telephone   companies  or  to  other   telecommunications   service   providers.
Coordination  and cooperation with incumbent  telephone  companies are necessary
for new integrated communication providers, such as us, to provide local service
to customers on a timely, cost-effective and competitive basis. In addition, our
ability to implement  successfully our switched and enhanced  telecommunications
services  will  require  the  negotiation  of  interconnection  and  co-location
agreements with incumbent telephone  companies.  Interconnection  agreements set
forth the terms and  conditions  governing  how local  integrated  communication
providers   interconnect   their  networks  and/or  purchase  or  lease  network
facilities  and services.  These  negotiations  may require  considerable  time,
effort and  expense  and the  agreements  will be  subject to federal  and state
regulation. The terms of interconnection agreements, such as our agreements with
ILECs, typically cover a two- to three-year period,  requiring us to renegotiate
them  frequently.  We cannot  assure that we will be able to  renegotiate  these
interconnection  agreements or negotiate new  agreements in our existing and new
markets on favorable terms. Delays in obtaining  interconnection  agreements may
delay our entry  into new  markets.  In  addition,  the  prices set forth in the
interconnection  agreements may be subject to significant  rate increases at the
discretion  of the  regulatory  authority  in each of the  states in which we do
business.   A  significant   part  of  our  cost  structure   depends  on  these
state-regulated  rate structures.  We cannot assure that the rates charged to us
under our  interconnection  agreements  will allow us to offer  usage  rates low
enough to attract a  sufficient  number of  customers  to operate  our  business
profitably.

                                       15
<PAGE>

If  Third  Parties  Do Not  Provide  the  Telecommunications  Products  and  the
Installation  and Field Services That Are Critical to Our Business We Could Lose
Customers.  Because we depend on third-party  vendors we do not have  guaranteed
capacity or control  over  delivery  schedules,  quality  assurance,  production
yields and costs.  If any of our  vendors  reduces or  interrupts  its supply of
products,  or if any significant  installer or field service provider interrupts
its service to us or fails to perform to required  specifications,  our business
could be disrupted,  which could cause us to lose  customers.  In addition,  our
suppliers  may be unable  to  manufacture  and  deliver  the  telecommunications
products  we  require.  If this were to occur,  we might be unable to deploy our
network in a timely manner, thus reducing our ability to compete.

Declining  Prices for  Telecommunications  Services Could Reduce Our Revenue and
Profitability.   The  telecommunications   business  is  extremely  competitive.
Long-distance prices have decreased substantially in recent years and have shown
signs that the pricing pressure may be easing.  In addition,  the  long-distance
industry has  historically  experienced  high customer  attrition,  as customers
frequently  change  their  chosen  long-distance  providers in response to lower
rates or promotional  incentives by  competitors.  We rely on other companies to
provide service for all of our  long-distance  traffic.  As we enter  additional
markets  we will  need to  negotiate  resale  agreements  with  other  telephone
companies to provide us with long-distance  services.  Such agreements typically
provide for the resale of  long-distance  services on a per-minute basis and may
contain minimum volume  commitments.  Negotiation of these  agreements  involves
estimates of future supply and demand for  long-distance  services and estimates
of the calling patterns and traffic levels of our customers.  If we fail to meet
our minimum  volume  commitments,  we may be obligated to pay  under-utilization
charges, and if we underestimate our need for long-distance  services, we may be
required to obtain capacity through more expensive means,  which would raise our
costs and reduce our revenues.  Our failure to achieve  acceptable  profits from
our long-distance business could have a material adverse effect on us. Trends in
the  pricing  for  long-distance  services  may be  indicative  of trends in the
telecommunications industry. If this is the case, revenue from our other service
offerings may be subject to significant price pressure.

         An increase in the capacity of our competitors  could adversely  affect
our business. Furthermore, the marginal cost of carrying an additional call over
existing  fiber optic cable is  extremely  low. As a result,  within a few years
there may be dramatic and substantial price reductions.

Our Failure to Integrate  Successfully Other Businesses We Acquire May Raise Our
Costs and Reduce  Our  Revenue.  As part of our  business  strategy,  we seek to
expand through  investments in or the  acquisition of other  businesses  that we
believe are  complementary  to our  business.  Although we  regularly  engage in
discussions relating to potential acquisitions, we are unable to predict whether
any acquisitions will actually occur. If we acquire companies, networks or other
complementary  assets as part of our  expansion  plan we will be  subject to the
risks  generally   associated  with   acquisitions.   Our  ability  to  complete
acquisitions  will depend,  in part, on our ability to finance the  acquisitions
(including  the  costs of  acquisition  and  integration).  Our  ability  may be
constrained  by our cash  flow,  the  level  of our  indebtedness  at the  time,
restrictive  covenants in the agreements governing our indebtedness,  conditions
in the securities  markets and other  factors,  some of which are not within our
control.  If we proceed with one or more acquisitions in which the consideration
consists of cash,  we may use a  substantial  portion of our  available  cash to
complete  the  acquisitions.  If we finance  one or more  acquisitions  with the
proceeds of  indebtedness,  our interest  expense and debt service  requirements
could  increase  materially.   Furthermore,  if  we  use  our  common  stock  as
consideration for acquisitions,  our stockholders  would experience  dilution of
their  ownership  interests  represented  by their shares of common  stock.  The
financial impact of acquisitions  could materially affect our business and could
cause substantial fluctuations in our quarterly and yearly operating results.

The  Telecommunications  Industry Is Undergoing Rapid Technological Changes, and
New Technologies May Be Superior to the Technologies We Use. Our Failure to Keep
up with Such Changes Could Adversely Affect Our Business. The telecommunications
industry  is  subject to rapid and  significant  changes  in  technology  and in
customer requirements and preferences.  We have developed our business based, in
part, on traditional telephone technology. Subsequent technological developments
may reduce the competitiveness of our network and require expensive,  unbudgeted
upgrades or additional  telecommunication  products that could be time consuming
to integrate into our business,  and could cause us to lose customers and impede
our  ability  to  attract  new  customers.  We may be  required  to  select  one
technology  over another at a time when it might be  impossible  to predict with
any certainty  which  technology  will prove to be more  economic,  efficient or

                                       16
<PAGE>

capable  of  attracting  customers.   In  addition,   even  if  we  acquire  new
technologies  we may not be able to  implement  them  as  effectively  as  other
companies with more experience with those new technologies.

Marketing  Risks.  Although we expect to market a variety of  telecommunications
services to customers and prospective customers,  there can be no assurance that
we will  be able to  attract  and  retain  new  customers  or  retain  and  sell
additional services to existing customers.

Critical Accounting Policies

         Our discussion  and analysis of our financial  condition and results of
operations is based upon our consolidated financial statements,  which have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United States. The preparation of these financial statements requires us to make
estimates  and  assumptions  about the  effect of  matters  that are  inherently
uncertain.  These  estimates  and  assumptions  affect the  reported  amounts of
assets,  liabilities,  revenues and expenses and disclosure of contingent assets
and  liabilities  that exist at the date of our financial  statements.  While we
believe our estimates are appropriate,  actual results can, and often do, differ
from those estimates.

         Our critical  accounting  policies are discussed  below.  Each of these
areas involves  complex  situations and a high degree of judgment  either in the
application and  interpretation of existing  literature or in the development of
estimates that impact our financial statements.

Revenue Recognition. We recognize revenue in accordance with all applicable U.S.
Generally Accepted Accounting Principles including SEC Staff Accounting Bulletin
No. 101, "Revenue Recognition in Financial Statements" (SAB 101), which provides
additional guidance on revenue recognition, as well as criteria for when revenue
is realized and earned and related costs are incurred.  The  application  of SAB
101  requires  management's  judgment  on  the  amount  and  timing  of  revenue
recognition.  Should  changes in  conditions  cause  management to determine the
revenue  recognition  criteria  are  not met for  certain  future  transactions,
revenue recognized for any reporting period could be adversely affected.

         The assessment of collectabilty is particularly critical in determining
whether or not  revenue  should be  recognized.  A portion of our revenue is for
reciprocal  compensation generated by calls placed to Internet Service Providers
who are our  customers.  In addition,  a portion of our revenue is access charge
revenue  for   connecting   our  voice  service   customers  to  their  selected
long-distance   carriers  for   outbound   calls  or  for   delivering   inbound
long-distance traffic to our voice service customers.  Our ability to earn local
reciprocal  compensation revenues and access revenues is the subject of numerous
regulatory and legal challenges. Until these issues are ultimately resolved, our
policy is to  recognize  these  revenues  only when  realization  is  reasonably
assured.

Accounts Receivable.  A considerable amount of judgment is required in assessing
the  ultimate   realization  of  our  accounts   receivable.   We  evaluate  the
collectability of our accounts  receivable based on a combination of factors. We
recognize  allowances  for  doubtful  accounts  based on the  length of time the
receivables  are past due, the current  business  environment and our historical
experience.  In  circumstances  where we are aware of a specific  customer's  or
carrier's  inability  to meet  its  financial  obligations  to us,  we  record a
specific  allowance against amounts due to reduce the net recognized  receivable
to the  amount  we  reasonably  believe  will  be  collected.  If the  financial
condition  of our  customers  or  carriers  were to  deteriorate  or if economic
conditions worsened, additional allowances may be required in the future.

Goodwill  and  Intangibles.  We had  significant  intangible  assets  related to
goodwill and other acquired intangibles.  The determination of related estimated
useful lives and whether or not these assets are impaired  involves  significant
judgment  by  management.  We  periodically  evaluate  acquired  businesses  for
potential  impairment  indicators.  Our  judgments  regarding  the  existence of
impairment  are  based on  market  conditions,  legal  factors  and  operational
performance of our acquired businesses. Future events could cause us to conclude
that  intangibles  associated  with our acquired  businesses  are impaired.  Any
resulting  impairment  loss could  have a  significant  impact on our  financial
condition and results of operations.

Impairment of Long-Lived  Assets.  The Company reviews its long-lived assets for
impairment when  circumstances  indicate that the book value of an asset may not
be  fully  recovered  by the  undiscounted  net  cash  flow  generated  over the

                                       17
<PAGE>

remaining  life of the  related  asset  or group of  assets.  If the cash  flows
generated by the asset are not sufficient to recover the remaining book value of
the asset,  the  Company is  required  to write down the value of the asset.  In
evaluating  whether the asset will generate  sufficient cash flow to recover its
book value, the Company estimates the amount of cash flow that will be generated
by the asset and the remaining  life of the asset.  In making our estimate,  the
Company  considers the performance  trends related to the asset,  the likelihood
that the trends will  continue or change,  both at the asset level as well as at
the national economic level, and the length of time that we expect to retain the
asset.

Network Expenses. The recognition of network expense and the related liabilities
for network  expense  requires  certain  estimates and assumptions to be made by
management. Our accruals for unbilled leased network facilities,  network access
charges,  and  equipment  co-location  charges  are  based  on  circuit  counts,
estimated  usage,  and  active  co-location  sites.  Additionally,  our  accrual
includes charges  invoiced by carriers,  which are probable network expenses but
have not yet been  paid due to rate or  volume  disputes  with  other  carriers.
Should  changes in  conditions  or facts  cause us to revise our  estimates  our
financial condition and results of operations could be significantly impacted.

Other Matters. We do not have any of the following:

         o    Off-balance sheet financial arrangements;

         o    Trading  activities  that  include  nonexchange  traded  contracts
              accounted for at fair value; or

         o    Relationships  and  transactions  with  persons or  entities  that
              derive benefits from any  nonindependent  relationship  other than
              the related party transactions discussed below.

New Accounting Pronouncements

         We  continually   monitor  and  revise  our   accounting   policies  as
developments occur. The following recently issued accounting  pronouncements may
impact  the  future  presentation  of our  financial  condition  and  results of
operations.

         In January 2003 the FASB issued  Interpretation No. 46,  "Consolidation
of  Variable  Interest   Entities,"  an  interpretation  of  ARB  No.  51.  This
Interpretation  addresses the consolidation by business  enterprises of variable
interest entities as defined in the Interpretation.  The Interpretation  applies
immediately to variable  interests in variable  interest  entities created after
January 31,  2003,  and to variable  interests  in  variable  interest  entities
obtained after January 31, 2003. For public enterprises with a variable interest
in  a  variable   interest   entity  created   before   February  1,  2003,  the
Interpretation  is applied to that enterprise no later than the beginning of the
first interim or annual  reporting  period  beginning  after June 15, 2003.  The
Company does not expect the adoption of Interpretation No. 46 to have a material
impact on the Company's future results of operations or financial position.

         The  Emerging  Issues  Task  Force  issued  EITF  No.  00-21,  "Revenue
Arrangements  with Multiple  Deliverables"  addressing the allocation of revenue
among  products and services in bundled  sales  arrangements.  EITF No. 00-21 is
effective for  arrangements  entered into in fiscal periods after June 15, 2003.
The Company  does not expect the  adoption of EITF No.  00-21 to have a material
impact on the Company's future results of operations or financial position.

ITEM 3.      CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

         We maintain  disclosure  controls and  procedures  that are designed to
ensure that information  required to be disclosed in our Exchange Act reports is
recorded,  processed,  summarized and reported within the time periods specified
in the SEC's  rules and forms,  and that such  information  is  accumulated  and
communicated  to our  management,  including  our chief  executive  officer  and
principal financial officer, as appropriate, to allow timely decisions regarding
required  disclosure.  In designing and evaluating  the disclosure  controls and
procedures,  management  recognized that any controls and procedures,  no matter
how well  designed  and  operated,  can provide  only  reasonable  assurance  of
achieving  the  desired  control  objectives,  and  management  necessarily  was
required to apply its judgment in evaluating the  cost-benefit  relationship  of
possible controls and procedures.

                                       18
<PAGE>

         Within 90 days  prior to the 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 principal  financial  officer,  of the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures.  Based on the foregoing,  our chief executive  officer and principal
financial  officer  concluded  that  the  Company's   disclosure   controls  and
procedures were effective.

Changes in Internal Controls

         There have not been any significant changes in our internal controls or
in other factors that could  significantly  affect these controls  subsequent to
the date of their evaluation. There were no significant deficiencies or material
weaknesses, and therefore no corrective actions were taken.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         MCI WorldCom vs. Ciera Network Systems,  Inc., Case No.  03-CV-55-P(C),
in the Federal  District  Court for the  Northern  District of  Oklahoma,  filed
January 15, 2003.  MCI has sued Ciera  claiming  Ciera owes MCI  $2,560,000  for
long-distance  services which were resold by Ciera. The case was recently filed.
Ciera  has  denied  that it owes MCI the  amounts  alleged  due to over  billing
practices  and  MCI's  failure  to  provide  rates  and  consolidation  of three
contracts  as  promised,  which  would lower the  overall  cost of the  service.
Management  intends to contest the lawsuit  vigorously.  At this time, it is too
early to ascertain whether Ciera will be successful in the defense of this case.

ITEM 2. Changes in Securities and Use of Proceeds. None.

ITEM 3. Defaults by the Company on its Senior Securities.  On December 31, 2002,
we signed an Amended and Restated Loan Agreement with RFC Financial  Corporation
that  provides  for a  revolving  line of  credit.  Under the Loan and  Security
Agreement,  RFC has a security  interest in and lien on Ciera  Network  Systems,
Inc. and CCC  GlobalCom  Corporation's  assets,  including  inventory,  accounts
receivable,  intangibles,  equipment,  furniture and  fixtures,  trade names and
marks,  intellectual  property,  customer base, deposit accounts,  and insurance
proceeds.  Under the Loan and Security  Agreement  the  principal  amount of the
revolving  line of credit is not to exceed the lesser of (a)  $6,000,000 and (b)
the  Availability  Formula.  The Company has extended the full amount  available
under  the  Availability  Formula.  In  addition,  we  were  able  to  refinance
$14,000,000 of the line of credit to term notes. The notes have a number of loan
covenants,  one of which  requires the Company to pay all  required  federal and
state  taxes in a timely  manner.  The Company is  delinquent  in the payment of
federal  excise  taxes.  Another loan  covenant  requires the Company to achieve
negative  EBITDA  results of no greater than $850,000 for the three months ended
March 31, 2003. The Company  achieved  negative EBITDA results of  approximately
$1,000,000  for the three months ended March 31, 2003. As a result,  the Company
is not in compliance with the loan  covenants.  RFC has not notified the Company
of an event of default.

ITEM 4. Submission of Matters to Vote of Security Holders. None.

ITEM 5. Other Information. None.

ITEM 6(a). Exhibits.  Exhibit 99.1 Certification of Chief Executive officer
                      Exhibit 99.2 Certification of Principal Financial Officer

ITEM 6(b).  Reports  on Form 8-K.  On April 1, 2003,  the  Company  filed an 8-K
announcing the resignation of Clifford J. Bottoms as the Chief Financial Officer
and as a Director of the Company. The Company also announced the resignations of
Gary Owens and Michael Walsh as Directors of the Company.

                                       19
<PAGE>


SIGNATURES
----------

         In accordance with Section 13 or 15 (d) of the Securities  Exchange Act
of 1934,  the  Registrant  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                           CCC GLOBALCOM CORPORATION


Date May 20, 2003          By  /s/ Paul E. Licata
                           --------------------------
                           Paul E. Licata
                           Chief Executive Officer and President
                           /Principal Executive Officer



Date May 20, 2003          By  /s/ Mario H. Hernandez
                           ----------------------------------
                           Mario H. Hernandez
                           Controller /Principal
                           Financial Officer


                                       20
<PAGE>
                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Paul E. Licata, certify that:

         1.   I have  reviewed  this  quarterly  report  on Form  10-QSB  of CCC
              GlobalCom Corporation;

         2.   Based on my knowledge,  this quarterly report does not contain any
              untrue  statement  of a material  fact or omit to state a material
              fact  necessary  to make  the  statements  made,  in  light of the
              circumstances   under  which  such   statements   were  made,  not
              misleading  with respect to the period  covered by this  quarterly
              report;

         3.   Based  on  my  knowledge,  the  financial  statements,  and  other
              financial  information  included in this quarterly report,  fairly
              present in all material respects the financial condition,  results
              of operations and cash flows of the registrant as of, and for, the
              periods presented in this quarterly report;

         4.   The registrant's  other certifying  officers and I are responsible
              for   establishing   and  maintaining   disclosure   controls  and
              procedures  (as defined in Exchange  Act Rules  13a-14 and 15d-14)
              for the registrant and we have:

              o     designed such  disclosure  controls and procedures to ensure
                    that  material   information  relating  to  the  registrant,
                    including its consolidated subsidiaries, is made known to us
                    by others  within those  entities,  particularly  during the
                    period in which this quarterly report is being prepared;

              o     evaluated the  effectiveness of the registrant's  disclosure
                    controls and procedures as of a date within 90 days prior to
                    the filing date of this  quarterly  report (March 31, 2003);
                    and

              o     presented in this quarterly report our conclusions about the
                    effectiveness  of the  disclosure  controls  and  procedures
                    based on our evaluation as of the Evaluation Date;

         5.   The registrant's  other certifying  officers and I have disclosed,
              based on our most recent evaluation,  to the registrant's auditors
              and the audit  committee of  registrant's  board of directors  (or
              persons performing the equivalent function):

              o     all  significant  deficiencies in the design or operation of
                    internal   controls   which  would   adversely   affect  the
                    registrant's  ability  to  record,  process,  summarize  and
                    report   financial   data  and  have   identified   for  the
                    registrant's  auditors any material  weaknesses  in internal
                    controls; and

              o     any fraud, whether or not material, that involves management
                    or  other  employees  who  have a  significant  role  in the
                    registrant's internal controls; and

         6.   The registrant's other certifying officers and I have indicated in
              this  quarterly  report  whether  or not  there  were  significant
              changes  in  internal  controls  or in other  factors  that  could
              significantly  affect internal controls  subsequent to the date of
              our most recent evaluation,  including any corrective actions with
              regard to significant deficiencies and material weaknesses.


By  /s/  Paul E. Licata
--------------------------
Paul E. Licata
Chief Executive Officer
May 20, 2003


                                       21
<PAGE>

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mario H. Hernandez, certify that:

         1.   I have  reviewed  this  quarterly  report  on Form  10-QSB  of CCC
              GlobalCom Corporation;

         2.   Based on my knowledge,  this quarterly report does not contain any
              untrue  statement  of a material  fact or omit to state a material
              fact  necessary  to make  the  statements  made,  in  light of the
              circumstances   under  which  such   statements   were  made,  not
              misleading  with respect to the period  covered by this  quarterly
              report;

         3.   Based  on  my  knowledge,  the  financial  statements,  and  other
              financial  information  included in this quarterly report,  fairly
              present in all material respects the financial condition,  results
              of operations and cash flows of the registrant as of, and for, the
              periods presented in this quarterly report;

         4.   The registrant's  other certifying  officers and I are responsible
              for   establishing   and  maintaining   disclosure   controls  and
              procedures  (as defined in Exchange  Act Rules  13a-14 and 15d-14)
              for the registrant and we have:

              o     designed such  disclosure  controls and procedures to ensure
                    that  material   information  relating  to  the  registrant,
                    including its consolidated subsidiaries, is made known to us
                    by others  within those  entities,  particularly  during the
                    period in which this quarterly report is being prepared;

              o     evaluated the  effectiveness of the registrant's  disclosure
                    controls and procedures as of a date within 90 days prior to
                    the filing date of this quarterly  report  (March31,  2003);
                    and

              o     presented in this quarterly report our conclusions about the
                    effectiveness  of the  disclosure  controls  and  procedures
                    based on our evaluation as of the Evaluation Date;

         5.   The registrant's  other certifying  officers and I have disclosed,
              based on our most recent evaluation,  to the registrant's auditors
              and the audit  committee of  registrant's  board of directors  (or
              persons performing the equivalent function):

              o     all  significant  deficiencies in the design or operation of
                    internal   controls   which  would   adversely   affect  the
                    registrant's  ability  to  record,  process,  summarize  and
                    report   financial   data  and  have   identified   for  the
                    registrant's  auditors any material  weaknesses  in internal
                    controls; and

              o     any fraud, whether or not material, that involves management
                    or  other  employees  who  have a  significant  role  in the
                    registrant's internal controls; and

         6.   The registrant's other certifying officers and I have indicated in
              this  quarterly  report  whether  or not  there  were  significant
              changes  in  internal  controls  or in other  factors  that  could
              significantly  affect internal controls  subsequent to the date of
              our most recent evaluation,  including any corrective actions with
              regard to significant deficiencies and material weaknesses.


By /s/  Mario H. Hernandez
--------------------------------------
Mario H. Hernandez
Controller/Principal Financial Officer
May 20, 2003


                                       22