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, 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:

May 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-
             March 31, 1998 & March 31, 1997

<CAPTION>
                             For the Six Months          For the Three Months 
                             Period Ended                Period Ended

                             March         March         March        March 
                             31, 1998      31, 1997      31, 1998     31, 1997
<S>                         <C>           <C>           <C>          <C>
Revenues
   Interest                  $18,616             $0        $9,911         $0
                             _______       ________        ______     ______ 
Total Revenues               $18,616             $0        $9,911         $0

Expenses
   Professional Fees           1,210          1,809         1,200        181
   G&A                        95,589         10,922        94,313      4,568
   Interest                   55,014          6,907        28,338      3,782
   Management Fees            50,000              0        25,000          0
   Depreciation                  420            420           210        210
   Amortization                    0          5,150             0      2,575
   Royalties                       0         75,000             0     50,000
   Expesne Recovery                0           (700)            0       (700)
                            ________        _______      ________    _______
Total Expenses              $202,233        $99,508      $149,061    $60,616

Net Income (Loss) from
    Operations             ($183,617)      ($99,508)   ($139,150)   ($60,616)

Per Share Data
    Net Income (Loss)         ($0.02)        ($0.02)      ($0.01)     ($0.01)

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

                 Please see accompanying notes.
</TABLE>

<TABLE>

                     GLOBESAT HOLDING CORP.
            Consolidated Balance Sheets Unaudited-
            March 31, 1998 & September 30, 1997

<CAPTION>
                                   March 31,            September 30,
                                   1998                 1997
<S>                               <C>                  <C>

Current Assets
   Cash                              $5,110               $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       23,978                5,139 
                                   ________             ________
Total Current Assets               $662,388             $621,743 

Property and Equipment
   Office Equipment                   2,604                3,024 
                                   ________             ________
Total Assets                       $664,992             $624,767 
                                   ========             ========

Current Liabilities
   Accounts Payable                  $3,124               $3,551 
   Management Fees Payable           78,056               27,500 
   Franchise Tax Payable                400                  400 
   Accrued Interest Payable          82,798               27,784 
   Notes Payable                    725,200              606,500 
                                    _______              _______
Total Current Liabilities          $889,577             $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 Defecit          ($3,629,458)          ($3,445,841)
                                ___________           ___________
Total Stockholders' Equity        ($224,585)             ($40,968)

Total Liabilities and              ________              ________
   Stockholders' Equity            $664,992              $624,767 
                                   ========              ======== 


                  Please see accompanying notes.
</TABLE>

<TABLE>

                           GLOBESAT HOLDING CORP.
              Consolidated Statements of Cash Flows -Unaudited-
             Six Months Ended March 31, 1998 & March 31, 1997

<CAPTION>
                                                 March 31,           March 31,
                                                 1998                1997

<S>                                             <C>                 <C> 
Cash Flows from Operating Activities
Net Income (Loss)                                ($183,617)           ($99,508)

Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
     Depreciation and Amortization                     420               5,570 
     Increase (Decrease) in AP                        (428)                536 
     Increase in Accrued Interest Receivable       (18,839)                  0 
     Increase in Accrued Interest Payable           55,014               6,547 
     Increase in Royalties Payable                       -              75,000 
     Increase in Accrued Management Fees            50,556                   0 
                                                   _______             _______
Net Cash Used by Operating Activities              (96,894)            (11,855)

Cash Flows from Investing Activities

Cash Flows from Financing Activities
    Increase in Notes Payable                       94,700                    0 

Net Increase (Decrease) in Cash                     (2,194)             (11,855)

Cash at Beginning of Period                          7,304               14,744 
                                                    ______               ______
Cash at End of Period                               $5,110               $2,888 

                 Please 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 nine notes payable, in the principal amounts of $535,300, 
$22,000, $22,000, $16,000, $11,200, $24,000, $66,000, $5,000 and $13,700 
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 $82,798. 

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 $23,978. 

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 $78,056 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 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 six month period ended March 31, 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: May 15, 1998
                By:    /s/ Lee A. Greenspoon                  
                                                       
                       President and Chief Executive Officer

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