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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 six month period ended: **June 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: 
**14,735,962 common shares issued and outstanding as of August 14, 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 for the sixmonths ended June 30, 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. 
****** 

SE GLOBAL EQUITIES CORP.

INTERIM CONSOLIDATED Financial Statements

JUNE 30, 2003****(Unaudited)**
 

 
**CONSOLIDATED Balance Sheets

INTERIM CONSOLIDATED Statements of Operations

INTERIM CONSOLIDATED Statements of Cash Flows

Notes to INTERIM CONSOLIDATED Financial Statements**
1
**SE GLOBAL EQUITIES CORP.CONSOLIDATED BALANCE SHEETS** **June 30,           2003        **December 31,       2002           
(Unaudited) **ASSETS**CURRENT**  Cash and short-term      investments
$       146,943 
$        35,413 Accounts receivable
49,033 
75,331 Prepaid expenses and deposits
12,800 
19,513 
208,776 
130,257 **FIXED ASSETS**
- 
2,453 **RESTRICTED CASH**(Note      3)
- 
80,730 **CLEARING BROKER      DEPOSIT**
36,980 
36,980 
$        245,756 
$        250,420    **LIABILITIES   **CURRENT**  Accounts payable
$        333,102 
$        372,322 Current portion of capital      lease obligation (Note 3)
- 
43,333  
333,102 
415,655    **DUE TO PARENT COMPANY**      (Note 5)
512,082 
682,425  
845,184 
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**
(5,031,074)
(5,279,306) 
(599,428)
(847,660) 
$        245,756 
$        250,420 
The accompanying notes are an integral part of these interimconsolidated financial statements.

2
******SE GLOBAL EQUITIES CORP.INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS**
(Unaudited)
 **Three Months         ended June 30,       2003          **Three Months         ended June 30,       2002            **Six Months            ended June 30,       2003           **Six Months             ended June 30,       2002                **REVENUES**    
Brokerage commissions
$                 516,006 
$                   522,844 
$        1,027,230 
$              1,024,207 
Consulting fees
100,998 
- 
155,998 
-  
617,004 
522,844 
1,183,228 
1,024,207 
Direct costs
371,735 
261,955 
777,508 
506,519  
245,269 
260,889 
405,720 
517,688 **EXPENSES (RECOVERY)**    
Consulting - stock based       compensation (recovery)
      - 
      - 
      - 
      (300,800)Depreciation
- 
7,360
2,453 
14,719General and administrative
75,895 
169,738 
123,418 
430,474 Management fees and salaries
63,419 
184,415 
214,679 
227,402 Professional fees
15,912 
28,365 
26,239 
117,671  
155,226 
389,878 
366,789 
489,466      **INCOME (LOSS) BEFORE THE      FOLLOWING**
90,043 
(128,989)
38,931 
28,222      **OTHER (EXPENSE) INCOME**    Gain on sale of subsidiaries      (Note 7)
210,225 
- 
210,225 
- Interest income
- 
5,327 
- 
9,037 Interest on leases
- 
(3,090)
(924)
(6,864)**NET INCOME (LOSS) FOR THE      PERIOD**
$                  300,268 
$                 (126,752)
$                248,232 
$                    30,395      **BASIC NET INCOME (LOSS) PER      SHARE**
$ 0.02 
$ (0.01)
$                      0.02 
$                           00      **WEIGHTED AVERAGE COMMON**    **SHARES OUTSTANDING**
14,735,962
14,735,962
14,735,962
14,645,795
The accompanying notes are an integral part of these interimconsolidated financial statements.

3
**SE GLOBAL EQUITIES CORP.INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS**
(Unaudited)
**Six Months           ended June 30,       2003          
**Six Months                 ended June 30,       2002          ****CASH FLOWS      FORM OPERATING ACTIVITIES**Net (loss)      income for the period
$      248,232 
$       30,395 Adjustments to      reconcile net loss to net cash
used in operating activities- depreciation      and amortization
2,453 
14,719 - gain from      sale of subsidiaries
(210,225)
- - stock based      compensation (recovery)
- 
(300,800)- accounts      receivable
26,298 
22,486 - prepaid      expenses
6,713 
- - accounts      payable
171,005 
81,881 **CASH FLOWS      FROM (USED) IN OPERATING ACTIVITIES**
244,476 
(151,319)**CASH FLOWS      FROM FINANCING ACTIVITIES**- restricted      cash
80,730 
57,558 - lease      obligation repayments
(43,333)
(50,694)- advances from      (to) parent company
(170,343)
45,652 - proceeds from      issue of common shares
- 
77,520 **CASH FLOWS      FROM (USED IN) FINANCING ACTIVITIES**
(132,946)
130,036 **INCREASE      (DECREASE) IN CASH AND CASH EQUIVALENTS**
111,530 
(21,283)**CASH AND      CASH EQUIVALENTS, BEGINNING OF PERIOD**
35,413 
161,349 **CASH AND      CASH EQUIVALENTS, END OF PERIOD**
$      146,943 
$      140,066 
The accompanying notes are an integral part of these interimconsolidated financial statements.

4
******NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION**
Effective February 21, 2001, Future Technologies, Inc. ("FTUT" or "theCompany") issued 12,873,944 shares of restricted common stock to theshareholders 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 merger with SEG Caymanbeing treated as the accounting parent and SEG Equities, the legal parent, beingtreated as the accounting subsidiary. Accordingly, the consolidated results ofoperations of the Company include those of SEG Cayman for all periods shown andthose of the Company since the date of the reverse merger. The results of SEGCayman include those of its wholly-owned subsidiary, SE Global Equities CompanyLimited ("SEGHK") a company incorporated October 13, 1999 under the laws of HongKong as a wholly-owned subsidiary of CAG and subsequently acquired from CAG bySEG Cayman effective January 29, 2001. This transaction did not result in achange in control of SEGHK and therefore the consolidated results of SEG Caymanare deemed to be a continuation of those of SEGHK. 

The Company is developing its business to become a global provider of afinancial and direct-access trading platform for international investors. TheCompany is building an international network of brokerage firms throughmarketing alliances to provide investors the ability to trade on stock exchangesoutside their home country. To assist in this undertaking, effective August 1,2001, the Company acquired Global-American Investments, Inc. ("GAI"), a UnitedStates registered broker-dealer operating in California.

The consolidated financial statements have been prepared on the basis of agoing concern, which contemplates the realization of assets and satisfaction ofliabilities in the normal course of business. The Company has incurred lossessince inception and at June 30, 2003 had a working capital deficit of $186,159and a capital deficiency of $599,428 of which $512,082 represents parent companyloans. These factors raise substantial doubt as to the Company's ability tocontinue as a going concern. The Company's continued operations are dependent onthe successful implementation of its business plan, its ability to obtainadditional financing as needed, and ultimately to attain profitable operations.Management believes that its current and future plans will generate sufficientrevenues to enable the Company to continue as a going concern.
**Unaudited Interim Financial Statements**
The accompanying unaudited interim consolidated financial statements havebeen prepared in accordance with generally accepted accounting principles forinterim financial information and with the instructions to Form 10-QSB ofRegulation S-B. They do not include all information and footnotes required bygenerally accepted accounting principles for complete financial statements.However, except as disclosed herein, there have been no material changes in theinformation disclosed in the notes to the financial statements for the yearended December 31, 2002 included in the Company's Annual Report on Form 10-KSBfiled with the Securities and Exchange Commission. The interim unauditedconsolidated financial statements should be read in conjunction with thosefinancial statements included in the Form 10-KSB. In the opinion of management,all adjustments considered necessary for a fair presentation, consisting solelyof normal recurring adjustments, have been made. Operating results for the sixmonths ended June 30, 2003 are not necessarily indicative of the results thatmay be expected for the year ending December 31, 2003.
***NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES*
Basis of presentation**
The accompanying consolidated financial statements are presented in UnitedStates dollars and are prepared in accordance with accounting principlesgenerally accepted in the United States.

5
*******NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)*****Principles of Consolidation**
The consolidated financial statements include the accounts of the Company andits wholly owned subsidiaries, which include SE Global Capital, Inc. (originallyincorporated as SE Global Direct, Inc.), a company incorporated on May 11, 2001in the State of California and SEG Cayman as described in Note 1, and GAI. TheCompany also has one subsidiary, SE Global Investment Company Limited, which isinactive and has no assets, liabilities or operations. On May 30, 2003 theCompany sold its interest in two of its subsidiaries, SE Global Equities CompanyLimited and SE Global Communications (Hong Kong) Limited, to arms-length partiesfor nominal consideration. (Refer to Note 7) All significant intercompanybalances and transactions have been eliminated on consolidation.
**Use of estimates**
The preparation of financial statements in conformity with generally acceptedaccounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements andthe reported amounts of revenue and expenses for the periods that the financialstatements are prepared. Actual amounts could differ from these estimates.
**Cash and cash equivalents**
Cash and cash equivalents consists of cash on deposit and highly liquidshort-term interest bearing securities with maturities at the date of purchaseof three months or less.
**Fixed assets**
Fixed assets are recorded at cost. Depreciation is computed at the followingrates over the estimated useful lives of the assets:
Computer equipment 36 months straight-lineOffice equipment 36 months straight-line**Website development costs**
The Company accounts for website development costs in accordance with EITF00-02 "Accounting for Web Site Development Costs" and AICPA SOP 98-1 "Accountingfor the Costs of Computer Software Developed or Obtained for Internal Use"whereby preliminary website development costs are expensed as incurred. Uponachieving technical and financial viability and ensuring adequate resources tocomplete development, the Company capitalizes all direct costs relating to thewebsite development. Ongoing costs for maintenance and enhancement are expensedas incurred. Capitalized costs will be amortized on a straight-line basis overfive years commencing upon substantial completion and commercialization of thewebsite. To date the Company has not capitalized any website development costs.
**Financial instruments**
The Company's financial instruments include cash and cash equivalents,accounts payable and capital lease obligations. The fair values of thesefinancial instruments approximate their carrying values. The fair value of theCompany'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 are recorded on atrade date basis. Commission revenues are recorded on a settlement date basis.Consulting fees are recorded in accordance with the terms of consultingagreements when collection is reasonably assured.

6
***NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)*****Net earnings (loss) per common share**
Basic earnings (loss) per share includes no dilution and is computed bydividing earnings (loss) available to common stockholders by the weightedaverage number of common shares outstanding for the period. Diluted net earnings(loss) per share reflects the potential dilution of securities that could sharein the earnings (loss) of the Company. The accompanying presentation is only ofbasic net earnings (loss) per share as the potentially dilutive factors areanti-dilutive to basic net earnings (loss) per share.
**Foreign currency transactions**
The financial statements are presented in United States dollars. Inaccordance with Statement of Financial Accounting Standards No. 52, "ForeignCurrency Translation", foreign denominated monetary assets and liabilities aretranslated to their United States dollar equivalents using foreign exchangerates that prevailed at the balance sheet date. Revenue and expenses aretranslated at average rates of exchange during the year. Related translationadjustments 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 for income taxes.Under this method, future tax assets and liabilities are recognized for thefuture tax consequences attributable to differences between the financialstatement carrying amounts of existing assets and liabilities and theirrespective tax balances. Future tax assets and liabilities are measured usingenacted or substantially enacted tax rates expected to apply to the taxableincome in the years in which those differences are expected to be recovered orsettled. The effect on future tax assets and liabilities of a change in taxrates is recognized in income in the period that includes the date of enactmentor substantive enactment. A valuation allowance is provided for deferred taxassets if it is more likely than not that the Company will not realize thefuture 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 4:

7
***NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)*
Stock-based compensation (cont'd)**  
Six months ended      June 30, 2003
Six months ended      June 30, 2002  Net income for the periodAs reported
$       248,232 
$         - SFAS 123 compensation expensePro-forma
(76,800)
-   Net income for the periodPro-forma
171,432 
$         -   Pro-forma basic net income per      sharePro-forma
$                  0.01 
$         -   
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 Financial AccountingStandards Board Interpretation No.44, Accounting for Certain TransactionsInvolving Stock Compensation - An Interpretation of APB Opinion No. 25 ("FIN44"), which provides guidance as to certain applications of APB 25. FIN 44 isgenerally effective July 1, 2000 with the exception of certain events occurringafter December 15, 1998.
**Comprehensive income**
Comprehensive income is defined as the change in equity from transactions,events and circumstances, other than those resulting from investments by ownersand distributions to owners. Comprehensive income to date consists only of theunrealized gains and losses resulting from translation of the foreign currencyfinancial statements of certain of the Company's subsidiaries. As at December31, 2002 all such gains and losses have been realized.
**Impairment of long-lived assets**
In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairmentor Disposal of Long-Lived Assets. This statement addresses financial accountingand reporting for the impairment or disposal of long-lived assets and supersedesFASB Statement No. 121, Accounting for the Impairment of Long-Lived Assets to beDisposed Of. The provisions of the statement are effective for financialstatements issued for fiscal years beginning after December 15, 2001. TheCompany reviews the carrying amount of capital assets and other assets forimpairment whenever events or changes in circumstances indicate that thecarrying amount may not be recoverable. The determination of any impairmentwould include a comparison of estimated future operating cash flows anticipatedduring the remaining life with the net carrying value of the asset. Noimpairment losses have been recorded through June 30, 2003.
**Recent accounting pronouncements**
In July 2001, the Financial Accounting Standards Board ("FASB") issuedStatement of Financial Accounting Standards No. 141 ("SFAS 141"), "BusinessCombinations", which eliminates the pooling method of accounting for businesscombinations initiated after June 30, 2001. In addition, SFAS 141 addresses theaccounting for intangible assets and goodwill acquired in a businesscombination. This portion of SFAS 141 is effective for business combinationscompleted after June 30, 2001. The adoption of SFAS 141 has not had a materialimpact on the Company's financial position or results of operations.

8
*******NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)***
In July 2001, the FASB issued Statement of Financial Accounting Standards No.142 ("SFAS 142"), "Goodwill and Intangible Assets", which revises the accountingfor purchased goodwill and intangible assets. Under SFAS 142, goodwill andintangible assets with indefinite lives will no longer be amortized and will betested for impairment annually or whenever events or circumstances indicate thatthe estimated fair value is less than the related carrying value as determinedon a reporting unit basis. SFAS 142 is effective for fiscal years beginningafter December 15, 2001. The adoption of SFAS 142 has not had a material impacton the Company's financial position or results of operations.
**Comparative figures**
Certain of the comparative figures have been restated to conform to thecurrent 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, GE Capital agreedto finance the acquisition of computer equipment and software for $293,694. Assecurity for the lease agreement GE Capital required that the Company deposit$300,000 with GE Capital, which renewed every three months and earned interestat approximately 5% per annum. These funds remained on deposit until theexpiration of the lease, June 1, 2003. During the period the balance of funds ondeposit was drawn down to make the monthly lease payments, and $33,357 wasreturned to the Company at the end of the lease.
**NOTE 4 - CAPITAL STOCK

Stock-based compensation**
The Company accounts for stock-based employee compensation arrangements inaccordance with the provisions of APB No. 25 and complies with the disclosureprovisions of SFAS No. 123. In accordance with SFAS No. 123 the Company appliesthe fair value method using the Black-Scholes option-pricing model in accountingfor options granted to consultants.

No compensation expense was recorded upon vesting of the options grantedunder this Plan in accordance with the provisions of APB No. 25 as the exerciseprice of the options awarded approximated the market price of the Company'scommon shares as at the date of the award. Also, no additional compensationexpense will be disclosed upon vesting of the options in accordance with theprovisions of SFAS 123. In applying the Black-Scholes option-pricing model, noadditional compensation expense resulted as the Company determined an expectedvolatility of 0%. This was determined on the basis that the options were grantedconcurrent with the completion of the reverse merger and as such no relevanthistoric market volatility had yet been established in the trading of shares ofthe 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.

9
**NOTE 4 - CAPITAL STOCK (cont'd)**
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").
**October 2001 Stock Option Plan (cont'd)**
Of these options, 1,530,000 were granted to employees, officers and directorsat less than market value of the Company's common stock with a total intrinsicvalue, being the excess of the quoted market price of the common stock over theexercise price at the date the options are granted, of $153,000. In addition,940,000 of these options are subject to variable accounting in accordance withFIN 44 resulting in additional compensation expense as at December 31, 2001 of$206,800. The remaining 620,000 options were granted to consultants and havebeen accounted for as required by SFAS No. 123 by applying the fair value methodusing the Black-Scholes option pricing model assuming a dividend yield of 0%, arisk-free interest rate of 5%, expected option life of five years and anexpected volatility of 174%, resulting in additional compensation expense of$396,800.

During the period ended March 31, 2002 the Company recognized a recovery of$300,800 in connection with the 940,000 options subject to variable accountingresulting from a decline in the market value of the Company's common stock.During the period ended June 30, 2003, 150,000 of the stock options that aresubject to variable accounting expired.

On June 13, 2003 a total of 320,000 stock options were granted to employees,officers and directors at an exercise price of $0.28, exercisable for a term offive years. The fair value of these stock options was estimated at grant dateusing the Black-Scholes option-pricing model applying the market value per shareand the risk-free interest rate in effect at the grant date of 3%, 193.60%volatility and an expected life of six years. (Refer to Note 2)

The following table summarizes the Company's stock option activity:
 
      Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life Balance, December 31, 2001
2,070,000 
$ 0.57 
4.78 yearsExercised
(136,000)
0.57  Expired/cancelled/granted
- 
-   Balance, December 31, 2002
1,934,000 
$ 0.57 
3.78 yearsExercised
- 
-  Expired/cancelled/granted
(380,000)
.57  Granted
320,000 
.28   Balance, June 30, 2003
1,874,000 
$ 0.52 
3.57 years 
10
**NOTE 5 - RELATED PARTY TRANSACTIONS**
Included in accounts payable are unpaid management fees, accrued in priorperiods, in the amount of $43,000 owing to a Director of the Company. Theseamounts are non-interest bearing and have no stated terms of repayment.

During the period ended June 30, 2003 CAG received net cashadvances from the Company of $170,343 (2002 - $45,652). As at June 30, 2003$512,082 (December 31, 2002 - $682,425) was owing to CAG. These amounts arepresently non-interest bearing and have no stated terms of repayment. (Refer toNote 8.)

During the period ended June 30, 2003 the Company incurred management andconsulting fees to Directors of the Company in the amount of $68,749 (2002 -$79,560).
**NOTE 6 - INCOME TAXES**
The Company and its subsidiaries have combined tax losses of approximately$4,700,000, which may be available to reduce future year's taxable income, thatresult in deferred tax assets. Management believes that the realization of thebenefits from these deferred tax assets appears uncertain due to the Company'slimited operating history. Accordingly a full, deferred tax asset valuationallowance has been provided and no deferred tax asset benefit has been recorded.The Company has not recorded a tax provision for the current period assufficient tax loss carryforwards are available to offset any income which maybe subject to income taxes .
**NOTE 7 - GAIN RESULTING FROM DISPOSITION OF SUBSIDIARIES**
On May 30, 2003 the Company sold its interest in two of its subsidiaries, SEGlobal Equities Company Limited ("SEGHK") and SE Global Communications (HongKong) Limited ("SEGCHK"), to arm's-length parties for nominal consideration. Thesale of SEGHK and SEGCHK to arm's-length parties relieved the Company from$210,225 in debts owing to unsecured creditors, and accordingly, the Company hasrecognized a gain in the amount of $210,225 on the disposition of SEGHK andSEGCHK.
**NOTE 8 - SUBSEQUENT EVENTS**
On July 8, 2003, CAG agreed to convert $500,000 of debt owed to it by theCompany into 2,777,777 shares of the Company at a purchase price of $0.18 pershare. The shares issued on the settlement of the debt will be consideredrestricted securities in accordance with the applicable regulatory bodies.

On July 14, 2003, the Company entered into a non-binding letter of intent toacquire a broker-dealer based in New York. The broker-dealer has over $80million of client assets under management, and reported annual revenues of $8.5million in 2002. This transaction is subject to other material conditionspresent, due diligence results and final negotiation of financial and otherterms to be contained in a contract that will supercede the letter of intent.

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 six month period ended June 30, 2003 and June 30, 2002.
***Results of Operations.
**Six month period ended June 30, 2003 compared to six monthperiod ended June 30, 2002

Revenues.  Total revenue for the six month periodended June 30, 2003 was $1,183,228 compared to revenues of $1,024,207 for thesix month period ended June 30, 2002, an increase of 16%. The majority of ourrevenue for the six month period ended June 30, 2003 was derived from onlinedirect access trading services provided through our subsidiary Global-AmericanInvestments, Inc. Revenue from online direct access trading services totaled$1,027,230 for the six month period ended June 30, 2003 compared to $1,024,207for the six month period ended June 30, 2002. For the six month period endedJune 30, 2002 the majority of the revenue from online direct access tradingservices was derived from retail clients whereas for the six month period endedJune 30, 2003 the revenue from online direct access trading services was derivedfrom a combination of wholesale (ie. institutional) and retail clients. Duringthe six month period ended June 30, 2003 the wholesale client base was moreactive than the retail client base.

Global-American Investments, Inc. was not adversely affectedby the volatile equity market during the six month period ended June 30, 2003.In fact, during this period we increased the client base of active direct stocktraders that thrive in such volatile markets. We continue to add new clients tothe Global-American Investments, Inc. client base that are prepared to activelytrade in the equity markets, especially if the equity markets improves over thecurrent situation. From June 2002 to June 2003 the total number of new accountsincreased by 29%. Also, Global-American Investments, Inc.'s asset and cash undermanagement increased by 76% 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 trading volume isexperiencing increases each month. From June 2002 to June 2003 the total numberof stock equity trades increased by 53%. The positive stock market activitiesand the positive sentiments in the stock markets in the recent months shouldprovide a basis for us to increase the client base of active direct stocktraders even further, and thus increase our revenue accordingly.

We also generated $155,998 in consulting fees for the sixmonth period ended June 30, 2003. This consulting fee revenue is a new source ofbusiness activity for SE Global and is derived from consulting services providedto Asian companies that are interested in listing their companies on a NorthAmerican stock exchange. During the six month period ended June 30, 2003 SEGlobal secured a $430,000 consulting contract with a Chinese company. The$155,998 represents the net consulting fees earned for the six month periodended June 30, 2003. Under the terms of the contract, we will assist the clientin expanding its businesses to North America and identifying suitable merger oracquisition opportunities in the United States. In addition, SE Global willprovide strategic consulting services to the client in connection with itslisting on a U.S. equities market.

Our direct costs, consisting of trade clearing charges,quotation costs and commissions, were $777,508 for the six month period endedJune 30, 2003, compared to $506,519 for the six month period ended June 30,2002. The increase in direct costs for the six month period ended June 30, 2003was 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.

12
**Expenses.   Total expenses decreased from$489,466 for the six month period ended June 30, 2002 to $366,788 for the sixmonth period ended June 30, 2003, a decrease of 25%. Total expenses for the sixmonth period ended June 30, 2002 included a non-cash stock compensation expenserecovery of $300,800. If this $300,800 non-cash expense recovery was notincluded in the June 30, 2002 total expense figure then the total expenses wouldhave been $790,266 for the six month period ended June 30, 2002 compared to$366,788 for the six month period ended June 30, 2003, a decrease of 54%.

Management fees and salaries for the six month period endedJune 30, 2003 was $214,678 compared to $227,402 for the six month period endedJune 30, 2002. Professional fees for the six month period ended June 30, 2003was $26,239 compared to $117,671 for the six month period ended June 30, 2002, adecrease of 78%. General and administrative expenses for the six month periodended June 30, 2003 was $123,418 compared to $430,474 for the six month periodended June 30, 2002, a decrease of 71%. The decrease in expenditures is a resultof our cost control efforts during the period.

We generated an operating profit of $38,931 for the six monthperiod ended June 30, 2003 compared to $28,222 for the six month period endedJune 30, 2002, an increase of 38%. The operating profit for the six month periodended June 30, 2002 included a non-cash stock compensation expense recovery of$300,800. If this $300,800 non-cash expense recovery was not included in theJune 30, 2002 operating profit then there would have been an operating loss of$272,578 for the six month period ended June 30, 2002 compared to an operatingprofit of $38,931 for the six month period ended June 30, 2003.

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 six monthperiod ended June 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 six month period ended June 30, 2003. We realized a non-cash stockcompensation expense recovery of $300,800 for the six month period ended June30, 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 thesix month period ended June 30, 2002. Note 4 of the June 30, 2003 interimconsolidated financial statements explains in detail the Variable Accounting ofthe SE Global stock options.
***Liquidity andCapital Resources.

As at June 30, 2003, we had $183,923 in cash on hand(comprised of $146,943 unrestricted cash and $36,980 clearing deposit).  Incomparison, as at June 30, 2002 we had cash on hand of $315,334 (comprised of$140,066 unrestricted cash, $36,980 clearing deposit and $138,288 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 six month period ended June 30, 2003, we expended,before depreciation and amortization, approximately $61,000 per month to operateour business.  Areas of significant expenditure include management fees,salaries and benefits, rent and office costs.

To achieve our goals and objectives for the next six 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.

13

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.

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 $1.5 million during the six 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 $1.5 million in financing,we intend to seek debt and/or equity financing in smaller amounts on an asneeded basis.

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 effected. However, we expect that we willhave sufficient funds to meet our corporate overhead and ongoing operationalexpenses during the next six 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 we continueto control our ongoing costs. We anticipate that Global-American Investments,Inc.'s generated cash flow from operations will contribute to our overall cashoperating needs in the future.
***Off-Balance Sheet Arrangement.

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

We did not expend any fund towards research and developmentduring the six month period ended June 30, 2003 and we do not anticipateincurring any significant expenditures on research and development over the nextsix months.
***Capital ExpenditureCommitments.

We did not undertake any capital expenditure commitmentsduring the six month period ended June 30, 2003, and do not anticipate anysignificant purchase or sale of equipment over the next six 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.

14
***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 six months from the date of adoption.  We are also requiredto reassess the useful lives of other intangible assets within the first interimquarter after adoption of SFAS 142.

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.

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***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
**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)
31.1
Certificate of CEO as Required    by Section 302 of the Sarbanes-Oxley Act of 2002
31.2
Certificate of CFO as Required    by Section 302 of the Sarbanes-Oxley Act of 2002
32.1
Certificate of CEO as Required    by  Section    906 of the Sarbanes-Oxley Act of 2002
32.2
Certificate of CFO as Required    by  Section    906 of the Sarbanes-Oxley Act of 2002***(b) Reports of Form 8-K.

Form 8-K filed June 23, 2003.
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**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: **August 14, 2003**          /s/ Toby Chu    By:_____________________________    Toby Chu , President and CEO/Director
Date: **August 14, 2003**       /s/ Tim Leong    By:_____________________________    Tim Leong, Chief Financial Officer
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