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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
FORM 10-QSB
(Mark One) 
[X] QUARTERLY REPORT UNDER    SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly three month period ended: **March 31, 2003** [ ] TRANSITION REPORT UNDER    SECTION 13 OR 15(d) OF THE EXCHANGE ACT 
For the transition period from _________________    to _________________ Commission file number:**000-26347****SE Global Equities Corp.(Exact name of small business issuer as    specified in its charter) **Minnesota(State or other jurisdiction of incorporation or    organization)**410985135(IRS Employer Identification No.) **Suite 1200, 777 West Broadway, Vancouver, British    Columbia, Canada V5Z 4J7(Address of principal executive offices) **(604) 871-9909(Issuer's telephone number) **                                                         N/A                                                            (Former name, former address and former fiscal year, if    changed since last report)
 
**APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCYPROCEEDINGS DURING THE PRECEDING FIVE YEARS**
Check whether the registrant filed all documents and reports required to befiled by Section l2, 13 or 15(d) of the Exchange Act after the distribution ofsecurities under a plan confirmed by a court. Yes [ ] No [ ] 
**Not Applicable

APPLICABLE ONLY TO CORPORATE ISSUERS**
State the number of shares outstanding of each of the issuer's classes ofcommon equity, as of the latest practicable date: 
**14,735,962 common shares issued and outstanding as of May 15, 2003**
Transitional Small Business Disclosure Format (Check one): Yes [ ]No [**X**]  
**FORWARD LOOKINGINFORMATION**
This quarterly report contains forward-looking statements asthat term is defined in the *Private Securities Litigation Reform Act of 1995*. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology suchas "may", "will", "should", "expects", "plans", "anticipates", "believes","estimates", "predicts", "potential" or "continue" or the negative of theseterms or other comparable terminology.  These statements are onlypredictions and involve known and unknown risks, uncertainties and otherfactors, that may cause our or our industry's actual results, levels ofactivity, performance or achievements to be materially different from any futureresults, levels of activity, performance or achievements expressed or implied bythese forward-looking statements.

Although we believe that the expectations reflected in theforward-looking statements are reasonable, we cannot guarantee future results,levels of activity, performance or achievements.  Except as required byapplicable law, including the securities laws of the United States, we do notintend to update any of the forward-looking statements to conform thesestatements to actual results.

Our financial statements are stated in United States Dollars(US$) and are prepared in accordance with United States Generally AcceptedAccounting Principles.  In this quarterly report, unless otherwisespecified, all dollar amounts are expressed in United States Dollars.  Allreferences to CDN$ refer to Canadian Dollars.

As used in this annual report, the terms "we", "us", "our",and "SE Global" mean SE Global Equities Corp. and its wholly-owned subsidiariesSE Global Equities Company Limited, SE Global Communications (Hong Kong)Limited, SE Global Investment Company Limited, SE Global Capital, Inc. (formerlySE Global Direct, Inc.) and Global-American Investments, Inc., unless otherwiseindicated.
**PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

The unaudited financial statements of SE Global for the threemonths ended March 31, 2003, follow. The financial statements reflect alladjustments which are, in the opinion of management, necessary to a fairstatement of the results for the interim period presented. 

1
**SE GLOBAL EQUITIES CORP.

INTERIM CONSOLIDATED Financial Statements

MARCH 31, 2003

(Unaudited)**
 
** 

CONSOLIDATED BALANCE SHEETS

INTERIM CONSOLIDATED STATEMENT OF OPERATIONS

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

NOTES TO INTERIM CONSOLIDATED FINANANCIAL STATEMENTS**
 

2
**SE GLOBAL EQUITIES CORP.****CONSOLIDATED BALANCE SHEETS** **March 31, 2003**December 31, 2002 
(Unaudited) **ASSETS   **CURRENT  
Cash and short-term investments
$         31,732 
$         35,413 
Accounts receivable
13,439 
75,331 
Prepaid expenses and deposits
13,952 
19,513  
59,123 
130,257    **FIXED ASSETS
- 
2,453 **RESTRICTED CASH (Note 3)
51,951 
80,730 **CLEARING BROKER DEPOSIT
36,980 
36,980  
$        148,054 
$        250,420    **LIABILITIES   **CURRENT  
Accounts payable
$        368,557 
$        372,322 
Current portion of capital lease obligation (Note 3)
15,478 
43,333  
384,035 
415,655    **DUE TO PARENT COMPANY (Note 5)
663,715 
682,425  
1,047,750 
1,098,080 **CONTINGENCY (Note 1) **STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)   **CAPITAL STOCK (Note 4)  
Common stock $.01 par value; 100,000,000 shares      authorized  
14,735,962 (2002 - 14,735,962) shares issued and      outstanding
147,359 
147,359 **ADDITIONAL PAID IN CAPITAL
4,284,287 
4,284,287 **DEFICIT
(5,331,342)
(5,279,306) 
(899,696)
(847,660) 
$        148,054 
$        250,420 
The accompanying notes are an integral part of these interim consolidatedfinancial statements.

3
**SE GLOBAL EQUITIES CORP.****INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS**
(Unaudited)
 **Three Months ended March 31, 2003**Three Months ended March 31, 2002   **REVENUES  
Brokerage commissions
$        511,224 
$        501,363 
Consulting fees
55,000 
-  
566,224 
501,363 
Direct costs
405,773 
377,149  
160,451 
124,214    **EXPENSES (RECOVERY)  
Consulting - stock based compensation (recovery) (Note      4)
- 
(300,800)
Depreciation
2,453 
7,360 
General and administrative
47,523 
47,663 
Management fees and salaries
151,260 
184,415 
Professional fees
10,327 
28,365  
211,563 
(32,997)**INCOME (LOSS) BEFORE THE FOLLOWING
(51,112)
157,211    **OTHER (EXPENSE) INCOME  
Interest income
- 
3,710 
Interest on leases
(924)
(3,774)**NET INCOME (LOSS) FOR THE PERIOD
$     (52,036)
$        157,147    **BASIC NET INCOME (LOSS) PER SHARE
$         (0.00)
$                   0.01    **WEIGHTED AVERAGE COMMON  **SHARES OUTSTANDING
14,735,962
14,563,984
The accompanying notes are an integral part of these interimconsolidated financial statements.

 

4
**SE GLOBAL EQUITIES CORP.****INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS**
(Unaudited)

 **Three Months ended March 31, 2003**Three Months ended March 31, 2002**CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income for the period
$    (52,036)
$        157,147 
Adjustments to reconcile net loss to net cash

used in operating activities
- depreciation and amortization
2,453 
7,360 
- stock based compensation
- 
(300,800)
- accounts receivable
61,892 
58,885 
- prepaid expenses
5,561 
- 
- accounts payable
(3,765)
58,525 **CASH FLOWS FROM (USED) IN OPERATING ACTIVITIES
14,105 
(18,883)**CASH FLOWS FROM FINANCING ACTIVITIES
- restricted cash
28,779 
28,779 
- lease obligation repayments
(27,855)
(25,005)
- advances from (to) parent company
(18,710)
(88,678)
- proceeds from issue of common shares
- 
77,520 **CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
(17,786)
(7,384)**DECREASE IN      CASH AND CASH EQUIVALENTS**
(3,681)
(26,267)**CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
35,413 
161,349 **CASH AND CASH EQUIVALENTS, END OF PERIOD
$        31,732 
$       135,082 
The accompanying notes are an integral part of these interimconsolidated financial statements.

5
**NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION**
Effective February 21, 2001, Future Technologies, Inc.("FTUT" or "the Company") issued 12,873,944 shares of restricted common stock tothe shareholders of SE Global Equities, Inc. ("SEG Cayman"), a Cayman Islandscorporation, in exchange for all of the issued and outstanding shares of SEGCayman. In connection with this transaction, the Company changed its name to SEGlobal Equities Corp. ("SEG Equities") effective April 20, 2001. Prior to thistransaction, SEG Cayman was a majority owned subsidiary of Capital AllianceGroup Inc. ("CAG"), a publicly traded British Columbia corporation listed on theTSX Venture Exchange.

The acquisition has been accounted for as a reverse mergerwith SEG Cayman being treated as the accounting parent and SEG Equities, thelegal parent, being treated as the accounting subsidiary. Accordingly, theconsolidated results of operations of the Company include those of SEG Caymanfor all periods shown and those of the Company since the date of the reversemerger. The results of SEG Cayman include those of its wholly-owned subsidiary,SE Global Equities Company Limited ("SEGHK") a company incorporated October 13,1999 under the laws of Hong Kong as a wholly-owned subsidiary of CAG andsubsequently acquired from CAG by SEG Cayman effective January 29, 2001. Thistransaction did not result in a change in control of SEGHK and therefore theconsolidated results of SEG Cayman are deemed to be a continuation of those ofSEGHK. 

The Company is developing its business to become a globalprovider of a financial and direct-access trading platform for internationalinvestors. The Company is building an international network of brokerage firmsthrough marketing alliances to provide investors the ability to trade on stockexchanges outside their home country. To assist in this undertaking, effectiveAugust 1, 2001, the Company acquired Global-American Investments, Inc. ("GAI"),a United States registered broker-dealer operating in California.

The consolidated financial statements have been prepared onthe basis of a going concern, which contemplates the realization of assets andsatisfaction of liabilities in the normal course of business. The Company hasincurred losses since inception and at March 31, 2003 had a working capitaldeficit of $324,912 and a capital deficiency of $899,696 of which $663,715represents parent company loans. These factors raise substantial doubt as to theCompany's ability to continue as a going concern. The Company's continuedoperations are dependent on the successful implementation of its business plan,its ability to obtain additional financing as needed, and ultimately to attainprofitable operations. Management believes that its current and future planswill generate sufficient revenues to enable the Company to continue as a goingconcern.
**Unaudited Interim Financial Statements**
The accompanying unaudited interim consolidated financialstatements have been prepared in accordance with generally accepted accountingprinciples for interim financial information and with the instructions to Form10-QSB of Regulation S-B. They do not include all information and footnotesrequired by generally accepted accounting principles for complete financialstatements. However, except as disclosed herein, there have been no materialchanges in the information disclosed in the notes to the financial statementsfor the year ended December 31, 2002 included in the Company's Annual Report onForm 10-KSB filed with the Securities and Exchange Commission. The interimunaudited consolidated financial statements should be read in conjunction withthose financial statements included in the Form 10-KSB. In the opinion ofmanagement, all adjustments considered necessary for a fair presentation,consisting solely of normal recurring adjustments, have been made. Operatingresults for the three months ended March 31, 2003 are not necessarily indicativeof the results that may be expected for the year ending December 31, 2003.

 
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES****Basis of presentation**
The accompanying consolidated financial statements arepresented in United States dollars and are prepared in accordance withaccounting principles generally accepted in the United States.

6
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Principles of Consolidation**
The consolidated financial statements include the accounts ofthe Company and it's wholly owned subsidiaries, which include SE Global Capital,Inc. (originally incorporated as SE Global Direct, Inc.), a company incorporatedon May 11, 2001 in the State of California, SEG Cayman and SEGHK as described inNote 1, and GAI. The Company also has two subsidiaries, SE Global Communications(Hong Kong) Ltd. and SE Global Investment Company Limited, which are inactiveand have no assets, liabilities or operations. All significant intercompanybalances and transactions have been eliminated on consolidation.
**Use of estimates**
The preparation of financial statements in conformity withgenerally accepted accounting principles requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenue and expenses for the periods thatthe financial statements are prepared. Actual amounts could differ from theseestimates.
**Cash and cash equivalents**
Cash and cash equivalents consists of cash on deposit andhighly liquid short-term interest bearing securities with maturities at the dateof purchase of three months or less.
**Fixed assets**
Fixed assets are recorded at cost. Depreciation is computedat the following rates over the estimated useful lives of the assets:

Computer equipment 
36 months straight-line
Office equipment 
36 months straight-line**Website Development Costs**
The Company accounts for website development costs inaccordance with EITF 00-02 whereby preliminary website development costs areexpensed as incurred. Upon achieving technical and financial viability andensuring adequate resources to complete development, the Company capitalizes alldirect costs relating to the website development. Ongoing costs for maintenanceand enhancement are expensed as incurred. Capitalized costs will be amortized ona straight-line basis over five years commencing upon substantial completion andcommercialization of the website. To date the Company has not capitalized anywebsite development costs.
**Financial instruments**
The Company's financial instruments include cash and cashequivalents, accounts payable and capital lease obligations. The fair values ofthese financial instruments approximate their carrying values. The fair value ofthe Company's capital leases is estimated based on market value of financialinstruments with similar terms. Management believes that the fair value of thedebt approximates its carrying value.
**Revenue recognition**
Securities transactions and related revenues and expenses arerecorded on a trade date basis. Commission revenues are recorded on a settlementdate basis. Consulting fees are recorded in accordance with the terms ofconsulting agreements when collection is reasonably assured.
**Net Earnings (Loss) per Common Share**
Basic earnings (loss) per share includes no dilution and iscomputed by dividing earnings (loss) available to common stockholders by theweighted average number of common shares outstanding for the period. Diluted netearnings (loss) per share reflects the potential dilution of securities thatcould share in the earnings (loss) of the Company. The accompanying presentationis only of basic net earnings (loss) per share as the potentially dilutivefactors are anti-dilutive to basic net earnings (loss) per share.

7
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Foreign currency transactions**
The financial statements are presented in United Statesdollars. In accordance with Statement of Financial Accounting Standards No. 52,"Foreign Currency Translation", foreign denominated monetary assets andliabilities are translated to their United States dollar equivalents usingforeign exchange rates that prevailed at the balance sheet date. Revenue andexpenses are translated at average rates of exchange during the year. Relatedtranslation adjustments are reported as a separate component of stockholders'equity, whereas gains or losses resulting from foreign currency transactions areincluded in results of operations.
**Income taxes**
The Company follows the liability method of accounting forincome taxes. Under this method, future tax assets and liabilities arerecognized for the future tax consequences attributable to differences betweenthe financial statement carrying amounts of existing assets and liabilities andtheir respective tax balances. Future tax assets and liabilities are measuredusing enacted or substantially enacted tax rates expected to apply to thetaxable income in the years in which those differences are expected to berecovered or settled. The effect on future tax assets and liabilities of achange in tax rates is recognized in income in the period that includes the dateof enactment or substantive enactment. A valuation allowance is provided fordeferred tax assets if it is more likely than not that the Company will notrealize the future benefit, or if the future deductibility is uncertain.
**Stock-based compensation**
In December 2002, the Financial Accounting Standards Boardissued Financial Accounting Standard No. 148, "Accounting for Stock-BasedCompensation - Transition and Disclosure" ("SFAS No. 148"), an amendment ofFinancial Accounting Standard No. 123 "Accounting for Stock-Based Compensation"("SFAS No. 123"). The purpose of SFAS No. 148 is to: (1) provide alternativemethods of transition for an entity that voluntarily changes to the fair valuebased method of accounting for stock-based employee compensation, (2) amend thedisclosure provisions to require prominent disclosure about the effects onreported net income of an entity's accounting policy decisions with respect tostock-based employee compensation, and (3) to require disclosure of thoseeffects in interim financial information. The disclosure provisions of SFAS No.148 were effective for the Company for the year ended December 31, 2002 and therequired disclosures have been made below.

The Company has elected to continue to account forstock-based employee compensation arrangements in accordance with the provisionsof Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued toEmployees", ("APB No. 25") and comply with the disclosure provisions of SFAS No.123 as amended by SFAS No. 148 as described above. In addition, in accordancewith SFAS No. 123 the Company applies the fair value method using theBlack-Scholes option-pricing model in accounting for options granted toconsultants. Under APB No. 25, compensation expense is recognized based on thedifference, if any, on the date of grant between the estimated fair value of theCompany's stock and the amount an employee must pay to acquire the stock.Compensation expense is recognized immediately for past services and pro-ratafor future services over the option-vesting period.

The Company accounts for equity instruments issued inexchange for the receipt of goods or services from other than employees inaccordance with SFAS No. 123 and the conclusions reached by the Emerging IssuesTask Force in Issue No. 96-18, "Accounting for Equity Instruments That AreIssued to Other Than Employees for Acquiring or in Conjunction with SellingGoods or Services" ("EITF 96-18"). Costs are measured at the estimated fairmarket value of the consideration received or the estimated fair value of theequity instruments issued, whichever is more reliably measurable. The value ofequity instruments issued for consideration other than employee services isdetermined on the earlier of a performance commitment or completion ofperformance by the provider of goods or services as defined by EITF 96-18.

The Company has also adopted the provisions of the FinancialAccounting Standards Board Interpretation No.44, Accounting for CertainTransactions Involving Stock Compensation - An Interpretation of APB Opinion No.25 ("FIN 44"), which provides guidance as to certain applications of APB 25. FIN44 is generally effective July 1, 2000 with the exception of certain eventsoccurring after December 15, 1998.

8
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Comprehensive income**
Comprehensive income is defined as the change in equity fromtransactions, events and circumstances, other than those resulting frominvestments by owners and distributions to owners. Comprehensive income to dateconsists only of the unrealized gains and losses resulting from translation ofthe foreign currency financial statements of certain of the Company'ssubsidiaries. As at December 31, 2002 all such gains and losses have beenrealized.
**Impairment of long-lived assets**
The Company reviews the carrying amount of capital assets andother assets for impairment whenever events or changes incircumstances indicate that the carrying amount may not be recoverable. Thedetermination of any impairment would include a comparison of estimated futureoperating cash flows anticipated during the remaining life with the net carryingvalue of the asset. No impairment losses have been recorded through March 31,2003.**Recent accounting pronouncements**
In July 2001, the Financial Accounting Standards Board("FASB") issued Statement of Financial Accounting Standards No. 141 ("SFAS141"), "Business Combinations", which eliminates the pooling method ofaccounting for business combinations initiated after June 30, 2001. In addition,SFAS 141 addresses the accounting for intangible assets and goodwill acquired ina business combination. This portion of SFAS 141 is effective for businesscombinations completed after June 30, 2001. The adoption of SFAS 141 has not hada material impact on the Company's financial position or results of operations.

In July 2001, the FASB issued Statement of FinancialAccounting Standards No. 142 ("SFAS 142"), "Goodwill and Intangible Assets",which revises the accounting for purchased goodwill and intangible assets. UnderSFAS 142, goodwill and intangible assets with indefinite lives will no longer beamortized and will be tested for impairment annually or whenever events orcircumstances indicate that the estimated fair value is less than the relatedcarrying value as determined on a reporting unit basis. SFAS 142 is effectivefor fiscal years beginning after December 15, 2001. The adoption of SFAS 142 hasnot had a material impact on the Company's financial position or results ofoperations.
**Comparative figures**
Certain of the comparative figures have been restated toconform to the current year's presentation.

 
**NOTE 3 - CAPITAL LEASE OBLIGATION**
SEGHK entered into a Master Lease Agreement with GE Capital(Hong Kong) Limited dated June 30, 2000. Under the terms of the agreement, GECapital agreed to finance the acquisition of computer equipment and software for$293,694. As security for the lease agreement GE Capital required that theCompany deposit $300,000 with GE Capital, which renews every three months andearns interest at approximately 5% per annum. These funds will remain on deposituntil the expiration of the lease, June 1, 2003. During the period the balanceof funds on deposit has been drawn down to make the monthly lease paymentsleaving $51,951 on deposit at March 31, 2003.

As of March 31, 2003 future minimum annual lease paymentsrelating to assets held under capital leases, together with their present valueare as follows:
   
Total minimum lease payments
$        15,673  
Amount representing interest
(195)   
Present value of minimum lease payments
$        15,478    
 

9
**NOTE 4 - CAPITAL STOCK**
During the quarter ending March 31, 2002 the Company received$77,520 on exercise of 136,000 stock options at $0.57 per share.
**Stock-based compensation**
The Company accounts for stock-based employee compensationarrangements in accordance with the provisions of APB No. 25 and complies withthe disclosure provisions of SFAS No. 123. In accordance with SFAS No. 123 theCompany applies the fair value method using the Black-Scholes option-pricingmodel in accounting for options granted to consultants.

No compensation expense was recorded upon vesting of theoptions granted under this Plan in accordance with the provisions of APB No. 25as the exercise price of the options awarded approximated the market price ofthe Company's common shares as at the date of the award. Also, no additionalcompensation expense will be disclosed upon vesting of the options in accordancewith the provisions of SFAS 123. In applying the Black-Scholes option-pricingmodel, no additional compensation expense resulted as the Company determined anexpected volatility of 0%. This was determined on the basis that the optionswere granted concurrent with the completion of the reverse merger and as such norelevant historic market volatility had yet been established in the trading ofshares of the Company's common stock.
**October 2001 Stock Option Plan**
Effective October 10, 2001, the Company adopted The 2001Stock Option Plan (the "2001 Plan") allowing for the awarding of options toacquire shares of the Company's common stock. The 2001 Plan allows forNon-qualified Stock Options to be awarded to employees, officers, directors andconsultants of the Company and for Incentive Stock Options to be awarded toemployees of the Company. The maximum number of options issuable under this plancannot exceed 2,500,000 of which a maximum of 700,000 can be Incentive options.The incentive options must be granted at a minimum of market value of theCompany's common stock and for a term not to exceed 5 years. Unless otherwisedetermined, the Incentive options will vest to the holder as follows: 30% sixmonths following the award date, 40% twelve months following the award date and30% eighteen months following the award date. The non-qualified options vestimmediately, must be granted at a minimum of 85% of the market value of theCompany's common stock and for a term not to exceed 10 years.

Effective October 10, 2001 the Company awarded a total of2,150,000 non-qualified options at a price of $0.57 under the 2001 Plan tocertain employees, officers, directors and consultants of the Company andcertain of its subsidiaries. Of these options, 940,000 are deemed to be amodification of options granted under the original Plan and as such are subjectto variable accounting in accordance with the provisions of the FinancialAccounting Standards Board Interpretation No.44, Accounting for CertainTransactions Involving Stock Compensation - An Interpretation of APB Opinion No.25 ("FIN 44").

Of these options, 1,530,000 were granted to employees,officers and directors at less than market value of the Company's common stockwith a total intrinsic value, being the excess of the quoted market price of thecommon stock over the exercise price at the date the options are granted, of$153,000. In addition, 940,000 of these options are subject to variableaccounting in accordance with FIN 44 resulting in additional compensationexpense as at December 31, 2001 of $206,800. The remaining 620,000 options weregranted to consultants and have been accounted for as required by SFAS No. 123by applying the fair value method using the Black-Scholes option pricing modelassuming a dividend yield of 0%, a risk-free interest rate of 5%, expectedoption life of five years and an expected volatility of 174%, resulting inadditional compensation expense of $396,800.

During the period ended March 31, 2002 the Company recognizeda recovery of $300,800 in connection with the 940,000 options subject tovariable accounting resulting from a decline in the market value of theCompany's common stock.

10
**NOTE 4 - CAPITAL STOCK (cont'd)**
The following table summarizes the Company's stock optionactivity:
 
 

 

Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life    
Balance, December 31, 2001
2,070,000 
$                0.57 
4.78 years
Exercised
(136,000)
0.57  
Expired/cancelled/granted
- 
-   
Balance, December 31, 2002
1,934,000 
$                0.57 
3.78 years
Exercised
- 
-  
Expired/cancelled/granted
- 
-   
Balance, March 31, 2003
1,934,000 
$                0.57 
3.53 years ** 

NOTE 5 - RELATED PARTY TRANSACTIONS**
Included in accounts payable are unpaid management fees,accrued in prior periods, in the amount of $43,000 owing to a Director of theCompany. These amounts are non-interest bearing and have no stated terms ofrepayment.

During the period ended March 31, 2003 CAG received net cashadvances from the Company of $22,460 (2002 - $88,678. As at March 31, 2003$663,715 (2002 - $682,425) was owing to CAG. These amounts are presentlynon-interest bearing and have no stated terms of repayment.

During the period ended March 31, 2003 the Company incurredmanagement and consulting fees to Directors of the Company in the amount of$30,413 (2002 - $16,200).

 
**NOTE 6 - INCOME TAXES**
The Company and its subsidiaries have combined tax losses ofapproximately $4,700,000, which may be available to reduce future year's taxableincome, that result in deferred tax assets. Management believes that therealization of the benefits from these deferred tax assets appears uncertain dueto the Company's limited operating history and continuing losses. Accordingly afull, deferred tax asset valuation allowance has been provided and no deferredtax asset benefit has been recorded.

11

**Item 2. Management's Discussion and Analysis or Plan ofOperation.**
***Overview.
**General.  We and our subsidiaries and affiliatesare primarily engaged in securities execution and clearance, securitiesbrokerage, securities lending and borrowing and trading as a principal in equityand fixed income securities. All of these activities are highly competitive andare sensitive to many factors outside of our control, including volatility ofsecurities prices and interest rates; trading volume of securities; economicconditions in the regions where we or our subsidiaries and affiliates conductbusiness; income tax legislation; and demand for financial services. Brokeragerevenues are dependent upon the level of trading volume, which may fluctuatesignificantly, a large portion of our expenses remains fixed. Consequently, netoperating results can vary significantly from period to period.

The following comparisons of our financial results for thefiscal three month period ended March 31, 2003 and March 31, 2002.
***Results of Operations.

Three month period ended March 31, 2003 compared to threemonth period ended March 31, 2002

Revenue.  Total revenue for the three month periodended March 31, 2003 was $566,224 compared to revenues of $ 501,363, for thethree month period ended March 31, 2002, an increase of 13%. The majority of ourrevenue for the three month period ended March 31, 2003 was derived from onlinedirect access trading services provided through our subsidiary Global-AmericanInvestments, Inc. Revenue from online direct access trading services totaled$511,224 for the three month period ended March 31, 2003 compared to $501,363for the three month period ended March 31, 2002, an increase of 2%. For thethree month period ended March 31, 2002 the majority of the revenue from onlinedirect access trading services was derived from retail clients whereas for thethree month period ended March 31, 2003 the revenue from online direct accesstrading services was derived from a combination of wholesale (ie. institutional)and retail clients. During the three month period ended March 31, 2003 thewholesale client base was more active than the retail client base.

Global-American Investments, Inc. was not adversely affectedby the volatile equity market during the three month period ended March 31,2003. In fact, during this period we increased the client base of active directstock traders that thrive in such volatile markets. We continue to add newclients to the Global-American Investments, Inc. client base that are preparedto actively trade in the equity markets, especially if the equity marketsimproves over the current situation. From June 2002 to March 2003 the totalnumber of new accounts increased by 16%. Also, Global-American Investments,Inc.'s asset and cash under management increased by 42% during this period. Asthe amount of asset and cash under management increases, more capital becomesavailable for stock trading when the equity markets improve.

12
****
Even in the current environment our trading volume isexperiencing modest increases each month. With the eventual return of a positiveequity market it is anticipated that we will substantially increase the clientbase of active direct stock traders even further, and thus increase our revenueaccordingly.
****
We also generated $55,000 in consulting fees for the threemonth period ended March 31, 2003. This consulting fee revenue is a new sourceof business activity for SE Global and is derived from consulting servicesprovided to Asian companies that are interested in listing their companies on aNorth American stock exchange. During the three month period ended March 31,2003 SE Global secured a $400,000 consulting contract with a Chinese company.The $55,000 consulting fees for the three month period ended March 31, 2003 ispart of the overall $400,000 consulting contract. Under the terms of thecontract, we will assist the client in expanding its businesses to North Americaand identifying suitable merger or acquisition opportunities in the UnitedStates. In addition, SE Global will provide strategic consulting services to theclient in connection with its listing on a U.S. equities market

Our direct costs, consisting of trade clearing charges,quotation costs and commissions, were $405,773 for the three month period endedMarch 31, 2003, compared to $377,149 for the three month period ended March 31,2002. The increase in direct costs for the three month period ended March 31,2003 was a result of incurring more costs to serve the wholesale client base.Commissions were paid to licensed brokers that assisted in generating the onlinedirect access trading revenues from the wholesale clients.

Our ability to achieve profitability in the future willdepend upon our ability to expand our brand awareness and client base, increaseour global market presence and reduce our operating costs. In order to achievethese goals, we will need to increase spending on marketing and enhance our costcontrol program.
**Expenses.   Total expenses increased from a netrecovery of $32,997 for the three month period ended March 31, 2002 to $211,563for the three month period ended March 31, 2003. However, total expenses for thethree month period ended March 31, 2002 included a non-cash stock compensationexpense recovery of $300,800. If this $300,800 non-cash expense recovery was notincluded in the March 31, 2002 total expense figure then the total expenseswould have been $267,803 for the three month period ended March 31, 2002compared to $211,563 for the three month period ended March 31, 2003, a decreaseof 21%.

Management fees and salaries for the three month period endedMarch 31, 2003 was $151,260 compared to $184,415 for the three month periodended March 31, 2002, a decrease of $33,155 or 18%.Professional fees for thethree month period ended March 31, 2003 was $10,327 compared to $28,365 for thethree month period ended March 31, 2002, a decrease of 64%.

13

The net loss for the three month period ended March 31, 2003was $52,036 as compared to a net income of $157,147 for the three month periodended March 31, 2002. If the net income of $157,147 for the three month periodended March 31, 2002 is adjusted for the $300,800 non-cash stock compensationexpense recovery then there would have been a net loss of $143,653 for the threemonth period ended March 31, 2002 compared to a net loss of $52,036 for thethree month period ended March 31, 2003. This dramatic change in the bottom linewas a result of the combination of a change in the revenue mix to generate highmargin consulting fees and a substantial decrease in expenditures achievedduring the three month period ended March 31, 2003.
***Stock-BasedCompensation Expense Recovery.

No non-cash stock compensation expense recovery was realizedfor the three month period ended March 31, 2003. We realized a non-cash stockcompensation expense recovery of $300,800 for the three month period ended March31, 2002. This non-cash stock-based compensation expense recovery was a resultof SE Global's stock options that were subject to Variable Accounting as areflection of the decreased market value of SE Global's share price during thethree month period ended March 31, 2002. Note 4 of the March 31, 2003 interimconsolidated financial statements explains in detail the Variable Accounting ofthe SE Global stock options.
***Liquidity andCapital Resources.***
As at March 31, 2003, we had $120,663 in cash on hand(comprised of $31,732 unrestricted cash, $36,980 clearing deposit and $51,951restricted cash).  In comparison, as at March 31, 2002 we had cash on handof $339,129 (comprised of $135,082 unrestricted cash, $ 36,980 clearing depositand $167,067 restricted cash) The unrestricted cash is available for generalworking capital purposes while the clearing deposit is held by the tradeclearing house and restricted cash is deposit held by the leasing company forleased equipment. 

For the three month period ended March 31, 2003, we expended,before depreciation and amortization, approximately $70,000 per month to operateour business.  Areas of significant expenditure include management fees,salaries and benefits, professional fees, rent and office costs. 

To achieve our goals and objectives for the next nine months,we plan to raise additional capital through private placements of our equitysecurities, proceeds received from the exercise of outstanding options,continued financing from our majority shareholder, Capital Alliance Group Inc.,and, if available on satisfactory terms, debt financing.

We plan to use any additional funds that we might besuccessful in raising for marketing and advertising of SE Global Trade, SEG Liteand GDT, as well as for strategic acquisition of existing businesses thatcomplement our market niche, and general working capital purposes.

14

We plan to raise debt and/or equity capital on a privateplacement basis to finance the operating and capital requirements of ourcompany, assuming that we are able to do so on acceptable terms. If we are ableto raise $1 million during the nine month period ending December 31, 2003 -which cannot be assured, having regard to factors outside our control such asmarket conditions - we anticipate that this will provide sufficient funds forcorporate overhead, more strategic acquisitions to build our companyinternationally, and the expansion of our business development and marketingprograms. If we are unsuccessful in raising the full $1 million in financing, weintend to seek debt and/or equity financing in smaller amounts on an as neededbasis.

If we are unsuccessful in raising any of the planned debt orequity financing, our ability to seek and consummate strategic acquisitions tobuild our company internationally, and to expand of our business development andmarketing programs will be adversely effected. However, we expect that we willhave sufficient funds to meet our corporate overhead and ongoing operationalexpenses during the next nine months assuming that revenues in our wholly-ownedsubsidiary, Global-American Investments Inc., continue to grow at the rate of 5%to 8% per month with the addition of new accounts, and assuming that wesuccessfully control our ongoing costs. We anticipate that Global-AmericanInvestments, Inc.'s generated cash flow from operations will contribute to ouroverall cash operating needs in the future.
***Off-Balance Sheet Arrangement.

As of March 31, 2003, we have had no off-balance sheetarrangements.
***Research and Development.

We did not expend any fund towards research and developmentduring the three month period ended March 31, 2003 and we do not anticipateincurring any significant expenditures on research and development over the nextnine months.
***Capital ExpenditureCommitments.

We did not undertake any capital expenditure commitmentsduring the three month period ended March 31, 2003, and do not anticipate anysignificant purchase or sale of equipment over the next nine months.

15

***New Accounting Pronouncements***In June 1998, the United States Financial Accounting Standards Board issued SFASNo. 133, "Accounting for Derivative Instruments and Hedging Activities". SFASNo. 133 requires companies to recognize all derivatives contracts as eitherassets or liabilities in the balance sheet and to measure them at fair value. Ifcertain conditions are met, a derivative may be specifically designated as ahedge, the objective of which is to match the timing of gain or loss recognitionon the hedging derivative with the recognition of the changes in the fair valueof the hedged asset or liability that are attributable to the hedged risk orhedged forecasted transaction. For a derivative not designated as a hedginginstrument, the gain or loss is recognized in income in the period of change.SFAS No. 133 is effective for all fiscal quarters of fiscal years beginningafter June 15, 2000.Historically, the Company has not entered into derivatives contracts either tohedge existing risks or for speculative purposes. Accordingly, adoption of thenew standards did not affect our consolidated financial statements.In June 2001, the Financial Accounting Standards Board finalized FASB StatementsNo. 141, Business Combinations (SFAS 141), and No. 142, Goodwill and OtherIntangible Assets (SFAS 142). SFAS 141 requires the use of the purchase methodof accounting and prohibits the use of the pooling-of-interests method ofaccounting for business combinations initiated after June 30, 2001. SFAS 141also requires that we recognize acquired intangible assets apart from goodwillif the acquired intangible assets meet certain criteria. SFAS 141 applies to allbusiness combinations initiated after June 30, 2001 and for purchase businesscombinations completed on or after July 1, 2001. It also requires, upon adoptionof SFAS 142, that we reclassify the carrying amounts of intangible assets andgoodwill based on the criteria in SFAS 141.SFAS 142 requires, among other things, that companies no longer amortizegoodwill, but instead test goodwill for impairment at least annually. Inaddition, SFAS 142 requires that we identify reporting units for the purposes ofassessing potential future impairments of goodwill, reassess the useful lives ofother existing recognized intangible assets, and cease amortization ofintangible assets with an indefinite useful life. An intangible asset with anindefinite useful life should be tested for impairment in accordance with theguidance in SFAS 142. SFAS 142 is required to be applied in fiscal yearsbeginning after December 15, 2002 to all goodwill and other intangible assetsrecognized at that date, regardless of when those assets were initiallyrecognized. SFAS 142 requires us to complete a transitional goodwill impairmenttest six months from the date of adoption. We are also required to reassess theuseful lives of other intangible assets within the first interim quarter afteradoption of SFAS 142.We do not expect SFAS 141 will have a material impact on our financial positionor results of operations. In addition, we do not expect SFAS 142 will have amaterial impact on our financial position or results of operations.In October 2002, the FASB issued SFAS No. 144, "Accounting for the Impairment orDisposal of Long-Lived Assets". SFAS No. 144 requires that those long-livedassets be measured at the lower of carrying amount or fair value less cost tosell, whether reported in continuing operations or in discontinued operations.Therefore, discontinued operations will no longer be measured at net realizablevalue or include amounts for operating losses that have not yet occurred. SFASNo. 144 is effective for financial statements issued for fiscal years beginningafter December 15, 2002 and, generally, is to be applied prospectively. Theimplementation of this new standard is not expected to have a material effect onour consolidated financial statements.  

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**Item 3. Controls and Procedures.
*Evaluationof Disclosure Controls and Procedures.

Within the 90 days prior to the filing date of this report,we carried out an evaluation, under the supervision and with the participationof our management, including our Chief Executive Officer and Chief FinancialOfficer, of the effectiveness of the design and operation of our disclosurecontrols and procedures. Based upon that evaluation, our Chief Executive Officerand Chief Financial Officer concluded that our disclosure controls andprocedures are effective. Disclosure controls and procedures are designed toensure that information required to be disclosed in our reports filed orsubmitted under the *Securities Exchange Act of 1934* is recorded,processed, summarized and reported within the time periods specified inSecurities and Exchange Commission rules and forms.
***Changes in internalcontrols. 

There were no significant changes in our internal controls orin other factors that could significantly affect these controls subsequent tothe date of our evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.
**PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We know of no material, active or pending legal proceedingsagainst our company, nor are we involved as a plaintiff in any materialproceeding or pending litigation. There are no proceedings in which any of ourdirectors, officers or affiliates, or any registered or beneficial shareholder,is an adverse party or has a material interest adverse to our interest.
**Item 2. Changes in Securities.

None
**Item 3. Defaults Upon Senior Securities

Not Applicable

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

None
**Item 5. Other Information.

None
**Item 6. Exhibits and Reports on Form 8-K.
***(a) Exhibits.***
Exhibit Number and Exhibit Title

3.1
Articles of Incorporation as Amended (incorporated by    reference from our Form 10-SB Registration Statement, filed June 14, 1999)
3.2
Bylaws (incorporated by reference from our Form 10-SB    Registration Statement, filed June 14, 1999)
3.3
Certificate of Amendment to Articles of Incorporation,    dated April 11, 2001 (incorporated by reference from our Form 10-KSB, filed    April 1, 2002)
21.
Subsidiaries (incorporated by reference from our Form    10-KSB, filed April 1, 2003)
99.1
Certificate of CEO as Required by Rule 13a-14(a)/15d-14
99.2
Certificate of CFO as Required by Rule 13a-14(a)/15d-14
99.3
Certificate of CEO as Required by Rule Rule 13a-14(b) and    Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of    Title 18 of the United States Code
99.4
Certificate of CFO as Required by Rule Rule 13a-14(b) and    Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of    Title 18 of the United States Code***(b) Reports of Form 8-K.

None
**SIGNATURES**
In accordance with the requirements of the Exchange Act, theregistrant caused this report to be signed on its behalf by the undersigned,thereunto duly authorized. 
 **SE GLOBAL EQUITIES CORP.
Date: **May 15, 2003**    /s/ Toby Chu    By:_____________________________    Toby Chu , President and CEO/Director
Date: **May 15, 2003**    /s/ Tim Leong    By:_____________________________    Tim Leong, Chief Financial Officer
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