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 March 31, 2010
 
 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.)
 
 3411 Preston Road, Suite C-13-216
 Frisco, Texas 75034
 (Address of Principal Executive Offices)
 _______________
 
 (972)712-8991
 (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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No x
 
 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 March 31, 2010: 196,819,200 shares of common stock.
 
 
 
 
 GLOBAL HOLDINGS, INC.
 
 FORM 10-Q
 
 March 31, 2010
 
 TABLE OF CONTENTS
 
 
 PART I-- FINANCIAL INFORMATION
 
 Item 1.
Financial StatementsItem 2.
Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 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
 
 SIGNATURE
 
 
 
 
 Item 1. Financial Information




Global Holdings, Inc. and Subsidiary


(A Development Stage Company)
 Consolidated Financial Statements
 March 31, 2010
 (Unaudited)
  CONTENTS
 
  Page(s)Consolidated Balance Sheets –As of March 31, 2010 (unaudited)

December 31, 2009 (audited)


1Consolidated Statements of Operations –

For the Three Months Ended March 31, 2010 and 2009, and from

January 29, 2007 (Inception) to March 31, 2010 (unaudited)


2Consolidated Statement of Stockholders’ Deficit –

From January 29, 2007 (Inception) to March 31, 2010 (unaudited)


3Consolidated Statements of Cash Flows –

For the Three Months Ended March 31, 2010 and 2009, and from

January 29, 2007 (Inception) to March 31, 2010 (unaudited)


4Notes to Consolidated Financial Statements (Unaudited)


5.9
  
 
 
 Global Holdings, Inc. and Subsidiary(A Development Stage Company)Consolidated Balance SheetsMarch 31, 2010


December 31, 2009(Unaudited)


(Audited)AssetsCurrent AssetsPrepaid

$
2,000



-Total Current Assets


2,000



-Total Assets

$
2,000


$
-Liabilities and Stockholders' DeficitCurrent LiabilitiesAccounts payable

$
64,182


$
28,945Loans payable - related party


17,700



5,000Accrued interest payable - related party


309



54Total Current Liabilities


82,191



33,999Stockholders’ DeficitPreferred 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,196,819,200 shares issued and outstanding)


19,682



19,682Additional paid-in capital


83,116



83,116Deficit accumulated during development stage


(182,988
)


(136,797
)Total Stockholders’ Deficit


(80,191
)


(33,999
)Total Liabilities and Stockholders’ Deficit

$
2,000


$
(0
)




1
 
 Global Holdings, Inc. and Subsidiary(A Development Stage Company)Consolidated Statements of Operations(Unaudited)For the Three Months Ended March 31,


From January 29, 2007 (inception) to2010


2009


March 31, 2010Revenues

$
-


$
-


$
1,484General and administrative expenses


46,191



14,365



184,473Net loss

$
(46,191
)

$
(14,365
)

$
(182,989
)Net loss per common share - basic and diluted

$
(0.00
)

$
(0.00
)

$
(0.00
)Weighted average number of common sharesoutstanding during the period - basic and diluted


196,819,200



196,819,200



195,704,603
 
     
  2
  Global Holdings, Inc. and Subsidiary(A Development Stage Company)Consolidated Statement of Changes in Stockholders' DeficitFrom January 29, 2007 ( Inception ) to March 31, 2010(Unaudited)DeficitAccumulatedDuring





TotalCommon Stock


Additional


Development


Subscriptions


Stockholders'Shares


Amount


Paid-in Capital


Stage


Receivable


DeficitIssuance of common stock for services - related parties - founder shares ($0.00001/share)


167,400,000


$
16,740


$
(15,190
)

$
-


$
-


$
1,550Issuance of common stock for consulting services ($0.00001/share)


27,000,000



2,700



(2,450
)


-



-



250Issuance of common stock in exchange for subscriptions receivable ($0.02/share)


912,600



91



16,809



-



(16,900
)


-Net loss for the period from inception to December 31, 2007


-



-



-



(2,764
)


-



(2,764
)Balance December 31, 2007


195,312,600



19,531



(831
)


(2,764
)


(16,900
)


(964
)Receipt of prior period stock subscriptions


-



-



-



-



16,900



16,900Issuance of common stock ($0.02/share)


318,600



32



5,868



-



-



5,900Issuance of common stock for services ($0.02/share)


1,188,000



119



21,881



-



-



22,000Net loss for the year ended December 31, 2008


-



-



-



(67,772
)


-



(67,772
)Balance - December 31, 2008


196,819,200



19,682



26,918



(70,536
)


-



(23,936
)Debt forgiveness - related party


-



-



56,198



-



-



56,198Net loss for the year ended December 31, 2009


-



-



-



(66,261
)


-



(66,261
)Balance - December 31, 2009


196,819,200



19,682



83,116



(136,797
)


-



(33,999
)Net loss for the three months ended March 31, 2010


-



-



-



(46,191
)


-



(46,191
)Balance - March 31, 2010


196,819,200


$
19,682


$
83,116


$
(182,988
)

$
-


$
(80,191
)
 3
 Global Holdings, Inc. and Subsidiary(A Development Stage Company)Consolidated Statements of Cash Flows(Unaudited)For the Three Months Ended March 31,


From January 29, 2007 (Inception) to2010


2009


March 31, 2010CASH FLOWS FROM OPERATING ACTIVITIES:Net loss

$
(46,191
)

$
(14,365
)

$
(182,988
)Adjustments to reconcile net loss to net cash used in operating activities:Stock issued for services - related parties


-



-



1,550Stock issued for services


-



-



22,250Changes in Operating Assets and Liabilities:(Increase) Decrease in:Prepaid


(2,000
)


-



(2,000
)Accounts payable


35,237



13,114



64,182Accrued interest payable - related party


255



176



2,793Net Cash Used in Operating Activities


(12,700
)


(1,075
)


(94,214
)CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from loans payable - related party


12,700



500



71,414Proceeds from issuance of common stock


-



-



22,800Net Cash Provided by Financing Activities


12,700



500



94,214Net decrease in cash


(0
)


(575
)


0Cash - beginning of period


-



736



-Cash - end of period

$
(0
)

$
161


$
0Supplemental Disclosure of Cash Flow InformationCash paid during the period for:Income taxes

$
-


$
-


$
-Interest

$
-


$
-


$
-Supplemental Disclosure of Non Cash Investing and Financing Activities:Debt forgiveness - related party

$
-


$
-


$
56,198
  
 4
 
 Global Holdings, Inc. and Subsidiary
 (A Development Stage Company)
 Notes to Consolidated Financial Statements
 March 31, 2010
 (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 10-K, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the years ended December 31, 2009 and 2008.  The interim results for the period ended March 31, 2010 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. (“the Company”) 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’s former operations were to assist in securing asset based financing for smaller companies throughout the United States and Canada. The Company was unable to successfully implement its business plan.
 
 In a private transaction in November 2009, a then third party, who became the Company’s Chief Executive Officer, purchased 161,568,000 shares of common stock, (the “Control Shares”) (approximately 82% of the outstanding shares at that time) of the Company’s common stock from existing shareholders. The sale was a private transaction resulting in a change of control. In connection with this sale, the Company changed the focus of the business.
 
 In connection with this transaction, the Company’s former Chief Executive Officer forgave all outstanding debt and related accrued interest, totaling $56,198.  Since this was a related party transaction, there was no gain on this forgiveness, and the Company credited additional paid-in capital.
 
 Global Holdings now is looking to foster growth of new technology based firms by offering a specialized menu of support resources and services.
 
 5
 
 Global Holdings, Inc. and Subsidiary
 (A Development Stage Company)
 Notes to Consolidated Financial Statements
 March 31, 2010
 (Unaudited)
 Principles of Consolidation
 
 All significant intercompany accounts and transactions have been eliminated in consolidation.
 
 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, and further implementation of the business plan.
 
 Risks and Uncertainties
 
 The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure.
 
 See Note 3 regarding going concern matters.
 
 Use of Estimates
 
 The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.
 
 Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.
 
 Earnings per Share
 
 In accordance with accounting guidance now codified as FASB ASC Topic 260, “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 the period. For the period from January 29, 2007 (inception) to March 31, 2010, 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.
 
 On June 18, 2009, the Company authorized a 10.8 to 1 stock split.  All share and per share amounts have been retroactively restated.
 
 6
 Global Holdings, Inc. and Subsidiary
 (A Development Stage Company)
 Notes to Consolidated Financial Statements
 March 31, 2010
 (Unaudited)
 
 Share-based payments
 
 Generally, all forms of share-based payments, including stock option grants, restricted stock grants and stock appreciation rights are measured at their fair value on the awards’ grant date, based on the estimated number of awards that are ultimately expected to vest. Share-based compensation awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The expense resulting from share-based payments are recorded in cost of goods sold or general and administrative expense in the consolidated statement of operations, depending on the nature of the services provided.
 
 Recent Accounting Pronouncements
 
 In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements (“ASU 2010-06”). ASU 2010-06 amends ASC 820, “Fair Value Measurements” ("ASC 820") to require a number of additional disclosures regarding fair value measurements. The amended guidance requires entities to disclose the amounts of significant transfers between Level 1 and Level 2 of the fair value hierarchy and the reasons for these transfers, the reasons for any transfers in or out of Level 3, and information in the reconciliation of recurring Level 3 measurements about purchases, sales, issuances and settlements on a gross basis. The ASU also clarifies the requirement for entities to disclose information about both the valuation techniques and inputs used in estimating Level 2 and Level 3 fair value measurements. The amended guidance was effective for financial periods beginning after December 15, 2009, except the requirement to disclose Level 3 transactions on a gross basis, which becomes effective for financial periods beginning after December 15, 2010. ASU 2010-06 did not have a significant effect on the Company’s consolidated financial position or results of operations.
 
 Note 3 Going Concern
 
 As reflected in the accompanying financial statements, the Company has a net loss of $46,191 and net cash used in operations of $12,700 for the three months ended March 31, 2010; and a working capital deficit and stockholders’ deficit of $80,191 at March 31, 2010, respectively.  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 as well as continued efforts in obtaining debt or equity based financing. 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.
  7
 Global Holdings, Inc. and Subsidiary
 (A Development Stage Company)
 Notes to Consolidated Financial Statements
 March 31, 2010
 (Unaudited)
   Note 4 Loans Payable – Related Party and Forgiveness
 
 The following represents advances made by the Company’s former Chief Executive Officer for the years ended December 31, 2009, 2008 and 2007:
 
 2009

$
45,7502008


7,0002007


964Total since inception

$
53,714
 
 All advances bore interest at 10%, were unsecured and were due one year from their issuance date, prior to the debt forgiveness.
 
 The following is a summary related to the old debt:
 
 Balance – December 31, 2008

$
7,964Proceeds


45,750Accrued interest


2,484Forgiveness


(56,198
)Balance - December 31, 2009

$
-
 
 During November 2009, the Company’s new Chief Executive Officer advanced $5,000 to pay Company expenses. The loan bears interest at 7%, is unsecured and due on demand.
 
 During January 2010, the Company’s new Chief Executive Officer advanced $12,000 to pay Company expenses. The loan bears interest at 7%, is unsecured and due on demand.
 
 During February 2010, the Company’s new Chief Executive Officer advanced $700 to pay Company expenses. The loan bears interest at 7%, is unsecured and due on demand.
 
 Note 5 Stockholders’ Deficit
 
 During March 2007, the Company issued 167,400,000 shares of common stock, having a fair value of $1,550 ($0.000001/share), to its founders for services rendered.
 
 During March 2007, the Company issued 27,000,000 shares of common stock, having a fair value of $250 ($0.000001/share), based upon issuances of common stock to founders for services rendered.
 
 During October through December 2007, the Company issued 912,600 shares of common stock to third party investors under a private placement in exchange for subscriptions receivable of $16,900 ($0.02/share), based upon the cash-offering price.  These subscriptions were received in January 2008.
 
 During January and February 2008, the Company issued 318,600 shares of common stock to third party investors under a private placement for $5,900 ($0.02/share).
 
 8
 Global Holdings, Inc. and Subsidiary
 (A Development Stage Company)
 Notes to Consolidated Financial Statements
 March 31, 2010
 (Unaudited)
   On July 21, 2008, the Company issued 108,000 shares of common stock for legal services rendered, having a fair value of $2,000 ($0.02/share), based upon the recent cash offering price.
 
 During 2008, the Company issued 1,080,000 shares of common stock for consulting services, having a fair value of $20,000 ($0.02/share), based upon the recent cash offering price.
 
    9




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 Plan of Operation
 
 Global Holdings, Inc. (“Global” or “Company”) 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 company.
  Effective as of November 4, 2009 Global Holdings, Inc., Mitchell Cohen and Stuart Davis (collectively, the “Sellers”) and Alpha 1 Security, Inc. (“Alpha”), a Florida corporation, closed the Share Purchase Agreement, dated April 13, 2009 and all amendments thereto (the “Agreement”). Pursuant to the Agreement, Alpha purchased 161,568,000 outstanding shares of the Company’s common stock and the Sellers received a total of $387,000 for such purchase.  As a result of the Agreement, there was a change in control of the Company, and Russell Varnado, as Chairman and Director of Alpha 1 Security, Inc., acquired controlling interest of the Company from the Sellers. Alpha obtained 82% beneficial ownership interest in the Company.  Share Purchase Agreement by and among Global Holdings, Inc. and Mitchell Cohen and Stuart Davis, and Alpha 1 Security, Inc. dated April 13, 2009 and accompanying amendment was filed as an exhibit to the Form 8-K filed November 9, 2009.
 
 Pursuant to the Agreement, effective as of November 4, 2009, Mitchell Cohen and Stuart Davis resigned from the Company’s Board of Directors and from their positions as Chief Executive Officer, President, Chief Financial Officer and Secretary respectively. In addition, Russell Varnado, Mark McCloy and John McKinnon were appointed to the Board of Directors of the Company. Moreover, effective as of November 4, 2009, Mark McCloy became Chief Executive Officer and President of the Company, replacing Mitchell Cohen as Chief Executive Officer, President and Chief Financial Officer of the Company; John McKinnon became Vice President of the Company; and Janice Ogletree became Secretary and Treasurer of the Company.  Subsequently, on December 15, 2009 each of the abovementioned officers and/or directors resigned and Terrence A. Tecco was appointed President, CEO and Director of the Board.  The Company remained Global Holdings, Inc. and did not change its name.
 
  Results of Operation
   For the three months ended March 31, 2010 and for the three months ended March 31, 2009, we had no revenues.  Expenses for the three months ended March 31, 2010 and for the three months ended March 31, 2009 totaled $46,191, and $14,365, respectively, resulting in a loss from operations of $46,191 and $14,365, respectively.
   Liquidity and Capital Resources
   As of March 31, 2010 and December 31, 2009, the Company does not have any cash.
   We do not believe we can satisfy our cash requirements for the next twelve months with our current cash and completion of our plan of operation is subject to attaining adequate revenue or raising additional funds.  We cannot assure investors that adequate revenues will be generated or we will be able to raise funds as needed. In the absence of generating sufficient revenues or raising money we have been unable to proceed with our plan of operations.
  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
 
 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.
 
 Recent Accounting Pronouncements
 
 Effective July 1, 2009, the Company adopted The “FASB Accounting Standards Codification” and the Hierarchy of Generally Accepted Accounting Principles (ASC 105). This standard establishes only two levels of U.S. generally accepted accounting principles (“GAAP”), authoritative and nonauthoritative. The FASB Accounting Standards Codification (the “Codification”) became the source of authoritative, nongovernmental GAAP, except for rules and interpretive releases of the SEC, which are sources of authoritative GAAP for SEC registrants. All other non-grandfathered, non-SEC accounting literature not included in the Codification became nonauthoritative. The Company began using the new guidelines and numbering system prescribed by the Codification when referring to GAAP in the third quarter of fiscal 2009. As the Codification was not intended to change or alter existing GAAP, it did not have a material impact on the Company’s financial statements.
    11
 
 Effective June 30, 2009, the Company adopted three accounting standard updates which were intended to provide additional application guidance and enhanced disclosures regarding fair value measurements and impairments of securities. They also provide additional guidelines for estimating fair value in accordance with fair value accounting. The first update, as codified in ASC 820-10-65, provides additional guidelines for estimating fair value in accordance with fair value accounting. The second accounting update, as codified in ASC 320-10-65, changes accounting requirements for other-than-temporary-impairment (OTTI) for debt securities by replacing the current requirement that a holder have the positive intent and ability to hold an impaired security to recovery in order to conclude an impairment was temporary with a requirement that an entity conclude it does not intend to sell an impaired security and it will not be required to sell the security before the recovery of its amortized cost basis. The third accounting update, as codified in ASC 825-10-65, increases the frequency of fair value disclosures. These updates were effective for fiscal years and interim periods ended after June 15, 2009. The adoption of these accounting updates did not have a material impact on the Company’s financial statements.
 
 Effective June 30, 2009, the Company adopted a new accounting standard for subsequent events, as codified in ASC 855-10. The update modifies the names of the two types of subsequent events either as recognized subsequent events (previously referred to in practice as Type I subsequent events) or non-recognized subsequent events (previously referred to in practice as Type II subsequent events). In addition, the standard modifies the definition of subsequent events to refer to events or transactions that occur after the balance sheet date, but before the financial statements are issued (for public entities) or available to be issued (for nonpublic entities). It also requires the disclosure of the date through which subsequent events have been evaluated. The update did not result in significant changes in the practice of subsequent event disclosures, and therefore the adoption did not have a material impact on the Company’s financial statements.
 Effective January 1, 2009, the Company adopted an accounting standard update regarding the determination of the useful life of intangible assets. As codified in ASC 350-30-35, this update amends the factors considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under intangibles accounting. It also requires a consistent approach between the useful life of a recognized intangible asset under prior business combination accounting and the period of expected cash flows used to measure the fair value of an asset under the new business combinations accounting (as currently codified under ASC 850). The update also requires enhanced disclosures when an intangible asset’s expected future cash flows are affected by an entity’s intent and/or ability to renew or extend the arrangement. The adoption did not have a material impact on the Company’s financial statements.
 
 In February 2008, the FASB issued an accounting standard update that delayed the effective date of fair value measurements accounting for all non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually), until the beginning of the first quarter of fiscal 2009. These include goodwill and other non-amortizable intangible assets. The Company adopted this accounting standard update effective January 1, 2009. The adoption of this update to non-financial assets and liabilities, as codified in ASC 820-10, did not have a material impact on the Company’s financial statements.
 
 Effective January 1, 2009, the Company adopted a new accounting standard update regarding business combinations. As codified under ASC 805, this update requires an entity to recognize the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair value on the acquisition date. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred; that restructuring costs generally be expensed in periods subsequent to the acquisition date; and that changes in accounting for deferred tax asset valuation allowances and acquired income tax uncertainties after the measurement period be recognized as a component of provision for taxes. The adoption did not have a material impact on the Company’s financial statements.
 
 In September 2009, the FASB issued Update No. 2009-13, “Multiple-Deliverable Revenue Arrangements—a consensus of the FASB Emerging Issues Task Force” (ASU 2009-13). It updates the existing multiple-element revenue arrangements guidance currently included under ASC 605-25, which originated primarily from the guidance in EITF Issue No. 00-21, “Revenue Arrangements with Multiple Deliverables” (EITF 00-21). The revised guidance primarily provides two significant changes: 1) eliminates the need for objective and reliable evidence of the fair value for the undelivered element in order for a delivered item to be treated as a separate unit of accounting, and 2) eliminates the residual method to allocate the arrangement consideration. In addition, the guidance also expands the disclosure requirements for revenue recognition. ASU 2009-13 will be effective for the first annual reporting period beginning on or after June 15, 2010, with early adoption permitted provided that the revised guidance is retroactively applied to the beginning of the year of adoption. The Company is currently assessing the future impact of this new accounting update to its financial statements.
   12
 
 Effective July 1, 2009, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 105-10, Generally Accepted Accounting Principles – Overall (“ASC 105-10”). ASC 105-10 establishes the FASB Accounting Standards Codification(the “Codification”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. The Codification superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification is non-authoritative. The FASB will not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates (“ASUs”). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the bases for conclusions on the change(s) in the Codification. References made to FASB guidance throughout this document have been updated for the Codification.
 
 Effective July 1, 2009, the Company adopted FASB ASU No. 2009-05, Fair Value Measurements and Disclosures (Topic 820) (“ASU 2009-05”). ASU 2009-05 provided amendments to ASC 820-10, Fair Value Measurements and Disclosures – Overall, for the fair value measurement of liabilities. ASU 2009-05 provides clarification that in circumstances in which a quoted price in an active market for the identical liability is not available, a reporting entity is required to measure fair value using certain techniques. ASU 2009-05 also clarifies that when estimating the fair value of a liability, a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of a liability. ASU 2009-05 also clarifies that both a quoted price in an active market for the identical liability at the measurement date and the quoted price for the identical liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required are Level 1 fair value measurements. Adoption of ASU 2009-05 did not have a material impact on the Company’s results of operations or financial condition.
 
 Off Balance Sheet Transactions
 
 None.
 
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 Not required for a Smaller Reporting Company.
 
 Item 4T.  Controls and Procedures
  (a) Evaluation of Disclosure Controls. Terrence A. Tecco, our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) of the Securities and Exchange Act. Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file under the Exchange Act is accumulated and communicated to our management, as appropriate to allow timely decisions regarding required disclosure. Based on his evaluation, Mr. Tecco concluded that our disclosure controls and procedures were effective as of March 31, 2010.
  It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions
 
 (b)   Changes in internal control over financial reporting. There have been no changes in our internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Our management team will continue to evaluate our internal control over financial reporting in 2010 as we implement our Sarbanes Oxley Act testing.
 
 13
 
 PART II - OTHER INFORMATION
 
 Item 1. Legal Proceedings.
 
 We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.
 
 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
 
 (a)         Exhibits
 
 31.1         Certification pursuant to Section 302 of Sarbanes Oxley Act of 2002
 31.2         Certification pursuant to Section 302 of Sarbanes Oxley Act of 2002
 
 32.1 Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002
 
 32.2         Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002
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 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: May 17, 2010
By:
/s/ Terrence A. TeccoTerrance A. TeccoPresident, CEO & CFO