U.S. Securities & Exchange Commission
Washington, D.C. 20549


Form 10-QSB

(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934

For the quarterly period ended March 31, 1997

( ) 	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

For the transition period from ______ to ______

Commission File No. 0-17322

Globesat Holding Corp.
(Name of Small Business Issuer in its Charter)

Utah							87-0365154
(State or Other Jurisdiction of	(I.R.S. Employer I.D. No.)
Incorporation or Organization)


85 Skymark Drive, Suite 1703
Toronto, Canada M2H 3P2
(Address of Principal Executive Offices)

Issuer's Telephone Number: (416) 494-2013

Indicate by check mark whether the Registrant(1)has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the 
Registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.

(1) Yes [X]  No [ ]            (2) Yes [X] No [ ]


APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE 
PRECEDING FIVE YEARS

Not Applicable

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the Registrant's classes
of common stock, as of the latest practicable date: 

May 14, 1997
Common Voting Stock - 5,143,676

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements

The Financial Statements of the Registrant required to be filed with this 
10-QSB Quarterly Report were prepared in-house based on figures provided by 
management, and commence on the following pages, together with Related Notes.
In the opinion of management, the Financial Statements fairly present the 
financial condition of the Registrant.

<TABLE>

GLOBESAT HOLDING CORP.
Consolidated Balance Sheets -Unaudited-
March 31, 1997 & September 30, 1996
<CAPTION>
                             March 		   September
                            31, 1997		  30, 1996
<S>                         <C>         <C>
ASSETS
Current Assets
 Cash						                $  2,888	    $  14,744
 Inventory					               4,712		       4,712	
Total Current Assets			       7,600		      19,456

Property and Equipment
 Office Equipment				         3,444		       3,864	

Other Assets
 Novatone License				        62,500		      67,500
 Novacrete License				        2,850		       3,000
Total Other Assets				       65,350		      70,500

Total Assets					          $ 76,394		   $  93,820
    
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
 Royalties Payable				     $150,000	    $  75,000
 Accounts Payable				         1,389		         853
 Franchise Tax Payable 			      300		         300
 Accrued Interest Payable		  15,291		       8,744
 Notes Payable					         125,000		     125,000
Total Current Liabilities	  288,855    	  209,897 

Stockholders' Equity
 Common Stock, $0.01 Par Value,
 15,000,000 Shares Authorized
 5,143,676 Shares Issued and
 Outstanding Retro-Actively 
 Restated						              51,437		      51,437
 Additional Paid-In Capital 3,288,216		 3,288,216
 Accumulated Deficit		     (3,555,238) (3,455,730)
Total Stockholders' Equity   (215,585)   (116,077)

Total Liabilities and
 Stockholders' Equity			     $ 76,394		  $ 93,820
</TABLE>
<TABLE>
GLOBESAT HOLDING CORP.
Consolidated Statements of Operations -Unaudited-
March 31, 1997 & March 31, 1996
<CAPTION>
                         For the Six		             For the Three
                         Months Period Ended       Months Period Ended
                          March		    March	        March	       March
                         31, 1997	  31, 1996       31, 1997 	   31, 1996

<S>                      <C>        <C>            <C>          <C>
Revenues			                  $	 0		     $	 0 	         $	 0	        $	 0

Expenses
 Professional Fees	        1,809		    85,303	           181	      52,368
 General &
  Administrative	         10,922	     68,001	         4,568	      67,577
 Interest			               6,907	  	       0	         3,782	           0
 Depreciation		              420			        0	           210		          0
 Amortization		            5,150	   	      0	         2,575	           0  
 Royalties		              75,000		         0	        50,000	           0
 Expense Recovery	          (700) 		    (700)
Total Expenses		          99,508		   153,304         60,616	     119,945

Net Loss from 
  Operations	           (99,508)	   (153,304)       (61,316)    (119,945)	

Per Share Data

Net Loss		                (0.02)		     (0.06)	        (0.01)       (0.01)
Weighted
      Average Common
      Shares 
      Outstanding     5,143,676       300,000     5,143,676       300,000
</TABLE>

<TABLE>
GLOBESAT HOLDING CORP.
Consolidated Statements of Cash Flows -Unaudited-
Six Months Ended March 31, 1997 & March 31, 1996
<CAPTION>
                                             March		             March 
                                          31, 1997		           31, 1996
<S>                                       <C>                  <C>
Cash Flows from Operating Activities

 Net Income (Loss)				                 $  (99,508)	          $ (153,304)
 Adjustments to Reconcile
  Net (Loss) to Net Cash
 (Used In) Operating Activities:
   Increase in Inventory			                     0                (4,712)        
Non Cash Expenses                               0                34,827
   Amortization				                         5,150                     0
   Depreciation				                           420                     0 
 Changes in Operating Assets and
 Liabilities
  Increase in Accounts Payable	               536                15,637
    Payable					  
  Increase in Accrued Interest              6,547                     0 
  Increase in Royalties Payable            75,000                     0 
Net Cash (Used In) Operating
 Activities					                          (11,855)             (107,552)
 
Cash Flows from Investing 
 Activities 					
   Purchase of Novatone License                                 (75,000)

Cash Flows from Financing
 Activities					
   Increase in Notes Payable                                    125,000
   Increase in Capital Stock                                     94,154

Net Cash Provided from Financing
 Activities    				    		                     0	                219,134

Net Increase (Decrease) in Cash         (11,855)                 35,582  

Cash at Beginning of Year		              14,744     	             6,457

Cash at End of Period				                 2,888	                 43,039 	
Note: Numbers may not add due to rounding.
</TABLE>

GLOBESAT HOLDING CORP.
NOTES TO FINANCIAL STATEMENTS


NOTE #1 - Statement Preparation

The Registrant has prepared the accompanying financial statements with
interim financial reporting requirements promulgated by the Securities & 
Exchange Commission. The information furnished reflects all adjustments which
are, in the opinion of management, necessary for a fair presentation of 
financial position and results of operations.

The consolidated financial statements should be read in conjunction with the
consolidated financial statements and notes thereto included in the 
Registrant's 1996 10-KSB Report.

NOTE #2 - Novatone License

Pursuant to the terms of an agreement between Windsor Acquisition Corp. 
("Windsor"), a wholly-owned subsidiary of the Registrant, and LA-NUR Inc. 
("LA-NUR"), Windsor is obligated to pay to LA-NUR a minimum annual royalty 
payment of $100,000 for the calendar year 1996 and $200,000 for the calendar 
year 1997. To date, no funds have been advanced by Windsor in connection with
this obligation. Currently, Windsor seeks to modify the terms of the 
agreement with LA-NUR to nullify or vary the minimum royalty amount.

NOTE #3 - Notes Payable

Windsor has issued two notes payable, in the principal amount of $50,000 and
$75,000, respectively, to a shareholder of the Registrant. Each note bears 
interest at a variable interest rate as charged by The Bank of Nova Scotia, 
in Canada. Both notes were due on January 17, 1997. To date, Windsor has made
no payments of principal or interest in connection with these notes. Windsor 
has accrued an aggregate of $15,291 in interest. Currently, the Registrant 
seeks to modify the terms of the notes to, among other
is report.

Item 2.   Management's Discussion And Analysis or Plan of Operation.

The following discussion should be read in conjunction with the Consolidated
Financial Statements of the Registrant and notes thereto contained in Item 1 
as well as the Registrant's 1996 10-KSB Report.

PLAN OF OPERATION

During the six month period ended March 31, 1997, and for the fiscal year 
which ended September 30, 1996, the Registrant has had no revenue and has not
attempted to market or produce any of its products. Operations during the 
past fiscal year have consisted principally of the acquisition of development
stage envirostructure related products and technologies.  To date, the 
development of these products and technologies has not proceeded as expected 
by management and the Registrant lacks sufficient financial resources. 
Financing for the Registrant's business activities have, to date, been 
unsuccessful.  

Management has determined that it is in the best interest of the Registrant 
and its shareholders to seek out other business opportunities. The Registrant
is currently considering a number of proposals which could result in a change
of control of the Registrant in addition to a change in the business of the 
Registrant.  

Consumer Products

As at March 31, 1997, Windsor Acquisition Corp. ("Windsor") had debts 
outstanding in excess of $290,000. Windsor holds an exclusive global license 
to market and distribute a cosmetic product known as the Novatone Facial 
Toner (the "Novatone").  Prior to marketing the Novatone in the United States,
approval must be obtained from the United States Food and Drug Administration
(the "FDA").  The Registrant has submitted an application to the FDA in order 
to seek such approval.  To date, FDA approval has not been recieved and their is
no gurantess that such approval will be received. The Registrant lacks the 
financial resources to continue to retain legal counsel to prepare the 
necessary filings and respond to requests for information from the FDA.

Cementitious Products

Globesat Infrastructure Technologies ("Globesat I.T.") holds certain 
distribution rights to a certain technology and an additive for enhancing 
cementitious products (hereinafter referred to as "Novacrete").  
Novacrete is marketed and is to be manufactured by Stratford Acquisition 
Corp. ("Stratford"), a Minnesota company based in Burlington, Ontario, 
Canada.  Stratford granted to Globesat I.T. exclusive distribution rights to 
Novacrete in Mexico, Chile and Argentina.  

Globesat I.T.'s also obtained rights to distribute Novacrete in the United 
States by way of an assignment of such rights by BGS Promotions Inc. ("BGS").
In consideration of its assignment of Novacrete rights, an aggregate sum of 
$1,000,000 over a period of five years is required to be paid to BGS by 
Globesat I.T. The first payment is due on July 31, 1997.

To date, to the best of the Registrant's knowledge, Stratford has not 
manufactured any Novacrete in commercial volumes for distribution in any 
jurisdiction as contemplated in the above noted agreements. In addition, 
Stratford has advised Globesat I.T. that it does not intend to honor Globesat
I.T.'s distribution rights and that it regards BGS as never having had 
rights to assign to Globesat I.T. Management of the Registrant is confident 
that Stratford does not have valid grounds upon which to terminate these 
agreements. Management has attempted to resolve this dispute with management 
of Stratford, but, to date, such efforts have been unsuccessful. Management 
recognizes that the ability of Globesat I.T. to successfully distribute 
Novacrete will depend, to the greatest extent, upon the assistance and 
cooperation of Stratford.  As at the date hereof, management is not confident
that Stratford will manufacture Novacrete in a timely manner or that Globesat
I.T.'s disputes with Stratford will be resolved in a timely manner.
II

In light of the foregoing, management has commenced discussions with BGS in 
an effort to amend the agreement with BGS.

Waste to Commodity Technologies

The Registrant entered into a joint venture agreement with Startech 
Environmental Corp. ("Startech"), a Colorado company based in Wilton, 
Connecticut on February 19, 1996.  Since that time, the Registrant has had 
limited dealings with Startech in respect of the implementation of this joint
venture.  Management believes it to be unlikely that this joint venture will
be implemented, as the Registrant lacks sufficient financial resources to 
satisfy its commitments to finance the joint venture company at this time. The
agreement with Startech provides that neither company shall have any recourse
against the other in the event that the joint venture is not implemented, 
regardless of the reason for such non-implementation.

Results of Operations

The Company discontinued its operations in approximately June, 1993. 
It sustained a net loss of $99,508 for the six months ended March 31, 1997.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings

None, not applicable.

Item 2.	Changes in Securities

None, not applicable

Item 3. 	Defaults Upon Senior Securities

The Company has issued two notes payable, in the principal amount of $50,000 
and $75,000, respectively, to a shareholder of the Company. Each note bears 
interest at a variable interest rate as charged by The Bank of Nova Scotia, 
in Canada. Both notes were due on January 17, 1997. To date, the Company has 
made no payments of principal or interest in connection with these notes. 
The Company has accrued an aggregate of $15,291 in interest. Currently, the 
Company is seeking to modify the terms of the notes. 

Item 4. 	Submission of Matters to a Vote of Security Holders

None, not applicable

Item 5.		Other Information

None, not applicable

Item 6.	Exhibits and Reports on Form 8-K

(A)	Exhibits

None

(B)	Reports on Form 8-K

None


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.

GLOBESAT HOLDING CORP.


Date: May 14, 1997		By:	/s/ Mel B. Greenspoon									
                            Chairman and Chief Executive 								
                            Officer

Date: May 14, 1997		By:	/s/ Lee A. Greenspoon									
                            President and Chief Operating 							
                            Officer