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 March 31, 2003

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

                         Commission File Number 0-25413

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            NEVADA                                                76-0270295
-------------------------------                              -------------------
(State or other jurisdiction of                                 (IRS Employer
incorporation or organization)                               Identification No.)

              17025 E. First Avenue, Suite 5, Scottsdale, AZ 85251
              ----------------------------------------------------
                    (Address of principal executive offices)

                                 (480) 945-2232
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

          Securities registered pursuant to Section 12 (b) of the Act:

Title of Each Class                    Name of Each Exchange on Which Registered
-------------------                    -----------------------------------------
       None                                              None

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

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

         Check if there is no disclosure of delinquent filers pursuant to Item
405 of Regulation S-B contained in the form, and no disclosure will be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of the Form 10-KSB.
[X]

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

         State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which the
common equity was sold, or the average bid and asked price of such common
equity, as of a specified date within the past 60 days: $8,316.15 as of June 30,
2003.

         ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS

         Not applicable
<PAGE>

                    APPLICABLE ONLY TO CORPORATE REGISTRANTS

         State the number of shares outstanding of each of the issuer's classes
of common equity: As of June 30, 2003: 118,018 shares of common stock, par value
$.001 per share, were outstanding.

         Transitional Small Business Disclosure Format (check one): YES [ ]
NO [X]

                       DOCUMENTS INCORPORATED BY REFERENCE

         None
<PAGE>

                                TABLE OF CONTENTS
                                -----------------

PART I.........................................................................1

   DESCRIPTION OF BUSINESS.....................................................1
   DESCRIPTION OF PROPERTIES..................................................12
   LEGAL PROCEEDINGS..........................................................12
   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS........................12

PART II.......................................................................13

   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS......13
   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
   OF OPERATIONS..............................................................14
   FINANCIAL STATEMENTS.......................................................16
   CHANGES IN AND DISAGREEMENT WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
   DISCLOSURE.................................................................17

PART III......................................................................17

   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
   WITH SECTION 16(A) OF THE EXCHANGE ACT OF THE REGISTRANT...................17
   EXECUTIVE COMPENSATION.....................................................18
   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND AND MANAGEMENT.........19
   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.............................20

PART IV.......................................................................21

   EXHIBITS, LIST AND REPORTS ON FORM 8-K.....................................21
   CONTROLS AND PROCEDURES....................................................21


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                                     PART I
                                     ------

ITEM 1.      DESCRIPTION OF BUSINESS

         Forward Looking Statements

         This Annual Report on Form 10-KSB (this "Report") as well as statements
made in press releases and oral statements that may be made by the Company or by
officers, directors or employees of the Company acting on the Company's behalf
that are not statements of historical or current fact constitute "forward
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other unknown factors that could cause the actual
results of the Company to be materially different from the historical results or
from any future results expressed or implied by such forward-looking statements.
In addition to statements which explicitly describe such risks and
uncertainties, readers are urged to consider statements labeled with the terms
"believes", "belief", "expects", "intends", "anticipates" or "plans" to be
uncertain forward-looking statements. The forward looking statements contained
herein are also subject generally to other risks and uncertainties that are
described from time to time in the Company's reports and registration statements
filed with the Securities and Exchange Commission.

         History

         Global Diversified Acquisition Corp. (the "Company") was formed in
Nevada on July 19, 1996, under the name Air Epicurean, Inc. for the purpose of
effecting the reincorporation of its then parent, Northline Industrial
Corporation, a Texas corporation ("NIC"). Such reincorporation was effected in
March 1997 when NIC merged with and into the Company. Neither NIC nor the
Company were conducting any business activities at the time of the merger. On
May 8, 1997, the Company changed its name to Ikon Ventures, Inc. In June 1997,
the Company acquired 90% of the issued an outstanding capital stock of Zeolite
Mira S.r.l. ("Zeolite Mira"), an Italian corporation engaged in the manufacture
and sale of detergents and components thereof, as well as certain related
intellectual property. Commencing in July 1998 and terminating in March 1999,
the Company sold all of its interest in Zeolite Mira and related assets. The
Company was inactive from April 1999 until the acquisition of 100% of the issued
and outstanding shares of common stock of Sutton Online, Inc. ("Sutton"), a
Delaware corporation originally formed as a limited liability company on April
22, 1999, and a direct access application service provider providing online
trading solutions to individuals, broker dealers, and financial institutions
worldwide. The acquisition of all the issued and outstanding shares of Sutton's
common stock was completed on August 8, 2001 by a share exchange (the "Share
Exchange") whereby the Company acquired 6,850,000 shares of Sutton's common
stock in exchange for 15,222,219 of the Company's common stock. After giving
effect to certain other transactions effected in connection with the Share
Exchange, the shares of the Company's common stock issued to the stockholders of
Sutton represented approximately 76% of the total issued and outstanding shares
of the Company's common stock immediately after the Share Exchange. As a result
of the Share Exchange, the Company, which changed its name on October 31, 2001
to Sutton Trading Solutions, Inc., carried on business through Sutton.

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         In July, 2002, due to a lack of resources, the Company's wholly owned
subsidiary, Sutton Data Services, s.r.o. ("SDS"), filed for bankruptcy
protection and Sutton terminated all of its operations and employees. In
addition, the Company began depleting its cash reserves and liquidating its
assets in order to satisfy its liabilities.

         In September 2002, the Company and Sutton entered into an agreement
with Tiburon Management Limited ("Tiburon"), pursuant to which Tiburon was
granted perpetual and exclusive licensing rights to GlobalDAT, the proprietary
direct access software platform of the Company and Sutton, and all the rights,
title and interest to certain hardware in exchange for Tiburon using its best
efforts to complete the development, commercialization, and marketing of
GlobalDAT (the "System Completion Activities"), $15,000 in fixed assets, and a
sliding percentage of any income generated by Tiburon from the sale or licensing
of GlobalDAT. The Company entered into such agreement because it lacked the
resources to complete the System Completion Activities, and Tiburon had the
resources and was willing to perform the System Completion Activities.

         In February 2003, the Company sold 23,500,000 shares of its common
stock, representing approximately 49% of the Company's total issued and
outstanding common stock after giving effect to such sale, to Corporate
Communications Network, Inc., a non-affiliated party owned by Stephen Kerr, for
an aggregate consideration of $23,500 pursuant to Rule 506 of Regulation D
promulgated under the Securities Act of 1933, as amended (the "33 Act"). Also in
February 2003, the Company sold all of the issued and outstanding common stock
of Sutton to Link Investment Holdings Inc. Limited, a non-affiliated party, for
an aggregate consideration of $2,500. The Company has used the proceeds of such
transactions to satisfy certain of its past obligations, as well as to fund its
current expenses that consist primarily of professional fees associated with
being a reporting issuer under the Securities Exchange Act of 1934, as amended
(the "Exchange Act").

         On April 23, 2003, the Company changed its corporate name to Global
Diversified Acquisition Corp. to reflect that the Company has no operations and,
as more fully discussed below, its principal activity is to seek a business
combination with one or more as yet unidentified privately held businesses.

         On April 24, 2003, the Company effected a reverse split of its
outstanding common stock such that each 400 shares of its common stock, par
value $0.001 per share, outstanding on such date were deemed to be one share of
its common stock, par value $0.001 per share. Unless otherwise indicated, all
share and per share data included hereinafter gives effect to such reverse stock
split as well as the 100 for one reverse stock split effected on February 13,
2001 (the "Reverse Stock Splits").

         Overview of Sutton's Business

         Until July, 2002, Sutton was a direct access application service
provider ("ASP") providing online trading solutions to individuals, broker
dealers, and financial institutions worldwide. Sutton's solutions were developed
to enable users to trade in multiple global markets via stock exchanges, market
participants, and electronic communication networks ("ECNs") all through a
single user-friendly interface.

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         PRODUCTS. Sutton's products were designed for utilization by both
broker dealers and their customers, who used Sutton's trading software to buy
and sell equities on a variety of stock exchanges, ECNs, or electronic market
maker trade management systems such as NASDAQ. Sutton's products included
advanced electronic trading systems, order management and routing software
applications. These products could be utilized to enable traders to execute and
manage large volumes of transactions in multiple global markets at high speed
with accuracy, reliability and security.

         Sutton's trading systems and routing software are capable of routing
orders to multiple markets and ECNs via a single user friendly interface. By
connecting Sutton's platform to various third parties, users can send orders to
purchase or sell securities. Under applicable United States' laws, such
transactions can only be effected by a broker/dealer registered with the
National Association of Securities Dealers, Inc. (the "NASD") and a member of
the Securities Investor Protection Corporation ("SIPC"). Sutton is neither
registered with the NASD nor a member of SIPC. However, Sutton had a contractual
relationship with Global Capital Securities Corporation ("Global Capital"),
which expired in March 2002 and was replaced with a contractual relationship
with F1 Trading.Com, Inc. ("F1"), both of whom were registered United States
broker dealers and members of the NASD during the period that they had executed
transactions for Sutton. As a result of such a relationship, Sutton was deemed a
designated Office of Supervisory Jurisdiction of Global Capital or F1. All of
Sutton's retail online transactions were executed by Global Capital and were
executed by F1 until Sutton ceased operations and all such transactions were
cleared through Penson Financial Services ("Penson"), a division of Service
Asset Management Company, located in Dallas, Texas. Penson is a member of the
NASD and the SIPC. Sutton received a fee paid by the executing broker dealer for
each transaction effected by such broker dealer on behalf of a user of Sutton's
platform. In addition, Sutton made available to users of its platform relevant
data purchased by Sutton from third parties in exchange for which such users
paid Sutton a monthly fee that was billed and collected for Sutton by the
executing broker dealer.

         Prior to July, 2002, Sutton was a distributor of SONIC 2000(TM), a
direct access software platform that provides users with stock price quotations
from the NYSE, AMEX, and NASDAQ, combined with instant trade routing to market
makers and ECNs. Direct access allows the individual trader to electronically
route orders to the financial markets through our servers. The software
communicates directly to market makers, stock exchanges or other individual
traders via ECNs. By eliminating a third party, the user can avoid middleman
price markups and confirmation delays.

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<PAGE>

         GlobalDat is Sutton's proprietary direct access software platform in a
production environment. It was designed to be capable of connecting major
European and American stock exchanges and ECNs through one user interface for
share dealing. Its open architecture FIX interface provides the ability to add
markets and exchanges on demand. Each user can have the ability to: (i) view
level I and level II price quotes , order status, profit and loss and cash-flow;
(ii) route orders via market makers and direct connections to ECNs and
exchanges; and (iii) benefit from dynamic charting and account management ALL IN
REAL-TIME utilizing a front-end environment written in the user's native
language.

         In September 2002, the Company and Sutton granted to Tiburon perpetual
and exclusive licensing rights to GlobalDAT in exchange for Tiburon using its
best efforts to complete the development, commercialization, and marketing of
GlobalDAT (the "System Completion Activities"), $15,000 in fixed assets, and a
sliding percentage of any income generated by Tiburon from the sale or licensing
of GlobalDAT.

         Proposed Plan of Operations

         In July, 2002, due to a lack of resources, SDS filed for bankruptcy
protection and Sutton terminated all of its operations and employees. Since then
the Company has been liquidating its assets, including the sale in February 2003
of all of the stock of Sutton to an unrelated party, and the Company has been
using the proceeds thereof to satisfy its liabilities. The Company is seeking to
enter into a business combination with one or more as yet unidentified privately
held businesses. Management believes that the Company will be attractive to
privately held companies interested in becoming publicly traded by means of a
business combination with the Company, without offering their own securities to
the public. The Company will not be restricted in its search for business
combination candidates to any particular geographical area, industry or industry
segment, and may enter into a combination with a private business engaged in any
line of business. Management's discretion is, as a practical matter, unlimited
in the selection of a combination candidate. The Company has not entered into
any agreement, arrangement or understanding of any kind with any person
regarding a business combination. The Company does not intend to enter into any
business combination involving any business or venture with which its officers
or directors are affiliated.

         Depending upon the nature of the transaction, all or some of the
current officers and directors of the Company probably will resign their
directorship and officer positions with the Company in connection with the
Company's consummation of a business combination. See "Form of Acquisition"
below. In such event, it is likely that the Company's current management will
not have any control over the conduct of the Company's business following the
Company's completion of a business combination.

         It is anticipated that business opportunities will come to the
Company's attention from various sources, including its management, its other
stockholders, professional advisors such as attorneys and accountants,
securities broker-dealers, venture capitalists, members of the financial
community, and others who may present unsolicited proposals. The Company has no
plans, understandings, agreements, or commitments with any individual or entity
to act as a finder of or as a business consultant in regard to any business
opportunities for the Company. There are no plans to use advertisements, notices
or any general solicitation in the search for combination candidates.

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<PAGE>

         PRE-COMBINATION ACTIVITIES. The Company is a "blank check" company,
defined as an inactive company with nominal assets and liabilities. With these
characteristics, management believes that the Company will be attractive to
privately held companies interested in becoming publicly traded by means of a
business combination with the Company, without offering their own securities to
the public.

         The term "business combination" (or "combination") means the result of
(i) a statutory merger of a combination candidate into or its consolidation with
the Company or a wholly owned subsidiary of the Company formed for the purpose
of the merger or consolidation, or (ii) the exchange of securities of the
Company for the assets or outstanding equity securities of a privately held
business entity or individual, and similar transactions. A combination may be
structured in one of the foregoing ways or in any other form that will result in
the combined entity being a publicly held corporation. It is unlikely that any
proposed combination will be submitted for the approval of the Company's
shareholders prior to consummation. Pending negotiation and consummation of a
combination, the Company anticipates that it will have no business activities or
sources of revenues and will incur no significant expenses or liabilities other
than expenses related to its ongoing filings required by the Exchange Act, the
negotiation and consummation of a combination and certain minimal ongoing
operational expenses such as telephone and insurance.

         The Company anticipates that the business opportunities presented to it
will (1) be recently organized with no operating history, or a history of losses
attributable to under-capitalization or other factors; (2) be experiencing
financial or operating difficulties; (3) be in need of funds to develop a new
product or service or to expand into a new market; (4) be relying upon an
untested product or marketing concept; or (5) have a combination of the
foregoing characteristics. Given the above factors, it should be expected that
any acquisition candidate may have a history of losses or low profitability.

         The Company will not be restricted in its search for business
combination candidates to any particular geographical area, industry or industry
segment, and may enter into a combination with a private business engaged in any
line of business, including service, finance, mining, manufacturing, real
estate, oil and gas, distribution, transportation, medical, communications, high
technology, biotechnology or any other. Management's discretion is, as a
practical matter, unlimited in the selection of a combination candidate.
Management of the Company will seek combination candidates in the United States
and other countries, as available time permits, through existing associations
and by word of mouth.

         The Company has not entered into any agreement or understanding of any
kind with any person regarding a business combination. There is no assurance
that the Company will be successful in locating a suitable combination candidate
or in concluding a business combination on terms acceptable to the Company. The
Company's Board of Directors has not established a time limitation by which it
must consummate a suitable combination; however, if the Company is unable to
consummate a suitable combination within a reasonable period, such period to be
determined at the discretion of the Company's Board of Directors, the Board of

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Directors will probably recommend its liquidation and dissolution. It is
anticipated that the Company will not be able to diversify, but will essentially
be limited to one such venture because of the Company's lack of capital. This
lack of diversification will not permit the Company to offset potential losses
from one acquisition against profits from another, and should be considered an
adverse factor affecting any decision to purchase the Company's securities.

         The Company's management has the authority and discretion to effect
transactions having a potentially adverse impact upon the Company's shareholders
and to complete a combination without submitting any proposal to the
stockholders for their prior approval. The Company's shareholders should not
anticipate that they will have any meaningful opportunity to consider or vote
upon any candidate selected by the Company's management for acquisition.

         COMBINATION SUITABILITY STANDARDS. The analysis of candidate companies
will be undertaken by or under the supervision of the Company's Chief Executive
Officer, who is not a professional business analyst.

         To a large extent, a decision to participate in a specific combination
may be made upon management's analysis of the quality of the candidate company's
management and personnel, the anticipated acceptability of new products or
marketing concepts, the merit of technological changes, the perceived benefit
the candidate will derive from becoming a publicly held entity, and numerous
other factors that are difficult, if not impossible, to objectively quantify or
analyze. In many instances, it is anticipated that the historical operations of
a specific candidate 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. The Company will be dependent upon the owners
and management of a candidate to identify any such problems that may exist and
to implement, or be primarily responsible for the implementation of, required
changes. Because the Company may participate in a business combination with a
newly organized candidate or with a candidate that is entering a new phase of
growth, it should be emphasized that the Company will incur further risks,
because management in many instances will not have proved its abilities or
effectiveness, the eventual market for the candidate's products or services will
likely not be established and the candidate may not be profitable when acquired.

         Otherwise, the Company anticipates that it may consider, among other
things, the following factors:

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

         2.       The Company's perception of how any particular candidate will
                  be received by the investment community and by the Company's
                  stockholders;

         3.       Whether, following the business combination, the financial
                  condition of the candidate would be, or would have a
                  significant prospect in the foreseeable future of becoming
                  sufficient to enable the securities of The Company to qualify
                  for listing on an exchange or on Nasdaq, so as to permit the
                  trading of such securities to be exempt from the requirements
                  of the federal "penny stock" rules adopted by the Commission.

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         4.       Capital requirements and anticipated availability of required
                  funds, to be provided by the Company 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 candidate 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 participation by the Company 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 of the factors described above will be controlling in the
selection of a candidate. Potentially available candidates may occur in many
different industries and at various stages of development, all of which will
make the task of comparative investigation and analysis of such business
opportunities extremely difficult and complex. It should be recognized that,
because of the Company's limited capital available for investigation and
management's limited experience in business analysis, the Company may not
discover or adequately evaluate adverse facts about the opportunity to be
acquired. The Company cannot predict when it may participate in a business
combination. It expects, however, that the analysis of specific proposals and
the selection of a candidate may take several months or more.

         Management believes that various types of potential merger or
acquisition candidates might find a business combination with the Company to be
attractive. These include acquisition candidates desiring to create a public
market for their shares in order to enhance liquidity for current shareholders,
acquisition candidates that have long-term plans for raising capital through the
public sale of securities and believe that the possible prior existence of a
public market for their securities would be beneficial, and acquisition
candidates which plan to acquire additional assets through issuance of
securities rather than for cash, and believe that the possibility of development
of a public market for their securities will be of assistance in that process.
Acquisition candidates that have a need for an immediate cash infusion are not
likely to find a potential business combination with the Company to be an
attractive alternative.

         Prior to consummation of any combination (other than a mere sale by the
Company insiders of a controlling interest in the Company's common stock) the
Company intends to require that the combination candidate provide the Company
with the financial statements required by Item 310 of Regulation S-B, including
at the least an audited balance sheet as of the most recent fiscal year end and

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statements of operations, changes in stockholders' equity and cash flows for the
two most recent fiscal years, audited by certified public accountants acceptable
to the Company's management, and the necessary unaudited interim financial
statements. Such financial statements must be adequate to satisfy the Company's
reporting obligations under Section 15(d) or 13 of the Exchange Act. If the
required audited financial statements are not available at the time of closing,
the Company must reasonably believe that the audit can be obtained in less than
60 days. This requirement to provide audited financial statements may
significantly narrow the pool of potential combination candidates available,
since most private companies are not already audited. Some private companies
will either not be able to obtain an audit or will find the audit process too
expensive. In addition, some private companies on closer examination may find
the entire process of being a reporting company after a combination with the
Company too burdensome and expensive in light of the perceived potential
benefits from a combination.

         FORM OF ACQUISITION. It is impossible to predict the manner in which
the Company may participate in a business opportunity. Specific business
opportunities will be reviewed as well as the respective needs and desires of
the Company and the promoters of the opportunity and, upon the basis of that
review and the relative negotiating strength of the Company and such promoters,
the legal structure or method deemed by management to be suitable will be
selected. Such structure may include, but is not limited to, leases, purchase
and sale agreements, licenses, joint ventures and other contractual
arrangements. The Company may act directly or indirectly through an interest in
a partnership, corporation or other form of organization. Implementing such
structure may require the merger, consolidation or reorganization of the Company
with other corporations or forms of business organization, and although it is
likely, there is no assurance that the Company would be the surviving entity. In
addition, the present management and stockholders of the Company most likely
will not have control of a majority of the voting shares of the Company
following a reorganization transaction. As part of such a transaction, the
Company's existing directors may resign and new directors may be appointed
without any vote or opportunity for approval by the Company's shareholders.

         It is likely that the Company will acquire its participation in a
business opportunity through the issuance of Common Stock or other securities of
the Company. Although the terms of any such transaction cannot be predicted, it
should be noted that in certain circumstances the criteria for determining
whether or not an acquisition is a so-called "tax free" reorganization under the
Internal Revenue Code of 1986, depends upon the issuance to the stockholders of
the acquired company of a controlling interest (i.e. 80% or more) of the common
stock of the combined entities immediately following the reorganization. If a
transaction were structured to take advantage of these provisions rather than
other "tax free" provisions provided under the Internal Revenue Code, the
Company's current stockholders would retain in the aggregate 20% or less of the
total issued and outstanding shares. This could result in substantial additional
dilution in the equity of those who were stockholders of the Company prior to
such reorganization. Any such issuance of additional shares might also be done
simultaneously with a sale or transfer of shares representing a controlling
interest in the Company by the current officers, directors and principal
shareholders.

         It is anticipated that any new securities issued in any reorganization
would be issued in reliance upon exemptions, if any are available, from
registration under applicable federal and state securities laws. In some
circumstances, however, as a negotiated element of the transaction, the Company

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may agree to register such securities either at the time the transaction is
consummated, or under certain conditions or at specified times thereafter. The
issuance of substantial additional securities and their potential sale into any
trading market that might develop in the Company's securities may have a
depressive effect upon such market.

         The Company will participate in a business opportunity only after the
negotiation and execution of a written agreement. Although the terms of such
agreement cannot be predicted, generally such an agreement would require
specific representations and warranties by all of the parties thereto, specify
certain events of default, detail the terms of closing and the conditions that
must be satisfied by each of the parties thereto prior to such closing, outline
the manner of bearing costs if the transaction is not closed, set forth remedies
upon default, and include miscellaneous other terms.

         As a general matter, the Company anticipates that it, and/or its
officers and principal shareholders, will enter into a letter of intent with the
management, principals or owners of a prospective business opportunity prior to
signing a binding agreement. Such a letter of intent will set forth the terms of
the proposed acquisition but will not bind any of the parities to consummate the
transaction. Execution of a letter of intent will by no means indicate that
consummation of an acquisition is probable. Neither the Company nor any of the
other parties to the letter of intent will be bound to consummate the
acquisition unless and until a definitive agreement concerning the acquisition
as described in the preceding paragraph is executed. Even after a definitive
agreement is executed, it is possible that the acquisition would not be
consummated should any party elect to exercise any right provided in the
agreement to terminate it on specified grounds.

         It is anticipated that the investigation of specific business
opportunities and the negotiation, drafting and execution of relevant
agreements, disclosure documents and other instruments will require substantial
management time and attention and substantial costs for accountants, attorneys
and others. If a decision is made not to participate in a specific business
opportunity, the costs therefore incurred in the related investigation would not
be recoverable. Moreover, because many providers of goods and services require
compensation at the time or soon after the goods and services are provided, the
inability of the Company to pay until an indeterminate future time may make it
impossible to procure goods and services.

         POST-COMBINATION ACTIVITIES. Management anticipates that, following
consummation of a combination, control of the Company will change as a result of
the issuance of additional Common Stock to the shareholders of the business
acquired in the combination. Once ownership control has changed, it is likely
that the new controlling shareholders will call a meeting for the purpose of
replacing the incumbent directors of the Company with candidates of their own,
and that the new directors will then replace the incumbent officers with their
own nominees. Rule 14f-1 under the Exchange Act requires that, if in connection
with a business combination or sale of control of the Company there should arise
any arrangement or understanding for a change in a majority of the Company's
directors and the change in the board of directors is not approved in advance by
the Company's shareholders at a shareholder meeting, then none of the new
directors may take office until at least ten (10) days after an information
statement has been filed with the Commission and sent to the Company's

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shareholders. The information statement furnished must as a practical matter
include the information required by Items 6(a), (d) and (e), 7 and 8 of Schedule
14A of Regulation 14A in a proxy statement.

         Following consummation of a combination, management anticipates that
the Company will file a current report on Form 8-K with the Commission which
discloses, among other things, the date and manner of the combination, material
terms of the definitive agreement, the assets and consideration involved, the
identity of the person or persons from whom the assets or other property was
acquired, changes in management and biographies of the new directors and
executive officers, identity of principal shareholders following the
combination, and contains the required financial statements. The Form 8-K also
will be required to include all information as to the business acquired called
for by Item 101 of Regulation S-B.

Potential Benefits To Insiders

         In connection with a business combination, the Company may require that
a company being acquired repay all advances, if any, made to the Company by the
Company's shareholders and management or any accrued fees or expense
reimbursements, at or prior to closing of a combination. Otherwise, there are no
conditions that any combination or combination candidate must meet, such as
buying stock from the Company's officers, directors or principal shareholders
("Insiders") or paying compensation to any of the Company's Insiders, or their
respective affiliates.

Use Of Consultants And Finders

         Although there are no current plans to do so, the Company's management
might hire and pay an outside consultant to assist in the investigation and
selection of candidates, and might pay a finder's fee to a person who introduces
a candidate with which the Company completes a combination. Since the Company
has no current plans to use any outside consultants or finders to assist in the
investigation and selection of candidates, no policies have been adopted
regarding use of consultants or finders, the criteria to be used in selecting
such consultants or finders, the services to be provided, the term of service,
or the structure or amount of fees that may be paid to them. However, because of
the limited resources of the Company, it is likely that any such fee the Company
agrees to pay would be paid in stock and not in cash. The Company has had no
discussions, and has entered into no arrangements or understandings, with any
consultant or finder. The Company's officers and directors have not in the past
used any particular consultant or finder on a regular basis and have no plan to
either use any consultant or recommend that any particular consultant be engaged
by the Company on any basis.

         It is possible that compensation in the form of common stock, options,
warrants or other securities of the Company, cash or any combination thereof,
may be paid to outside consultants or finders. No securities of the Company will
be paid to officers, directors or promoters of the Company nor any of their
respective affiliates as a finder's fee. Any payments of cash to a consultant or
finder would be made by the business acquired or persons affiliated or
associated with it, and not by the Company. It is possible that the payment of
such compensation may become a factor in any negotiations for the Company's
acquisition of a business opportunity. Any such negotiations and compensation

                                       10
<PAGE>

may present conflicts of interests between the interests of persons seeking
compensation and those of the Company's shareholders, and there is no assurance
that any such conflicts will be resolved in favor of the Company's shareholders.

State Securities Laws Considerations

         Section 18 of the 33 Act provides that no law, rule, regulation, order
or administrative action of any state may require registration or qualification
of securities or securities transactions that involve the sale of a "covered
security." The term "covered security" is defined in Section 18 to include among
other things transactions by "any person not an issuer, underwriter or dealer,"
(in other words, secondary transactions in securities already outstanding) that
are exempted from registration by Section 4(1) of the Act, provided the issuer
of the security is a "reporting company," meaning that it files reports with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act.

         Section 18 as amended preserves the authority of the states to require
certain limited notice filings by issuers and to collect fees as to certain
categories of covered securities, specifically including Section 4(1) secondary
transactions in the securities of reporting companies. Section 18 expressly
provides, however, that a state may not "directly or indirectly prohibit, limit,
or impose conditions based on the merits of such offering or issuer, upon the
offer or sale of any (covered) security. This provision prohibits states from
requiring registration or qualification of securities of an Exchange Act
reporting company which is current in its filings with the SEC.

         The states generally are free to enact legislation or adopt rules that
prohibit secondary trading in the securities of "blank check" companies like the
Company. However, Section 18 of the Act preempts state law as to covered
securities of a reporting company. Thus, while the states may require certain
limited notice filings and payment of filing fees by the Company as a
precondition to secondary trading of its shares in those states, they cannot, so
long as the Company is a reporting issuer, prohibit, limit or condition trading
in the Company's securities based on the fact that the Company is or ever was a
blank check company. The Company will comply with such state limited notice
filings as may be necessary in regard to secondary trading. At this time, the
Company's stock is not actively traded in any market, and an active market in
its Common Stock is not expected to arise, if ever, until after completion of a
business combination.

No Investment Company Act Regulation

         Prior to completing a combination, the Company will not engage in the
business of investing or reinvesting in, or owning, holding or trading in
securities, or otherwise engaging in activities which would cause it to be
classified as an "investment company" under the Investment Company Act of 1940.
To avoid becoming an investment company, not more than 40% of the value of the
Company's assets (excluding government securities and cash and cash equivalents)
may consist of "investment securities," which is defined to include all
securities other than U.S. government securities and securities of
majority-owned subsidiaries. Because the Company will not own less than a
majority of any assets or business acquired, it will not be regulated as an

                                       11
<PAGE>

investment company. The Company will not pursue any combination unless it will
result in the Company owning at least a majority interest in the business
acquired.

Competition

         The Company will be in direct competition with many entities in its
efforts to locate suitable business opportunities. Included in the competition
will be business development companies, venture capital partnerships and
corporations, small business investment companies, venture capital affiliates of
industrial and financial companies, broker-dealers and investment bankers,
management and management consultant firms and private individual investors.
Most of these entities will possess greater financial resources and will be able
to assume greater risks than those which the Company, with its limited capital,
could consider. Many of these competing entities will also possess significantly
greater experience and contacts than the Company's management. Moreover, the
Company also will be competing with numerous other blank check companies for
such opportunities.


********************************************************************************

Employees

         The Company does not have any employees or consultants other than its
Chief Executive Officer and President, Andrew Kacic, and its Chief Financial
Officer, John Shaffer, both of whom are serving without salary. The Company does
not expect to have any salaried employees except as a result of completing a
business combination transaction.

ITEM 2.      DESCRIPTION OF PROPERTIES

         Pursuant to a certain Lease Surrender Agreement dated July 18, 2002,
entered into between Sutton, as tenant and its landlord, the Company and Sutton
were released from all of their obligations under the lease for their corporate
headquarters at 1000 Woodbury Road, Woodbury, New York. Currently, the
Company's business activities are conducted in space provided, rent free, by the
Company's controlling shareholder, Corporate Communications Network, Inc., at
17025 E. First Avenue, Suite 5, Scottsdale, AZ 85251.  This arrangement is
suitable and adequate to support the Company's current needs, until such time as
the Company resumes active business operations.

ITEM 3.      LEGAL PROCEEDINGS

         There are presently no material pending legal proceedings to which the
Company or any of its subsidiaries is a part or to which any of its property is
the subject and, to the best of its knowledge, no such actions against the
Company are contemplated or threatened.

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

         No matters were submitted to a vote of the registrant's security
holders in the fourth quarter of the fiscal year covered by this Report.

                                       12
<PAGE>

                                     PART II
                                     -------

ITEM 5.      MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
             MATTERS

Market Information

         The Company's common stock has traded on the Over-the-Counter Bulletin
Board (OTC: BB) under the symbol "STTN" since October 31 ,2001 and under the
symbol "GDAQ" since April 24, 2003. The following table sets forth the reported
high and low bid quotations of the Company's common stock for the periods
indicated (i) without giving effect to the Reverse Stock Splits except as noted
and (ii) as adjusted and retroactively giving effect to the Reverse Stock
Splits. Such quotations reflect inter-dealer prices, without retail mark-up,
mark-down or commission and may not necessarily represent actual transactions.

                                                   Actual        As Adjusted (1)
                                               ---------------   ---------------
                                                High      Low     High      Low
                                               ------   ------   ------   ------

Fiscal Year Ended March 31, 2002
   First Quarter (2)                           $ 1.75   $ 1.50   $  700   $  600
   Second Quarter (2)                          $ 1.50   $ 1.50   $  600   $  600
   Third Quarter (2)                           $ 1.32   $ 1.02   $  528   $  408
   Fourth Quarter (2)                          $ 2.50   $ 2.50   $1,000   $1,000

Fiscal Year Ended March 31, 2003
   First Quarter (2)                           $  .58   $  .23   $  232   $   92
   Second Quarter (2)                          $  .36   $  .01   $  144   $    4
   Third Quarter (2)                           $  .01   $  .01   $    4   $    4
   Fourth Quarter (2)                          $  .01   $  .01   $    4   $    4

Fiscal Year Ending March 31, 2004
   First Quarter (2)(3)                        $  .01   $ 1.00

------------------
(1)  These adjusted prices are not indicative of what the price might have been
     if the Reverse Split effected on April 24, 2003 had occurred during the
     period indicated.
(2)  Reflects only the Reverse Stock Split effected on February 13, 2001.
(3)  Reflects the Reverse Stock Splits effected on February 13, 2001 and April
     24, 2003.

         On July 7, 2003, the closing bid price of the Company's common stock as
reported on the OTC Bulletin Board was $.15 per share (reflects the Reverse
Stock Splits).

Holders of Record

         As of June 30, 2003, there were approximately 194 holders of record of
the Company's common stock and approximately 1500 beneficial owners.

                                       13
<PAGE>

Dividends.

         The Company has not paid any cash dividends on its common stock to
date, and does not anticipate declaring or paying any dividends in the
foreseeable future. The Company anticipates that for the foreseeable future it
will follow a policy of retaining earnings, if any, in order to finance the
expansion and development of its business. Payment of dividends is within the
discretion of the Company's board of directors and will depend upon the
Company's earnings, capital requirements and operating and financial condition,
among other factors.

Recent Sales of Unregistered Securities

         No securities that were not registered under the 1933 Act have been
issued or sold during the period covered by this report that were not previously
reported in a quarterly report on Form 10-QSB.

ITEM 6.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS

Overview

         The Company commenced operations in May 1999, initially focusing on
providing direct access software developed by others to retail clients of the
firm to effect securities transactions online. Since November 1999, the Company
transitioned to become an application service provider (ASP) of its own
proprietary platform, GlobalDAT (TM). Through the Company's subsidiary, Sutton
Online, Inc. ("Sutton"), the Company provided until July 2002, individuals,
broker-dealers, and other financial institutions with direct access to global
markets via stock exchanges, market participants, and electronic communication
networks (ECNs) through a seamless and simple Internet interface.

         The Company offered two principal solutions: SONIC 2000 (TM), a third
party US direct access trading platform, and GlobalDAT(TM) (Global Direct Access
Trading), a proprietary global direct access trading. The Company offered these
products in the role of an ASP, allowing business-to-business (B2B) clients to
outsource much of their transaction infrastructure on a cost-effective basis,
maximizing clients "hard" and "soft" dollar return on investment. The Company's
wholly owned subsidiary, Sutton Data Services, s.r.o. ("SDS") was the Company's
Prague based software developer that created and maintained the GlobalDAT (TM)
platform and was further engaged in providing specialized custom solutions for
B2B clients.

         The Company's revenues historically were comprised of transaction fees,
data fees and software licensing fees that were primarily derived from domestic
and international brokerage firms, banks and financial institutions. The Company
had also entered into interconnectivity agreements, introducing broker dealer
agreements, and technical support agreements. All of such agreements were for an
initial period of one year, with automatic renewal of one additional year.
Transaction fees and technical support fees were billed to the customer on a
monthly basis based on volume.

                                       14
<PAGE>

         Under various service agreements, the Company provided technology
support services, including systems administration, internal network support,
and support and procurement for clearance and settlement services. In addition,
certain clients of the Company provided online access to their customers through
use of the Company's electronic trading platform for which the Company received
fees.

         During the three months ended March 31, 2002, the Company's focus was
primarily in two areas: the raising of sufficient capital to fund the Company's
immediate working capital requirements, and the launch of GlobalDAT (TM). In
July, 2002, due to a lack of resources, the Company's wholly owned subsidiary,
SDS, filed for bankruptcy protection and Sutton terminated all of its operations
and employees. In addition, the Company began depleting its cash reserves and
liquidating its assets in order to satisfy its liabilities.

         In February 2003, the Company sold 23,500,000 shares of its common
stock, representing approximately 49% of the Company's total issued and
outstanding common stock after giving effect to such sale, to Corporate
Communications Network, Inc., a non-affiliated party owned by Stephen Kerr, for
an aggregate consideration of $23,500 pursuant to Rule 506 of Regulation D
promulgated under the Securities Act of 1933, as amended (the "33 Act"). Also in
February 2003, the Company sold all of the issued and outstanding common stock
of Sutton to Link Investment Holdings Inc. Limited, a non-affiliated party, for
an aggregate consideration of $2,500. The Company has used the proceeds of such
transactions to satisfy certain of its past obligations, as well as to fund its
current expenses that consist primarily of professional fees associated with
being a reporting issuer under the Securities Exchange Act of 1934, as amended
(the "Exchange Act").

         On April 23, 2003, the Company changed its corporate name to Global
Diversified Acquisition Corp. to reflect that the Company has no operations and,
as more fully discussed below, its principal activity is to seek a business
combination with one or more as yet unidentified privately held businesses.

         The financial statements for the year ended March 31, 2002 included
elsewhere in this Report have been restated to reflect the discontinuance of the
Company's operating subsidiary, Sutton, and the sale of such subsidiary.

Results of Operations

          During the twelve months ended March 31, 2003, the Company did not
have any revenues from continuing operations and incurred a net loss of
$1,349,774. Expenses for this year were related primarily to the discontinuance
of its operating subsidiary and the loss on sale of such subsidiary.

          During the twelve months ended March 31, 2002, the Company did not
have any revenues from continuing operations and incurred a net loss of
$6,626,286. Expenses for this year were related primarily to compensation
expense generated from stock issuances and the operations of the discontinued
subsidiary.

                                       15
<PAGE>

         Prior to July, 2002, the operations of Sutton and the Company's other
subsidiaries constituted substantially all of the Company's operations. In view
of the filing of a bankruptcy petition by SDS, the Company's decision to
terminate Sutton's operations and the sale of Sutton, management believes that
revenue comparisons with the prior periods are not relevant.


Liquidity and Capital Resources

         At March 31, 2003, the Company had $26,087 in cash, and had trade
accounts payable in the amount of $59,250. The Company is negotiating with its
vendors to reduce the balances on these accounts.

         As of June 30, 2003 the Company's principal sources of liquidity
consisted of cash of approximately $2,900. The Company has no commitments for
any capital expenditure and foresees none. However, the Company will incur
routine fees and expenses incident to its reporting duties as a public company,
and it will incur fees and expenses in the event it makes or attempts to make an
acquisition. The Company expects no significant operating costs other than
professional fees payable to attorneys and accountants.

         The Company is seeking to enter into a business combination with one or
more as yet unidentified privately held businesses. The Company does not
anticipate that funding will be necessary in order to complete a proposed
combination, except possibly for fees and costs of the Company's professional
advisers. Accordingly, there are no plans to raise capital to finance any
business combination, nor does management believe that any combination candidate
will expect cash from the Company. The Company hopes to require the candidate
companies to deposit with the Company an advance that the Company can use to
defray professional fees and costs and travel, lodging and other due diligence
costs of management. Otherwise, management would have to advance such costs out
of their own pockets, and there is no assurance that they will advance such
costs.

         Management intends to raise capital from both existing and new
shareholders and to use the proceeds to pay for routine expenses, such as making
required filings with the SEC and office rent and related expenses. There can be
no assurance that the Company will be able to find sources of financing on terms
acceptable to the Company, if at all. If the Company does not find the sources
to finance such activities, it may be unable to timely file the reports required
under the Securities Exchange Act of 1934, as amended. This could subject the
Company to fines and penalties and make it less desirable to a potential
combination candidate. This would make it difficult for the Company to pursue
its plans to acquire additional businesses.


ITEM 7.      FINANCIAL STATEMENTS

         The following financial statements of the Company are included
beginning at F-1 following Item 14 of this Report. See Index to the Financial
Statements.

                                       16
<PAGE>

ITEM 8.      CHANGES IN AND DISAGREEMENT WITH ACCOUNTANTS ON ACCOUNTING AND
             FINANCIAL DISCLOSURE

         None

                                    PART III
                                    --------

ITEM 9.      DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
             COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT OF THE REGISTRANT

         The members of the Board of Directors of the Company serve until the
next annual meeting of stockholders, or until their successors have been
elected. The officers serve at the pleasure of the Board of Directors. The
following table sets forth the name, age and position of each director and
executive officer of the Company as of the date of this Report*:

Name                     Age         Position
----                     ---         --------

Andrew J. Kacic          56          Chairman and CEO
John W. Shaffer          63          Director, CFO and Secretary
Raymond J. Bills         58          Director

         ANDREW J. KACIC has been Chairman, Chief Executive Officer and a
director of the Company since November 2002. From February 1980 to the present,
he has been the President of Advisory Services, Inc., a privately held business
and financial advisory firm, specializing in mergers, acquisitions and
restructuring. From September 2001 to the present, he has been Chairman and CEO
of GlobalNet Energy Corp., a public company seeking energy opportunities in oil,
gas and transmission. From December 1998 until November 2000, he was CFO of
Beaudry Motor Company, an automobile franchisee and retirement vehicle dealer.
From July 1997 until June 1998, he was Chairman and CEO of Autocorp Equities,
Inc., a public company engaged in the business of selling sub-prime automobiles.

         JOHN W. SHAFFER has been Chief Financial Officer, Secretary and
director of the Company since November 2002. From 1992 to the present, he has
been a director and the Secretary of Corporate Communications Network, Inc., a
private financial public relations company. Since 1992 he has also served as a
director of various privately owned companies.

         RAYMOND A. BILLS has been a director of the Company since November
2002. From 1969 to date, he has been employed by Dictaphone Corporation in
various positions, most recently as a major account manager/hospital specialist
for the Phoenix, Arizona district. We should list his directorships with various
public companies during the last five years.

--------------------------------------------------------------------------------
         * Mr. Jonathan D. Siegel, age 41, was the Chairman and Chief Executive
Officer of the Company from August 2001 until his resignation in November 2002.
He was the Chairman and Chief Executive officer of Sutton since its formation.
From May 1995 until devoting his full time efforts to Sutton, in January 2001,

                                       17
<PAGE>

he also served as the Chairman and Chief Executive Officer of Global Capital
Markets, LLC, a full service brokerage firm (acquired in November 1999 by Global
Capital Partners, Inc. ("GCAP"), a Nasdaq listed holding Company).

         Mr. Gregory C. Frank, age 31, was the President and a director of the
Company from August 2001 until his resignation in November 2002. He was the
President and a director of Sutton since its inception. From March 1998 until he
founded Sutton, Frank served as the Chief Operating Officer of Livetrade.com.
Prior to that, from December 1997 to March 1998, he served as Chief Operating
Officer of Talon Trading, an on-site trading firm in Garden City, New York.

         Mr. Richard W. Joyce, age 45, was a director of the Company from August
2001 until his resignation in May 2002. He was a director of Sutton from May
2000 and until his resignation in May 2002. He is also the senior vice president
of worldwide sales at 3Com Corp., a broad-based global supplier of networking
systems and services. Previously, he was president of 3Com Europe and
Asia/Pacific Rim.

         Mr. Vincent Montagna, age 30, was a director of the Company from May
2002 until his resignation in November 2002. From August 1997 until the present,
he has been the Co-Founder/President & Chief Executive Officer of Quantus
Holding Company, Inc., a privately held company engaged in the business of
corporate finance.

         Ms. Leigh Bickell, age 35, was the Chief Financial Officer of the
Company from August 2001 until her resignation in November 2002. She was
Controller of Sutton since its formation. From August 1996 until January 2001,
she was Controller of Global Capital Markets, LLC, a full service brokerage firm
(acquired in November 1999 by Global Capital Partners, Inc., a then NASDAQ
listed company).

ITEM 10.     EXECUTIVE COMPENSATION

Summary Compensation Table

         The following table sets forth for each of the last two fiscal years
ended March 31, 2003 and March 31, 2002 the remuneration paid by the Company to
its Chief Executive Officer and all other executive officers that earned in
excess of $100,000 in annual salary and bonus during such fiscal years:

                                       18
<PAGE>

<TABLE>
<CAPTION>
                                  SUMMARY COMPENSATION TABLE
                                  --------------------------

                                            ANNUAL COMPENSATION        LONG-TERM
                                                                      COMPENSATION
NAME AND
PRINCIPAL                       FISCAL                                OTHER ANNUAL
POSITION                         YEAR      SALARY($)     BONUS($)     COMPENSATION     OPTIONS
--------                         ----      ---------     --------     ------------     -------

<S>                              <C>        <C>             <C>            <C>            <C>
Jonathan D. Siegel,              2003       $ 70,000        --             --             --
Former Chairman and Chief        2002       $240,000        --             --             --
Executive Officer (1)

Gregory C. Frank, Former         2003       $ 33,654        --             --             --
President (2)                    2002       $125,000        --             --             --


Leigh Bickell, Former Chief      2003       $ 18,917        --             --             --
Financial Officer (3)            2002       $ 58,000        --             --             --
</TABLE>

--------------------
(1) Mr. Jonathan D. Siegel was the Chairman and Chief Executive Officer of the
Company from August 2001 until his resignation in November 2002.
(2) Mr. Gregory C. Frank was the President and a director of the Company from
August 2001 until his resignation in November 2002.
(3) Ms. Leigh Bickell was the Chief Financial Officer of the Company from August
2001 until her resignation in November 2002.

         Except as set forth above, the Company has not paid any other cash or
cash equivalent compensation to any other named executive officer or director of
the Company. Except as set forth above, no additional cash or cash equivalent
compensation has been paid or is anticipated to be paid by the Company unless or
until the Company's resources permit. Additionally, no named executive officer
exercised any stock options or stock appreciation rights during the fiscal year
ended March 31, 2003.

Compensation Pursuant to Plans

         In February 2001, the Company approved the 2001 Employee Stock
Compensation Plan (the "Plan"). The maximum number of shares of common stock
that may be granted by the Company under the Plan is 5,010,000 shares during the
period of the Plan, however, no awards may be made that would bring the total of
all outstanding Plan shares under the Plan to more than 20% of the total number
of shares of common stock of the Company at the time outstanding. As of March
31, 2003, no awards were outstanding under the Plan.

ITEM 11.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND AND MANAGEMENT

         The following table sets forth information available to the Company, as
of June 30, 2003, with respect to the beneficial ownership of the outstanding
shares of the company's Common Stock by (i) any holder of more than five percent
(5%) of the outstanding shares; (ii) the Company's officers and directors; and
(iii) the Company's officers and directors as a group.

                                       19
<PAGE>

Name and Address of Beneficial      Shares of Common Stock     Percentage (%) of
------------------------------      ----------------------     -----------------
Owner (1):                                  Owned:             Common Stock (2):
---------                                   -----              ----------------

Corporate Communications(3)               58,750                   49.78%

Raymond A. Bills                              34                      (4)

Andrew J. Kacic                               -0-                     -0-

John W. Shaffer                            3,793                    3.21%

Jonathan D. Siegel(5)                     11,580(6)                 9.81%(6)

Gregory C. Frank(7)                       11,580(8)                 9.81%(8)

The J.B. Sutton Group Inc
401(k) Profit sharing Plan
dated 10/1/95 f/b/o Jonathan
D. Siegel(5)                               2,848(9)                 2.41%(9)

Tiburon Management Limited                10,120(10)                8.57%
("Tiburon")(11)

All officers and directors as a            3,827                    3.24%
group (three persons)

ITEM 12.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         In October 2001, the Company issued 250,000 shares of common stock in
payment of the purchase price of $375,000 for the 49% interest in SDS not owned
by the company. Such interest was owned by Radek Hulan, a shareholder of the
Company.

         During the period from October 1, 2001 through December 31, 2001, the
Company issued 300 shares of common stock as payment of interest of $248,200 on
notes payable, of which 250 shares were issued to Tiburon Asset Management
("TAM") and 50 shares were issued to Tiburon Management Limited ("TML"). In
addition, 157 shares of common stock for conversion to equity of notes payable
in the amount of $250,000, of which 125 shares were issued to TML and 32 shares
were issued to TAM. Both TAM and TML were shareholders of the Company at the
time of issuance.

--------------------
(1)  Beneficial ownership as reported in the table above has been determined in
     accordance with Instruction (1) to Item 403 (b) of Regulation S-B of the
     Act.
(2)  Percentages are approximate.
(3)  The business address of each of the beneficial owners noted above is 7025
     E. First Avenue, Suite 5, Scottsdale, AZ 85252.
(4)  Less than 1%.
(5)  The business address of Jonathan D. Siegel is 175 Pinelawn Road, Melville,
     NY 11747.
(6)  Includes 3,632 shares of common stock issuable upon the exercise of
     outstanding warrants and 2400 shares and 448 shares of common stock
     issuable upon the exercise of warrants held in the name of the Siegel
     401(k).
(7)  The business address of Gregory C. Frank is 200 Broadhollow Road, Melville
     NY 11747.
(8)  Includes 4,080 shares of common stock issuable upon exercise of outstanding
     warrants.
(9)  Includes 448 shares of common stock issuable upon exercise of outstanding
     warrants.
(10) Includes 311 shares of common stock issuable upon the exercise of
     outstanding warrants.
(11) The business address of Tiburon is Imossi House, 115 Irish Town, Suite
     6/167, P.O. Box 561, Gibraltar.

                                       20
<PAGE>

         In December 2001, the Company sold 5,000 shares of its common stock (as
part of a unit together with 2,000,000 shares of preferred stock of Sutton to
TML in exchange for a $1,000,000 recourse note, which has since been paid. In
February 2002, the Company sold 1,500 shares of its common stock (as part of a
unit together with 600,000 shares of preferred stock of Sutton to the same
shareholder for a note receivable in the amount of $300,000, which note has
since been paid. The Company has not accrued interest on either of these notes.

                                     PART IV
                                     -------

ITEM 13.     EXHIBITS, LIST AND REPORTS ON FORM 8-K

         (a)      Exhibits

Exhibit Number             Description of Exhibit*
--------------             -----------------------

3.1(1)                     Articles of Incorporation
3.1(2)                     Certificate of Amendment to Articles of
                           Incorporation**
3.1(3)                     Certificate of Amendment to Articles of Incorporation
3.1(4)                     Certificate of Correction to Certificate of Amendment
                           to Articles of Incorporation
3.2                        Registrant's By-laws
23.1                       Consent of Spicer, Jeffries & Co.
99.1                       Certification of Principal Executive Officer pursuant
                           to Sarbanes-Oxley Act of 2002
99.2                       Certification of Principal Financial Officer pursuant
                           to Sarbanes-Oxley Act of 2002

--------------------

         o        Except as indicated otherwise, all exhibits are incorporated
                  by reference to Registrant's Registration Statement on Form
                  10-SB.

         **       Incorporated by reference to Registrant's Definitive Proxy
                  Statement filed with the Securities and Exchange Commission on
                  October 9, 2001.

         b)       Reports on Form 8-K

                  Check

ITEM 14.     CONTROLS AND PROCEDURES

         (a)      Evaluation of Disclosure Controls and Procedures.
                  -------------------------------------------------

         Within the 90 days prior to the date of this report, Global diversified
Acquisition Corp. ("the Company") carried out an evaluation, under the
supervision and with the participation of the Company's management, including

                                       21
<PAGE>

the Company's Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures pursuant to Exchange Act Rule 13a-14. Based upon that evaluation,
the Chief Executive Officer and Chief Financial Officer concluded that the
Company's disclosure controls and procedures are effective in timely alerting
them to material information required to be included in the Company's periodic
SEC filings relating to the Company (including its consolidated subsidiaries).

         (b)      Changes in Internal Controls
                  ----------------------------

         There were no significant changes in the Company's internal controls or
in other factors that could significantly affect these internal controls
subsequent to the date of our most recent evaluation.


                                       22
<PAGE>

                               GLOBAL DIVERSIFIED
                               ------------------

                                ACQUISITION CORP.
                                -----------------

                    (formerly Sutton Trading Solutions, Inc.)
                    -----------------------------------------

                              FINANCIAL STATEMENTS
                              --------------------

                       YEARS ENDED MARCH 31, 2003 AND 2002
                       -----------------------------------
<PAGE>

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)


                                TABLE OF CONTENTS
                                -----------------

                                                                            Page
                                                                            ----

Independent Auditors' Report                                                  2

Balance Sheets at March 31, 2003 and 2002                                     3

Statements of Operations for the years ended March 31, 2003 and 2002          4

Statements of Changes in Shareholders' Equity for the years ended
March 31, 2003 and 2002                                                     5-6

Statements of Cash Flows for the years ended March 31, 2003 and 2002          7

Notes to Financial Statements                                              8-13
<PAGE>

                          INDEPENDENT AUDITORS' REPORT

To the Board of Directors
Global Diversified Acquisition Corp.
(formerly Sutton Trading Solutions, Inc.)


We have audited the accompanying balance sheets of Global Diversified
Acquisition Corp. (formerly Sutton Trading Solutions, Inc.) as of March 31, 2003
and 2002, and the related statements of operations, changes in shareholders'
equity, and cash flows for the years then ended. 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 auditing standards generally accepted
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 Global Diversified Acquisition
Corp. (formerly Sutton Trading Solutions, Inc.) as of March 31, 2003 and 2002,
and the results of its operations and its cash flows for the years then ended,
in conformity with accounting principles generally accepted in the United States
of America.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 1 to the financial
statements, the Company has suffered recurring losses from operations that raise
substantial doubt about the Company's ability to continue as a going concern.
Management's plans in this regard are also discussed in Note 1. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.

                                       /s/ SPICER, JEFFRIES & CO.
                                       -----------------------------------------

Denver, Colorado
July 2, 2003


                                       F-2
<PAGE>

<TABLE>
<CAPTION>
                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                                 BALANCE SHEETS


                                     ASSETS
                                     ------                              March 31,      March 31,
                                                                           2003           2002
                                                                        -----------    -----------
                                                                                      (As Restated)
<S>                                                                     <C>            <C>
CURRENT ASSETS:
  Cash                                                                  $    26,087    $    60,864
  Prepaid expenses                                                               --        160,417
  Assets of discontinued subsidiaries (Note 2)                                   --      2,130,517
                                                                        -----------    -----------

                                                                        $    26,087    $ 2,351,798
                                                                        ===========    ===========
                      LIABILITIES AND SHAREHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES:
  Accounts payable                                                      $    59,250    $    46,053
  Liabilities of discontinued subsidiaries (Note 2)                              --      1,131,812
                                                                        -----------    -----------
           Total liabilities                                                 59,250      1,177,865
                                                                        -----------    -----------

SHAREHOLDERS' EQUITY (Note 3):
  Common stock, $.001 par value, 100,000,000 shares authorized,
      118,018 and 59,393 shares issued and outstanding, respectively            118             59
  Additional paid-in capital                                              9,764,455      9,997,514
  Note receivable                                                                --       (425,000)
  Accumulated other comprehensive income-discontinued operations                 --         49,322
  Deficit                                                                (9,797,736)    (8,447,962)
                                                                        -----------    -----------
           Total shareholders' equity                                       (33,163)     1,173,933
                                                                        -----------    -----------

                                                                        $    26,087    $ 2,351,798
                                                                        ===========    ===========
</TABLE>

The accompanying notes are an integral part of these statements.

                                       F-3
<PAGE>

<TABLE>
<CAPTION>
                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                            STATEMENTS OF OPERATIONS
                            ------------------------

                                                                 Year Ended
                                                                  March 31,
                                                             2003           2002
                                                          -----------    -----------
                                                                        (As Restated)
<S>                                                       <C>            <C>
REVENUE                                                   $        --    $        --
                                                          -----------    -----------

EXPENSES:
  Service fees (Note 3)                                       (96,083)     3,325,833
  Professional fees                                            33,608        113,066
  General and administrative expenses                          52,272        128,886
                                                          -----------    -----------
     Total operating expenses (income)                        (10,203)     3,567,785

OTHER EXPENSE:
  Interest expense                                                 --         12,000
                                                          -----------    -----------
     Net income (loss) from continuing operations              10,203     (3,579,785)


DISCONTINUED OPERATIONS (Note 2):
  Net loss from operations of discontinued subsidiaries      (510,474)    (3,046,501)
  Loss on sale of subsidiaries                               (849,503)            --
                                                          -----------    -----------

     Net loss from discontinued operations                $(1,359,977)   $(3,046,501)
                                                          ===========    ===========

NET LOSS                                                  $(1,349,774)   $(6,626,286)
                                                          ===========    ===========

BASIC AND DILUTED LOSS PER COMMON SHARE:
  Net income (loss) from continuing operations            $      0.15    $    (76.10)
  Discontinued operations                                      (19.86)        (64.77)
                                                          -----------    -----------
  Net loss                                                $    (19.71)   $   (140.87)
                                                          ===========    ===========

WEIGHTED AVERAGE SHARES OUTSTANDING                            68,476         47,037
</TABLE>

The accompanying notes are an integral part of these
statements.

                                       F-4
<PAGE>

<TABLE>
<CAPTION>
                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                  STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                  ---------------------------------------------


                                                                     Preferred     Preferred         Common         Common
                                                      Preferred        Stock         Stock           Stock          Stock
                                                        Shares       $.025 Par     $.0001 Par        Shares       $.001 Par
                                                     -----------    -----------    -----------    -----------    -----------
<S>                                                    <C>             <C>            <C>                 <C>          <C>
BALANCES, March 31, 2001, as restated                         --    $        --    $        --         33,334    $        33


 Issuance of shares and warrants for notes and
 interest payable                                        888,888         22,222             --          4,722              5

 Debt forgiveness by shareholder                              --             --             --             --             --

 Reverse acquisition of Ikon Ventures, Inc.                   --             --             --            777              1

 Return of shares for sale of investment                      --             --             --            (56)            --

 Conversion of loan from Ikon Ventures, Inc.                  --             --             --             63             --

 Sale of shares for cash                                      --             --             --            250             --

Shares issued for services                                    --             --             --         11,500             11

Shares issued to acquire remaining interest in SDS            --             --             --            625              1

Shares and warrants issued for notes payable                  --             --             --            156             --

Shares issued for interest payable                            --             --             --            300             --

Conversion of preferred stock                           (888,888)       (22,222)            --          2,222              2

Shares issued for notes receivable                     2,600,000             --            260          6,500              7

Return of shares- termination of service contract             --             --             --         (1,000)            (1)

Debt forgiveness by shareholder                               --             --             --             --             --

Payments received on note receivable                          --             --             --             --             --

Change in accumulated other comprehensive income              --             --             --             --             --

Net loss                                                      --             --             --             --             --

Reclass preferred stock of discontinued subsidiary    (2,600,000)            --           (260)            --             --
                                                     -----------    -----------    -----------    -----------    -----------

BALANCES, March 31, 2002, as restated                         --             --             --         59,393             59
</TABLE>


<TABLE>
<CAPTION>

                                                                                   Accumulated
                                                       Additional                     Other
                                                       Paid-In         Notes      Comprehensive
                                                       Capital      Receivable       Income         Deficit
                                                     -----------    -----------    -----------    -----------
<S>                                                  <C>          <C>               <C>          <C>
BALANCES, March 31, 2001, as restated                  2,428,455    $        --       (142,489)    (1,821,676)


 Issuance of shares and warrants for notes and
 interest payable                                      1,135,658             --             --             --

 Debt forgiveness by shareholder                          30,000             --             --             --

 Reverse acquisition of Ikon Ventures, Inc.                   (1)            --             --             --

 Return of shares for sale of investment                  (7,000)            --             --             --

 Conversion of loan from Ikon Ventures, Inc.             100,000             --             --             --

 Sale of shares for cash                                 400,000             --             --             --

Shares issued for services                             3,874,989             --             --             --

Shares issued to acquire remaining interest in SDS       374,999             --             --             --

Shares and warrants issued for notes payable             250,000             --             --             --

Shares issued for interest payable                       248,200             --             --             --

Conversion of preferred stock                             22,220             --             --             --

Shares issued for notes receivable                     1,299,733     (1,300,000)            --             --

Return of shares- termination of service contract       (319,999)            --             --             --

Debt forgiveness by shareholder                          160,000             --             --             --

Payments received on note receivable                          --        875,000             --             --

Change in accumulated other comprehensive income              --             --        191,811             --

Net loss                                                      --             --             --     (6,626,286)

Reclass preferred stock of discontinued subsidiary           260             --             --             --
                                                     -----------    -----------    -----------    -----------

BALANCES, March 31, 2002, as restated                  9,997,514       (425,000)        49,322     (8,447,962)

</TABLE>

The accompanying notes are an integral part of these
statements.

                                       F-5
<PAGE>

<TABLE>
<CAPTION>
                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                  STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                  ---------------------------------------------



                                                                       Preferred    Preferred        Common         Common
                                                         Preferred       Stock       Stock           Stock          Stock
                                                           Shares      $.025 Par  $.0001 Par         Shares        $.001 Par
                                                         ----------    ---------   ---------      ------------    -----------
<S>                                                                    <C>         <C>           <C>             <C>
Payments received on note receivable                             --    $      --   $      --     $         --    $        --

Return of shares issued under prepaid service contract           --           --          --             (250)            --

Shares issued for service contract                               --           --          --              125             --

Sale of common stock in private placement                        --           --          --           58,750             59

Change in accumulated other comprehensive income                 --           --          --               --             --

Net loss                                                         --           --          --               --             --
                                                         ----------    ---------   ---------      ------------    -----------

BALANCES, March 31, 2003                                         --    $      --   $      --     $    118,018            118
                                                         ==========    =========   =========     ============    ===========

</TABLE>


<TABLE>
<CAPTION>

                                                                                       Accumulated
                                                            Additional                    Other
                                                             Paid-In        Notes     Comprehensive
                                                             Capital      Receivable      Income         Deficit
                                                           -----------    -----------   -----------    -----------

<S>                                                        <C>            <C>           <C>            <C>
Payments received on note receivable                       $        --    $   425,000   $        --    $        --

Return of shares issued under prepaid service contract        (275,000)            --            --             --

Shares issued for service contract                              18,500             --            --             --

Sale of common stock in private placement                       23,441             --            --             --

Change in accumulated other comprehensive income                    --             --       (49,322)            --

Net loss                                                            --             --            --     (1,349,774)
                                                            -----------    -----------   -----------    -----------

BALANCES, March 31, 2003                                     9,764,455    $        --   $        --     (9,797,736)
                                                            ===========    ===========   ===========    ===========

</TABLE>

The accompanying notes are an integral part of these
statements.

                                      F-6
<PAGE>

<TABLE>
<CAPTION>
                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                            STATEMENTS OF CASH FLOWS

                                                                                            Year Ended
                                                                                             March 31,
                                                                                       2003           2002
                                                                                    -----------    -----------
                                                                                                   (As Restated)
<S>                                                                                  <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                                           (1,349,774)    (6,626,286)
  Net loss from discontinued operations                                               1,359,977      3,046,501
                                                                                    -----------    -----------
  Net income (loss) from continuing operations                                           10,203     (3,579,785)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
     Issuance of stock for services and interest, net of return of shares               (96,083)     3,507,333
     Increase in accounts payable                                                        13,197         46,053
                                                                                    -----------    -----------
               Net cash used in continuing operations                                   (72,683)       (26,399)
               Net cash used in discontinued operations                                (413,094)    (1,180,083)
                                                                                    -----------    -----------
                 Net cash used in operating activities                                 (485,777)   (1,206,482)
                                                                                    -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures of discontinued operations                                            --         (7,654)
  Proceeds from sale of subsidiary                                                        2,500             --
                                                                                    -----------    -----------
                 Net cash provided by (used in) investing activities                      2,500         (7,654)
                                                                                    -----------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Payments received on note receivable                                                  425,000        875,000
  Issuance of common stock                                                               23,500        400,000
                                                                                    -----------    -----------
                 Net cash provided by financing activities                              448,500      1,275,000
                                                                                    -----------    -----------

NET INCREASE (DECREASE) IN CASH                                                         (34,777)        60,864

CASH, beginning of year                                                                  60,864             --
                                                                                    -----------    -----------

CASH, end of year                                                                   $    26,087    $    60,864
                                                                                    ===========    ===========

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
   AND FINANCING ACTIVITIES:
  Issuance of common stock for note receivable                                      $        --    $ 1,300,000
                                                                                    ===========    ===========
  Debt forgiveness by shareholder                                                   $        --    $   190,000
                                                                                    ===========    ===========
  Return of common stock for sale of investment                                     $        --    $     7,000
                                                                                    ===========    ===========
  Issuance of common stock for prepaid service contracts, net of return of shares   $        --    $   355,000
                                                                                    ===========    ===========
</TABLE>

The accompanying notes are an integral part of these
statements.

                                       F-7
<PAGE>

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------

NOTE 1 - ORGANIZATION,  OPERATIONS AND SIGNIFICANT  ACCOUNTING POLICIES

Organization, Business and Basis of Presentation
------------------------------------------------

In August 2001, the shareholders of Ikon Ventures, Inc. ("Ikon") approved an
exchange of common stock of Ikon for all of the outstanding common stock of
Sutton Online, Inc. ("Sutton"). The stock exchange between Ikon and Sutton was
considered a reverse acquisition. Under reverse acquisition accounting, Sutton
was considered the acquirer for accounting and financial reporting purposes, and
acquired the assets and assumed the liabilities of Ikon. Ikon had no assets at
acquisition and had liabilities of $76,000, which were then forgiven just prior
to the acquisition. The acquisition was accomplished through the issuance of
38,056 shares of Ikon common stock for 6,850,000 shares of Sutton. The existing
holders of Sutton warrants of 3,100,000 on the date of the acquisition were
issued Ikon warrants in the amount of 17,222. At the date of the reverse
acquisition, Ikon had 777 outstanding shares of common stock. Subsequent to the
reverse acquisition, Ikon changed its name to Sutton Trading Solutions, Inc.
("the Company"). All references to shares and warrants have been restated to
reflect the reverse acquisition and the reverse stock split (see "stock split"
below).

On July 2, 2002, Sutton Data Services sro ("SDS"), Sutton's wholly-owned
subsidiary in the Czech Republic, filed for bankruptcy protection because it was
unable to meet its obligations and the Company was unable to provide the
necessary funding. In addition, Sutton, the Company's principal subsidiary,
substantially terminated its work force in an effort to conserve cash.
Subsequently, the Company discontinued all operations, and sold Sutton to an
unrelated party (see Note 2). As a result of these transactions, the remaining
company does not have any operations, except for seeking potential merger
candidates. In April 2003, the Company changed its name to Global Diversified
Acquisition Corp.

Going Concern
-------------

The Company has suffered losses from operations and has insufficient cash that
raises substantial doubt about its ability to continue as a going concern. The
ability of the Company to continue operations is contingent upon its obtaining
additional debt and/or equity capital to fund its operations and finding a
viable merger candidate. Management's plans in this regard is to seek a business
combination with one or more privately held businesses.

Use of Estimates
----------------

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America 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 revenue and expenses during
the reporting period. Actual results could differ from those estimates.

Cash Equivalents
----------------

All highly liquid investments purchased with an original maturity of three
months or less are considered to be cash equivalents.

Fair Value of Financial Instruments
-----------------------------------

Financial instruments, including cash, other assets and accounts payable, are
carried at amounts that approximate fair value due to the short term nature of
those instruments.

Stock Split
-----------

Subsequent to the balance sheet date, on April 24, 2003, the Company effected a
1 for 400 reverse stock split whereby each 400 shares were exchanged for one
newly issued share. All references to shares and share prices have been adjusted
to reflect the stock split on a retroactive basis.

                                       F-8
<PAGE>

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                   (Continued)

NOTE 1 - ORGANIZATION,  OPERATIONS AND SIGNIFICANT  ACCOUNTING
POLICIES (continued)

Net Loss Per Share of Common Stock
----------------------------------

Net loss per share of common stock is based on the weighted average number of
shares of common stock outstanding, giving effect to the reverse acquisition and
the reverse stock split as discussed above. Common stock equivalents are not
included in the weighted average calculation since their effect would be
anti-dilutive.

Reclassification
----------------

Certain prior year amounts have been reclassified to conform to the current year
presentation.

Stock Compensation Plans
------------------------

In February 2001, the Company approved the 2001 Employee Stock Compensation Plan
(the "Plan"). The maximum number of shares of common stock that may be granted
by the Company under the Plan is 5,010,000 shares during the period of the Plan,
however, no awards may be made that would bring the total of all outstanding
Plan shares under the Plan to more than 20% of the total number of shares of
common stock of the Company at the time outstanding. As of March 31, 2003, no
awards were outstanding under the Plan.

In October 1995, the FASB issued SFAS No. 123, "Accounting for Stock-Based
Compensation." SFAS No. 123 encourages, but does not require, companies to
record compensation expense for stock-based employee compensation plans at fair
value. The Company has elected to account for its stock-based compensation plans
using the intrinsic value method prescribed by Accounting Principles Board
Opinion No. 25, "Accounting for Stock Issued to Employees" (APB No. 25). Under
the provisions of APB No. 25, compensation cost for stock options is measured as
the excess, if any, of the quoted market price of the Company's common stock at
the date of grant over the amount an employee must pay to acquire the stock.

Recent Accounting Pronouncements
--------------------------------

In June 2001, the FASB issued Statement of Financial Accounting Standard No. 141
("SFAS 141"), "Business Combinations" and No. 142 ("SFAS 142"), "Goodwill and
Other Intangible Assets". SFAS 141 requires all business combinations to be
accounted for using the purchase method of accounting and is effective for all
business combinations initiated after June 30, 2001. SFAS 142 requires goodwill
to be tested for impairment under certain circumstances, and written off when
impaired, rather than being amortized as previous standards required. SFAS 142
is effective for fiscal years beginning after December 15, 2001, with early
application permitted for companies with fiscal years beginning after March 15,
2001, provided that the first interim period financial statements have not been
previously issued. The adoption of SFAS 141 and SFAS 142 did not have a material
effect on the Company's financial position or results of operations.

In August 2001, the FASB issued Statement of Financial Accounting Standard No.
144 ("SFAS 144"), "Accounting for the Impairment or Disposal of Long-Lived
Assets". This statement supercedes SFAS No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of". This
statement removes goodwill from the scope of SFAS 121, and requires long-lived
assets to be tested for recoverability whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. SFAS 144
is effective for fiscal years beginning after December 15, 2001. The
implementation of SFAS 142 did not have a material effect on the Company's
financial position or results of operations.

                                       F-9
<PAGE>

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                   (Continued)

NOTE 1 - ORGANIZATION,  OPERATIONS AND SIGNIFICANT  ACCOUNTING
POLICIES (continued)

Recent Accounting Pronouncements
--------------------------------

In December 2002, Statement of Financial Accounting Standards No. 148,
"Accounting for Stock-Based Compensation -Transition and Disclosure," ("SFAS
148") was issued. SFAS 148 amends Statement of Financial Accounting Standards
No. 123, "Accounting for Stock-Based Compensation," ("SFAS 123") to provide
alternative methods of transition for a voluntary change to the fair value
method of accounting for stock-based employee compensation. In addition, SFAS
148 amends the disclosure requirements of SFAS 123 to require prominent
disclosures in both annual and interim financial statements about the method of
accounting for stock-based employee compensation and the effect of the method
used on the reported results. The provisions of SFAS 148 are effective for
financial statements for fiscal years ending after December 15, 2002 and interim
periods beginning after December 15, 2002. The adoption of the disclosure
requirements of this statement did not impact the Company's financial position,
results of operations or cash flows.

NOTE 2 - DISCONTINUED OPERATIONS

As discussed in Note 1, the Company discontinued its operations in July 2002. In
February 2003, the Company sold all of the issued and outstanding shares of
common stock of its subsidiary, Sutton, to an unrelated entity for $2,500.
Accordingly, the assets, liabilities and operations of Sutton and its
subsidiary, SDS, have been reclassified and presented as discontinued operations
in the accompanying financial statements. Assets and liabilities of discontinued
operations consisted of the following as of March 31, 2002:

         Cash                                        $  102,494
         Account receivables                            271,901
         Property and equipment, net                  1,333,441
         Other                                          422,681
                                                     ----------
                                                     $2,130,517
                                                     ==========

         Accounts payable and accrued expenses       $  964,644
         Capital lease obligation                       167,168
                                                     ----------
                                                     $1,131,812
                                                     ==========

For the years ended March 31, 2003 and 2002, operating results of discontinued
operations consisted of the following:

                                                        2003          2002
                                                     -----------   -----------

         Revenue                                     $   261,810   $ 1,750,931

         Expenses                                        772,284     4,797,432
                                                     -----------   -----------

           Net loss                                  $  (510,474)  $(3,046,501)
                                                     ===========   ===========


NOTE 3 - SHAREHOLDERS' EQUITY

Debt Forgiveness
----------------

In June 2001, a shareholder forgave a debt of $30,000, which was credited to
paid-in capital. In December 2001, another shareholder forgave a $160,000 note
payable, which was also credited to paid-in capital.

                                      F-10
<PAGE>

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                   (Continued)

NOTE 3 - SHAREHOLDERS' EQUITY (continued)

Preferred Stock
---------------

In July 2001, prior to the reverse acquisition with Ikon, Sutton Online, Inc.
designated 888,888 shares of their authorized preferred stock as Series A. In
August 2001, 888,888 shares of Series A exchangeable preferred stock of Sutton
Online, Inc. were issued in payment of a $525,000 note payable and interest
payable of $19,274. The preferred stock is exchangeable at the option of the
preferred shareholder at any time into 2,222 shares of the Company's common
stock and a warrant to purchase 972 shares of the Company's common stock at
$1,000 per share. Holders of the preferred stock are not entitled to receive
dividends, except when and as declared by the board of directors. In October
2001, the Series A exchangeable preferred stock of Sutton Online, Inc. was
exchanged into common stock and warrants in the amounts noted above and this
series was cancelled.

In December 2001, the board of directors of Sutton Online, Inc. designated
2,600,000 shares of their authorized preferred stock as Series A exchangeable
preferred stock ("Series A"). The Series A has no voting rights, does not
receive dividends and has a liquidation value of $0.50. The Series A is
exchangeable, in whole, at the option of the holders, into exchangeable
securities of the Company, at any time after the Company shall have authorized a
class or series of exchangeable securities. Exchangeable securities means a
class or series of preferred stock of the Company that shall have substantially
the same rights, preferences and privileges as the Series A. In December 2001,
2,000,000 shares of Series A were issued, along with common stock, for a note
receivable in the amount of $1,000,000. In February 2002, an additional 600,000
shares of Series A were issued, along with common stock, for a note receivable
in the amount of $300,000 (see below).

Common Stock
------------

In August 2001, 4,722 shares of common stock were issued in payment of $600,000
in notes payable and interest payable of $13,611.

In connection with the acquisition of Sutton, Ikon borrowed $100,000 and loaned
such amount to Sutton, and on the date of the acquisition, the $100,000 was
converted to 63 shares of Ikon common stock. In addition, Ikon sold 250 shares
of common stock for proceeds of $400,000. Also in connection with the
acquisition, the Company issued 11,250 shares as service fees valued at
$3,600,000, $400,000 of which was for a prepaid contract.

In addition, 56 shares of common stock were returned to the Company in
connection with the sale of an investment.

On October 1, 2001, the Company purchased the remaining 49% of the outstanding
common stock of SDS through the issuance of 625 shares of common stock at $600
per share, or $375,000.

During the period from October 1, 2001 through December 31, 2001, the Company
issued 300 shares of common stock as payment of interest of $248,200 on notes
payable, and 156 shares of common stock for conversion of notes payable in the
amount of $250,000 to equity.

In November 2001, the Company issued 250 shares of common stock in connection
with a prepaid service agreement valued at $275,000. In June 2003, the Company
terminated the agreement and the shares were returned. Also, in November 2001,
1,000 shares of common stock were returned to the Company in connection with the
termination of a prepaid service contract that was entered into in connection
with the reverse acquisition.

In December 2001, the Company issued 5,000 shares of common stock, along with
preferred stock, for a note receivable in the amount of $1,000,000. In February
2002, the Company issued an additional 1,500 shares of common stock, along with
preferred stock, for a note receivable in the amount of $300,000 (see below).

In May 2002, the Company issued 125 shares of common stock for a service
contract valued at $18,500.

In February 2003, the Company sold 58,750 shares of common stock in a private
offering, for proceeds of $23,500.

                                      F-11
<PAGE>

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
                    (formerly Sutton Trading Solutions, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                   (Continued)

NOTE 3 - SHAREHOLDERS' EQUITY (continued)

Note Receivable
---------------

In December 2001, the Company sold 2,000,000 shares Series A preferred stock of
Sutton Online, Inc. and 5,000 shares of common stock of the Company to a
shareholder for a note receivable in the amount of $1,000,000. The note required
payment of principal as follows: $50,000 due 1/8/02, $400,000 due 1/15/02,
$212,500 due 2/15/02, $212,500 due 3/15/02 and $125,000 due 4/15/02. During the
years ended March 31, 2003 and 2002, the Company received payments of $875,000
and $125,000, respectively. In February 2002, the Company sold 600,000 shares of
Series A preferred stock of Sutton Online, Inc. and 1,500 shares of common stock
of the Company to the same shareholder for a note receivable in the amount of
$300,000. The note required payments of $87,500 due 4/15/02 and $212,500 due
5/15/02. These amounts were paid during the year ended March 31, 2003.

Stock Warrants
--------------

In August and December 2001, the Company issued 712 warrants, along with common
stock, in connection with the conversion of notes payable.

No warrants were exercised during the years ended March 31, 2003 and 2002. At
March 31, 2003, warrants to purchase common stock were outstanding as follows:

                                     Number Outstanding
                                     And Exercisable at
            Expiration Date            March 31, 2002        Exercise Price
            ---------------            --------------        --------------

              May 3, 2004                   18,351              $  1,000


Accumulated Other Comprehensive Income
--------------------------------------

The cumulative balances included in other comprehensive income are as follows:

                           Foreign Currency                   Accumulated Other
                              Translation    Unrealized Gains  Comprehensive
                               Adjustment     On Securities       Income
                             -------------    -------------   -------------
Balances, March 31, 2001     $      17,960    $    (160,449)  $    (142,489)

  Change during the year            31,362          160,449         191,811
                             -------------    -------------   -------------

Balances, March 31, 2002            49,322               --          49,322

  Disposal of subsidiaries         (49,322)              --         (49,322)
                             -------------    -------------   -------------

Balances, March 31, 2003     $          --    $          --   $          --
                             =============    =============   =============

                                      F-12
<PAGE>

                      GLOBAL DIVERSIFIED ACQUISITION CORP.
           (formerly Sutton Trading Solutions, Inc. and Subsidiaries)

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                   (Continued)

NOTE 4 - INCOME TAXES

At March 31, 2003, the Company had an unused U.S. federal net operating loss
carryforward of approximately $339,800 for income tax purposes, of which
approximately $253,900 expires in 2021 and $85,900 expires in 2022. However, the
ability to utilize such losses to offset future taxable income is subject to
various limitations imposed by the rules and regulations of the Internal Revenue
Service. This net operating loss carryforward may result in future income tax
benefits of approximately $115,500; however, because realization is uncertain at
this time, a valuation reserve in the same amount has been established. The
valuation allowance for deferred tax assets was increased by $29,200 and $86,300
during 2003 and 2002, respectively. Deferred income taxes reflect the net tax
effects of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax
purposes.

Significant components of the Company's deferred tax liabilities and assets as
of March 31, 2003 and 2002 are as follows:

                                                     2003         2002
                                                  ---------    ---------

Deferred tax liabilities                          $      --    $      --
                                                  =========    =========

Deferred tax assets:

  U.S. net operating loss carryforwards           $ 115,500    $  86,300
    Valuation allowance for deferred tax assets    (115,500)     (86,300)
                                                  ---------    ---------

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

                                      F-13
<PAGE>

                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Dated:   July 14, 2003

                                       GLOBAL DIVERSIFIED ACQUISTION CORP.


                                       By: /s/ ANDREW J. KACIC
                                           -----------------------------------
                                           Name:  Andrew J. Kacic
                                           Title: Chairman and Chief Executive
                                                  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 in the capacities and on the dates indicated.

Signature                                Title                         Date
---------                                -----                         ----

/s/ ANDREW J. KACIC                  Chairman, CEO                 July 14, 2003
--------------------                 and Director
Andrew J. Kacic


/s/ JOHN W. SHAFFER                  Director, CFO                 July 14, 2003
--------------------                 and Secretary
John W. Shaffer


/s/ RAYMOND A. BILLS                 Director                      July 14, 2003
--------------------
Raymond A. Bills
<PAGE>

       CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.
                                  SECTION 1350

         In connection with the accompanying Annual Report on Form 10-KSB of
Global Diversified Acquisition Corp. for the period ended March 31, 2003, I,
Andrew J. Kacic, Chairman and Chief Executive Officer, hereby certifies pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

         1.       Such Annual Report on Form 10-KSB for the year ended March 31,
                  2003, fully complies with the requirements of section 13(a) or
                  15(d) of the Securities Exchange Act of 1934; and

         2.       The information contained in such Annual Report on Form 10-KSB
                  for the year ended March 31, 2003, fairly presents, in all
                  material respects, the financial condition and results of
                  operations of Global Diversified Acquisition Corp.

                                       GLOBAL DIVERSIFIED ACQUISITION CORP.


Dated: July 14, 2003                   By: /s/ ANDREW J. KACIC
                                           -----------------------------
                                           Andrew J. Kacic, Chairman and
                                           Chief Executive Officer
<PAGE>

       CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C.
                                  SECTION 1350

         In connection with the accompanying Annual Report on Form 10-KSB of
Global Diversified Acquisition Corp. for the period ended March 31, 2003, I,
John W. Shaffer, Chief Financial Officer, hereby certifies pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, to the best of my knowledge and belief, that:

         3.       Such Annual Report on Form 10-KSB for the year ended March 31,
                  2003, fully complies with the requirements of section 13(a) or
                  15(d) of the Securities Exchange Act of 1934; and

         4.       The information contained in such Annual Report on Form 10-KSB
                  for the year ended March 31, 2003, fairly presents, in all
                  material respects, the financial condition and results of
                  operations of Global Diversified Acquisition Corp.

                                       GLOBAL DIVERSIFIED ACQUISITION CORP.


Dated: July 14, 2003                   By: /s/ JOHN W. SHAFFER
                                           -----------------------------
                                           John W. Shaffer
                                           Chief Financial Officer