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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, 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 nine month period ended: **September 30, 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: 
**14,805,962 common shares issued and outstanding as of November 6, 2003

Transitional Small Business Disclosure Format (Check one): Yes [ ]No [**X**] 
**FORWARD LOOKING INFORMATION**
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 Capital, Inc. (formerly SE Global Direct, Inc.), Global-AmericanInvestments, Inc. and SE Global Investment Company Limited, unless otherwiseindicated.
**PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

The unaudited financial statements of SE Global EquitiesCorp. Inc. for the nine months ended September 30, 2003, follow. The financialstatements reflect all adjustments which are, in the opinion of management,necessary to a fair statement of the results for the interim period presented.

1
****** 

SE GLOBAL EQUITIES CORP.

 

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2003

(Unaudited)**
 

 
**CONSOLIDATED BALANCE SHEETS

INTERIM CONSOLIDATED STATEMENT OF OPERATIONS

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

Notes to INTERIM CONSOLIDATED FINANCIAL STATEMENTS**
 

 

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****
**SE GLOBAL EQUITIES CORP.****CONSOLIDATED BALANCE SHEETS(unaudited)
 **September 30, 2003**December 31, 2002 
(Unaudited) **ASSETS   **CURRENT  
Cash and short-term investments
$                250,138 
$               35,413 
Accounts receivable
110,316 
75,331 
Prepaid expenses and deposits
7,132 
19,513  
367,585 
130,257    **FIXED ASSETS
- 
2,453 **DUE FROM PARENT COMPANY (Notes 5 and 6)
42,309 
- **RESTRICTED CASH (Note 3)
- 
80,730 **CLEARING BROKER DEPOSIT
46,980 
36,980  
$                456,874 
$                250,420    **LIABILITIES   **CURRENT  
Accounts payable
$                367,031 
$                372,322 
Loan payable (Note 4)
100,000 
- 
Current portion of capital lease obligation (Note 3)
- 
43,333  
467,031 
415,655    **DUE TO PARENT COMPANY (Notes 5 and 6)
- 
682,425  
467,031 
1,098,080 **GOING CONCERN CONTINGENCY (Note 1) **STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)   **CAPITAL STOCK (Note 5)  
Common stock $.01 par value; 100,000,000 shares      authorized  
14,805,962 (2002 - 14,735,962) shares issued and      outstanding
148,059 
147,359 **ADDITIONAL PAID IN CAPITAL
4,323,487 
4,284,287 **COMMON STOCK SUBSCRIPTIONS (Note 5)
500,000 
- **DEFICIT
(4,981,703)
(5,279,306) 
(10,157)
(847,660) 
$                456,874 
$                250,420 
The accompanying notes are an integral part of these interimconsolidated financial statements.

 

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**SE GLOBAL EQUITIES CORP.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
 **Three Months       Ended      September 30,       2003**Three Months       Ended      September 30,       2002**Nine Months       Ended      September 30,       2003**Nine Months       Ended      September 30,       2002     **REVENUES    
Brokerage commissions
$                613,518 
$                696,645 
$        1,640,748 
$        1,720,852 
Consulting fees
142,205 
- 
298,203 
-  
755,723 
696,645 
1,938,951 
1,720,852 
Direct costs
447,131 
332,758 
1,224,639 
839,277 **NET REVENUES
308,592 
363,887 
714,312 
881,575 **EXPENSES    
Consulting - stock based 

compensation (recovery)
- 
- 
- 
(300,800)
Depreciation
- 
7,360 
2,453 
22,079 
General and administrative
60,948 
238,205 
185,290 
666,506 
Management fees and salaries
168,859 
119,896 
383,538 
347,298 
Professional fees
29,415 
5,172 
55,654 
122,843  
259,222 
370,633 
626,935 
857,926 **INCOME (LOSS) BEFORE THE

FOLLOWING
49,370 
(6,746)
87,377 
23,649      **OTHER (EXPENSE) INCOME    
Gain on sale of subsidiaries (Note 8)
- 
- 
210,225 
- **NET INCOME (LOSS) FOR THE PERIOD
$                 49,370 
$        (6,746)
$                297,602 
$                 23,649      **BASIC NET INCOME (LOSS) PER SHARE
$                      0.00 
$                (0.00)
$                      0.02 
$                     0.00      **WEIGHTED AVERAGE COMMON    **SHARES OUTSTANDING
14,805,962
14,735,962
14,805,962
14,735,962
The accompanying notes are an integral part of these interimconsolidated financial statements.

 

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**SE GLOBAL EQUITIES CORP.****INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
**Nine Months       Ended       September 30,       2003****Nine Months       Ended       September 30, 2002****Cash flows from operating activities
Net income for the period
$                297,602 
$                 23,649 
Adjustments to reconcile net loss to net cash     used in operating activities
- depreciation 
2,453 
22,079 
- gain from sale of subsidiaries
(210,225)
- 
- stock based compensation (recovery)
- 
(300,800)
- accounts receivable
(34,985) 
17,005 
- prepaid expenses
12,381 
(9,920) 
- accounts payable
204,936 
81,349 **CASH FLOWS FROM (USED) IN OPERATING ACTIVITIES
272,162 
(166,638)**Cash flows from financing activities
- restricted cash
80,730 
86,337 
- broker deposits
(10,000)
- 
- loan advances
100,000 
- 
- lease obligation repayments
(43,333)
(77,086)
- advances from (to) parent company
(224,735)
(31,923)
- proceeds from issue of common shares
39,900 
77,520 **Cash flows from (USED IN) financing activities
(57,438)
54,848 **INCREASE      (DECREASE) in cash AND CASH EQUIVALENTS**
214,725 
(111,790)**Cash and cash equivalents, BEGINNING of period
35,413 
161,349 **Cash and cash equivalents, End of period
$                250,138 
$                 49,559 **Significant non-cash activities:**
Refer to Notes 5 and 6.

The accompanying notes are an integral part of these interimconsolidated financial statements.

 

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******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 September 30, 2003 had a working capitaldeficit of $99,446 and a capital deficiency of $10,157. These factors raisesubstantial doubt as to the Company's ability to continue as a going concern.The Company's continued operations are dependent on the successfulimplementation of its business plan, its ability to obtain additional financingas needed, and ultimately to attain profitable operations. Management believesthat its current and future plans will generate sufficient revenues to enablethe Company to continue as a going concern.
**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 nine months ended September 30, 2003 are not necessarilyindicative of 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.

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******NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Principles of Consolidation**
The consolidated financial statements include the accounts ofthe Company and its 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 and SEG Cayman as described in Note1, and GAI. The Company also has one subsidiary, SE Global Investment CompanyLimited, which is inactive and has no assets, liabilities or operations. On May30, 2003 the Company sold its interest in two of its non-operating subsidiaries,SE Global Equities Company Limited and SE Global Communications (Hong Kong)Limited, to arms-length parties for nominal consideration. (Refer to Note 8) Allsignificant intercompany balances and transactions have been eliminated onconsolidation.
**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 "Accounting for Web Site Development Costs" and AICPASOP 98-1 "Accounting for the Costs of Computer Software Developed or Obtainedfor Internal Use" whereby preliminary website development costs are expensed asincurred. Upon achieving technical and financial viability and ensuring adequateresources to complete development, the Company capitalizes all direct costsrelating to the website development. Ongoing costs for maintenance andenhancement are expensed as incurred. Capitalized costs will be amortized on astraight-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.

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******NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****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.
**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 following table illustrates the pro forma effect on netincome (loss) and net income (loss) per share as if the Company had accountedfor its for stock-based employee compensation using the fair value provisions ofSFAS No. 123 using the assumptions as described in Note 5:

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**********NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Stock-based compensation (cont'd)**  
Nine Months Ended      September 30, 2003
Nine Months Ended      September 30, 2002  
Net income for the period
As reported
$                297,602 
$                          - 
SFAS 123 compensation expense
Pro-forma
(76,800)
-   
Net income for the period
Pro-forma
220,802 
$                          -   
Pro-forma basic net income per share
Pro-forma
$                         .01 
$                          -   
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.
**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**
In August 2001, the FASB issued SFAS No. 144, Accounting forthe Impairment or Disposal of Long-Lived Assets. This statement addressesfinancial accounting and reporting for the impairment or disposal of long-livedassets and supersedes FASB Statement No. 121, Accounting for the Impairment ofLong-Lived Assets to be Disposed Of. The provisions of the statement areeffective for financial statements issued for fiscal years beginning afterDecember 15, 2001. The Company reviews the carrying amount of capital assets andother assets for impairment whenever events or changes in circumstances indicatethat the carrying amount may not be recoverable. The determination of anyimpairment would include a comparison of estimated future operating cash flowsanticipated during the remaining life with the net carrying value of the asset.No impairment losses have been recorded through September 30, 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.

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******NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)**
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 renewed every three months andearned interest at approximately 5% per annum. These funds remained on deposituntil the expiration of the lease, June 1, 2003. During the period the balanceof funds on deposit was drawn down to make the monthly lease payments, and$33,357 was returned to the Company at the end of the lease. 
**NOTE 4 - LOAN PAYABLE**
The $100,000 loan was received on August 25, 2003, bearsinterest at a rate of 12% per annum, payable monthly, and matures on August 31,2004. A conversion feature was added on October 20, 2003 which allows the loanamount to be converted into shares of the Company at a price of $0.30 per share,and upon conversion of the loan the holder will receive share purchase warrantsentitling the holder to purchase shares of the Company at a price of $0.40 pershare for a two year period. The Company may repay the loan during the term ofthe loan with a penalty equivalent to three months of interest. An agent's feeof $8,000 is payable on the loan and is included in accounts payable. 
******NOTE 5 - CAPITAL STOCK**
On July 8, 2003, CAG agreed to convert $500,000 of debt owedto it by the Company into 2,777,777 shares of the Company at a purchase price of$0.18 per share. As at September 30, 2003, the shares have not been issued fromtreasury. When the shares are issued on the settlement of the debt they will beconsidered restricted securities in accordance with the applicable regulatorybodies.
**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.

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**NOTE 5 - CAPITAL STOCK (cont'd)**
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, officersand directors at less than market value of the Company's common stock with atotal intrinsic value, being the excess of the quoted market price of the commonstock over the exercise price at the date the options are granted, of $153,000.In addition, 940,000 of these options are subject to variable accounting inaccordance with FIN 44 resulting in additional compensation expense as atDecember 31, 2001 of $206,800. The remaining 620,000 options were granted toconsultants and have been accounted for as required by SFAS No. 123 by applyingthe fair value method using the Black-Scholes option pricing model assuming adividend yield of 0%, a risk-free interest rate of 5%, expected option life offive years and an expected volatility of 174%, resulting in additionalcompensation 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. During the period ended September 30, 2003, 150,000 ofthe stock options that are subject to variable accounting expired.

On June 13, 2003 a total of 320,000 stock options weregranted to employees, officers and directors at an exercise price of $0.28,exercisable for a term of five years. The fair value of these stock options wasestimated at grant date using the Black-Scholes option-pricing model applyingthe market value per share and the risk-free interest rate in effect at thegrant date of 3%, 193.60% volatility and an expected life of six years. (Referto Note 2)

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******NOTE 5 - 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
(70,000) 
0.57  
Expired/cancelled/granted
(380,000)
0.57  
Granted
320,000 
0.28   
Balance, September 30, 2003
1,804,000 
$ 0.51 
3.14 years 
 
**NOTE 6 - 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 September 30, 2003 CAG received netcash advances from the Company of $224,734 (2002 - $31,923). As at September 30,2003 $42,309 was owing from CAG to the Company (December 31, 2002 - $682,425 wasowing from the Company to CAG). These amounts are presently non-interest bearingand have no stated terms of repayment. (Refer to Note 5)

During the period ended September 30, 2003 the Companyincurred management and consulting fees to Directors of the Company in theamount of $114,312 (2002 - $109,989).

 
**NOTE 7 - INCOME TAXES**
The Company and its subsidiaries have combined tax losses ofapproximately $1,000,000, 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. Accordingly a full, deferred taxasset valuation allowance has been provided and no deferred tax asset benefithas been recorded. The Company has not recorded a tax provision for the currentperiod as sufficient tax loss carryforwards are available to offset any incomewhich may be subject to income taxes.

Included in net income for the nine month period endedSeptember 30, 2003 is $210,225 in gain on sale of two of the Company'snon-operating subsidiaries (see Note 8). The gains of $210,225 representaccounting income only and are not subject to corporate income tax.

F-11

12
******NOTE 8 - GAIN RESULTING FROM DISPOSITION OF SUBSIDIARIES**
On May 30, 2003 the Company sold its interest in two of itsnon-operating subsidiaries, SE Global Equities Company Limited ("SEGHK") and SEGlobal Communications (Hong Kong) Limited ("SEGCHK"), to arm's-length partiesfor nominal consideration. The sale of SEGHK and SEGCHK to arm's-length partiesrelieved the Company from $210,225 in debts owing to unsecured creditors, andaccordingly, the Company has recognized a gain in the amount of $210,225 on thedisposition of SEGHK and SEGCHK.

F-12

13
******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 nine month period ended September 30, 2003 and September 30, 2002.
***Results of Operations.
**Nine month period ended September 30, 2003 compared to ninemonth period ended September 30, 2002

Revenues.  Total revenue for the nine month periodended September 30, 2003 was $1,938,951 compared to revenues of $1,720,852 forthe nine month period ended September 30, 2002, an increase of 13%. The majorityof our revenue for the nine month period ended September 30, 2003 was derivedfrom online direct access trading services and other related services providedthrough our subsidiary Global-American Investments, Inc. Revenue from onlinedirect access trading services and other related services totaled $1,640,748 forthe nine month period ended September 30, 2003 compared to $1,720,852 for thenine month period ended September 30, 2002. For the nine month period endedSeptember 30, 2002 the majority of the revenue from online direct access tradingservices was derived from retail clients whereas for the nine month period endedSeptember 30, 2003 the revenue from online direct access trading services wasderived from a combination of wholesale (ie. institutional) and retail clients.During the nine month period ended September 30, 2003 the wholesale client basewas more active than the retail client base.

Global-American Investments, Inc. continues to add newclients to its client base that are prepared to actively trade in the equitymarkets. From September 2002 to September 2003 the total number of new accountsincreased by 27%. Also, Global-American Investments, Inc.'s asset and cash undermanagement increased by 104% during this period. As the amount of asset and cashunder management increases, more capital becomes available for stock tradingwhen the equity markets improve. Global-American Investments, Inc.'s tradingvolume is experiencing increases each month. From September 2002 to September2003 the total number of stock equity trades increased by 250%. The positivestock market activities and the positive sentiments in the stock markets in therecent months should provide a basis for us to increase the client base ofactive direct stock traders even further, and thus increase our revenueaccordingly.

14
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We also generated $298,203 in consulting fees for the ninemonth period ended September 30, 2003. This consulting fee revenue is a newsource of business activity for SE Global and is derived from consultingservices provided to Asian companies that are interested in listing theircompanies on a North American stock exchange. During the nine month period endedSeptember 30, 2003 SE Global secured a $430,000 consulting contract with aChinese company. The consulting fee revenue of $298,203 represents the netconsulting fees earned for the nine month period ended September 30, 2003. Underthe terms of the contract, we will assist the client in expanding its businessesto North America and identifying suitable merger or acquisition opportunities inthe United States. In addition, SE Global will provide strategic consultingservices to the client in connection with its listing on a U.S. equities market.

Our direct costs, consisting of trade clearing charges,quotation costs and commissions, were $1,224,639 for the nine month period endedSeptember 30, 2003, compared to $839,277 for the nine month period endedSeptember 30, 2002. The increase in direct costs for the nine month period endedSeptember 30, 2003 was a result of incurring more costs to serve the wholesaleclient base. Commissions were paid to licensed brokers that assisted ingenerating the online direct access trading revenues from the wholesale clients.
**Expenses.   Total expenses decreased from$857,926 for the nine month period ended September 30, 2002 to $626,935 for thenine month period ended September 30, 2003, a decrease of 27%. Total expensesfor the nine month period ended September 30, 2002 included a non-cash stockcompensation expense recovery of $300,800. If this $300,800 non-cash expenserecovery was not included in the September 30, 2002 total expense figure thenthe total expenses would have been $1,158,726 for the nine month period endedSeptember 30, 2002 compared to $626,935 for the nine month period endedSeptember 30, 2003, a decrease of 46%.

Management fees and salaries for the nine month period endedSeptember 30, 2003 was $383,538 compared to $347,298 for the nine month periodended September 30, 2002. Professional fees for the nine month period endedSeptember 30, 2003 was $55,654 compared to $122,843 for the nine month periodended September 30, 2002, a decrease of 55%. General and administrative expensesfor the nine month period ended September 30, 2003 was $185,290 compared to$666,506 for the nine month period ended September 30, 2002, a decrease of 72%.The decrease in expenditures is a result of our cost control efforts during theperiod.

We generated an operating profit of $87,377 for the ninemonth period ended September 30, 2003 compared to $23,649 for the nine monthperiod ended September 30, 2002, an increase of 269%. The operating profit forthe nine month period ended September 30, 2002 included a non-cash stockcompensation expense recovery of $300,800. If this $300,800 non-cash expenserecovery was not included in the September 30, 2002 operating profit then therewould have been an operating loss of $277,151 for the nine month period endedSeptember 30, 2002 compared to an operating profit of $87,377 for the nine monthperiod ended September 30, 2003.

15
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This change in operating results was due primarily to thecombination of a change in the revenue mix to generate high margin consultingfees and a substantial decrease in operating expenses during the nine monthperiod ended September 30, 2003.
**Other Income. On May 30, 2003, we sold our interest intwo of our inactive subsidiaries, SE Global Equities Company Limited ("SEGHK")and SE Global Communications (Hong Kong) Limited ("SEGCHK"), to arm's-lengthparties for nominal consideration. The sale of SEGHK and SEGCHK to arm's-lengthparties relieved SE Global from $210,225 in debts owing to unsecured creditors,and accordingly, we recognized a gain in the amount of $210,225 on the sale ofSEGHK and SEGCHK.
***Stock-BasedCompensation Expense Recovery.

No non-cash stock compensation expense recovery was realizedfor the nine month period ended September 30, 2003. We realized a non-cash stockcompensation expense recovery of $300,800 for the nine month period endedSeptember 30, 2002. This non-cash stock-based compensation expense recovery wasa result of SE Global's stock options that were subject to Variable Accountingas a reflection of the decreased market value of SE Global's share price duringthe nine month period ended September 30, 2002. Note 5 of the September 30, 2003interim consolidated financial statements explains in detail the VariableAccounting of the SE Global stock options.
***Liquidity andCapital Resources.

As at September 30, 2003, we had $297,118 in cash on hand(comprised of $250,138 unrestricted cash and $46,980 clearing deposit).  Incomparison, as at September 30, 2002 we had cash on hand of $196,048 (comprisedof $49,559 unrestricted cash, $36,980 clearing deposit and $109,509 restrictedcash). The unrestricted cash is available for general working capital purposeswhile the clearing deposit is held by the trade clearing house. Restricted cashwas a deposit held by the leasing company for leased equipment. The leases onthe leased equipment ended on June 1, 2003.

For the nine month period ended September 30, 2003, weexpended, before depreciation and amortization, approximately $69,000 per monthto operate our business.  Areas of significant expenditure includemanagement fees, salaries and benefits, rent and office costs.

On August 25, 2003, SEG received a $100,000 loan, which bearsinterest at a rate of 12% per annum payable monthly and matures on August 31,2004. A conversion feature was added on October 20, 2003 which allows the loanamount to be converted into shares of SEG at a price of $0.30 per share, andupon conversion of the loan the holder will receive share purchase warrantsentitling the holder to purchase shares of SEG at a price of $0.40 per share fora two year period. SEG may repay the loan during the term of the loan with apenalty equivalent to three months of interest.

On July 8, 2003, Capital Alliance Group Inc. agreed toconvert $500,000 of debt owed to it by SE Global into 2,777,777 shares of SEGlobal at a purchase price of $0.18 per share. The shares issued on thesettlement of the debt will be considered restricted securities in accordancewith the applicable regulatory bodies. On completion of the debt settlement,Capital Alliance Group Inc. will own 14,633,555 shares of SE Global,representing 83.5 percent of the issued and outstanding shares.

16
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To achieve our goals and objectives for the next twelvemonths, we plan to raise additional capital through private placements of ourequity securities, 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, as wellas for strategic acquisition of existing businesses that complement our marketniche, and general working capital purposes.

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 twelve month period ending September 30, 2004 -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 could be adversely affected. However, we expect that we willhave sufficient funds to meet our corporate overhead and ongoing operationalexpenses during the next twelve months assuming that revenues in ourwholly-owned subsidiary, Global-American Investments Inc., continue to grow atthe rate of 5% per month with the addition of new accounts, and assuming that wecontinue to 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. In addition, the cash flow fromconsulting revenues in SEG's new business activity will greatly enhance theoverall cash operating needs of the SEG Group of Companies.
***Off-Balance Sheet Arrangement.

As of September 30, 2003, we have had no off-balance sheetarrangements.
***Research and Development.

We did not expend any fund towards research and developmentduring the nine month period ended September 30, 2003 and we do not anticipateincurring any significant expenditures on research and development over the nextnine months.

17
*******Capital ExpenditureCommitments.

We did not undertake any capital expenditure commitmentsduring the nine month period ended September 30, 2003, and do not anticipate anysignificant purchase or sale of equipment over the next nine months.
***Strategic Acquisitions.***
On July 14, 2003, SE Global entered into a non-binding letterof intent to acquire a broker-dealer based in New York. The broker-dealer hasover $80 million of client assets under management, and reported annual revenuesof $8.5 million in 2002. This transaction is subject to other materialconditions present, due diligence results and final negotiation of financial andother terms to be contained in a contract that will supercede the letter ofintent.
***New Accounting Pronouncements***
In June 1998, the United States Financial AccountingStandards Board issued SFAS No. 133, "Accounting for Derivative Instruments andHedging Activities".  SFAS No. 133 requires companies to recognize allderivatives contracts as either assets or liabilities in the balance sheet andto measure them at fair value.  If certain conditions are met, a derivativemay be specifically designated as a hedge, the objective of which is to matchthe timing of gain or loss recognition on the hedging derivative with therecognition of the changes in the fair value of the hedged asset or liabilitythat are attributable to the hedged risk or hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss isrecognized in income in the period of change.  SFAS No. 133 is effectivefor all fiscal quarters of fiscal years beginning after June 15, 2000.

Historically, the Company has not entered into derivativescontracts either to hedge existing risks or for speculative purposes. Accordingly, adoption of the new standards did not affect our consolidatedfinancial statements.

In June 2001, the Financial Accounting Standards Boardfinalized FASB Statements No. 141, *Business Combinations* (SFAS 141), andNo. 142, *Goodwill and Other Intangible Assets* (SFAS 142). SFAS 141requires the use of the purchase method of accounting and prohibits the use ofthe pooling-of-interests method of accounting for business combinationsinitiated after June 30, 2001. SFAS 141 also requires that we recognize acquiredintangible assets apart from goodwill if the acquired intangible assets meetcertain criteria. SFAS 141 applies to all business combinations initiated afterJune 30, 2001 and for purchase business combinations completed on or after July1, 2001. It also requires, upon adoption of SFAS 142, that we reclassify thecarrying amounts of intangible assets and goodwill based on the criteria in SFAS141.

SFAS 142 requires, among other things, that companies nolonger amortize goodwill, but instead test goodwill for impairment at leastannually. In addition, SFAS 142 requires that we identify reporting units forthe purposes of assessing potential future impairments of goodwill, reassess theuseful lives of other existing recognized intangible assets, and ceaseamortization of intangible assets with an indefinite useful life. An intangibleasset with an indefinite useful life should be tested for impairment inaccordance with the guidance in SFAS 142. SFAS 142 is required to be applied infiscal years beginning after December 15, 2002 to all goodwill and otherintangible assets recognized at that date, regardless of when those assets wereinitially recognized. SFAS 142 requires us to complete a transitional goodwillimpairment test nine months from the date of adoption.  We are alsorequired to reassess the useful lives of other intangible assets within thefirst interim quarter after adoption of SFAS 142.

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We do not expect SFAS 141 will have a material impact on ourfinancial position or results of operations.  In addition, we do not expectSFAS 142 will have a material impact on our financial position or results ofoperations.

In October 2002, the FASB issued SFAS No. 144, "Accounting for the Impairmentor Disposal of Long-Lived Assets".  SFAS No. 144 requires that thoselong-lived assets be measured at the lower of carrying amount or fair value lesscost to sell, whether reported in continuing operations or in discontinuedoperations.  Therefore, discontinued operations will no longer be measuredat net realizable value or include amounts for operating losses that have notyet occurred.  SFAS No. 144 is effective for financial statements issuedfor fiscal years beginning after December 15, 2002 and, generally, is to beapplied prospectively.  The implementation of this new standard is notexpected to have a material effect on our consolidated financialstatements.                                       
**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.

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**Item 2. Changes in Securities.

None
**Item 3. Defaults Upon Senior Securities

Not Applicable
**Item 4. Submission of Matters to a Vote of Security Holders.

None
**Item 5. Other Information.

None

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**Item 6. Exhibits and Reports on Form 8-K.
***(a) Exhibits.***
Exhibit Number and Exhibit Title************************************************************************************************************************************************* |
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