UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           FORM 10-KSB

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

           For the fiscal year ended December 31, 2003

                                OR

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

                Commission file number: 000-31671


                   GLOBALWISE INVESTMENTS, INC.
       ----------------------------------------------------
      (Exact name of registrant as specified in its charter)

Nevada                                         87-0613716
------------------------------                 -----------------
(State or other jurisdiction of                (I.R.S. Employer
incorporation or organization)                 Identification No.)


2157 S. Lincoln Street, Salt Lake City, Utah   84106
--------------------------------------------   --------
(Address of principal executive offices)      (Zip code)


Issuer's telephone number, including area code: (801) 323-2395

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

Securities registered pursuant to Section 12(g) of the Act: Common Stock

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

Check if disclosure of delinquent filers in response to item 405 of Regulation
S-B is not contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [X]

State issuer's revenue for its most recent fiscal year: None

As of February 20, 2004, the registrant had 802,000 shares of common stock
outstanding.  Since the registrant does not have an active trading market, a
market value of the voting stock held by non-affiliates cannot be determined.

Documents incorporated by reference: None

Transitional Small Business Disclosure Format (check one): Yes [ ]  No [X]

<PAGE>

                        TABLE OF CONTENTS

                              PART I

Item 1.  Description of Business............................................3
Item 2.  Description of Property............................................6
Item 3.  Legal Proceedings..................................................6
Item 4.  Submission of Matters to a Vote of Security Holders................6

                             PART II

Item 5.  Market for Common Equity, Related Stockholder Matters
         and Issuer Purchase of Securities..................................6
Item 6.  Plan of Operation..................................................7
Item 7.  Financial Statements...............................................7
Item 8.  Changes in and Disagreements with Accountants on Accounting
         and Financial Disclosure..........................................18
Item 8A. Controls and Procedures...........................................18

                             PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons,
         Compliance with Section 16(a) of the Exchange Act.................18
Item 10. Executive Compensation............................................19
Item 11. Security Ownership of Certain Beneficial Owners and
         Management and Related Stockholder Matters........................19
Item 12. Certain Relationships and Related Transactions....................20
Item 13. Exhibits and Reports on Form 8-K..................................20
Item 14. Principal Accountant Fees and Services............................20
Signatures.................................................................21







                    FORWARD LOOKING STATEMENTS

In this annual report references to "Globalwise," "we," "us," and "our" refer
to Globalwise Investments, Inc..

This annual report contains certain forward-looking statements and for this
purpose any statements contained in this annual report that are not statements
of historical fact may be deemed to be forward-looking statements.  Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or comparable terminology are intended
to identify forward-looking statements.  These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
Globalwise's control.  These factors include but are not limited to economic
conditions generally and in the industries in which Globalwise may
participate; competition within Globalwise's chosen industry, including
competition from much larger competitors; technological advances and failure
by Globalwise to successfully develop business relationships.

                                2

<PAGE>

                              PART I

ITEM 1: DESCRIPTION OF BUSINESS

Business Development

Globalwise Investments, Inc. was incorporated in the state of Utah on October
3, 1997, to engage in the confectionary vending machine business.  In June
2000 we sold all of the assets and liabilities of our vending machine
business.  On July 12, 2000, Globalwise Investments, Inc. was incorporated in
the state of Nevada and on July 21, 2000, Globalwise Utah merged with
Globalwise Nevada for the sole purpose of changing our domicile from the state
of Utah to the state of Nevada.

Our Plan

We are a "blank check" company and have had recurring operating losses for the
past two fiscal years.  Our independent auditors have expressed doubt that we
can continue as a going concern unless we obtain financing to continue
operations. Our business plan is to seek, investigate, and, if warranted,
acquire an interest in a business opportunity to create necessary operating
revenue.

Our acquisition of a business opportunity may be made by merger, exchange of
stock, or otherwise.  We have very limited sources of capital, and we probably
will only be able to take advantage of one business opportunity. At the
present time we have not identified any business opportunity that we plan to
pursue, nor have we reached any preliminary or definitive agreements or
understandings with any person concerning an acquisition or merger.

Based on current economic and regulatory conditions, management believes that
it is possible, if not probable, for a company like ours, without many assets
or liabilities, to negotiate a merger or acquisition with a viable private
company.  The opportunity arises principally because of the high legal and
accounting fees and the length of time associated with the registration
process of "going public."  However, should any of these conditions change, it
is very possible that there would be little or no economic value for anyone
taking over control of Globalwise.

In the event we merge or acquire a business opportunity, the successor company
will be subject to our reporting obligations.  This is commonly referred to as
a "back door registration."  A back door registration occurs when a
non-reporting company becomes the successor of a reporting company by merger,
consolidation, exchange of securities, acquisition of assets or otherwise.
Pursuant to the Securities and Exchange Commission ("SEC") regulations, this
type of event requires the successor company to provide the same kind of
information that would appear in a registration statement in a current report
on Form 8-K, including audited and pro forma financial statements.
Accordingly, we may incur additional expense to conduct due diligence and
present the required information for the business opportunity in any report.
Also, the SEC may elect to conduct a full review of the successor company and
may issue substantive comments on the sufficiency of disclosure related to the
business opportunity.

Our search for a business opportunity will not be limited to any particular
geographical area or industry, including both United States and international
companies.  Our management has unrestricted discretion in seeking and
participating in a business opportunity, subject to the availability of such
opportunities, economic conditions and other factors.  Our management believes
that companies who desire a public market to enhance liquidity for current
stockholders, or plan to acquire additional assets through issuance of
securities rather than for cash will be potential merger or acquisition
candidates.

The selection of a business opportunity in which to participate is complex and
extremely risky and will be made by management in the exercise of its business
judgement.  There is no assurance that we will be able to identify and acquire
any business opportunity which will ultimately prove to be beneficial to us
and our stockholders.  Should a merger or acquisition prove unsuccessful, it
is possible management may decide not to pursue further acquisition activities
and management may abandon its activities and we may become dormant or be
dissolved.

Our activities are subject to several significant risks which arise primarily
as a result of the fact that we have no specific business and may acquire or
participate in a business opportunity based on the decision of management


                                3

<PAGE>

which will, in all probability, act without consent, vote, or approval of our
stockholders.

It is possible that the range of business opportunities that might be
available for consideration by us could be limited by impact of the SEC
regulations regarding purchase and sale of "penny stock."  Our common stock is
listed on the OTC Bulletin Board, but there is little market activity at this
time.  We cannot assure that a market will develop or that a stockholder ever
will be able to liquidate his investments without considerable delay, if at
all.  If a market develops, our shares will likely be subject to the rules of
the Penny Stock Suitability Reform Act of 1990. The liquidity of penny stock
is affected by specific disclosure procedures required by this Act to be
followed by all broker-dealers, including but not limited to, determining the
suitability of the stock for a particular customer, and obtaining a written
agreement from the customer to purchase the stock.  This rule may affect the
ability of broker-dealers to sell our securities and may affect the ability of
purchasers to sell our securities in any market.

Investigation and Selection of Business Opportunities

We anticipate that business opportunities will come to our attention from
various sources, including our officers and directors, our stockholders,
professional advisors, such as attorneys and accountants, securities
broker-dealers, investment banking firms, venture capitalists, members of the
financial community and others who may present unsolicited proposals.
Management expects that prior personal and business relationships may lead to
contacts for business opportunities; however, we have not entered into any
direct or indirect negotiations at the time of this filing with any person,
corporation or other entity regarding any possible business reorganization
involving Globalwise.

Our management will analyze the business opportunities; however, none of our
management are professional business analysts.  (See, Part III, Item 9:
Directors, Executive Officers, . . . ")  Potential investors must recognize
that due to our management's inexperience we may not adequately evaluate a
potential business opportunity.

Our management has had limited experience with mergers and acquisitions of
business opportunities and has not been involved with an initial public
offering.  Mr. Mayer, our President, has been involved with one prior merger
in 1999 as a director and officer of a blank check reporting company.  The
merger was structured as a stock-for-stock exchange and Mr. Mayer resigned as
a director and officer upon consummation of the merger.

Certain conflicts of interest exist or may develop between Globalwise and our
officers and directors.  Our management has other business interests to which
they currently devote attention, which include their primary employment and
management of other blank check reporting companies.  They may be expected to
continue to devote their attention to these other business interests although
management time should be devoted to our business.  As a result, conflicts of
interest may arise that can be resolved only through their exercise of
judgement in a manner which is consistent with their fiduciary duties to us.
In particular, our officers and directors are directors of other blank check
companies with a structure and a business plan which is identical to ours and,
they may, in the future, be involved with other blank check companies.  In the
process of negotiations for an acquisition or merger or determination of
consulting fees related to investigation of a business opportunity, our
principal stockholders and management may consider their own personal
pecuniary benefit or the interests of other blank check companies they are
affiliated with rather than the best interests of Globalwise's other
stockholders.

We presently do not foresee entering into a merger or acquisition transaction
with any business with which our officers or directors are currently
affiliated.  If we determine in the future that a transaction with an
affiliate would be in our best interest we are permitted by Nevada law to
enter into such a transaction if:

     (1)   The material facts regarding the relationship or interest of the
affiliate in the contract or transaction are disclosed or are known to the
board of directors.  The board authorizes the contract or transaction by the
affirmative vote of a majority of the disinterested directors, even though the
disinterested directors constitute less than a quorum; or

     (2)   The material facts regarding the relationship or interest of the
affiliate in the contract transaction are disclosed or are known to the
stockholders entitled to vote on the transaction, and the contract or
transaction is specifically approved by vote of the stockholders; or

     (3)   The contract or transaction is fair to us at the time it is
authorized, approved or ratified by the board of directors or the
stockholders.

                                4

<PAGE>

A decision to participate in a specific business opportunity may be made upon
our management's analysis of the quality of the other company's management and
personnel, the anticipated acceptability of the business opportunity's new
products or marketing concept, the merit of its technological changes, the
perceived benefit that it will derive from becoming a publicly held entity,
and numerous other factors which are difficult, if not impossible, to analyze
through the application of any objective criteria.  In many instances, we
anticipate that the historical operations of a specific business opportunity
may not necessarily be indicative of the potential for the future because of
the possible need to shift marketing approaches substantially, expand
significantly, change product emphasis, change or substantially augment
management, or make other changes.  We will be dependent upon the owners of a
business opportunity to identify any such problems which may exist and to
implement, or be primarily responsible for the implementation of, required
changes.

In our analysis of a business opportunity we anticipate that management will
consider, among other things, the following factors:

     (1)   Potential for growth and profitability, indicated by a new
technology, anticipated market expansion, or new products;

     (2)   Our perception of how any particular business opportunity will be
received by the investment community and by our stockholders;

     (3)   Whether, following the business combination, the financial
condition of the business opportunity would be, or would have a significant
prospect in the foreseeable future of becoming sufficient to enable our
securities to qualify for listing on a exchange or on a national automated
securities quotation system, such as NASDAQ.

     (4)   Capital requirements and anticipated availability of required
funds, to be provided by us or from operations, through the sale of additional
securities, through joint ventures or similar arrangements, or from other
sources;

     (5)   The extent to which the business opportunity can be advanced;

     (6)   Competitive position as compared to other companies of similar size
and experience within the industry segment as well as within the industry as a
whole;

     (7)   Strength and diversity of existing management, or management
prospects that are scheduled for recruitment;

     (8)   The cost of our participation as compared to the perceived tangible
and intangible values and potential; and

     (9)   The accessibility of required management expertise, personnel, raw
materials, services, professional assistance, and other required items.

No one factor described above will be controlling in the selection of a
business opportunity.  Management will attempt to analyze all factors
appropriate to each opportunity and make a determination based upon reasonable
investigative measures and available data. Potentially available business
opportunities may occur in many different industries and at various stages of
development.  Thus, the task of comparative investigation and analysis of such
business opportunities will be extremely difficult and complex. Potential
investors must recognize that, because of our limited capital available for
investigation and management's limited experience in business analysis, we may
not discover or adequately evaluate adverse facts about the opportunity to be
acquired.

Form of Acquisition

We cannot predict the manner in which we may participate in a business
opportunity. Specific business opportunities will be reviewed as well as our
needs and desires and those of the promoters of the opportunity.  The legal
structure or method deemed by management to be suitable will be selected based
upon our review and our relative negotiating

                                5

<PAGE>

strength. Such methods may include, but are not limited to, leases, purchase
and sale agreements, licenses, joint ventures and other contractual
arrangements. We may act directly or indirectly through an interest in a
partnership, corporation or other forms of organization.  We may be required
to merge, consolidate or reorganize with other corporations or forms of
business organizations. In addition, our present management and stockholders
most likely will not have control of a majority of our voting shares following
a merger or reorganization transaction. As part of such a transaction, our
existing directors may resign and new directors may be appointed without any
vote by our stockholders.

We likely will acquire our participation in a business opportunity through the
issuance of common stock or other securities.  Although the terms of any such
transaction cannot be predicted, it should be noted that issuance of
additional shares might also may be done simultaneously with a sale or
transfer of shares representing a controlling interest by current principal
stockholders.

Competition

We expect to encounter substantial competition in our effort to locate
attractive opportunities.  Business development companies, venture capital
partnerships and corporations, venture capital affiliates of large industrial
and financial companies, small investment companies, and wealthy individuals
will be our primary competition. Many of these entities will have
significantly greater experience, resources and managerial capabilities than
we do and will be in a better position than we are to obtain access to
attractive business opportunities.  We also will experience competition from
other public "blank check" companies, many of which may have more funds
available.

Employees

We currently have no employees.  Our management expects to confer with
consultants, attorneys and accountants as necessary.  We do not anticipate a
need to engage any full-time employees so long as we are seeking and
evaluating business opportunities.

                 ITEM 2: DESCRIPTION OF PROPERTY

We do not currently own or lease any property.  Until we pursue a viable
business opportunity and recognize income, we will not seek independent office
space.

                    ITEM 3: LEGAL PROCEEDINGS

We are not a party to any proceedings or threatened proceedings as of the date
of this filing.

   ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

We have not submitted a matter to a vote of our shareholders during the fourth
quarter of the 2003 fiscal year.

                             PART II

ITEM 5: MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
                AND ISSUER PURCHASE OF SECURITIES

Market Information

Our common stock was listed on the OTC Bulletin Board on March 12, 2002, under
the symbol "GWIV."  We have had little market activity in our stock as of this
filing.  The following table presents the range of the high and low bids of
our stock as reported by the OTC Bulletin Board Historical Data Service.   We
did not have bid information available until the second quarter of the year
ended December 31, 2003.  These quotations represent prices between dealers
and may not include retail markups, markdowns, or commissions and may not
necessarily represent actual transactions.

                                6

<PAGE>

       Year     Quarter Ended       High       Low
       ----     -------------       -----      -----
       2003     March 31            $ 0.0      $ 0.0
                June 30               0.1        0.0
                September 30          0.1        0.1
                December 31           0.1        0.0

Holders and Dividends

As of February 20, 2004, we had approximately 35 stockholders of record.  We
have not declared dividends on our common stock and do not anticipate paying
dividends on our common stock in the foreseeable future.

Recent Sales of Unregistered Securities

We have not sold our common shares without registration during the past year.

Issuer Purchase of Securities

None.

                    ITEM 6: PLAN OF OPERATION

We have no assets and have experienced losses from inception.  During the next
twelve months our management intends to actively seek an operating company to
acquire or merge with which will create necessary operating revenue.

We currently cannot satisfy our cash requirements for our operations.  The
majority of our operating expenses are related to our reporting obligations
under the Exchange Act.  These expenses are related to legal, accounting and
professional services required to prepare our reports and the costs of filing
the reports with the SEC.  We are unable to pay cash for these services and
have relied on related and third parties to pay for these costs on our behalf.
These parties have not entered into written agreements guaranteeing advances
and, therefore, these parties are not obligated to provide funds in the
future.  However, management anticipates that these parties will continue to
pay for these costs on our behalf during the next twelve months.
Historically, we have paid for these advances by converting the debt into
common stock.

If we obtain a business opportunity, then it may be necessary to raise
additional capital.  We likely will sell our common stock to raise this
additional capital.  We expect to issue such stock pursuant to exemptions
provided by federal and state securities laws.  The purchasers and manner of
issuance will be determined according to our financial needs and the available
exemptions.  We do not currently intend to make a public offering of our
stock.  We also note that if we issue more shares of our common stock, then
our shareholders may experience dilution in the value per share of their
common stock.

                   ITEM 7: FINANCIAL STATEMENTS





                                7

<PAGE>




                   Globalwise Investments, Inc.

                       Financial Statements

                    December 31, 2003 and 2002








                                8
<PAGE>






                             CONTENTS


Independent Auditor's Report ...............................................3

Balance Sheets .............................................................4

Statements of Operations ...................................................5

Statements of Stockholders' Equity .........................................6

Statements of Cash Flows ...................................................7

Notes to the Financial Statements ..........................................8




                                9

<PAGE>





                          CHISHOLM, BIERWOLF & NILSON
                          Certified Public Accountants
A Limited Liability        533 W. 2600 S., Suite 250     Office (801) 292-8756
     Company                 Bountiful, Utah 84010          Fax (801) 292-8809

______________________________________________________________________________



                   INDEPENDENT AUDITOR'S REPORT



To the Board of Directors and Stockholders
of Globalwise Investments, Inc.:

We have audited the accompanying balance sheets of Globalwise Investments,
Inc. (a development stage company) as of December 31, 2003 and 2002 and the
related statements of operations, stockholders' equity and cash flows for the
years ended December 31, 2003 and 2002 and from inception October 3, 1997
through December 31, 2003.  These financial statements are the responsibility
of the Company's management.  Our responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards in the United States of America.  Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Globalwise Investments, Inc.
(a development stage company) as of December 31, 2003 and 2002 and the results
of its operations and cash flows for the years ended December 31, 2003 and
2002 and from inception October 3, 1997 through December 31, 2003 in
conformity with generally accepted accounting principles in the United States
of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  The Company has suffered recurring
losses from operations which raises substantial doubt about its ability to
continue as a going concern.  Management's plans in regard to these matters
are described in Note 2.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.


/s/ Chisholm, Bierwolf & Nilson

Chisholm, Bierwolf  & Nilson
Bountiful, Utah
January 13, 2004


                                3

<PAGE>
<PAGE> 10




                   Globalwise Investments, Inc.
                  (A Development Stage Company)
                          Balance Sheets


                              ASSETS


                                                          December 31
                                                       2003          2002
                                                   ------------- -------------
CURRENT ASSETS

Cash                                               $          -  $          -
                                                   ------------- -------------

  Total Assets                                     $          -  $          -
                                                   ============= =============


               LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts Payable                                   $     26,345  $     26,345
                                                   ------------- -------------

  Total Liabilities                                      26,345        26,345
                                                   ------------- -------------
STOCKHOLDERS' EQUITY

Common Stock, $.001 par value; 50,000,000 shares
 authorized; 802,000 shares issued and outstanding          802           802

Additional Paid in Capital                               27,542        27,542

Deficit Accumulated during the development stage        (54,689)      (54,689)
                                                   ------------- -------------

  Total Stockholders' Equity (deficit)                  (26,345)      (26,345)
                                                   ------------- -------------

  Total Liabilities and Stockholders' Equity       $          -  $          -
                                                   ============= =============





The accompanying notes are an integral part of these financial statements

                               -4-

<PAGE> 11




                   Globalwise Investments, Inc.
                  (A Development Stage Company)
                     Statement of Operations
                                                                 From
                                                                 Inception on
                                                                 October 3,
                                         For the Years Ended     1997 to
                                             December 31         Dec. 31,
                                           2003         2002     2003
                                      ------------- ------------ -------------

REVENUES                              $          -  $         -  $          -
                                      ------------- ------------ -------------
EXPENSES

  General & Administrative                       -        5,000        54,689
                                      ------------- ------------ -------------

    Total Expenses                               -        5,000        54,689
                                      ------------- ------------ -------------

Net Loss                              $          -  $    (5,000) $    (54,689)
                                      ============= ============ =============

Net Loss Per Share                    $      (0.00) $     (0.00) $      (0.08)
                                      ============= ============ =============

Weighted average shares outstanding        802,000      802,000       696,484
                                      ============= ============ =============


The accompanying notes are an integral part of these financial statements

                                -5-


<PAGE> 12


                   Globalwise Investments, Inc.
                   (A Development Stage Company)
                Statements of Stockholders' Equity
   From Inception on October 3, 1997 through December 31, 2003




                                                                  Deficit
                                                                  Accumulated
                                                      Additional  During the
                                   Common  Stock      Paid in     Development
                                Shares      Amount    Capital     Stage
                            ------------- ----------- ----------- ------------
Balance, October 3, 1997               -  $        -  $        -  $         -

Shares issued for equipment
 at $0.064 per share             300,000         300      18,800            -

Net (loss) for the year
 ended December 31, 1997               -           -           -            -
                           ------------- ----------- ----------- ------------

Balance - December 31, 1997      300,000         300      18,800            -

Capital Contributions                  -           -         550            -

Net (loss) for the year
  ended December 31, 1998              -           -           -         (550)
                            ------------- ----------- ----------- ------------

Balance - December 31, 1998      300,000         300      19,350         (550)

Shares issued for cash at
 $0.0996 per share               652,000         652      64,348            -

Capital Contributions                  -           -       6,000            -

Net (loss) for the year
 ended December 31, 1999               -           -           -      (27,794)
                            ------------- ----------- ----------- ------------

Balance - December 31, 1999      952,000         952      89,698      (28,344)

Cancellation of shares in
 connection with spin-off
 of Assets and Liabilities
 of the Company                 (150,000)       (150)    (62,156)           -

Shares issued for services
  at $.25 per share               20,000          20       4,980            -

Shares issued for services
  at $.536 per share              28,000          28      14,972            -

Net (loss) for the year
 ended December 31, 2000               -           -           -      (21,345)
                            ------------- ----------- ----------- ------------

Balance - December 31, 2000      850,000         850      47,494      (49,689)

Cancellation of shares
 issued for services in 2000     (48,000)        (48)    (19,952)           -

Net (loss) for the year
  ended December 31, 2001              -           -           -            -
                            ------------- ----------- ----------- ------------

Balance - December 31, 2001      802,000         802      27,542      (49,689)

Net (loss) for the year
 ended December 31, 2002               -           -           -       (5,000)
                            ------------- ----------- ----------- ------------

Balance - December 31, 2002      802,000         802      27,542      (54,689)

Net (loss) for the year
 ended December 31, 2003               -           -           -            -
                            ------------- ----------- ----------- ------------

Balance - December 31, 2003      802,000  $      802  $   27,542  $   (54,689)
                            ============= =========== =========== ============

The accompanying notes are an integral part of these financial statements

                                -6-

<PAGE> 13
                   Globalwise Investments, Inc.
                  (A Development Stage Company)
                     Statement of Cash Flows
                                                                 From
                                                                 Inception on
                                                                 October 3,
                                           For the Years Ended   1997 Through
                                               December 31       December 31,
                                          2003          2002     2003
                                       ------------- ----------- -------------
Cash Flows from Operating Activities

  Net Loss                             $          -  $   (5,000)  $   (54,689)
  Adjustments for non-cash items:
   Capital contributions - expenses               -           -         6,550
   Shares issued for services                     -           -             -
   Increase in Inventory                          -           -       (21,744)
   Increase (decrease) in accounts payable        -       5,000        26,944
                                       ------------- ----------- -------------
  Net Cash Provided (Used) by
  Operating Activities                            -           -       (42,939)
                                       ------------- ----------- -------------

Cash Flows from Investing Activities
  Purchase of equipment                           -           -       (20,530)
  Loss of cash in spin-off                        -           -        (1,531)
                                       ------------- ----------- -------------
  Net Cash Provided (Used) in
  Investing Activities                            -           -       (22,061)
                                       ------------- ----------- -------------
Cash Flows from Financing Activities
  Proceeds from stock issuance                    -           -        65,000
                                       ------------- ----------- -------------
  Net cash Provided by
  Financing Activities                            -           -        65,000
                                       ------------- ----------- -------------
Increase (Decrease) in Cash                       -           -             -

Cash and Cash Equivalents,
 Beginning of Period                              -           -             -
                                       ------------- ----------- -------------
Cash and Cash Equivalents,
  End of Period                        $          -  $        -  $          -
                                       ============= =========== =============
Supplemental Cash Flow Information:
  Stock issued for services            $          -  $        -  $     20,000

  Cash Paid For:
    Interest                           $          -  $        -  $          -
    Income Taxes                       $          -  $        -  $          -


The accompanying notes are an integral part of these financial statements


                               -7-

<PAGE> 14

                   Globalwise Investments, Inc.
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2003 and 2002

NOTE 1 - Summary of Significant Accounting Policies

a.   Organization & Consolidation Policy

     Globalwise Investments, Inc. (the Company), a Nevada corporation, was
incorporated October 3, 1997.   The Company was organized for the purpose of
engaging in the confectionary vending machine business.

b.   Recognition of Revenue

     The Company recognizes income and expense on the accrual basis of
accounting.

c.   Earnings (Loss) Per Share

                                       Income (loss)    Shares     Per Share
                                        (Numerator)  (Denominator)   Amount
                                       ------------- ------------- -----------
For the year ended December 31, 2003:

 Basic EPS
 Income (loss) to common stockholders  $          -       802,000  $    (0.00)
                                       ============= ============= ===========

For the year ended December 31, 2002:

 Basic EPS
 Income (loss) to common stockholders  $     (5,000)      802,000  $    (0.01)
                                       ============= ============= ===========
From inception on October 3, 1997 to
December 31, 2003:

 Basic EPS
 Income (loss) to common stockholders  $    (54,689)      696,484  $    (0.08)
                                       ============= ============= ===========


The computation of earnings per share of common stock is based on the weighted
average number of shares outstanding at the date of the financial statements.

d.   Cash and Cash Equivalents

     The Company considers all highly liquid investments with maturities of
three months or less to be cash equivalents.



                               -8-


<PAGE> 15

                   Globalwise Investments, Inc.
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2003 and 2002

NOTE 1 - Summary of Significant Accounting Policies (continued)

e.   Provision for Income Taxes

     No provision for income taxes have been recorded due to net operating
loss carryforwards totaling approximately $54,689 that will be offset against
future taxable income.  These NOL carryforwards begin to expire in the year
2018.  No tax benefit has been reported in the financial statements because
the Company believes there is a 50% or greater chance the carryforward will
expire unused.

     Deferred tax asset and the valuation account is as follows at December
31, 2003 and 2002:
                                                   December 31,
                                                2003          2002
                                            ------------ ------------
     Deferred tax asset:
        NOL carryforward                    $    15,900  $    15,900

        Valuation allowance                    ( 15,900)    ( 15,900)
                                            ------------ ------------

                                            $         -  $         -
                                            ============ ============

f.   Use of estimates

     The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those estimates.

NOTE 2 - Going Concern

     The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern.  The Company has no assets and
has had recurring operating losses for the past several years and is dependent
upon financing to continue operations.  The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.  It is management's plan to find an operating company to merge
with, thus creating necessary operating revenue.







                               -9-

<PAGE> 16


                   Globalwise Investments, Inc.
                  (A Development Stage Company)
                Notes to the Financial Statements
                    December 31, 2003 and 2002

NOTE 3 - Spin-off

     In March, 2000, the Company exchanged all of its assets and liabilities
for 150,000 shares of its previously issued common stock.  The shares were
subsequently canceled.

NOTE 4 - Stock Cancellation

     The Company and stockholders have elected to cancel stock that was issued
in July, 2000 in lieu of payment for costs and services.  48,000 shares were
canceled which had been issued for services and costs valued at $20,000.  The
liability has been re-established in the Accounts Payable - related parties
section of the balance sheet.

NOTE 5 - Development Stage Company

     The Company is a development stage company as defined in Financial
Accounting Standards Board Statement No. 7.  It is concentrating substantially
all of its efforts in raising capital and searching for a business operation
with which to merge, or assets to acquire, in order to generate significant
operations.

NOTE 6 - Related Party Transactions

     During previous years, the Company incurred $21,345 of professional fees
payable to First Equity Holdings Corp (formerly Mutual Ventures Corp.)  An
officer of the Company was an employee of First Equity Holdings Corp.




                               -10-

<PAGE> 18

      ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
              ON ACCOUNTING AND FINANCIAL DISCLOSURE

In our current report dated February 9, 2004, we reported that our independent
auditors, Chisholm & Associates, Certified Public Accountants, resigned as our
independent auditors and we engaged Chisholm, Bierwolf & Nilson, LLC.

                ITEM 8A:  CONTROLS AND PROCEDURES

Our President, who acts in the capacity of principal executive officer and
principal financial officer, has reevaluated the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this
report and determined that there continued to be no significant deficiencies
in these procedures.  Also, there were no changes made or corrective actions
to be taken related to our internal control over financial reporting.

                             PART III

ITEM 9: DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS,
          COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE

Directors and Executive Officers

Our executive officers and directors and their respective ages, positions, and
biographical information are set forth below.  Our bylaws require two
directors who serve until our next annual meeting or until each is replaced by
a qualified director.  Our executive officers are chosen by our board of
directors and serve at its discretion.  There are no existing family
relationships between or among any of our executive officers or directors.


Name                   Age     Position Held                  Director Since
------                 ----    -------------                  --------------

Donald R. Mayer         64     President, Director             July 2000
Linda L. Perry          59     Secretary/Treasurer, Director   July 2001

Donald R.  Mayer -  Mr. Mayer is the President and a director of Universal
Business Insurance, an insurance company that he founded.  He has worked in
the insurance industry for over twenty years, specializing in the motel/hotel
industry.  He is a director of WorldNet, Inc. of Nevada, a blank check
reporting company.  He graduated from the University of Utah, located in Salt
Lake City, Utah, with a bachelors degree in accounting.

Linda L. Perry - Mrs. Perry serves as President of Business Builders, Inc., a
privately held business consulting firm which she co-founded in 1997.  She
also serves as a Director of Wings & Things, Inc., a reporting company.  She
attended Weber State College, located in Ogden, Utah.

Audit Committee Financial Expert

Because we have minimal operations we do not have an audit committee serving
at this time, thus we do not have an audit committee financial expert serving
on an audit committee.

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

Section 16(a) of the Securities Exchange Act of 1934 requires our directors,
executive officers and persons who own more than five percent of a registered
class of our equity securities, to file with the Securities and Exchange
Commission initial reports of ownership and reports of changes in ownership of
common stock and our other equity securities.  Officers, directors and greater
than ten-percent beneficial owners are required by SEC regulations to furnish
us with copies of all Section 16(a) reports they file.  Based upon review of
the copies of such forms furnished to us during the fiscal year ended December
31, 2003, and representations to us that no Forms 5 were required, we believe
no reports were required to be filed for the year ended December 31, 2003.

Code of Ethics

Due to the fact that we have minimal operations, we have not adopted a code of
ethics for our principal executive

                                19

<PAGE>

and financial officers.  Our board of directors will revisit this issue in the
future to determine if adoption of a code of ethics is appropriate.  In the
meantime, our management intends to promote honest and ethical conduct, full
and fair disclosure in our reports to the SEC, and compliance with applicable
governmental laws and regulations.

                 ITEM 10: EXECUTIVE COMPENSATION

None of our named executive officers received any cash compensation, bonuses,
stock appreciation rights, long term compensation, stock awards or long-term
incentive rights in excess of $100,000 from us during the past three fiscal
years.  Mr. Mayer, our President, who acts in the capacity of chief executive
officer did not receive compensation during the year ended December 31, 2003.
We have not entered into employment contracts with our executive officers and
their compensation, if any, will be determined at the discretion of our board
of directors.

Compensation of Directors

We do not have any standard arrangement for compensation of our directors for
any services provided as director, including services for committee
participation or for special assignments.

ITEM 11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
                 AND RELATED STOCKHOLDER MATTERS

The following table sets forth the beneficial ownership of our outstanding
common stock by our management and each person or group known by us to own
beneficially more than 5% of our outstanding common stock.  Beneficial
ownership is determined in accordance with the rules of the SEC and generally
includes voting or investment power with respect to securities.  Except as
indicated by footnote, the persons named in the table below have sole voting
power and investment power with respect to all shares of common stock shown as
beneficially owned by them.  The percentage of beneficial ownership is based
on 802,000 shares of common stock outstanding as of February 20, 2004.

                    CERTAIN BENEFICIAL OWNERS

Name and Address of             Number of Shares of
Beneficial Owners               Common Stock           Percentage of Class
----------------------------    ---------------        -------------------

Aaron Nelson                         50,000 (1)             6.2%
5710 E. Tropicana #2023
Las Vegas, Nevada 89122

Brent Nelson                        150,000                18.7%
1238 Thames Ct.
Salt Lake City, Utah 84123

     (1) Includes 25,000 shares held by spouse.


                            MANAGEMENT

Name and Address of             Number of Shares of
Beneficial Owners               Common Stock           Percentage of Class
--------------------            -------------          -------------------

Donald R. Mayer                       7,500               Less than 1%
6360 South 3000 East #205
Salt Lake City, Utah 84121


Securities Under Equity Compensation Plans

We do not have any securities authorized for issuance under any equity
compensation plans.

                                20


<PAGE>

     ITEM 12: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

We have not engaged in any transactions in excess of $60,000 during the past
two years involving our executive officers, directors, 5% or more stockholders
or immediate family members of such persons.

            ITEM 13: EXHIBITS AND REPORTS ON FORM 8-K

Exhibits

3.1     Articles of Incorporation, as amended (Incorporated by reference to
        exhibit 3.1 of Form 10-QSB, filed October 11, 2001)
3.2     Bylaws of Globalwise (Incorporated by reference to exhibit 3.3 of Form
        10-SB, filed October 2, 2000.)
31.1    Principal Executive Officer Certification
31.2    Principal Financial Officer Certification
32.1    Section 1350 Certification

Reports on Form 8-K

On February 13, 2004, we filed a current report on Form 8-K, dated February 9,
2004, under Item 4 related to a change of our independent auditor.

         ITEM 14:  PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our former independent auditor, Chisholm & Associates, Certified Public
Accountants, billed an aggregate of $1,015 for the year ended December 31,
2002 and $1,169 for the year ended December 31, 2003 for professional services
rendered for the audit of our annual financial statements and review of the
financial statements included in our quarterly reports.  Our independent
auditor has not billed us for any audit-related fees, tax fees or other fees
for the past two fiscal years.

We do not have an audit committee and as a result our entire board of
directors performs the duties of an audit committee.  Our board of directors
will approve in advance the scope and cost of the engagement of an auditor
before the auditor renders audit and non-audit services.  As a result, we do
not rely on pre-approval policies and procedures.



                                21
<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.



Date: March 12, 2004               GLOBALWISE INVESTMENTS, INC.

                                   /s/ Donald R. Mayer
                               By: ___________________________________________
                                   Donald R. Mayer
                                   President and Director
                                   Principal Executive and Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934.  This
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.



                                   /s/ Linda L. Perry
Date: March 12, 2004           By: ___________________________________________
                                   Linda L. Perry
                                   Secretary/Treasurer and Director




                                22