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 December 31, 1996

( )  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: 

February 12, 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-
          December 31, 1996 & September 30, 1996

<CAPTION>
                                   December       September
                                   31, 1996       30, 1996
<S>                                <C>            <C>
                    ASSETS

Current Assets
 Cash                              $  9,859       $  14,744
 Inventory                            4,712           4,712 
Total Current Assets                 14,571          19,456

Property and Equipment
 Office Equipment                     3,654           3,864 

Other Assets
 Novatone License                    65,000          67,500
 Novacrete License                    2,925           3,000
Total Other Assets                   67,925          70,500

Total Assets                       $ 86,150       $  93,820
         
               LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
 Accounts Payable                  $103,950       $  75,853
 Franchise Tax Payable                  300             300
 Accrued Interest Payable            11,869           8,744
 Notes Payable                      125,000         125,000
Total Current Liabilities           241,119         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            (3,494,622)      (3,455,730)
Total Stockholders' Equity        (154,969)        (116,077)

Total Liabilities and
 Stockholders' Equity              $ 86,150       $ 93,820
 
</TABLE>
<TABLE>
<CAPTION>
                    GLOBESAT HOLDING CORP.
     Consolidated Statements of Operations -Unaudited-
          December 31, 1996 & December 31, 1995

                                   December       December
                                   31, 1996       31 1995

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

Expenses
 Professional Fees                    1,628         32,935
 General & Administrative             6,354            424
 Interest                             3,125              0
 Depreciation                           210              0
 Amortization                         2,575              0
 Royalties                           25,000              0

Total Expenses                       38,892         33,359

Net Loss from Operations           $(38,892)      $(33,359)

Per Share Data

     Net Loss                          (.01)          (.11)
     Weighted Average Common
      Shares Outstanding           5,143,676        300,000 
</TABLE>
<TABLE>
<CAPTION>
                    GLOBESAT HOLDING CORP.
     Consolidated Statements of Cash Flows -Unaudited-
          December 31, 1996 & December 31, 1995

                                   December       December
                                   31, 1996       31 1995

Cash Flows from Operating Activities

 <S>                               <C>            <C>                     
 Net Income (Loss)                 $ (38,892)     $ (33,359)
 Adjustments to Reconcile
  Net (Loss) to Net Cash
 (Used In) Operating Activities:
   Amortization                        2,575               0
   Depreciation                          210               0
 Changes in Operating Assets and
 Liabilities
  (Decrease) Increase in Accounts
    Payable                           28,097           6,079
  Increase in Accrued Interest         3,125               0     
Net Cash (Used In) Operating
 Activities                           (4,885)          (378)

Cash Flows from Investing 
 Activities                                0               0

Cash Flows from Financing
 Activities                                0               0

Net (Decrease) in Cash                (4,885)          (378)

Cash at Begining of Year              14,744           6,457

Cash at End of Year                $   9,859      $    6,079 
</TABLE>

                      GLOBESAT HOLDING CORP.
                 NOTES TO FINANCIAL STATEMENTS


NOTE #1 - Statement Preparation

The Company 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 Company's 1996 10-KSB Report.

NOTE #2 - Novatone License

Pursuant to the terms of an agreement between the Company and LA-NUR Inc. 
"LA-NUR"), the Company is obligated to pay to LA-NUR a
minimum annual royalty payment of $100,000 for the calendar year
1996. To date, no funds have been advanced by the Company in
connection with this obligation. The Company has accrued $100,000
for the minimum royalty due for 1996 as an accounts payable.
Currently, the Company seeks to modify the terms of the agreement
with LA-NUR to nullify or vary the minimum royalty amount due,
but the outcome of these negotiations is unknown at the date of
this report.

NOTE #3 - Notes Payable

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 interst 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 $11,869 in interest.
Currently, the Company seeks to modify the terms of the notes to,
among other things, extend the term of the notes, but the outcome
of these negotiations is unknown at the date of this report.

Note #4 - Subsequent Events

The Company is currently making presentations to various venture
capital sources and others to raise additional capital. The
Company is also pursuing possible strategic partnerships or
collaborations with other companies interested in its products or
technologies. The need for sustained funding of the Company's
production and distribution programs drives the Company's efforts
to raise additional capital from investors. The Company intends
to privately place debt or equity securities over the next twelve
months. The majority of such funding will be utilized  to provide
working capital and to repay certain indebtedness of the Company. 


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 Company and notes
thereto contained in Item 1.
     
PLAN OF OPERATION

During the three month period ended December 31, 1996, and for
the fiscal year which ended September 30, 1996, the Company 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. 

In or about June 1993, the Registrant ceased material business
operations. The Registrant's activities from approximately June
1993 to December 1995 consisted primarily of investigating
possible business opportunities attractive to the Registrant.
  
On January 19, 1996 the Registrant completed a reverse take-over,
wherein all the shares of Windsor Acquisition Corp. were exchanged 
one-for-one for shares of the Registrant's Common Stock, for majority control of
the Registrant. 

     Capital Resources and Liquidity

The Company is currently making presentations to various venture
capital sources and others to raise additional capital. The
Company is also pursuing possible strategic partnerships or
collaborations with other companies interested in its products or
technologies. The need for sustained funding of the Company's
production and distribution programs drives the Company's efforts
to raise additional capital from investors. The Company intends
to privately place debt or equity securities over the next 12
months. It is anticipated that the majority of such funding will
be utilized to provide working capital and to repay certain
indebtedness of the Company. 

The Company has no significant commitments for equipment
purchases, product manufacturing or marketing efforts at present.
The Company is currently utilizing office facilities provided by
a shareholder at no charge to the Company.

The Company has no bank lines of credit or other commercial
financing sources at present and does not expect to obtain any in
the near future. It is not known whether additional funds could
be borrowed from stockholders or other sources and such is not
contemplated by management of the Company at the present time.

Management of the Company believes that the Company's products
and technologies are sufficiently developed to facilitate the
acquisition of funds needed for continued operations from the
sale of debt or equity securities to investors as aforesaid.

Results of Operations

The Company discontinued its operations in approximately June,
1993. Is sustained a net loss of $38,892 for the three months
ended December 31, 1996.

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 interst 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 $11,869 in interest.
Currently, the Company seeks to modify the terms of the notes to,
among other things, extend the term of the notes, but the outcome
of these negotiations is unknown at the date of this report.

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
<PAGE>
                              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: February 12, 1997       By:  /s/ Mel B. Greenspoon
                                       Chairman and Chief Executive
                                       Officer

Date: February 12, 1997       By:  /s/ Lee A. Greenspoon                   
                                       President and Chief Operating Officer