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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 three month period ended: **March 31, 2004** [ ] 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: 
**17,583,740 common shares issued and outstanding as of May 14, 2004**
Transitional Small Business Disclosure Format (Check one): Yes [ ]No [**X**] 
**Table of Contents
 **Page No.**FORWARD LOOKING INFORMATION1PART I - FINANCIAL INFORMATION1 Item 1. Financial Statements1       Item 2. Management's Discussion and Analysis or Plan of Operation11 Overview11 Results of Operations11 Stock-Based Compensation      Expense12 Liquidity and Capital Resources12 Off-Balance Sheet Arrangement13 Research      and Development13 Capital Expenditure Commitments13 Strategic Acquisitions13 Significant Accounting Policies14 Item 3. Controls and      Procedures14 Evaluation of      Disclosure Controls and Procedures14 Changes in internal controls15PART II - OTHER INFORMATION15 Item 1. Legal Proceedings15 Item 2. Changes in Securities15 Item 3. Defaults Upon      Senior Securities 15       Item 4. Submission of Matters to a Vote of Security Holders15 Item 5. Other Information15 Item 6. Exhibits and      Reports on Form 8-K16 a. Exhibits16 b. Reports on Form 8-K16SIGNATURES16 
 

 

 

FORWARDLOOKING INFORMATION**
This quarterly report contains forward-lookingstatements as that term is defined in the *Private Securities LitigationReform Act of 1995*.  These statements relate to future events or ourfuture financial performance.  In some cases, you can identifyforward-looking statements by terminology such as "may", "will", "should","expects", "plans", "anticipates", "believes", "estimates", "predicts","potential" or "continue" or the negative of these terms or other comparableterminology.  These statements are only predictions and involve known andunknown risks, uncertainties and other factors, that may cause our or ourindustry's actual results, levels of activity, performance or achievements to bematerially different from any future results, levels of activity, performance orachievements expressed or implied by these forward-looking statements.

Although we believe that the expectationsreflected in the forward-looking statements are reasonable, we cannot guaranteefuture results, levels of activity, performance or achievements.  Except asrequired by applicable law, including the securities laws of the United States,we do not intend to update any of the forward-looking statements to conformthese statements to actual results.

Our financial statements are stated in UnitedStates Dollars (US$) and are prepared in accordance with United States GenerallyAccepted Accounting Principles.  In this quarterly report, unless otherwisespecified, all dollar amounts are expressed in United States Dollars.  Allreferences to CDN$ 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-ownedsubsidiaries SE Global Capital, Inc. (formerly SE Global Direct, Inc.) andGlobal-American Investments, Inc., unless otherwise indicated.
**PART I - FINANCIAL INFORMATION

Item1. Financial Statements.

The unaudited financial statements of SEGlobal for the three months ended March 31, 2004, 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

MARCH 31, 2004

(Unaudited)

 

CONSOLIDATED Balance Sheets

INTERIM CONSOLIDATED Statements of Operations

INTERIM CONSOLIDATED Statements of Cash Flows

Notes to INTERIM CONSOLIDATED Financial Statements

 

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**SE GLOBAL EQUITIES CORP.

CONSOLIDATED BALANCE SHEETS**** **March 31, 2004**December 31, 2003 
(Unaudited) **ASSETS   **CURRENT  
Cash and short-term investments
$    153,069 
$    267,891 
Accounts receivable
69,735 
78,090 
Prepaid expenses and deposits
10,725 
13,725     
233,529 
359,706    **DUE FROM PARENT COMPANY (Note 5)
41,959 
67,000 **FIXED ASSETS
4,037 
- **CLEARING BROKER DEPOSIT
56,980 
56,980     
$      336,505 
$    483,686       **LIABILITIES   **CURRENT  
Accounts payable
$     194,601 
$    352,627 
Loan payable (Note 3)
100,000 
100,000     
294,601 
452,627    **CONTINGENCY (Note 1) **STOCKHOLDERS' EQUITY    **CAPITAL STOCK (Note 4)  
Common stock $.01 par value; 100,000,000 shares      authorized  
17,583,740 (2003 - 17,583,740) shares issued and      outstanding
175,837 
175,837 **ADDITIONAL PAID IN CAPITAL
4,859,709 
4,795,709 **DEFICIT
(4,993,642)
(4,940,487)    
41,904 
31,059     
$     336,505 
$     483,686    
The accompanying notes are an integral part of these interimconsolidated financial statements.
****
**F-1**

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**SE GLOBAL EQUITIES CORP.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)**** **Three Months ended March 31, 2004**Three Months ended March 31, 2003      **REVENUES  
Brokerage commissions
$     665,218 
$     511,224 
Direct costs
540,737 
405,773     
124,481 
105,451 
Other income
60,470 
55,000     
184,951 
160,451    **EXPENSES  
Depreciation
- 
2,453 
Consulting - stock based compensation (Note 4)
64,000 
- 
General and administrative
55,144 
48,447 
Management fees and salaries
100,502 
151,260 
Professional fees
18,460 
10,327     
235,106 
212,487    **NET INCOME (LOSS) FOR THE PERIOD
$    (53,155)
$    (52,036)   **BASIC NET INCOME (LOSS) PER SHARE
$ (0.00)
$ (0.00)      **WEIGHTED AVERAGE COMMON  **SHARES OUTSTANDING
17,583,740
14,735,962   
The accompanying notes are an integral part of these interimconsolidated financial statements.
**F-2**
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**SE GLOBAL EQUITIES CORP.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)******Three Months      ended March 31, 2004

**Three Months      ended March 31, 2003****Cash flows from operating activities 
Net loss for the period
$    (53,155)
$    (52,036) 
Adjustments to      reconcile net loss to net cash

used in      operating activities 
- depreciation      and amortization
- 
2,453 
- stock based      compensation
64,000 
- 
- accounts      receivable
8,355 
61,892  
- prepaid      expenses
3,000 
5,561 
- accounts      payable
(158,026)
(3,765)  **CASH FLOWS FROM (USED) IN OPERATING ACTIVITIES
(135,826) 
14,105   **CASH FLOWS FROM INVESTING ACTIVITIES 
- fixed assets
(4,037)
-   **CASH FLOWS USED IN INVESTING ACTIVITIES
(4,037)
-   
**CASH FLOWS FROM FINANCING ACTIVITIES** 
- restricted cash
- 
28,779  
- lease obligation repayments
- 
(27,855) 
- advances from (to) parent company
25,041
(18,710) 
  
**CASH FLOWS FROM (USED IN) FINANCING      ACTIVITIES**
25,041
(17,786)  **DECREASE IN      CASH AND CASH EQUIVALENTS**
(114,822)
(3,681)  **CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
267,891 
35,413   
**CASH AND CASH EQUIVALENTS, END OF      PERIOD**
$      153,069 
$      31,732   
SUPPLEMENTAL CASH FLOW INORMATION: Refer to Notes 4 and 5.
****
The accompanying notes are an integral part of these interimconsolidated financial statements.
****
**F-3**

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**SE GLOBAL EQUITIES CORP.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS 

MARCH 31, 2004

(Unaudited)**
 
** 

NOTE 1 -  NATURE OF OPERATIONS AND BASIS OF PRESENTATION**
The Company offers a software platform that provideselectronic low cost order routing of U.S. securities through a licensed U.S.securities broker-dealer to investors throughout most of the world.  All orderrouting and support services are provided by the individual alliance broker incompliance with local regulatory requirements.  Global-AmericanInvestments, Inc. ("GAI"), a subsidiary of SE Global Equities Corp., is a U.S.licensed securities broker-dealer.  GAI provides a wide range of brokerageservices in the United States.
**Going concern**
These financial statements have been prepared in accordancewith generally accepted accounting principles in the United States of Americawith the on-going assumption applicable to a going concern which contemplatesthe realization of assets and the satisfaction of liabilities and commitments inthe normal course of business. The continued operations of the Company and therecoverability of the carrying value of its assets is dependent upon the abilityof the Company to maintain profitable operations. The accompanying financialstatements do not include any adjustments relative to the recoverability andclassification of assets carrying amounts or the amount and classification ofliabilities that might result from the outcome of this uncertainty. To date, theCompany has incurred losses since inception totaling $4,993,642, had a workingcapital deficit of $61,072 at March 31, 2004 and has a limited history ofprofitable operations. 
****
There can be no assurance that capital will be available asnecessary to meet the Company's working capital requirements or, if the capitalis available, that it will be on terms acceptable to the Company. The issuancesof additional equity securities by the Company may result in a significantdilution in the equity interests of its current stockholders. Obtainingcommercial loans, assuming those loans would be available, will increase theCompany's liabilities and future cash commitments. If the Company is unable toobtain financing in the amounts and on terms deemed acceptable, the business andfuture success may be adversely affected. Given the Company's limited profitableoperating history, there can be no assurance that it will be able to achieve ormaintain profitability. Accordingly, these factors raise substantial doubt aboutthe Company's ability 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. In the opinion of Management, all adjustments considered necessaryfor a fair presentation, consisting solely of normal recurring adjustments, havebeen made. Operating results for the three months ended March 31, 2004 are notnecessarily indicative of the results that may be expected for the year endingDecember 31, 2004. 
**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.
**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, SE Global Equities Inc., and GAI.The Company also has one subsidiary, SE Global Investment Company Limited, whichis inactive and has no assets, liabilities or operations. On May 30, 2003 theCompany sold its interest in two of its non-operating subsidiaries, SE GlobalEquities Company Limited and SE Global Communications (Hong Kong) Limited, toarms-length parties for nominal consideration. All significant intercompanybalances and transactions have been eliminated on consolidation.
**-F-4-**
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**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)

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.
**Financial instruments**
The Company's financial instruments include cash and cashequivalents, accounts receivable and payable and loans payable. The fair valuesof these financial instruments approximate their carrying values due to theshort-term maturity of the instruments.
**Revenue recognition**
Securities transactions and related revenues and expenses arerecorded on a trade date basis. Commission revenues are recorded on a settlementdate basis. Consulting fees are recorded in accordance with the terms ofconsulting agreements when collection is reasonably assured.
**Net earnings (loss) per common share**
Basic earnings (loss) per share includes no dilution and iscomputed by dividing earnings (loss) available to common stockholders by theweighted average number of common shares outstanding for the period. Diluted netearnings (loss) per share reflects the potential dilution of securities thatcould share in the earnings (loss) of the Company. The accompanying presentationis only of basic net earnings (loss) per share as the potentially dilutivefactors are anti-dilutive to basic net earnings (loss) per share.
**Foreign currency transactions**
The financial statements are presented in United Statesdollars. In accordance with Statement of Financial Accounting Standards No. 52,"Foreign Currency Translation", since the functional currency of the Company isU.S. dollars, the foreign currency financial statements of the Company'ssubsidiaries are re-measured into U.S. dollars. Monetary assets and liabilitiesare re-measured using the foreign exchange rate that prevailed at the balancesheet date. Revenue and expenses are translated at weighted average rates ofexchange during the year and stockholders' equity accounts and capital assetaccounts are translated by using historical exchange rates. Any re-measurementgain or loss incurred is reported in the consolidated income statement.
**Income taxes**
The Company follows the liability method of accounting forincome taxes. Under this method, deferred 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.
**-F-5-**
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**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)

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:
********  
March 31, 2004
March 31, 2003    
Net loss for the period
As reported
$    (53,155)
$     (52,036)
SFAS 123 compensation expense
Pro-forma
(80,000)
-     
Net loss for the period
Pro-forma
$   (133,155)
$     (52,036)    
Pro-forma basic net loss per share
Pro-forma
$         (0.01)
$         (0.00)
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.
**F-6**
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**NOTE 3 - 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.Upon conversion of the loan the holder will also receive share purchase warrantsentitling the holder to purchase 333,333 shares of the Company at a price of$0.40 per share for a two year period. The Company may repay the loan during theterm of the loan with a penalty equivalent to three months of interest. Anagent's fee of $8,000 was paid on the loan.
****
As at March 31, 2004 $3,000 of accrued and unpaid interest isincluded in accounts payable.
**NOTE 4 - CAPITAL STOCK**
On July 8, 2003, the Company issued 2,777,778 shares of itscapital stock in settlement of $500,000 of debt owed to its parent companyCapital Alliance Group Ltd. ("CAG").
**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. In January 2004the Company adopted a new Stock Option Plan.
****
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 were 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"). During the year ended December 31, 2003, 150,000 of the stockoptions that are subject to variable accounting expired leaving 790,000 stockoptions subject to variable accounting. No compensation expense relating tothese stock options was recorded during the period ended March 31, 2004 as themarket price of the Company's shares of common stock is less than the exerciseprice of these stock options.
**January 2004 Stock Option Plan**
Effective January 22, 2004, the Company adopted the 2004Stock Option Plan (the "2004 Plan") allowing for the awarding of options toacquire shares of the Company's common stock. The 2004 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 February 2, 2004 the Company filed a Form S-8registering a total of 3,000,000 shares of the Company's common stock inconnection with the Company's 2004 Plan.
**F-7**
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**NOTE 4 - CAPITAL STOCK (cont'd)**
On January 26, 2004 a total of 200,000 non-qualified stockoptions were granted to consultants at an exercise price of $0.33, exercisablefor a term of five years and a total of 250,000 non-qualified stock options weregranted to employees, officers and directors, exercisable for a term of fiveyears. The fair value of these stock options was estimated at grant date usingthe Black-Scholes option-pricing model applying the market value per share andthe risk-free interest rate in effect at the grant date of 2%, 213% volatilityand an expected life of five years resulting in a consulting expense of $64,000and a pro forma expense of $80,000 as disclosed in Note 2.
****
The following table summarizes the Company's stock optionactivity:
** 
 

Number of      Options
 

Weighted Average      Exercise Price
Weighted Average      Remaining Contractual Life    
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, December 31, 2003
1,804,000 
$      0.52 
3.07 years
Granted
450,000 
0.33      
Balance, March 31, 2004
2,254,000 
$      0.48 
3.22 years
NOTE 5 - RELATED PARTY TRANSACTIONS

Included in accounts payable are unpaid management fees of$43,000 owing to a Director of the Company. 
****
During the period ended March 31, 2004 the Company receivednet cash advances from CAG of $25,041 (2003 - $18,170 net cash advances to CAG).During the year ended December 31, 2003 CAG converted $500,000 ofinter-corporate debt into 2,777,778 shares of the Company at $0.18 per share(see Note 4). As at March 31, 2004 $41,959 was owed to the Company from CAG(December 31, 2003 - $67,000).
****
During the period ended March 31, 2004 the Company incurredmanagement and consulting fees to Directors and Officers of the Company in theamount of $29,900 (2003 - $30,413).
****
Amounts due to and from related parties are unsecured,non-interest bearing and have no specific terms of repayment.
**NOTE 6 - INCOME TAXES**
The Company and its subsidiaries have combined tax lossescarried forward, which may be available to reduce future year's taxable income,that result in deferred tax assets. Management believes that the realization ofthe benefits from these deferred tax assets appears uncertain due to theCompany's limited operating history and continuing losses. Accordingly a full,deferred tax asset valuation allowance has been provided and no deferred taxasset benefit has been recorded.
**NOTE 7 - SUBSEQUENT EVENTS**
On April 12, 2004, the Company entered into a non-bindingletter of intent to acquire a broker-dealer based in San Francisco. Thistransaction is subject to material conditions precedent, due diligence resultsand final negotiation of financial and other terms to be contained in a contractthat will supercede the letter of intent. The terms of acquisition ascontemplated in the letter of intent will require the Company to issueapproximately 130,000 shares of the Company's common stock to acquire 60% of thebroker-dealer.
****** 

F-8**
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**Item 2. Management's Discussion and Analysis or Plan ofOperation.
***Overview.
**General. We and our subsidiaries and affiliates are primarily engaged in securitiesexecution and clearance, securities brokerage, securities lending and borrowingand trading as a principal in equity and fixed income securities. All of theseactivities are highly competitive and are sensitive to many factors outside ofour control, including volatility of securities prices and interest rates;trading volume of securities; economic conditions in the regions where we or oursubsidiaries and affiliates conduct business; income tax legislation; and demandfor financial services. Brokerage revenues are dependent upon the level oftrading volume, which may fluctuate significantly, a large portion of ourexpenses remains fixed. Consequently, net operating results can varysignificantly from period to period.

The following comparisons of our financialresults for the three month period ended March 31, 2004 and March 31, 2003.
***Results ofOperations.
**Three month period ended March 31, 2003compared to three month period ended March 31, 2002

Revenue.  Totalrevenue for the three month period ended March 31, 2004 was $665,218 compared torevenues of $511,224, for the three month period ended March 31, 2003, anincrease of 30%. All of our revenue for the three month period ended March 31,2004, was derived from online direct access trading services provided throughour subsidiary Global-American Investments, Inc.

During the three month period ended, March 31,2004, we increased the client base of active direct stock traders that thrive insuch volatile markets. We continue to add new clients to the Global-AmericanInvestments, Inc. client base that are prepared to actively trade in the equitymarkets, especially since the equity markets have improved and continue toimprove. From March of 2003 to March 31, 2004 the total number of new accountsincreased by 20%. Also, Global-American Investments, Inc.'s asset and cash undermanagement increased by 48% 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 March 31, 2003 to March 31,2004, the total number of stock equity trades increased by 179%. 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.

Our direct costs, consisting of trade clearingcharges, quotation costs and commissions, were $540,737 for the three monthperiod ended March 31, 2004, compared to $405,773 for the three month periodended March 31, 2003. The increase in direct costs for the three month periodended March 31, 2004 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.

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We had other income of $60,470 for the threemonth period ended March 31, 2004 compared to $55,000 for the three month periodended March 31, 2003. Other income during the three months ended March 31, 2004was comprised of forfeited deposits from certain consulting contracts, whileother income during the three months ended March 31, 2003 was comprised ofconsulting fees.

Our ability to achieve profitability in thefuture will depend upon our ability to expand our brand awareness and clientbase, increase our global market presence and reduce our operating costs. Inorder to achieve these goals, we will need to increase spending on marketing andenhance our cost control program.
**Expenses.  Total expenses increased from $212,487 for the three month period ended March31, 2003 to $235,106 for the three month period ended March 31, 2004, anincrease of 10%. Included in total expenses was a non-cash stock-basedcompensation expense of $64,000 which accounted for the majority of the increasein expenses. during the three month period ended March 31, 2004.

Management fees and salaries for the threemonth period ended March 31, 2004 was $100,502, compared to $151,260 for thethree month period ended March 31, 2003, a decrease of 34%. General andadministrative costs for the three month period ended March 31, 2004 were$55,144, compared to $48,447 for the three month period ended March 31, 2003, anincrease of 14%. Professional fees for the three month period ended March 31,2004 was $18,460 compared to $10,327 for the three month period ended March 31,2003, an increase of 79%. 

We generated a net loss of $53,155 for thethree month period ended March 31, 2004 compared to a net loss of $52,036 forthe three month period ended March 31, 2003. Of the $53,155 net loss for thethree month period ended March 31, 2004, $64,000 was attributable to thenon-cash stock-based compensation charge against income.
***Stock-Based Compensation Expense.

A $64,000 non-cash stock-based compensationexpense was realized for the three month period ended March 31, 2004. Nonon-cash stock-based compensation expense was incurred for the three monthperiod ended March 31, 2003.***Liquidity and Capital Resources*.*
As at March 31, 2004, we had $210,049 in cashon hand (comprised of $153,069 unrestricted cash and $56,980 clearing deposit). In comparison, as at March 31, 2003 we had cash on hand of $120,663 (comprisedof $31,732 unrestricted cash, $36,980 clearing deposit and $51,951 restrictedcash). The unrestricted cash is available for general working capital purposeswhile the clearing deposit is held by the trade clearing house and restrictedcash is deposit held by the leasing company for leased equipment.  Theleases on the leased equipment ended on June 1, 2003.

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For the three month period ended March 31,2004, we expended, before depreciation and non-cash stock-based compensation,approximately $57,000 per month to operate our business, compared toapproximately $70,000 per month for operation of our business for the threemonth period ended March 31, 2003.  Areas of significant expenditureinclude management fees, salaries and benefits, professional fees, rent andoffice costs.

To achieve our goals and objectives for thenext nine months, we plan to raise additional capital through private placementsof our equity securities, proceeds received from the exercise of outstandingoptions, continued financing from our majority shareholder, Capital AllianceGroup Inc., and, if available on satisfactory terms, debt financing.

We plan to use any additional funds that wemight be successful in raising for marketing and advertising of SE Global Trade,as well as for strategic acquisition of existing businesses that complement ourmarket niche, and general working capital purposes.

If we are unsuccessful in raising any of theplanned debt or equity financing, our ability to seek and consummate strategicacquisitions to build our company internationally, and to expand of our businessdevelopment and marketing programs will be adversely effected. However, weexpect that we will have sufficient funds to meet our corporate overhead andongoing operational expenses during the next nine months assuming that revenuesin our wholly-owned subsidiary, Global-American Investments Inc., continue togrow at the rate of 5% per month with the addition of new accounts, and assumingthat we successfully control our ongoing costs. We anticipate thatGlobal-American Investments, Inc.'s generated cash flow from operations willcontribute to our overall cash operating needs in the future.
***Off-Balance SheetArrangement.

As of March 31, 2004, we have had nooff-balance sheet arrangements.
***Research andDevelopment.

We did not expend any fund towards researchand development during the three month period ended March 31, 2004 and we do notanticipate incurring any significant expenditures on research and developmentover the next nine months.
***Capital Expenditure Commitments.

We did not undertake any capital expenditurecommitments during the three month period ended March 31, 2004, and do notanticipate any significant purchase or sale of equipment over the next ninemonths.
***StrategicAcquisitions.

On April 12, 2004, SE Global entered into anon-binding letter of intent to acquire a broker-dealer based in San Francisco.This transaction is subject to other material conditions present, due diligenceresults and final negotiation of financial and other terms to be contained in acontract that will supercede the letter of intent.The terms of acquisition as contemplated in the letter of intent will require SEGlobal to issue approximately 130,000 shares of SE Global's common stock toacquire 60% of the broker-dealer.

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***Significant Accounting***Policies*****Revenue recognition**
Securities transactions and related revenuesand expenses are recorded on a trade date basis. Commission revenues arerecorded on a settlement date basis. Consulting fees are recorded in accordancewith the terms of consulting agreements when collection is reasonably assured.
**Stock-based compensation**
In December 2002, the Financial AccountingStandards Board issued Financial Accounting Standard No. 148, "Accounting forStock-Based Compensation - Transition and Disclosure" ("SFAS No. 148"), anamendment of Financial Accounting Standard No. 123 "Accounting for Stock-BasedCompensation" ("SFAS No. 123"). The purpose of SFAS No. 148 is to: (1) providealternative methods of transition for an entity that voluntarily changes to thefair value based method of accounting for stock-based employee compensation, (2)amend the disclosure provisions to require prominent disclosure about theeffects on reported net income of an entity's accounting policy decisions withrespect to stock-based employee compensation, and (3) to require disclosure ofthose effects in interim financial information. The disclosure provisions ofSFAS No. 148 were effective for the Company for the year ended December 31,2002.

The Company has elected to continue to accountfor stock-based employee compensation arrangements in accordance with theprovisions of Accounting Principles Board Opinion No. 25, "Accounting for StockIssued to Employees", ("APB No. 25") and comply with the disclosure provisionsof SFAS No. 123 as amended by SFAS No. 148 as described above. In addition, inaccordance with 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.
**Item 3. Controls and Procedures.
*Evaluation of Disclosure Controls and Procedures.

Within the 90 days prior to the filing date ofthis report, we carried out an evaluation, under the supervision and with theparticipation of our management, including our Chief Executive Officer and ChiefFinancial Officer, of the effectiveness of the design and operation of ourdisclosure controls and procedures. Based upon that evaluation, our ChiefExecutive Officer and Chief Financial Officer concluded that our disclosurecontrols and procedures are effective. Disclosure controls and procedures aredesigned to ensure that information required to be disclosed in our reportsfiled or submitted 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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***Changesin internal controls. 

There were no significant changes in ourinternal controls or in other factors that could materially affect, or arereasonably likely to materially affect, our internal controls over financialreporting, subsequent to the date of our evaluation, including any correctiveactions with regard to significant deficiencies and material weaknesses.
**PART II - OTHER INFORMATION

Item 1.Legal Proceedings.

We know of no material, active or pendinglegal proceedings against our company, nor are we involved as a plaintiff in anymaterial proceeding or pending litigation. There are no proceedings in which anyof our directors, officers or affiliates, or any registered or beneficialshareholder, is an adverse party or has a material interest adverse to ourinterest.
**Item2. 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
**No.****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 Rule 13a-14(a)/15d-14
31.2
Certificate of CFO as    Required by Rule 13a-14(a)/15d-14
32.1
Certificate of CEO as    Required by Rule Rule 13a-14(b) and Rule 15d-14(b) (17 CFR 240.15d-14(b))    and Section 1350 of Chapter 63 of Title 18 of the United States Code
32.2
Certificate of CFO as    Required by Rule Rule 13a-14(b) and Rule 15d-14(b) (17 CFR 240.15d-14(b))    and Section 1350 of Chapter 63 of Title 18 of the United States Code***(b) Reports ofForm 8-K.

None
**SIGNATURES**
In accordance with the requirements of theExchange Act, the registrant caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized. 
 **SE GLOBAL EQUITIES CORP.
Date: **May 17,    2004**          /s/ Toby Chu    By:_____________________________    Toby Chu , President and CEO/Director
 
Date: **May 17,    2004**          /s/ Tim Leong    By:_____________________________    Tim Leong, Chief Financial Officer
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