UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549


_______________





FORM
10-Q





(Mark
One)




x
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For
the quarterly period ended September 30, 2009





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)


_______________





P.O.
Box 6053


East
Brunswick, New Jersey 08816


(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 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 September 30, 2009: 196,819,200
shares of common stock.

















GLOBAL
HOLDINGS, INC.





FORM
10-Q





September
30, 2009





INDEX








PART
I-- FINANCIAL INFORMATION





Item
      1.
            Financial
      StatementsItem
      1A.
            Risk
      FactorsItem
      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




















PART I –
FINANCIAL INFORMATION




Item 1. Financial
Information





Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2009
 (Unaudited)
        
  
 CONTENTS
 
 
 
   Page(s)Consolidated
      Balance Sheets – As of September 30, 2009 (Unaudited)and
      December 31, 2008 (Audited)
                1Consolidated
      Statements of Operations –For
      the Three Months Ended September 30, 2009 and 2008, for the Nine
      MonthsEnded
      September 30, 2009 and 2008 and for the period from January 29,
      2007(Inception)
      to September 30, 2009 (Unaudited)
                2Consolidated
      Statements of Cash Flows –For
      the Nine Months Ended September 30, 2009 and 2008 and for
    theperiod
      from January 29, 2007 (Inception) to September 30, 2009
      (Unaudited)
                3Notes
      to Consolidated Financial Statements (Unaudited)
                4-11
 
 
  Global Holdings, Inc. and
  Subsidiary(A
      Development Stage Company)Consolidated Balance
  SheetsSeptember
      30, 2009
                
                
                December
      31, 2008(Unaudited)
                
                
                (Audited)AssetsCurrent
      AssetsCash
                
                $
                11
                
                
                $
                736Total
      Current Assets
                
                
                11
                
                
                
                736Total
      Assets
                
                $
                11
                
                
                $
                736Liabilities and Stockholders' Equity
      (Deficit)Current
      LiabilitiesAccounts
      payable
                
                $
                3,523
                
                
                $
                16,650Loans
      payable - related party
                
                
                50,214
                
                
                
                7,964Accrued
      interest payable - related party
                
                
                2,003
                
                
                
                58Total
      Current Liabilities
                
                
                55,740
                
                
                
                24,672Stockholders’
      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
                
                
                26,918
                
                
                
                26,918Deficit
      accumulated during development stage
                
                
                (102,328
                )
                
                
                (70,536
                )Total
      Stockholders’ Deficit
                
                
                (55,728
                )
                
                
                (23,936
                )Total
      Liabilities and Stockholders’ Deficit
                
                $
                11
                
                
                $
                736
   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 September 30,
                
                
                For
      the Nine Months Ended September 30,
                
                
                For
      the
                  Period
      from
                  January
      29, 2007
                  (inception)
      to
                  September
      30,2009
                
                
                2008
                
                
                2009
                
                
                2008
                
                
                2009Revenues
                
                $
                -
                
                
                $
                -
                
                
                $
                -
                
                
                $
                1,484
                
                
                $
                1,484General
      and administrative
                
                
                11,298
                
                
                
                24,881
                
                
                
                31,792
                
                
                
                45,906
                
                
                
                103,812Net
      loss
                
                $
                (11,298
                )
                
                $
                (24,881
                )
                
                $
                (31,792
                )
                
                $
                (44,422
                )
                
                $
                (102,328
                )Net
      loss per common share - basic and diluted
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.00
                )
                
                $
                (0.00
                )Weighted
      average number of common sharesoutstanding
      during the period - basic and diluted
                
                
                196,819,200
                
                
                
                195,714,548
                
                
                
                196,819,200
                
                
                
                195,635,574
                
                
                
                195,483,866
   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 Nine Months Ended
                  September
      30,
                
                
                For
      the
                  period
      from January 29,
                  2007
                  (Inception)
      to
                  September
      30,2009
                
                
                2008
                
                
                2009CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                
                $
                (31,792
                )
                
                $
                (44,422
                )
                
                $
                (102,328
                )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Stock
      issued for services - related parties
                
                
                -
                
                
                
                -
                
                
                
                1,550Stock
      issued for services
                
                
                -
                
                
                
                2,000
                
                
                
                22,250Accounts
      payable
                
                
                (13,127
                )
                
                
                20,539
                
                
                
                3,523Accrued
      interest payable - related party
                
                
                1,945
                
                
                
                -
                
                
                
                2,003Net
      Cash Used in Operating Activities
                
                
                (42,975
                )
                
                
                (21,883
                )
                
                
                (73,003
                )CASH
      FLOWS FROM FINANCING ACTIVITIES:Proceeds
      from loans payable - related party
                
                
                42,250
                
                
                
                -
                
                
                
                50,214Proceeds
      from issuance of common stock
                
                
                -
                
                
                
                22,800
                
                
                
                22,800Net
      Cash Provided by Financing Activities
                
                
                42,250
                
                
                
                22,800
                
                
                
                73,014Net
      increase (decrease) in cash
                
                
                (725
                )
                
                
                917
                
                
                
                11Cash
      - beginning of period
                
                
                736
                
                
                
                -
                
                
                
                -Cash
      - end of period
                
                $
                11
                
                
                $
                917
                
                
                $
                11
   See
accompanying notes to unaudited financial statements
 3
  Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (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 (“GAAP”) and the rules and regulations of the United States Securities
and Exchange Commission (“SEC”) 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 year ended December 31, 2008.  The interim
results for the period ended September 30, 2009 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’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.
 
 On
November 4, 2009, Alpha 1 Security, Inc. (the “Purchaser”), 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 with a third party and resulted
in a change of control. In connection with this sale, the Company intends to
change the focus of the business.  The Company also intends to change its
name to Alpha 1 Security, Inc. during December 2009.
 
 In
connection with this private sale transaction, the Company’s former Chief
Executive Officer forgave all outstanding debt and related accrued interest
totaling $53,714 (see Notes 4 and 6).  Since this was a related party
transaction, there was no gain on debt forgiveness, however; the Company charged
additional paid-in capital.
 
 
 4
 Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (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, 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 competition and is in a state
of fluctuation as a result of the credit crisis occurring in the United
States.  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.
 
 Also see
Note 3 regarding going concern matters.
 
 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.
  Cash
and Cash Equivalents
 
 The
Company considers all highly liquid instruments purchased with a maturity of
three months or less to be cash equivalents.  The Company had no cash
equivalents at September 30, 2009 and December 31, 2008,
respectively.
  The
Company minimizes its credit risk associated with cash by periodically
evaluating the credit quality of its primary financial institution. The balance
at times may exceed federally insured limits.  At September 30, 2009
and December 31, 2008, respectively, there were no balances that exceeded the
federally insured limit.
 
 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.
   5
 Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (Unaudited)
   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, the Company has not had any
      collectability issues.
 
 The
Company failed to generate revenue during 2009, and the implementation of this
business has ceased.
 
 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 income per share is computed by dividing net income
by the weighted average number of shares of common stock, common stock
equivalents and potentially dilutive securities outstanding during each
period.  For the period from January 29, 2007 (inception) to September
30, 2009, 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.
 
 Stock-Based
Compensation
 
 All
share-based payments to employees are recorded and expensed in the statement of
operations.  Measurement and recognition of compensation expense for
all share-based payment awards made to employees and directors including grants
of employee stock options are based on estimated fair values.  The
Company has used the Black-Scholes option-pricing model to estimate grant date
fair value for all option grants.
 
 Share-based
compensation expense is based on the value of the portion of share-based payment
awards that is ultimately expected to vest during the year, less expected
forfeitures.  Forfeitures should be estimated at the time of grant and
revised, if necessary in subsequent periods if actual forfeitures differ from
those estimates.
   6
 Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (Unaudited)
 
 Non-Employee
Stock Based Compensation
 
 Stock-based
compensation awards issued to non-employees for services is recorded at either
the fair value of the services rendered or the instruments issued in exchange
for such services, whichever is more readily determinable
 
 Fair
Value of Financial Instruments
 
 The
carrying amounts of the Company’s short-term financial instruments, including
accounts payable, loans payable - related party and accrued interest payable -
related party, approximate fair value due to the relatively short period to
maturity for these instruments.
 
 Segment
Information
 
 During
2009 and 2008, the Company only operated in one segment; therefore, segment
information has not been presented.
 
 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.
 
 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.
   7
  Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (Unaudited)
 
 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.
 
  8
 Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (Unaudited)
 
 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.
 
 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.
  Note 3 Going
Concern
 
 As
reflected in the accompanying financial statements, the Company has a net loss
of $31,792 and net cash used in operations of $42,975 for the nine months ended
September 30, 2009; and a working capital deficit of $55,728, an accumulated
deficit of $102,328 and a stockholders’ deficit of $55,728 at September 30,
2009, respectively.  In addition, the Company is in the development
stage and has not yet generated any significant revenues.
   9
 Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (Unaudited)
 
 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.
 
 Note 4 Loans Payable –
Related Party
 
 During
2007, the Company’s Chief Executive Officer advanced $964 to pay the Company’s
expenses.  The advance is non-interest bearing, unsecured and due on
demand.
 
 During
December 2008, the Company’s Chief Executive Officer advanced $7,000 to pay the
Company’s expenses. The loan bears interest at 10%, is due one year from the
issuance date and is unsecured.
 
 During
March 2009, the Company’s Chief Executive Officer advanced $500 to pay Company
expenses. The loan bears interest at 10%, is due one year from the issuance date
and is unsecured.
 
 During
April 2009, the Company’s Chief Executive Officer advanced $12,100 to pay
Company expenses. The loan bears interest at 10%, is due one year from the
issuance date and is unsecured.
 
 During
May 2009, the Company’s Chief Executive Officer advanced $20,000 to pay Company
expenses. The loan bears interest at 10%, is due one year from the issuance date
and is unsecured.
 
 During
June 2009, the Company’s Chief Executive Officer advanced $550 to pay Company
expenses. The loan bears interest at 10%, is due one year from the issuance date
and is unsecured.
 
 During
August 2009, the Company’s Chief Executive Officer advanced $6,000 to pay
Company expenses. The loan bears interest at 10%, is due one year from the
issuance date and is unsecured.
 
 During
September 2009, the Company’s Chief Executive Officer advanced $3,100 to pay
Company expenses. The loan bears interest at 10%, is due one year from the
issuance date and is unsecured.
  All
advances represent a 100% concentration in debt financing.  These
loans were forgiven in connection with the change in control as described in
Note 2.
   10
 Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Notes
to Consolidated Financial Statements
 September
30, 2009
 (Unaudited)
 
 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).
 
 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.
 
 Note 6 Subsequent
Events
 
 The
Company has evaluated for subsequent events between the balance sheet date of
September 30, 2009 and November 18, 2009, the date the financial statements
were issued.
 
 During
October 2009, the Company’s Chief Executive Officer advanced $3,500 to pay
Company expenses. The loan bears interest at 10%, is due one year from the
issuance date and is unsecured.
  On
November 4, 2009, Alpha 1 Security, Inc. (the “Purchaser”), 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 with a third party and resulted
in a change of control. In connection with this sale, the Company intends to
change the focus of the business.  The Company also intends to change its
name to Alpha 1 Security, Inc. during December 2009.




11







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





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 services to commercial corporations whose sales
volumes are less than $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 flow 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 reduce the value of the specific company’s
assets.





We expect
to have agreements in place with financial institutional lenders whom will pay
us a fixed percentage of any loans or fees earned that will occur between our
referred clients and the lender. We may also charge a fee to the client if we
are successful in securing a financial arrangement.





Typically,
we will have prospective  clients fill out applications and provide us
with substantial business information, such as historical data, reference,
credit reports, tax returns, etc., which we will package and supply to lenders
that we feel will give our clients the best possible service, rates and system.
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.





Results of
Operation





For the
nine months ended September 30, 2009 we had no revenues and for the nine months
ended September 30, 2008 we had $1,484 in revenues,
respectively.  Expenses for the nine months ended September 30, 2009
and for the nine months ended September 30, 2009 totaled $31,792, and $45,906,
respectively, resulting in a loss from operations of $31,792 and $44,422,
respectively.





Liquidity and Capital
Resources





As of
September 30, 2009 and December 31, 2008, we had $11 and $736, respectively in
cash and cash equivalents.





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.





We are
still pursuing this plan but to date we have not been able to raise additional
funds through either debtor equity offerings, without this additional cash we
have been unable to pursue out plan of operations and begin generating revenue.
We believe that we may not be able to raise the necessary funds to continue to
pursue our business operations. As a result of the foregoing, we have recently
begun to explore our options regarding the development of a new business plan
and direction. We are currently engaged in discussions with a company regarding
the possibility of a reverse merger involving our company. At this stage, no
definitive terms have been agreed to and neither party is currently bound to
precede with the merger.








12







On April
13, 2009, the Company, its Chairman and Chief Executive Officer and its
Secretary (collectively, the “Sellers”) entered into a Share Purchase Agreement
(the “Agreement”) with Alpha 1 Security, Inc. (the “Purchaser”), pursuant to
which the Sellers, shareholders of the Company, agree to sell an
aggregate of 163,568,000 shares, which represents 83% of the issued and
outstanding common shares of the Company, to the Purchaser. The transaction was
expected to close within 30 days of this Agreement (the “Closing Date”). On the
Closing Date, pursuant to the terms of the Agreement, the Sellers shall transfer
83% of all the issued and outstanding shares of the Company (the “Shares”) to
the Purchaser.  On October 22, 2009, the Agreement with the Purchaser
was amended to agree to sell an aggregate of 161,568,000 shares, which
represents approximately 82% of the issued and outstanding common shares of the
Company, to the Purchaser.
 
 On
November 4, 2009, the Purchaser 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 with a third party and resulted in a change of control. In
connection with this sale, the Company intends to change the focus of the
business.  The Company also intends to change its name to Alpha 1 Security,
Inc. during December 2009.


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.






13





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.






14





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.





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.






15





Item
4T.  Controls and Procedures





(a) Evaluation of Disclosure
Controls. Mitchell
Cohen, 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 report8 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. Cohen concluded that our disclosure controls and procedures were
effective as of September 30, 2009.


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 2009 as we
implement our Sarbanes Oxley Act testing.





16







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
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





(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





17











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:
      November 23, 2009
            By:
            /s/
      Mark McCloyMark
      McCloyPresident,
      CEO & CFO













18