UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 WASHINGTON,
D.C. 20549
 _______________
  FORM
10-Q
 _______________
  x
              QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
  For
the quarterly period ended June 30, 2008
  o
              TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
 
 For the transition period from
______to______.
  GLOBAL
HOLDINGS, INC.
 (Exact
name of registrant as specified in Charter
  Nevada
              
              333-150651
              
              20-8403198(State
      or other jurisdiction of
                incorporation
      or organization)
              
              (Commission
      File No.)
              
              (IRS
      Employee Identification No.)
 
 P.O.
Box 6053
 East
Brunswick, New Jersey 08816
 (Address
of Principal Executive Offices)
 _______________
  (732)
991-5610
 (Issuer
Telephone number)
 _______________
  (Former
Name or Former Address if Changed Since Last Report)
  Check
whether the issuer (1) has filed all reports required to be filed by Section 13
or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the issuer was required to file such reports), and (2)has been
subject to such filing requirements for the past 90 days. Yes x  No
o
  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company filer.
 See definition of “accelerated filer” and “large accelerated filer” in
Rule 12b-2 of the Exchange Act (Check one):
  Large
Accelerated Filer o     Accelerated
Filer o     Non-Accelerated
Filer o     Smaller
Reporting Company x
 
 
 Indicate
by check mark whether the registrant is a shell company as defined in Rule 12b-2
of the Exchange Act.
 Yes o  No x
  State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of August 12, 2008: 18,124,000 shares of common stock.
  
   GLOBAL
HOLDINGS, INC.
  FORM
10-Q
  June
30, 2008
  INDEX
  PART
I-- FINANCIAL INFORMATION
  Item
      1.
              Financial
      StatementsItem
      1A.
              Risk
      FactorsItem
      2.
              Management’s
      Discussion and Analysis of Financial ConditionItem
      3
              Quantitative
      and Qualitative Disclosures About Market RiskItem
      4T.
              Control
      and Procedures
  PART
II-- OTHER INFORMATION
  Item
      1
              Legal
      ProceedingsItem
      2.
              Unregistered
      Sales of Equity Securities and Use of ProceedsItem
      3.
              Defaults
      Upon Senior SecuritiesItem
      4.
              Submission
      of Matters to a Vote of Security HoldersItem
      5.
              Other
      InformationItem
      6.
              Exhibits
      and Reports on Form 8-K
  SIGNATURE
   
   Item 1. Financial
Information


Global
Holdings, Inc. and Subsidiary


(A
Development Stage Company)


Consolidated
Financial Statements


June
30, 2008


(Unaudited)









Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)




TABLE OF
CONTENTS




Page(s)Consolidated
      Balance Sheets – As of June 30, 2008 (Unaudited) and
              December
      31, 2007 (Audited)
            1Consolidated
      Statements of Operations –
              For
      the Three Months Ended June 30, 2008 and 2007, for the Six
      Months
              Ended
      June 30, 2008, for the Period from January 29, 2007 (Inception)
      to
              June
      30, 2007 and for the Period from January 29, 2007 (Inception)
      to
              June
      30, 2008 (Unaudited)
            2Consolidated
      Statements of Cash Flows –
              For
      the Six Months Ended June 30, 2008, for the Period from
              January
      29, 2007 (Inception) to June 30, 2007 and for the Period
              from
      January 29, 2007 (Inception) to June 30, 2008 (Unaudited)
            3Notes to
      Consolidated Financial Statements (Unaudited)
            4 -
      9












Global
      Holdings, Inc. and Subsidiary(A
      Development Stage Company)Consolidated Balance
      SheetsJune
      30, 2008
              
              
              December
      31, 2007(Unaudited)
              
              
              (Audited)AssetsCurrent
      AssetsCash
              
              $
              3,259
              
              
              $
              -Total
      Current Assets
              
              
              3,259
              
              
              
              -Total
      Assets
              
              $
              3,259
              
              
              $
              -Liabilities and
      Stockholders’ Equity (Deficit)Current
      LiabilitiesLoans
      payable - related party
              
              $
              964
              
              
              $
              964Total
      Current Liabilities
              
              
              964
              
              
              
              964Stockholders’
      Equity (Deficit)Preferred stock
      ( $0.0001 par value, 5,000,000 shares authorized,none
      issued and outstanding)
              
              
              -
              
              
              
              -Common
      stock ($0.0001 par value, 200,000,000 shares authorized,18,114,000 and 18,084,500 shares issued and outstanding atJune 30, 2008 and December 31, 2007, respectively)
              
              
              1,811
              
              
              
              1,808Additional paid
      in capital
              
              
              22,789
              
              
              
              16,892Deficit
      accumulated during development stage
              
              
              (22,305
              )
              
              
              (2,764
              )Subscription
      receivable
              
              
              -
              
              
              
              (16,900
              )Total
      Stockholders’ Equity (Deficit)
              
              
              2,295
              
              
              
              (964
              )Total
      Liabilities and Stockholders’ Equity
              
              $
              3,259
              
              
              $
              -




See
accompanying notes to unaudited financial statements






1






Global Holdings, Inc. and Subsidiary(A
      Development Stage Company)Consolidated
      Statements of Operations(Unaudited)For
      the Three Months Ended June 30,
              
              
              For
      the Six Months Ended
              
              
              For
      the Period from January 29, 2007 (inception) to
              
              
              For
      the Period from January 29, 2007 (inception) to2008
              
              
              2007
              
              
              June
      30, 2008
              
              
              June
      30, 2007
              
              
              June
      30, 2008Revenues
              
              $
              1,484
              
              
              $
              -
              
              
              $
              1,484
              
              
              $
              -
              
              
              $
              1,484Operating
      expensesGeneral
      and administrative
              
              
              8,056
              
              
              
              -
              
              
              
              21,025
              
              
              
              2,439
              
              
              
              23,789Total
      operating expenses
              
              
              8,056
              
              
              
              -
              
              
              
              21,025
              
              
              
              2,439
              
              
              
              23,789Loss
      from operations
              
              
              (6,572
              )
              
              
              -
              
              
              
              (19,541
              )
              
              
              (2,439
              )
              
              
              (22,305
              )Net
      loss
              
              $
              (6,572
              )
              
              $
              -
              
              
              $
              (19,541
              )
              
              $
              (2,439
              )
              
              $
              (22,305
              )Net
      loss per share - basic and diluted
              
              $
              (0.00
              )
              
              $
              -
              
              
              $
              (0.00
              )
              
              $
              (0.00
              )
              
              $
              (0.00
              )Weighted
      average number of shares outstandingduring
      the period - basic and diluted
              
              
              18,114,000
              
              
              
              18,000,000
              
              
              
              18,110,709
              
              
              
              17,844,271
              
              
              
              18,017,903




See
accompanying notes to unaudited financial statements






2






Global Holdings, Inc. and Subsidiary(A
      Development Stage Company)Consolidated
      Statements of Cash Flows(Unaudited)For
      the Six Months Ended
              
              
              For
      the period from January 29, 2007 (Inception) to
              
              
              For
      the period from January 29, 2007 (Inception) toJune
      30, 2008
              
              
              June
      30, 2007
              
              
              June
      30, 2008CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
              
              $
              (19,541
              )
              
              $
              (2,439
              )
              
              $
              (22,305
              )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Stock
      issued for services - related parties
              
              
              -
              
              
              
              1,550
              
              
              
              1,550Stock
      issued for services
              
              
              -
              
              
              
              250
              
              
              
              250Net
      Cash Used In Operating Activities
              
              
              (19,541
              )
              
              
              (639
              )
              
              
              (20,505
              )CASH
      FLOWS FROM FINANCING ACTIVITIES:Receipt
      of prior period stock subscriptions
              
              
              16,900
              
              
              
              -
              
              
              
              16,900Proceeds
      from issuance of common stock
              
              
              5,900
              
              
              
              -
              
              
              
              5,900Proceeds
      from loans payable - related party
              
              
              -
              
              
              
              639
              
              
              
              964Net
      Cash Provided By Financing Activities
              
              
              22,800
              
              
              
              639
              
              
              
              23,764Net
      increase in cash
              
              
              3,259
              
              
              
              -
              
              
              
              3,259Cash
      - beginning of period
              
              
              -
              
              
              
              -
              
              
              
              -Cash
      - end of period
              
              $
              3,259
              
              
              $
              -
              
              
              $
              3,259Supplemental
      Disclosure of Cash Flow InformationCash
      paid during the period for:Income
      taxes
              
              $
              -
              
              
              $
              -
              
              
              $
              -Interest
              
              $
              -
              
              
              $
              -
              
              
              $
              -




See
accompanying notes to unaudited financial statements






3


Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 June
30, 2008
 (Unaudited)




Note 1 Basis of
Presentation




The
accompanying unaudited interim financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America and the rules and regulations of the United States Securities and
Exchange Commission for interim financial information and with the instructions
to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all the information and footnotes necessary for a comprehensive presentation of
financial position, results of operations, or cash flows. It is management's
opinion, however, that all material adjustments (consisting of normal recurring
adjustments) have been made which are necessary for a fair financial statement
presentation.





The
unaudited interim financial statements should be read in conjunction with the
Company’s Annual Report on Form S-1, which contains the audited financial
statements and notes thereto, together with the Management’s Discussion and
Analysis, for the period ended December 31, 2007. The interim results for
the period ended June 30, 2008 are not necessarily indicative of results for the
full fiscal year.





Note 2 Nature of Operations
and Summary of Significant Accounting Policies





Nature
of Operations





Global
Holdings, Inc. is a Nevada corporation incorporated on January 29, 2007. On
September 26, 2007, the Company formed its wholly owned subsidiary, BZ
Commercial Corp, a New Jersey corporation. The Company assists in securing asset
based financing for smaller companies throughout the United States and
Canada.





Development
Stage





The
Company's financial statements are presented as those of a development stage
enterprise. Activities during the development stage primarily include related
party debt funding, equity based financing, obtaining agreements with factoring
companies, and further implementation of the business plan. The Company will
look to obtain additional debt and/or equity related funding
opportunities.





Risks
and Uncertainties





The
Company operates in an industry that is subject to intense competition. The
Company's operations are subject to significant risk and uncertainties including
financial, operational, and regulatory risks including the potential risk of
business failure.





Use
of Estimates




The
preparation of financial statements in conformity with generally accepted
accounting principles in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities, 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.






4


Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 June
30, 2008
 (Unaudited)




Cash
and Cash Equivalents





The
Company considers all highly liquid instruments purchased with a maturity of
three months or less and money market accounts to be cash
equivalents.  The Company had no cash equivalents at June 30,
2008.




Accounts
Receivable
 
 Accounts
receivable represents normal trade obligations from customers that are subject
to normal trade collection terms. The Company periodically evaluates the
collectibility of its accounts receivable and considers the need to establish an
allowance for doubtful accounts based upon historical collection experience and
specifically identifiable information about customers.  Management
does not feel it is necessary to establish an allowance for doubtful accounts at
this time.  Accordingly, actual amounts could vary from the recorded
allowances.
 
 Revenue
Recognition
 
 The
Company recognizes consulting fees related to referrals of clients to brokerages
under separate brokerage agreements with the Company.  These clients
seek factoring services from the brokerages and the Company introduces the
client to the brokerage.
 
 The
Company follows the guidance of the Securities and Exchange Commission’s Staff
Accounting Bulletin No. 104 for revenue recognition and records revenue when all
of the following have occurred: (1) persuasive evidence of an arrangement
exists, (2) the service is completed without further obligation, (3) the sales
price to the customer is fixed or determinable, and (4) collectability is
reasonably assured.
 
 ·
              Evidence
      of the arrangement is noted by an executed brokerage
      agreement.
 ·
              Services
      rendered are noted by the Company’s referral of a client and the closing
      of a transaction between the referred client and the broker with whom the
      Company has executed a brokerage agreement.
 ·
              Price
      is fixed and determinable pursuant to the terms of a brokerage agreement,
      typically 10% of commissions earned at closing by the
      brokerage.
 ·
              Collectability
      is reasonably assured as the nature of the closed transactions are for
      fund raising purposes; therefore, the referred clients are deemed able to
      pay all closing costs.  To date, collectability has not been a
      problem for the Company.




5






Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 June
30, 2008
 (Unaudited)




Earnings
per Share
 
 Basic
earnings (loss) per share is computed by dividing net income (loss) by weighted
average number of shares of common stock outstanding during each
period.  Diluted earnings (loss) per share is computed by dividing net
income (loss) by the weighted average number of shares of common stock, common
stock equivalents and potentially dilutive securities outstanding during each
period. At June 30, 2008 and 2007, and for the period from January 29, 2007
(inception) to June 30, 2008, respectively, the Company had no common stock
equivalents that could potentially dilute future earnings (loss) per share;
hence, a separate computation of diluted earnings (loss) per share is not
presented, as the Company reflects a net loss and the effect of considering any
common stock equivalents if outstanding would have been
anti-dilutive.
 
 Stock-based
Compensation
 
 All
share-based payments to employees will be recorded and expensed in the statement
of operations as applicable under SFAS No. 123R “Share-Based
Payment”.  For the three and six months ended June 30, 2008 and
2007 and for the period from January 29, 2007 (inception) to June 30, 2008,
respectively, the Company has not issued any stock based compensation to
employees.
 
 Fair
Value of Financial Instruments
 
 The
carrying amounts of the Company’s short-term financial instruments, including
loans payable - related party, approximates fair value due to the relatively
short period to maturity for this instrument.
 
 Segment
Information
 
 The
Company follows Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of an
Enterprise and Related Information."  During 2008, the Company
only operated in one segment; therefore, segment information has not been
presented.




Recent
Accounting Pronouncements





In
September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”,
which clarifies the principle that fair value should be based on the assumptions
that market participants would use when pricing an asset or
liability.  It also defines fair value and established a hierarchy
that prioritizes the information used to develop assumptions.  SFAS
No. 157 is effective for financial statements issued for fiscal years beginning
after November 15, 2007.  The adoption of SFAS No. 157 is not expected
to have a material effect on its financial position, results of operations or
cash flows.







6






Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 June
30, 2008
 (Unaudited)




In
February 2007, the Financial Accounting Standards Board (“FASB”) issued
Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial
Assets and Financial Liabilities — Including an Amendment of FASB Statement
No. 115” (“SFAS 159”). This standard permits an entity to measure
financial instruments and certain other items at estimated fair value. Most of
the provisions of SFAS No. 159 are elective; however, the amendment to FASB
No. 115, “Accounting for Certain Investments in Debt and Equity
Securities,” applies to all entities that own trading and available-for-sale
securities. The fair value option created by SFAS 159 permits an entity to
measure eligible items at fair value as of specified election dates. The fair
value option (a) may generally be applied instrument by instrument,
(b) is irrevocable unless a new election date occurs, and (c) must be
applied to the entire instrument and not to only a portion of the instrument.
SFAS 159 is effective as of the beginning of the first fiscal year that begins
after November 15, 2007. Early adoption is permitted as of the beginning of
the previous fiscal year provided that the entity (i) makes that choice in
the first 120 days of that year, (ii) has not yet issued financial
statements for any interim period of such year, and (iii) elects to apply
the provisions of FASB 157. Management is currently evaluating the impact of
SFAS 159, if any, on the Company’s financial statements. The adoption of SFAS
No. 159 is not expected to have a material effect on its financial position,
results of operations or cash flows.
  In
December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements, an amendment of Accounting Research Bulletin
No 51” (SFAS 160). SFAS 160 establishes accounting and reporting
standards for ownership interests in subsidiaries held by parties other than the
parent, changes in a parent’s ownership of a noncontrolling interest,
calculation and disclosure of the consolidated net income attributable to the
parent and the noncontrolling interest, changes in a parent’s ownership interest
while the parent retains its controlling financial interest and fair value
measurement of any retained noncontrolling equity investment. SFAS 160 is
effective for financial statements issued for fiscal years beginning after
December 15, 2008, and interim periods within those fiscal years. Early adoption
is prohibited. The adoption of SFAS No. 160 is not expected to have a material
effect on its financial position, results of operations or cash
flows.




In
December 2007, the FASB issued SFAS 141R, “Business Combinations”
(“SFAS 141R”), which replaces FASB SFAS 141, “Business
Combinations”.  This Statement retains the fundamental requirements
in SFAS 141 that the acquisition method of accounting be used for all business
combinations and for an acquirer to be identified for each business combination.
SFAS 141R defines the acquirer as the entity that obtains control of one or more
businesses in the business combination and establishes the acquisition date as
the date that the acquirer achieves control.  SFAS 141R will require
an entity to record separately from the business combination the direct costs,
where previously these costs were included in the total allocated cost of the
acquisition.  SFAS 141R will require an entity to recognize the assets
acquired, liabilities assumed, and any non-controlling interest in the acquired
at the acquisition date, at their fair values as of that date.  This
compares to the cost allocation method previously required by SFAS No.
141.  SFAS 141R will require an entity to recognize as an asset or
liability at fair value for certain contingencies, either contractual or
non-contractual, if certain criteria are met.  Finally, SFAS 141R will
require an entity to recognize contingent consideration at the date of
acquisition, based on the fair value at that date.  This Statement
will be effective for business combinations completed on or after the first
annual reporting period beginning on or after December 15,
2008.  Early adoption of this standard is not permitted and the
standards are to be applied prospectively only.  Upon adoption of this
standard, there would be no impact to the Company’s results of operations and
financial condition for acquisitions previously completed.  The
adoption of SFAS No. 141R is not expected to have a material effect on its
financial position, results of operations or cash flows.







7






Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 June
30, 2008
 (Unaudited)




In March
2008, the FASB issued SFAS No. 161 “Disclosures about Derivative
Instruments and Hedging Activities—An Amendment of FASB Statement
No. 133.” (“SFAS161”).SFAS161 establishes the
disclosure requirements for derivative instruments and for hedging activities
with the intent to provide financial statement users with an enhanced
understanding of the entity’s use of derivative instruments, the accounting of
derivative instruments and related hedged items under Statement 133 and its
related interpretations, and the effects of these instruments on the entity’s
financial position, financial performance, and cash flows. This statement
is effective for financial statements issued for fiscal years beginning after
November 15, 2008. We do not expect its adoption will have a material
impact on our financial position, results of operations or cash
flows.
 
 In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles” (SFAS 162”).  SFAS 162 identifies the sources
of accounting principles and the framework for selecting principles to be used
in the preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles in the
United States.  This statement is effective 60 days following the SEC’s
approval of the Public Company Accounting Oversight Board’s amendments to AU
section 411, The Meaning of Present Fairly in Conformity with Generally Accepted
Accounting Principles.  The Company is currently evaluating the impact of
SFAS 162, but does not expect the adoption of this pronouncement will have a
material impact on its financial position, results of operations or cash
flows.
 
 Other
accounting standards that have been issued or proposed by the FASB or other
standards-setting bodies that do not require adoption until a future date and
are not expected to have a material impact on the financial statements upon
adoption.




Note 3 Going
Concern





As
reflected in the accompanying financial statements, the Company has a net loss
of $19,541 and net cash used in operations of $19,541 for the six months ended
June 30, 2008; and a deficit accumulated during the development stage of $22,305
at June 30, 2008.  In addition, the Company is in the development
stage and has not yet generated any significant revenues. The ability of the
Company to continue as a going concern is dependent on Management's plans, which
include potential asset acquisitions, mergers or business combinations with
other entities, further implementation of its business plan and continuing to
raise funds through debt or equity raises.  The accompanying financial
statements have been prepared on a going concern basis, which contemplates the
realization of assets and the satisfaction of liabilities in the normal course
of business.  These financial statements do not include any
adjustments relating to the recovery of the recorded assets or the
classification of the liabilities that might be necessary should the Company be
unable to continue as a going concern.






8






Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 June
30, 2008
 (Unaudited)




Note 4 Loans Payable –
Related Party
 
 During
2007, the Company’s Chief Executive Officer advanced $964 to pay the Company’s
expenses.  The advances were non-interest bearing, unsecured and due
on demand.
 
 All
advances represent a 100% concentration in debt financing.
 
 Note 5 Stockholders’
Equity
 
 During
March 2007, the Company issued 15,500,000 shares of common stock, having a fair
value of $1,550 ($0.0001/share), to its founders for services
rendered.
 
 During
March 2007, the Company issued 2,500,000 shares of common stock, having a fair
value of $250 ($0.0001/share), based upon issuances of common stock to founders
for services rendered, in exchange for consulting services to be performed over
a period of one year.  At December 31, 2007, it was determined that
the terms of service with each consultant had been fulfilled and that there was
no prepaid asset remaining.




During
October – December 2007, the Company issued 84,500 shares of common stock to
third party investors under a private placement in exchange for subscriptions
receivable having a fair value of $16,900 ($0.20/share) based upon the
cash-offering price.  These subscriptions were received in January
2008.





During
January and February 2008, the Company issued 29,500 shares of common stock to
third party investors under a private placement for $5,900
($0.20/share).





9




ITEM
2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
   Results of
Operation
 
 For the
three months ended June 30, 2008 and 2007, we had revenues of $1,484 and $0,
respectively. Expenses for the three months ended June 30, 2008 and 2007 totaled
$8,056 and $0, respectively resulting in a loss from operations of $6,572 and
$0.
  We had
our first revenue transactions during the three months ending June 30,
2008.  Primary operations did not begin until the second quarter of
2008.
  Liquidity and Capital
Resources
  As of
June 30, 2008 and December 31, 2007, we had $3,259 and $0, respectively in
cash.
 
 We
believe we can satisfy our cash requirements for the next twelve months with our
current cash. However, completion of our plan of operation is subject to
attaining adequate revenue. We cannot assure investors that adequate revenues
will be generated. In the absence of our projected revenues, we may be unable to
proceed with our plan of operations. Even without adequate revenues within the
next twelve months, we still anticipate being able to continue with our present
activities, but we may require financing to potentially achieve our profit,
revenue, and growth goals.
  We
anticipate that our operational, and general and administrative expenses for the
next 12 months will total approximately $50,000. We do not anticipate the
purchase or sale of any significant equipment. We also do not expect any
significant additions to the number of employees. The foregoing represents our
best estimate of our cash needs based on current planning and business
conditions. The exact allocation, purposes and timing of any monies raised in
subsequent private financings may vary significantly depending upon the exact
amount of funds raised and our progress with the execution of our business
plan.
   10
   Plan of
Operation
  Global
Holdings, Inc. was incorporated in the State of Nevada in January
2007.  In September 2007, the Company formed its wholly-owned
subsidiary, BZ Commercial.  The Company is a development stage
principally engaged in the business of providing consulting to commercial
corporations whose sales volumes are under $1,000,000 per
year.  Through its subsidiary, the Company will attempt to secure
Asset Based Financing facilities which could include Factoring, Inventory
Lending, Purchase Order Financing, Accounts Receivable Financing and many other
types of Asset Based Lending Facilities from lenders.  In this regard,
Factoring is the sale of a company’s invoices to a third party, known as a
Factor.  A Factor will purchase a company’s invoices for up to 90% of
the total amount. The company would then get needed cash now and the Factor
takes on the risk of collecting the payments from the company’s customers. The
creditworthiness of the company’s customers is very important and leads to
better terms from a Factor.
  Founded
in 2007, the Company will target companies throughout the United States and
Canada.  The focus will be companies that cannot easily secure
asset-backed financing.  Specifically, the companies focused on may
have management or historical corporate issues, be newly formed, have limited
equity and/or sustained losses that depreciate the value of the specific
company’s assets.
 
 We expect
to have agreements in place with bank lenders whom will pay us a fixed
percentage of any loans or fees earned that will occur between our referred
clients and the bank lender.  We may also charge a fee to the client
if we are successful in securing a financial arrangement.
 
 Typically,
we will have potential clients fill out applications and provide us with
substantial business information, such as historical data, reference, credit
reports, etc.,  which we will package and supply to lenders that we
feel will give our clients the best possible service, rates and
systems.  Upon receiving approval from a lender to proceed with
financing, we will assist our clients with deal execution and are only
compensated when financing is received for our clients.
  Critical Accounting
Policies
  Global
Holdings financial statements and related public financial information are based
on the application of accounting principles generally accepted in the United
States (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and
subjective interpretations of accounting principles that have an impact on the
assets, liabilities, revenue and expense amounts reported. These estimates can
also affect supplemental information contained in our external disclosures
including information regarding contingencies, risk and financial condition. We
believe our use if estimates and underlying accounting assumptions adhere to
GAAP and are consistently and conservatively applied. We base our estimates on
historical experience and on various other assumptions that we believe to be
reasonable under the circumstances. Actual results may differ materially from
these estimates under different assumptions or conditions. We continue to
monitor significant estimates made during the preparation of our financial
statements.
  Our
significant accounting policies are summarized in Note 2 of our financial
statements. While all these significant accounting policies impact its financial
condition and results of operations, Global Holdings views certain of
these policies as critical. Policies determined to be critical are those
policies that have the most significant impact on Global Holdings' financial
statements and require management to use a greater degree of judgment and
estimates. Actual results may differ from those estimates. Our management
believes that given current facts and circumstances, it is unlikely that
applying any other reasonable judgments or estimate methodologies would cause
effect on our  results of operations, financial position or liquidity
for the periods presented in this report.
   11
   Recent Accounting
Pronouncements
  In
September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”,
which clarifies the principle that fair value should be based on the assumptions
that market participants would use when pricing an asset or
liability.  It also defines fair value and established a hierarchy
that prioritizes the information used to develop assumptions.  SFAS
No. 157 is effective for financial statements issued for fiscal years beginning
after November 15, 2007.  The adoption of SFAS No. 157 is not expected
to have a material effect on its financial position, results of operations or
cash flows.
 
 In
February 2007, the Financial Accounting Standards Board (“FASB”) issued
Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial
Assets and Financial Liabilities — Including an Amendment of FASB Statement
No. 115” (“SFAS 159”). This standard permits an entity to measure
financial instruments and certain other items at estimated fair value. Most of
the provisions of SFAS No. 159 are elective; however, the amendment to FASB
No. 115, “Accounting for Certain Investments in Debt and Equity
Securities,” applies to all entities that own trading and available-for-sale
securities. The fair value option created by SFAS 159 permits an entity to
measure eligible items at fair value as of specified election dates. The fair
value option (a) may generally be applied instrument by instrument,
(b) is irrevocable unless a new election date occurs, and (c) must be
applied to the entire instrument and not to only a portion of the instrument.
SFAS 159 is effective as of the beginning of the first fiscal year that begins
after November 15, 2007. Early adoption is permitted as of the beginning of
the previous fiscal year provided that the entity (i) makes that choice in
the first 120 days of that year, (ii) has not yet issued financial
statements for any interim period of such year, and (iii) elects to apply
the provisions of FASB 157. Management is currently evaluating the impact of
SFAS 159, if any, on the Company’s financial statements. The adoption of SFAS
No. 159 is not expected to have a material effect on its financial position,
results of operations or cash flows.
  In
December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements, an amendment of Accounting Research Bulletin
No 51” (SFAS 160). SFAS 160 establishes accounting and reporting
standards for ownership interests in subsidiaries held by parties other than the
parent, changes in a parent’s ownership of a noncontrolling interest,
calculation and disclosure of the consolidated net income attributable to the
parent and the noncontrolling interest, changes in a parent’s ownership interest
while the parent retains its controlling financial interest and fair value
measurement of any retained noncontrolling equity investment. SFAS 160 is
effective for financial statements issued for fiscal years beginning after
December 15, 2008, and interim periods within those fiscal years. Early adoption
is prohibited. The adoption of SFAS No. 160 is not expected to have a material
effect on its financial position, results of operations or cash
flows.
  In
December 2007, the FASB issued SFAS 141R, “Business Combinations”
(“SFAS 141R”), which replaces FASB SFAS 141, “Business
Combinations”.  This Statement retains the fundamental requirements
in SFAS 141 that the acquisition method of accounting be used for all business
combinations and for an acquirer to be identified for each business combination.
SFAS 141R defines the acquirer as the entity that obtains control of one or more
businesses in the business combination and establishes the acquisition date as
the date that the acquirer achieves control.  SFAS 141R will require
an entity to record separately from the business combination the direct costs,
where previously these costs were included in the total allocated cost of the
acquisition.  SFAS 141R will require an entity to recognize the assets
acquired, liabilities assumed, and any non-controlling interest in the acquired
at the acquisition date, at their fair values as of that date.  This
compares to the cost allocation method previously required by SFAS No.
141.  SFAS 141R will require an entity to recognize as an asset or
liability at fair value for certain contingencies, either contractual or
non-contractual, if certain criteria are met.  Finally, SFAS 141R will
require an entity to recognize contingent consideration at the date of
acquisition, based on the fair value at that date.  This Statement
will be effective for business combinations completed on or after the first
annual reporting period beginning on or after December 15,
2008.  Early adoption of this standard is not permitted and the
standards are to be applied prospectively only.  Upon adoption of this
standard, there would be no impact to the Company’s results of operations and
financial condition for acquisitions previously completed.  The
adoption of SFAS No. 141R is not expected to have a material effect on its
financial position, results of operations or cash flows.
 
 In March
2008, the FASB issued SFAS No. 161 “Disclosures about Derivative
Instruments and Hedging Activities—An Amendment of FASB Statement
No. 133.” (“SFAS161”).SFAS161 establishes the
disclosure requirements for derivative instruments and for hedging activities
with the intent to provide financial statement users with an enhanced
understanding of the entity’s use of derivative instruments, the accounting of
derivative instruments and related hedged items under Statement 133 and its
related interpretations, and the effects of these instruments on the entity’s
financial position, financial performance, and cash flows. This statement
is effective for financial statements issued for fiscal years beginning after
November 15, 2008. We do not expect its adoption will have a material
impact on our financial position, results of operations or cash
flows.
   12
  
 In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles” (SFAS 162”).  SFAS 162 identifies the sources
of accounting principles and the framework for selecting principles to be used
in the preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles in the
United States.  This statement is effective 60 days following the SEC’s
approval of the Public Company Accounting Oversight Board’s amendments to AU
section 411, The Meaning of Present Fairly in Conformity with Generally Accepted
Accounting Principles.  The Company is currently evaluating the impact of
SFAS 162, but does not expect the adoption of this pronouncement will have a
material impact on its financial position, results of operations or cash
flows.
 
 Other
accounting standards that have been issued or proposed by the FASB or other
standards-setting bodies that do not require adoption until a future date and
are not expected to have a material impact on the financial statements upon
adoption.
  Off Balance Sheet
Transactions
 
 None.
  Item
3. Quantitative and Qualitative Disclosures About Market Risk
 
 The
Company is subject to certain market risks, including changes in interest rates
and currency exchange rates.  The Company does not undertake any specific
actions to limit those exposures.
 
 Item
4T.  Controls and Procedures
 
 Pursuant
to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”),
the Company carried out an evaluation, with the participation of the Company’s
management, including the Company’s Chief Executive Officer (“CEO”) and Chief
Accounting Officer (“CAO”) (the Company’s principal financial and accounting
officer), of the effectiveness of the Company’s disclosure controls and
procedures (as defined under Rule 13a-15(e) und er the Exchange Act) as of the
end of the period covered by this report. Based upon that evaluation, the
Company’s CEO and CAO concluded that the Company’s disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Company in the reports that the Company files or submits under the Exchange
Act, is recorded, processed, summarized and reported, within the time periods
specified in the SEC’s rules and forms, and that such information is accumulated
and communicated to the Company’s management, including the Company’s CEO and
CAO, as appropriate, to allow timely decisions regarding required
disclosure.
 
 Management’s Report on
Internal Controls over Financial Reporting
 
 Internal
control over financial reporting is a process to provide reasonable assurance
regarding the reliability of consolidated financial reporting and the
preparation of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles.  There has been no change in
the Company’s internal control over financial reporting during the quarter ended
June 30, 2008 that has materially affected, or is reasonably likely to
materially affect, the Company’s internal control over financial
reporting.
  The
Company’s management, including the Company’s CEO and CAO, does not expect that
the Company’s disclosure controls and procedures or the Company’s internal
controls will prevent all errors and all fraud. A control system, no matter how
well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Further, the design
of a control system must reflect the fact that there are resource constraints,
and the benefits of controls must be considered relative to their costs. Because
of the inherent limitations in all control systems, no evaluation of the
controls can provide absolute assurance that all control issues and instances of
fraud, if any, within the Company have been detected.
 
 Management
conducted an evaluation of the effectiveness of our internal control over
financial reporting based on the framework in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this evaluation, management concluded that the
company’s internal control over financial reporting was effective as of June 30,
2008.
 
 This
quarterly report does not include an attestation report of the Company's
registered public accounting firm regarding internal control over financial
reporting. Management's report was not subject to attestation by the Company's
registered public accounting firm pursuant to temporary rules of the Securities
and Exchange Commission that permit the Company to provide only management's
report in this quarterly report.
   13
   PART
II - OTHER INFORMATION
  Item
1. Legal Proceedings.
  Currently
we are not aware of any litigation pending or threatened by or against the
Company.
 
 Item
1A. Risk Factors
 
 None.
  Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
  None.
  Item
3. Defaults Upon Senior Securities.
  None
  Item
4. Submission of Matters to a Vote of Security Holders.
  None.
  Item
5. Other Information.
  None
  Item
6. Exhibits and Reports of Form 8-K.
  (a)           Exhibits
  31.1 Certification
pursuant to Section 302 of Sarbanes Oxley Act of 2002
  32.1 Certification
pursuant to Section 906 of Sarbanes Oxley Act of 2002
  (b)          
Reports of Form 8-K
  None.
  SIGNATURES
  Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
  GLOBAL
      HOLDINGS, INC.Date:
      August 12, 2008
                By:
                /s/ Mitchell CohenMitchell
      CohenPresident ,
      CFO,  Chairman of the Board of
  Directors
  
 GLOBAL
      HOLDINGS, INC.Date:
      August 12, 2008
                By:
                /s/ Stuart DavisStuart
      DavisSecretary
      and Directors