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, 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 ID#)
           Incorporation or Organization)

             5 Hazelton Avenue, Suite 200Toronto, 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:

February 15, 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-
             December 31, 1997 and December 31, 1996
<CAPTION>
 
                             December 31, 1997          December 31, 1996
<S>                          <C>                        <C>

Revenues
 Interest                    $8,705                     $0
                             ______                     ______
Total Revenues               $8,705                     $0

Expenses
   Professional Fees             10                      1,628
   G&A                        1,276                      6,354
   Interest                  26,676                      3,125
   Management Fees Payable   25,000                          0
   Depreciation                 210                        210
   Amortization                   0                      2,575
   Royalties                      0                     25,000
                            _______                    _______
Total Expenses              $53,172                    $38,892

Net Income (Loss) from     _________                  _________
   Operations              ($44,467)                  ($38,892)

Per Share Data
    Net Income (Loss)        ($0.00)                    ($0.01)

Weighted Average Common
    Shares Outstanding   11,565,676                   5,143,676

                 Please see accompanying notes.

</TABLE>
<TABLE>

                     GLOBESAT HOLDING CORP.
            Consolidated Balance Sheets   Unaudited-
            December 31, 1997 and September 30, 1997

<CAPTION>

                               December 31, 1997       September 30,1997
<S>                            <C>                     <C>

Current Assets
  Cash                           $5,688                        $7,304 
  Standby Letter of Credit      535,300                       535,300 
  Vendor Deposit                  2,000                         2,000 
  Notes Receivable               96,000                        72,000 
  Accrued Interest Receivable    13,844                         5,139 
                               ________                      ________
Total Current Assets           $652,832                      $621,743 

Property and Equipment
  Office Equipment                2,814                         3,024 
                               ________                      ________
Total Assets                   $655,646                      $624,767 
                               ========                      ========

Current Liabilities
  Accounts Payable               $2,666                        $3,551 
  Management Fees Payable        53,056                        27,500 
  Franchise Tax Payable             400                           400 
  Accrued Interest Payable       54,460                        27,784 
  Notes Payable                 630,500                       606,500 
                                _______                       _______
Total Current Liabilities      $741,081                      $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         ($3,490,308)                  ($3,445,841)
                           ____________                  ____________
Total Stockholders' Equity    ($85,435)                     ($40,968)

Total Liabilities and      ___________                   ___________
   Stockholders' Equity       $655,646                      $624,767 
                           ===========                   =========== 
        
            Please see accompanying notes.
</TABLE>


<TABLE>

                        GLOBESAT HOLDING CORP.
            Consolidated Statements of Cash Flows -Unaudited-
                December 31, 1997 and December 31, 1996

                                                  Dec. 31,1997     Dec. 31,1996
<S>                                              <C>              <C>

Cash Flows from Operating Activities
  Net Income (Loss)                              ($44,467)        ($38,892)
Adjustments to Reconcile Net 
Income (Loss)to Net Cash Provided 
by Operating Activities:
  Depreciation and Amortization                       210            2,785 
  Increase(Decrease)in AP and Accrued Expenses       (885)          28,097 
  Increase in Accrued Interest Receivable          (8,705)               0 
  Increase in Accrued Interest Payable             26,676            3,125 
  Increase in Accrued Management Fees              25,556                0 
                                                  _______           _______
Net Cash Used by Operating Activities             (1,616)           (4,885)

Cash Flows from Investing Activities                   0                 0 

Cash Flows from Financing Activities                   0                 0 
                                                 _______            _______ 
Net Increase (Decrease) in Cash                  (1,616)            (4,885)

Cash at Beginning of Period                       7,304             14,744 
                                                 ______             ______
Cash at End of Period                            $5,688             $9,859 

                 Please see accompanying notes.
</TABLE>

GLOBESAT HOLDING CORP.NOTES TO FINANCIAL STATEMENTS

NOTE #1:  Statement PreparationThe 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 six notes payable, in the principal amounts of $535,300, $22,000,
$22,000, $16,000, $11,200 and $24,000 respectively, to Richard S. Schapler, a 
former shareholder of IMS and current shareholder and Director of the Company.
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 $54,460. 

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. 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 $13,844. 

NOTE #4:  Standby Letter of Credit

A Standby Letter of Credit ("SBLC") is in place for $530,000 with respect to 
certain precious metals contracts entered into by IMS. The SBLC is irrevocable
and transferable and has been issued by the Royal Bank of Canada in New York,
New York. The SBLC is secured by a term deposit made by Richard S. Schapler, 
a director and shareholder of the Company.

NOTE #5:  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 $53,056 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 10KSB 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 three month period ended December 31, 1997, 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: February 15, 1998
      By:   /s/ Lee A. Greenspoon                  
                President and Chief Executive Officer

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