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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, 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 August 12, 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 Operation12 Overview12 Results of Operations12 Stock-Based Compensation      Expense13 Liquidity and Capital Resources13 Off-Balance Sheet Arrangement14 Research      and Development14 Capital Expenditure Commitments14 Strategic Acquisitions14 Significant Accounting Policies15 Item 3. Controls and      Procedures15 Evaluation of      Disclosure Controls and Procedures15 Changes in internal controls16PART II - OTHER INFORMATION16 Item 1. Legal Proceedings16 Item 2. Changes in Securities16 Item 3. Defaults Upon      Senior Securities 16       Item 4. Submission of Matters to a Vote of Security Holders16 Item 5. Other Information16 Item 6. Exhibits and      Reports on Form 8-K17 a. Exhibits17 b. Reports on Form 8-K17SIGNATURES17 
FORWARD LOOKINGINFORMATION**
This quarterly report contains forward-looking statements asthat term is defined in the *Private Securities Litigation Reform Act of 1995*. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology suchas "may", "will", "should", "expects", "plans", "anticipates", "believes","estimates", "predicts", "potential" or "continue" or the negative of theseterms or other comparable terminology.  These statements are onlypredictions and involve known and unknown risks, uncertainties and otherfactors, that may cause our or our industry's actual results, levels ofactivity, performance or achievements to be materially different from any futureresults, levels of activity, performance or achievements expressed or implied bythese forward-looking statements.

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

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

As used in this annual report, the terms "we", "us", "our",and "SE Global" mean SE Global Equities Corp. and its wholly-owned subsidiariesSE Global Capital, Inc. (formerly SE Global Direct, Inc.) and Global-AmericanInvestments, Inc., unless otherwise indicated.
**PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.**
The unaudited financial statements of SE Global for the sixmonths ended June 30, 2004, follow. The financial statements reflect alladjustments which are, in the opinion of management, necessary to a fairstatement of the results for the interim period presented. 

1
** 

SE GLOBAL EQUITIES CORP.

 

INTERIM CONSOLIDATED Financial Statements

JUNE 30, 2004

(Unaudited)

 

CONSOLIDATED BALANCE SHEETS

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

-2-
**SE GLOBAL EQUITIES CORP.

CONSOLIDATED BALANCE SHEETS**** **June 30, 2004**December 31, 2003 
(Unaudited) **ASSETS   **CURRENT  
Cash and short-term investments
$    115,153 
$    267,891 
Accounts receivable
38,083 
78,090 
Prepaid expenses and deposits
21,358 
13,725     
269,044 
359,706    **DUE FROM PARENT COMPANY (Note 5)
12,664 
67,000 **FIXED ASSETS, net of depreciation
24,806 
- **CLEARING BROKER DEPOSIT
56,980 
56,980     
$      269,044 
$    483,686      **LIABILITIES   **CURRENT  
Accounts payable
$     199,154 
$    352,627 
Loan payable (Note 3)
100,000 
100,000     
299,154 
452,627    
**GOING CONCERN CONTINGENCY** (Note 1) **STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)   **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
(5,065,656)
(4,940,487)    
(30,110) 
31,059     
$     269,044 
$     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 June 30, 2004**Three Months ended June 30, 2003**Six Months ended June 30, 2004**Six Months ended June 30, 2003     **REVENUES**    
Brokerage commissions
$ 624,752 
$ 516,006 
$ 1,289,970 
$ 1,027,230 
Direct costs
525,395 
371,735 
1,066,132 
777,508       
99,357 
144,271 
223,838 
249,722 
Consulting and other income
2,423 
100,998 
62,893 
155,998  
101,780 
245,269 
286,731 
405,720      **EXPENSES**    
Consulting - stock based compensation 
- 
- 
64,000 
- 
Depreciation
- 
- 
- 
2,453 General and administrative
51,416 
74,971 
101,574 
123,418 Interest and bank charges
3,983 
924 
8,969 
924 Management fees and salaries
97,917 
63,419 
198,419 
214,679 Professional fees
20,478 
15,912 
38,938 
26,239  
173,794 
155,226 
411,900 
367,713      **INCOME (LOSS) BEFORE THE      FOLLOWING**
(72,014)
90,043 
(125,169)
38,007      **OTHER INCOME**    Gain on sale of subsidiaries      (Note 6)
- 
210,225 
- 
210,225 **NET INCOME (LOSS) FOR THE      PERIOD**
$ (72,014)
$ 300,268 
$ (125,169) 
$ 248,232      **BASIC NET INCOME (LOSS) PER      SHARE**
$ (0.00) 
$ 0.02 
$ (0.01) 
$ 0.02      **WEIGHTED AVERAGE COMMON**    **SHARES OUTSTANDING**
17,583,740
14,735,962
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)

**Six Months       ended June 30, 2004**
**Six Months       ended June 30, 2003****CASH FLOWS      FROM OPERATING ACTIVITIES**Net (loss)      income for the period
$      (125,169) 
$      248,232 Adjustments to      reconcile net loss to net cash
used in operating activities- depreciation      and amortization
- 
2,453 - gain on sale      of subsidiaries
- 
(210,225)- stock based      compensation (recovery)
64,000 
- - accounts      receivable
40,007 
26,298 - prepaid      expenses
(7,633)
6,713 - accounts      payable
(153,473)
171,005 ******CASH FLOWS      FROM (USED IN) OPERATING ACTIVITIES**
(182,268)
244,476 ******CASH FLOWS      FROM INVESTING ACTIVITIES**- fixed assets
(24,806)
- ******CASH FLOWS      FROM (USED IN) INVESTING ACTIVITIES**
(24,806)
- ******CASH FLOWS      FROM FINANCING ACTIVITIES**- restricted      cash
- 
80,730 - lease      obligation repayments
- 
(43,333)- advances from      (to) parent company
54,336 
(170,343)******CASH FLOWS      FROM (USED IN) FINANCING ACTIVITIES**
54,336 
(132,946)******INCREASE      (DECREASE) IN CASH AND CASH EQUIVALENTS**
(152,738)
111,530 **CASH AND      CASH EQUIVALENTS, BEGINNING OF PERIOD**
267,891 
35,413 **CASH AND      CASH EQUIVALENTS, END OF PERIOD**
$        115,153 
$        146,943 
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 

JUNE 30, 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 accordance with generallyaccepted accounting principles in the United States of America with the on-goingassumption applicable to a going concern which contemplates the realization ofassets and the satisfaction of liabilities and commitments in the normal courseof business. The continued operations of the Company and the recoverability ofthe carrying value of its assets is dependent upon the ability of the Company tomaintain profitable operations. The accompanying financial statements do notinclude any adjustments relative to the recoverability and classification ofassets carrying amounts or the amount and classification of liabilities thatmight result from the outcome of this uncertainty. To date, the Company hasincurred losses since inception totaling $5,072,232, had a working capitaldeficit of $124,560 at June 30, 2004 and continues to rely on outside equitycapital to finance recurring operating losses.

There can be no assurance that capital will be available as necessary to meetthe Company's working capital requirements or, if the capital is available, thatit will be on terms acceptable to the Company. The issuances of additionalequity securities by the Company may result in a significant dilution in theequity interests of its current stockholders. Obtaining commercial loans,assuming those loans would be available, will increase the Company's liabilitiesand future cash commitments. If the Company is unable to obtain financing in theamounts and on terms deemed acceptable, the business and future success may beadversely affected. Given the Company's limited operating history, there can beno assurance that it will be able to achieve or maintain profitability.Accordingly, these factors raise substantial doubt about the Company's abilityto 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 six months ended June 30, 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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**SE GLOBAL EQUITIES CORP.NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2004                                                                                                                                                                                                                                (Unaudited)

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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**SE GLOBAL EQUITIES CORP.NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2004                                                                                                                                                                                                                                (Unaudited)

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)

Stock-based compensation**
In December 2002, the Financial Accounting Standards Board issued FinancialAccounting Standard No. 148, "Accounting for Stock-Based Compensation -Transition and Disclosure" ("SFAS No. 148"), an amendment of FinancialAccounting Standard No. 123 "Accounting for Stock-Based Compensation" ("SFAS No.123"). The purpose of SFAS No. 148 is to: (1) provide alternative methods oftransition for an entity that voluntarily changes to the fair value based methodof accounting for stock-based employee compensation, (2) amend the disclosureprovisions to require prominent disclosure about the effects on reported netincome of an entity's accounting policy decisions with respect to stock-basedemployee compensation, and (3) to require disclosure of those effects in interimfinancial information. The disclosure provisions of SFAS No. 148 were effectivefor the Company for the year ended December 31, 2002 and the requireddisclosures have been made below.

The Company has elected to continue to account for stock-based employeecompensation arrangements in accordance with the provisions of AccountingPrinciples Board Opinion No. 25, "Accounting for Stock Issued to Employees",("APB No. 25") and comply with the disclosure provisions of SFAS No. 123 asamended by SFAS No. 148 as described above. In addition, in accordance with SFASNo. 123 the Company applies the fair value method using the Black-Scholesoption-pricing model in accounting for options granted to consultants. Under APBNo. 25, compensation expense is recognized based on the difference, if any, onthe date of grant between the estimated fair value of the Company's stock andthe amount an employee must pay to acquire the stock. Compensation expense isrecognized immediately for past services and pro-rata for future services overthe option-vesting period.

The following table illustrates the pro forma effect on net income (loss) andnet income (loss) per share as if the Company had accounted for its forstock-based employee compensation using the fair value provisions of SFAS No.123 using the assumptions as described in Note 4:
******  
June 30, 2004
June 30, 2003    
Net loss for the period
As reported
$    (131,745)
$     248,232
SFAS 123 compensation expense
Pro-forma
(80,000)
(76,800)    
Net loss for the period
Pro-forma
$   (211,745)
$     (171,432)    
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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**SE GLOBAL EQUITIES CORP.NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2004                                                                                                                                                                                                                                (Unaudited)

NOTE 3 - LOAN PAYABLE**
The $100,000 loan was received on August 25, 2003, bears interest at a rateof 12% per annum, payable monthly, and matures on August 31, 2004. A conversionfeature was added on October 20, 2003 which allows the loan amount to beconverted into shares of the Company at a price of $0.30 per share. Uponconversion 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 June 30, 2004 $1,000 of accrued and unpaid interest is included inaccounts 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 2001 Stock Option Plan(the "2001 Plan") allowing for the awarding of options to acquire shares of theCompany's common stock. The 2001 Plan allows for Non-qualified Stock Options tobe awarded to employees, officers, directors and consultants of the Company andfor Incentive Stock Options to be awarded to employees of the Company. Themaximum number of options issuable under this plan cannot exceed 2,500,000 ofwhich a maximum of 700,000 can be Incentive options. The incentive options mustbe granted at a minimum of market value of the Company's common stock and for aterm not to exceed 5 years. Unless otherwise determined, the Incentive optionswill vest to the holder as follows: 30% six months following the award date, 40%twelve months following the award date and 30% eighteen months following theaward date. The non-qualified options vest immediately, must be granted at aminimum of 85% of the market value of the Company's common stock and for a termnot to exceed 10 years. In January 2004 the Company adopted a new Stock OptionPlan.

Effective October 10, 2001 the Company awarded a total of 2,150,000non-qualified options at a price of $0.57 under the 2001 Plan to certainemployees, officers, directors and consultants of the Company and certain of itssubsidiaries. Of these options, 940,000 were deemed to be a modification ofoptions granted under the original Plan and as such are subject to variableaccounting in accordance with the provisions of the Financial AccountingStandards Board Interpretation No.44, Accounting for Certain TransactionsInvolving Stock Compensation - An Interpretation of APB Opinion No. 25 ("FIN44"). During the year ended December 31, 2003, 150,000 of the stock options thatare subject to variable accounting expired leaving 790,000 stock options subjectto variable accounting. No compensation expense relating to these stock optionswas recorded during the period ended June 30, 2004 as the market price of theCompany's shares of common stock is less than the exercise price of these stockoptions.
**January 2004 Stock Option Plan**
Effective January 22, 2004, the Company adopted the 2004 Stock Option Plan(the "2004 Plan") allowing for the awarding of options to acquire shares of theCompany's common stock. The 2004 Plan allows for Non-qualified Stock Options tobe awarded to employees, officers, directors and consultants of the Company andfor Incentive Stock Options to be awarded to employees of the Company. Themaximum number of options issuable under this plan cannot exceed 2,500,000 ofwhich a maximum of 700,000 can be Incentive options. The incentive options mustbe granted at a minimum of market value of the Company's common stock and for aterm not to exceed 5 years. Unless otherwise determined, the Incentive optionswill vest to the holder as follows: 30% six months following the award date, 40%twelve months following the award date and 30% eighteen months following theaward date. The non-qualified options vest immediately, must be granted at aminimum of 85% of the market value of the Company's common stock and for a termnot to exceed 10 years.

Effective February 2, 2004 the Company filed a Form S-8 registering a totalof 3,000,000 shares of the Company's common stock in connection with theCompany's 2004 Plan.
****
F-7

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**SE GLOBAL EQUITIES CORP.NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2004                                                                                                                                                                                                                                (Unaudited)

NOTE 4 - CAPITAL STOCK (cont'd)**
On January 26, 2004 a total of 200,000 non-qualified stock options weregranted to consultants at an exercise price of $0.33, exercisable for a term offive years and a total of 250,000 non-qualified stock options were granted toemployees, officers and directors, exercisable for a term of five years. Thefair value of these stock options was estimated at grant date using the Black-Scholesoption-pricing model applying the market value per share and the risk-freeinterest rate in effect at the grant date of 2%, 213% volatility and an expectedlife of five years resulting in a consulting expense of $64,000 and a pro formaexpense of $80,000 as disclosed in 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, 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, June 30, 2004
2,254,000 
$      0.48 
2.98 years**NOTE 5 - RELATED PARTY TRANSACTIONS**
During the period ended June 30, 2004 the Company receivednet cash advances from CAG of $54,336 (2003 - $170,343 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 June 30, 2004 $12,664 was owed to the Company from CAG(December 31, 2003 - $67,000).

During the period ended June 30, 2004 the Company incurred management andconsulting fees to Directors and Officers of the Company in the amount of$60,800 (2003 - $68,749). Included in accounts payable are unpaid managementfees of $43,000 owing to a Director of the Company.

Amounts due to and from related parties are unsecured, non-interest bearingand have no specific terms of repayment.
**NOTE 6 - GAIN ON SALE 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.

F-8

10

**SE GLOBAL EQUITIES CORP.NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2004                                                                                                                                                                                                                                (Unaudited)**
**NOTE 7 - 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 8 - SUBSEQUENT EVENTS**
Effective July 7, 2004 the Company entered into an agreementto acquire 90% of the issued and outstanding shares of Fidelity Asset ManagementInc. ("FAM"), a broker-dealer based in Huntington Beach, California for $10,000.FAM is a NASD registered full service broker-dealer in good standing with theregulatory bodies. This transaction is subject to material conditions precedent,due diligence results, and final negotiation of financial and other terms, aswell as NASD approval.On July 22, 2004 the Company announced a planned acquisition of the businessoperations of CPY Holdings LLC ("CPY"), a broker-dealer based in Fremont,California. A new company, SE Global Capital (San Jose) Inc. ("SEGCSJ"), will beestablished to acquire the business operations of CPY. The Company will issue130,000 restricted shares of the Company's common stock to the shareholders ofCPY, and CPY will transfer its existing client base, future revenue streams andselected assets into SEGCSJ. The Company will own 60% of SEGCSJ and the CPYshareholders will own the remaining 40% of SEGCSJ. The 130,000 restricted shareswill be held in escrow and released subject to achieving certain revenuemilestones. This transaction is subject to material conditions precedent, duediligence results, and final negotiation of financial and other terms, as wellas NASD approval.  

F-9

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**Item 2. Management's Discussion and Analysis or Plan ofOperation. 
*Overview.

General.  We and our subsidiaries and affiliates areprimarily 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 discussion compares the financial results forthe six month period ended June 30, 2004 and June 30, 2003.
***Results of Operations.

Six month period ended June 30, 2004 compared to six monthperiod ended June 30, 2003

Revenue.  Brokerage commission revenue for the sixmonth period ended June 30, 2004 was $1,289,970 compared to revenues of$1,027,230 for the six month period ended June 30, 2003, an increase of 26%. Ourdirect costs, consisting of trade clearing charges, quotation costs andcommissions, were $1,066,132 for the six month period ended June 30, 2004,compared to $777,508 for the six month period ended June 30, 2003. The increasein direct costs for the six month period ended June 30, 2004 was a result ofincurring more costs to serve the wholesale client base. Commissions were paidto licensed brokers that assisted in generating the online direct access tradingrevenues from the wholesale clients.

We had other income of $62,893 for the six month period endedJune 30, 2004 compared to $155,998 for the six month period ended June 30, 2003.Other income during the six months ended June 30, 2004 was comprised offorfeited deposits from certain consulting contracts, while other income duringthe six months ended June 30, 2003 was comprised primarily of consulting fees.

Our ability to achieve profitability in the future willdepend upon our ability to expand our brand awareness and client base, increaseour global market presence and reduce our operating costs. In order to achievethese goals, we will need to increase spending on marketing and enhance our costcontrol program.
**Expenses.   Total expenses increased from$367,713 for the six month period ended June 30, 2003 to $411,900 for the sixmonth period ended June 30, 2004, an increase of 12%. Included in total expenseswas a non-cash stock-based compensation expense of $64,000 which accounted forthe majority of the increase in expenses during the six month period ended June30, 2004.

12

Management fees and salaries for the six month period endedJune 30, 2004 was $198,419, compared to $214,679 for the six month period endedJune 30, 2003, a decrease of 8%. General and administrative costs for the sixmonth period ended June 30, 2004 were $101,574, compared to $123,418 for the sixmonth period ended June 30, 2003, a decrease of 18%. Professional fees for thesix month period ended June 30, 2004 was $38,938 compared to $26,239 for the sixmonth period ended June 30, 2003, an increase of 48%. 
**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 non-cash gain in the amount of $210,225 on thesale of SEGHK and SEGCHK.

We generated a net loss of $125,169 for the six month periodended June 30, 2004 compared to a net income of $248,232 for the six monthperiod ended June 30, 2003. Of the $125,169 net loss for the six month periodended June 30, 2004, $64,000 was attributable to the non-cash stock-basedcompensation charge against income.Of the $248,232 netincome for the six month period ended June 30, 2003, $210,225 was attributableto the non-cash gain on sale of subsidiaries.
***Stock-BasedCompensation Expense.

A $64,000 non-cash stock-based compensation expense wasrealized for the six month period ended June 30, 2004. No non-cash stock-basedcompensation expense was incurred for the six month period ended June 30, 2003.***Liquidity and Capital Resources*.*
As at June 30, 2004, we had $172,133 in cash on hand(comprised of $115,153 of unrestricted cash and $56,980 of clearing deposit). In comparison, as at December 31, 2003 we had cash on hand of $324,871(comprised of $267,891 of unrestricted cash and $56,980 of clearing deposit).The unrestricted cash is available for general working capital purposes whilethe clearing deposit is held by the trade clearing house.

For the six month period ended June 30, 2004, we expended,before depreciation and non-cash stock-based compensation, approximately $58,000per month to operate our business, compared to approximately $61,000 per monthfor operation of our business for the six month period ended June 30, 2003. Areas of significant expenditure include management fees, salaries and benefits,professional fees, rent and office costs.

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

We plan to use any additional funds that we might besuccessful in raising for marketing and advertising of SE Global Trade, as wellas for strategic acquisition of existing businesses that complement our marketniche, and general working capital purposes.

13

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

As of June 30, 2004, 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, 2004 and we do not anticipateincurring any significant expenditures on research and development over the nextnine months.
***Capital ExpenditureCommitments.

We did not undertake any capital expenditure commitmentsduring the six month period ended June 30, 2004, and do not anticipate anysignificant purchase or sale of equipment over the next nine months.
***Strategic Acquisitions.

Effective July 7, 2004 the Company entered into an agreementto acquire 90% of the issued and outstanding shares of Fidelity Asset ManagementInc. ("FAM"), a broker-dealer based in Huntington Beach, California, for$10,000. FAM is a NASD registered full service broker-dealer in good standingwith the regulatory bodies. This transaction is subject to material conditionsprecedent, due diligence results, and final negotiation of financial and otherterms, as well as NASD approval.
****
On July 22, 2004 the Company announced a planned acquisitionof the business operations of CPY Holdings LLC ("CPY"), a broker-dealer based inFremont, California. A new company, SE Global Capital (San Jose) Inc. ("SEGCSJ"),will be established to acquire the business operations of CPY. The Company willissue 130,000 restricted shares of the Company's common stock to theshareholders of CPY, and CPY will transfer its existing client base, futurerevenue streams and selected assets into SEGCSJ. The Company will own 60% ofSEGCSJ and the CPY shareholders will own the remaining 40% of SEGCSJ. The130,000 restricted shares will be held in escrow and released subject toachieving certain revenue milestones. This transaction is subject to materialconditions precedent, due diligence results, and final negotiation of financialand other terms, as well as NASD approval.

14
***Significant Accounting Policies*
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.
**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.
****
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 the Black-Scholesoption-pricing model in accounting for options granted to consultants. Under APBNo. 25, compensation expense is recognized based on the difference, if any, onthe date of grant between the estimated fair value of the Company's stock andthe amount an employee must pay to acquire the stock. Compensation expense isrecognized immediately for past services and pro-rata for future services overthe option-vesting period.
**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.

15
***Changes in internalcontrols. 

There were no significant changes in our internal controls orin other factors that could materially affect, or are reasonably likely tomaterially affect, our internal controls over financial reporting, 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

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

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

None
**SIGNATURES**
In accordance with the requirements of the Exchange Act, theregistrant caused this report to be signed on its behalf by the undersigned,thereunto duly authorized. 
** **SE GLOBAL EQUITIES CORP.
Date: **August 13, 2004**    /s/ Toby Chu    By:_____________________________    Toby Chu , President and CEO/Director
Date: **August 13, 2004**    /s/ Tim Leong    By:_____________________________    Tim Leong, Chief Financial Officer
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