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 June 30, 1998

( )       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 ID#)
     Incorporation or Organization)

           5 Hazelton Avenue, Suite 200 Toronto, Canada M5R 2E1 
                (Address of Principal Executive Offices)
                                
                                
Issuer's Telephone Number: (416) 513-0191

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:

June 30, 1998

Common Voting Stock - 11,565,676


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 Statements of Operations Unaudited-
             March 31, 1998 & March 31, 1997

<CAPTION>
                     For the Nine Months                For the Three Months 
                     Period Ended                          Period Ended
                         June             June            June           June 
                       30, 1998         30, 1997        30, 1998       30, 1997
<S>                          <C>             <C>              <C>            <C>

Revenues                  
   Interest                  $30,104        $193        $11,488          $193 
                             -------        ----        -------          ---- 
Total Revenues               $30,104        $193        $11,488          $193 
                    
Expenses                 
   Professional Fees          1,200        1,809              0             0 
   G&A                      219,287       10,911        123,698           689
   Interest                  79,133       11,087         24,119         4,180 
   Management Fees Payable   75,000        2,500         25,000         2,500 
   Depreciation                 630          630            210           210 
   Finders Fees                   0        7,500              0         7,500 
                           --------      -------       --------       -------
Total Expenses             $375,250      $34,437       $173,027       $15,079 
                    
Net Income (Loss) from    ----------   ---------      ----------     ---------
Operations                ($345,146)   ($34,244)      ($161,539)     ($14,886)
                    
Other Income                      0    $223,229               0      $223,229 
                          ==========   ========       ==========     ========
Net Income (Loss)         ($345,146)   $188,985       ($161,539)     $208,343 
                    
                    
Per Share Data                   
Net Income (Loss)           ($0.03)      $0.03           ($0.01)        $0.04 
                    
Weighted Average Common                 
   Shares Outstanding    11,565,676   5,495,245        11,565,676    5,495,245 

                        See Accompanying Notes

</TABLE>

<TABLE>

                     GLOBESAT HOLDING CORP.
            Consolidated Balance Sheets Unaudited-
            June 30, 1998 & September 30, 1997

<CAPTION>
                                        June 30,1998            Sept. 30, 1997 

<S>                                               <C>                       <C>
Current Assets                   
   Cash                                       $2,305                    $7,304 
   Performance Gurantee                            -                   535,300 
   Inventory                                       -                         - 
   Notes Receivable                           74,000                    72,000 
   Vendor Deposit                              2,000                     2,000 
   Accrued Interest Receivable                30,104                     5,139 
                                            ________                  ________
Total Current Assets                        $108,409                  $621,743 
          
Property and Equipment        
   Office Equipment                            2,394                     3,024 
                                            ________                  ________
Total Assets                                $110,803                  $624,767 
                                            ========                  ========
         
      LIABILITIES AND SHAREHOLDERS' EQUITY   
          
Current Liabilities      
   Accounts Payable                               -                      3,551 
   Management Fees Payable                  100,000                     27,500 
   Franchise Tax Payable                        400                        400 
   Accrued Interest Payable                 106,917                     27,784 
   Notes Payable                            289,600                    606,500 
                                           ________                    _______
Total Current Liabilities                  $496,917                    665,735 
          
Stockholders' Equity          
   Common Stock, $0.01 Par Value,       
   15,000,000 Shares Authorized         
   11,565,676 Shares Issued and          
   Outstanding Retro-Actively      
   Restated                                $115,657                   $115,657 
   Additional Paid-In Capital             3,289,216                  3,289,216 
   Accumulated Defect                    (3,790,987)                (3,445,841)

Total Stockholders' Equity                ($386,115)                  ($40,968)
          
Total Liabilities and                      ________                   ________
   Stockholders' Equity                    $110,803                   $624,767 
                                           ========                   ========
</TABLE>
          
     
                       See Accompanying Notes   

<TABLE>

                           GLOBESAT HOLDING CORP.
              Consolidated Statements of Cash Flows -Unaudited-
             Nine Months Ended June 30, 1998 & June 30, 1997

<CAPTION>

                                                         June            June 
                                                       30, 1998        30, 1997
<S>                                                          <C>            <C>
          
Cash Flows from Operating Activities:         
          
Net Income (Loss)                                     ($345,146)       $108,835 
Adjustments to Reconcile Net Income (Loss)        
to Net Cash Provided by Operating Activities:       
     Depreciation                                           630            630 
     Non Cash Income from Debt Forgiveness                    -       (223,229)
     Asset Disposal from Debt Forgiveness                     -         86,695 
     Non Cash Expenses                                        -          7,500 
     Rounding Differential                                    -              2 
     Increase (Decrease) in Inventory                         -              -
     (Increase) Decrease in Accounts Receivable               -              -
     Increase (Decrease) in AP and Accrued Expenses     148,082          6,250 
     Increase in Notes Receivable                        (2,000)       (22,000)
     Increase in Accrued Interest Receivable            (24,965)          (193)
                                                      __________      _________
Cash Flows from Operating Activities                  ($223,399)      ($35,510)
           
      
Cash Flows from Investing Activities:                        $0             $0
       
Cash Flows from Financing Activities:         
   Increase (Decrease) in Performance Guarantee        $535,300      ($535,300)
   Increase (Decrease) in Notes Payable                (316,900)       557,300 
   Increase in Capital Stock                                  0              0
                                                       ________        _______
Net Cash Provided by Financing Activities              $218,400        $22,000 
          
Net Increase (Decrease) in Cash                         ($4,999)      ($13,510)
          
Cash at Beginning of Period                               7,304         14,744 
                                                         ______         ______  
Cash at End of Period                                    $2,305         $1,234 
                                                         ======         ======
          
                             See Accompanying Notes
          
</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
September 30, 1997 10-KSB Report and June 27, 1997 Form 8K.

NOTE #2:  Notes Payable

IMS has issued 15 notes payable, in the principal amounts of $535,300, 
$22,000, $22,000, $16,000, $11,200, $24,000, $66,000, $5,000, $13,700, $10,000, 
$10,000, $13,700, $32,250, $45,000 and $20,750 respectively, to Richard S. 
Schapler, a former shareholder of IMS and current shareholder and Director of
the Company. The first two notes, for $535,300 and $22,000 have been paid back
to Richard S. Schapler and are no longer liabilities of the Registrant, as such,
the Registrant currently has $289,600 in notes payable outstanding. Each note 
bears interest at a rate of 15% per annum. IMS has made no payments of interest
in connection with these notes and, as such, has accrued interest of $106,917. 

NOTE #3:   Notes Receivable

IMS has issued three demand promissory notes in connection with its business in
the amount of $50,000, $22,000 and $24,000. The note for $22,000 has been repaid
and is no longer recorded as an asset of the Registrant. Each note bears 
interest at a rate of 15% per annum and has a maturity of one month from the 
date of issue. Each note is currently accruing interest at a rate of 3 percent
per month. IMS has received no payments of interest in connection with these 
notes and, as such has accrued interest receivable of $30,104. 

NOTE #4:   Management Agreement

The Company has entered into a consulting agreement with Lee A. Greenspoon, 
President and Chief Executive Officer of the Company, for management services
which includes a base management fee of $100,000 and a bonus representing 5% 
of earnings before interest and taxes in fiscal 1997/1998. Mr. Greenspoon is 
an officer, director and shareholder of the Company. 

Currently, Mr. Greenspoon has not drawn any portion of the management fee which 
has been accruing since June 21, 1997. Currently, the Company has $100,000 in 
accrued management fees payable.

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 September 30, 1997 10K and June 27, 1997 8K filed by the Registrant.

PLAN OF OPERATION

The Registrant, through its IMS subsidiary, is engaged in the business of 
purchasing precious metals bullion products (gold, silver, platinum, palladium, 
etc.) from a range of international sellers and mining institutions. Contract 
opportunities have been and are currently presented to IMS from a variety of 
international sources. Management of IMS is currently in the process of 
reviewing a range of contract opportunities involving the purchase of gold from 
mining institutions in several international jurisdictions. 

The objective of the Registrant is to utilize the cash flow developed from the 
precious metals business to make acquisitions and investments in companies, 
products, inventions or technologies which may require further capital, 
additional management expertise, international marketing assistance, and/or 
strategic guidance is required.

The Registrant may seek to raise additional financing through the sale of debt 
or equity securities to investors by private placement in order to continue to 
develop and expand the business of IMS. There can be no assurance that the 
Registrant will be able to raise sufficient financing, on terms acceptable to 
management, to continue to develop its business.

Results of Operations

During the nine month period ended June 30, 1998, and for the fiscal year 
which ended September 30, 1997, the Company has had no revenue from its 
precious metals operations.

PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

None, not applicable.

Item 2.   Changes in Securities

None, not applicable.

Item 3.   

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

June 27, 1997


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: Aug 15, 1998
                By:    /s/ Lee A. Greenspoon                  
                                                       
                       President and Chief Executive Officer

Date: Aug 15, 1998
                 By:   /s/ Lorie W. Lovejoy                    
                                                                  
                       Director