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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, 2005** 
[ ]
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:
**18,183,740 common shares issued and outstanding as of August 14, 2005**
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 Operation14 Overview14 Results        of Operations14 Stock-Based        Compensation Expense15 Liquidity        and Capital Resources15 Off-Balance        Sheet Arrangement16 Research        and Development16 Capital        Expenditure Commitments16 Strategic        Acquisitions and Recent Development - Term Sheet Signed with Sun        Media    16 Significant        Accounting Policies17 Item        3. Controls and Procedures18 Evaluation        of Disclosure Controls and Procedures18 Changes        in internal controls18PART        II - OTHER INFORMATION18 Item        1. Legal Proceedings18 Item        2. Changes in Securities18 Item        3. Defaults Upon Senior Securities19 Item        4. Submission of Matters to a Vote of Security Holders19 Item        5. Other Information19 Item        6. Exhibits and Reports on Form 8-K20 a. Exhibits20 b.        Reports on Form 8-K20SIGNATURES20
 

 
**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 financialperformance.  In some cases, you can identify forward-looking statements byterminology such as "may", "will", "should","expects", "plans", "anticipates","believes", "estimates", "predicts","potential" or "continue" or the negative of these terms orother comparable terminology.  These statements are only predictions andinvolve known and unknown risks, uncertainties and other factors, that may causeour or our industry's actual results, levels of activity, performance orachievements to be materially different from any future results, levels ofactivity, performance or achievements expressed or implied by theseforward-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", "SE Global", "SEG", and"the Company" 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

Item 1. Financial Statements**
The unaudited financial statements of SE Global for the sixmonths ended June 30, 2005, 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, 2005

(Unaudited)********CONSOLIDATED BALANCE SHEETS

INTERIM CONSOLIDATED STATEMENT OF OPERATIONS

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

NOTES TO  INTERIM CONSOLIDATED FINANCIALSTATEMENTS

 **
-2-
**SE GLOBAL EQUITIES CORP.CONSOLIDATED BALANCE SHEETS

 ****June 30, 2005**December 31, 2004
(Unaudited)**ASSETS**CURRENT
Cash and short-term investments
$ 53,395 
$ 44,205 
Accounts receivable
- 
15,479 
Prepaid expenses and deposits
31,082 
37,082 
84,477 
96,766 **FIXED ASSETS
19,248 
23,298 **CLEARING BROKER DEPOSIT
36,980 
51,980 
$ 140,705 
$ 172,044 **LIABILITIES**CURRENT
Accounts payable
$ 53,977 
$ 108,875 
Loan payable (Note 3)
- 
100,000 
53,977 
208,875 **DUE TO PARENT COMPANY (Note    5)
142,814 
104,565 **CONTINGENCY    (Note 1)**STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)**CAPITAL STOCK (Note    4)
Common stock $0.01 par value; 100,000,000    shares authorized
Preferred stock $0.01 par value; 5,000,000    shares authorized
18,023,740 (2004 - 17,583,740) common    shares issued and outstanding
180,237 
175,837 **ADDITIONAL PAID IN CAPITAL
5,967,609 
4,976,709 **DEFICIT
(6,203,932)
(5,293,942)
(56,086)
(141,396)
$ 140,705 
$ 172,044 **PROPOSED ACQUISITION (Note 8)**
The accompanying notes are an integral part ofthese interim consolidated financial statements.

-3-
**SE GLOBAL EQUITIES CORP.INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)

 
 **Three Months ended June 30, 2005****Three Months ended June 30, 2004****Six Months ended June 30, 2005****Six Months ended June 30, 2004****REVENUES    
Brokerage commissions
$ 178,670 
$ 624,752 
$ 427,332 
$ 1,289,970 
Direct costs
96,076 
525,395 
235,478 
1,066,132       
82,594 
99,357 
191,854 
223,838 
Consulting and other income
530 
2,423 
1,059 
62,893       
83,124 
101,780 
192,913 
286,731      **EXPENSES    
Consulting - stock based compensation    (recovery)
(276,600)
- 
730,900 
64,000 
Depreciation
2,025 
- 
4,050 
- 
General and administrative
66,840 
51,416 
124,720 
101,574 
Interest and bank charges
3,041 
3,983 
6,889 
8,969 
Management fees and salaries
73,084 
97,917 
149,604 
198,419 
Professional fees
49,969 
20,478 
86,740 
38,938       
(81,641)
173,794 
1,102,903 
411,900      **NET INCOME (LOSS) FOR THE PERIOD
$ 164,765 
$ (72,014)
$ (909,990)
$ (125,169)          **BASIC NET INCOME (LOSS) PER SHARE
$ 0.01 
$ (0.00) 
$ (0.05)
$ (0.01)          **WEIGHTED AVERAGE COMMON    **SHARES OUTSTANDING
17,984,949
17,583,740
17,796,226
17,583,740     
The accompanying notes are an integral part ofthese interim consolidated financial statements.

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

 
**Six Months ended June 30, 2005
**Six Months ended June 30, 2004**
**Cash flows from operating activities
Net (loss) income for the period
$ (909,990)
$ (125,169)
Adjustments to reconcile net loss to net    cashused in operating activities

- depreciation and amortization
4,050 
- 
- stock based compensation
730,900 
64,000 
- accounts receivable
15,479 
40,007 
- prepaid expenses
6,000 
(7,633)
- accounts payable
(11,898)
(153,473)**CASH FLOWS FROM (USED IN) OPERATING    ACTIVITIES
(165,459)
(182,268)**CASH    FLOWS FROM INVESTING ACTIVITIES
- fixed assets
- 
(24,806)
- broker deposits
15,000 
- **CASH    FLOWS FROM  (USED IN) INVESTING ACTIVITIES
15,000 
(24,806)
**CASH    FLOWS FROM FINANCING ACTIVITIES**
- loan advances (repayments)
(100,000)
- 
- issuance of common shares for cash
204,900 
- 
- proceeds from shareholder short-swing    profits (Note 5)
16,500 
- 
- advances from (to) parent company
38,249 
54,336 
**CASH    FLOWS FROM FINANCING ACTIVITIES**
159,649 
54,336 **INCREASE (DECREASE)    IN CASH AND CASH EQUIVALENTS
9,190 
(152,738)**CASH    AND CASH EQUIVALENTS, BEGINNING OF PERIOD
44,205 
267,891 **CASH    AND CASH EQUIVALENTS, END OF PERIOD
$ 53,395 
$ 115,153 
Supplemental disclosures:       
Interest paid
$ 6,500 
$ 5,000      
Taxes paid
$ -
$ -**SUPPLEMENTAL CASH FLOW INORMATION:Refer to Notes 4 and 5.

The accompanying notes are an integral part ofthese interim consolidated financial statements.

-5-
**NOTE 1 - NATURE OF OPERATIONS AND BASIS OFPRESENTATION

The Company offers a software platformthat provides electronic low cost order routing of U.S. securities through alicensed U.S. securities broker-dealer to investors throughout most of theworld.  All order routing and support services are provided by theindividual alliance broker in compliance with local regulatoryrequirements.  Global-American Investments, Inc. ("GAI"), asubsidiary of SE Global Equities Corp., is a U.S. licensed securitiesbroker-dealer.  GAI provides a wide range of brokerage services in theUnited States.

**Going concern**
These financial statements have been preparedin accordance with generally accepted accounting principles in the United Statesof America with the on-going assumption applicable to a going concern whichcontemplates the realization of assets and the satisfaction of liabilities andcommitments in the normal course of business. The continued operations of theCompany and the recoverability of the carrying value of its assets is dependentupon the ability of the Company to maintain profitable operations. Theaccompanying financial statements do not include any adjustments relative to therecoverability and classification of assets carrying amounts or the amount andclassification of liabilities that might result from the outcome of thisuncertainty. To date, the Company has incurred losses since inception totaling$6,203,932 and continues to rely on outside equity capital to finance recurringoperating losses.

There can be no assurance that capital will beavailable as necessary to meet the Company's working capital requirements or,if the capital is available, that it will be on terms acceptable to the Company.The issuances of additional equity securities by the Company may result in asignificant dilution in the equity interests of its current stockholders.Obtaining commercial loans, assuming those loans would be available, willincrease the Company's liabilities and future cash commitments. If the Companyis unable to obtain financing in the amounts and on terms deemed acceptable, thebusiness and future success may be adversely affected. Given the Company'slimited operating history, there can be no assurance that it will be able toachieve or maintain profitability. Accordingly, these factors raise substantialdoubt about the Company's ability to continue as a going concern.

On January 7, 2005, the Company, CapitalAlliance Group Inc. ("CAG"), and Sun Media Investment Holdings Limitedentered into an engagement term sheet for the proposed acquisition by theCompanpy of the business assets of Asia Multi-Media Technology Services HoldingsLimited (refer to Note 8).

**Unaudited Interim Financial Statements**
The accompanying unaudited interimconsolidated financial statements have been prepared in accordance withgenerally accepted accounting principles for interim financial information andwith the instructions to Form 10-QSB of Regulation S-B. They do not include allinformation and footnotes required by generally accepted accounting principlesfor complete financial statements. In the opinion of Management, all adjustmentsconsidered necessary for a fair presentation, consisting solely of normalrecurring adjustments, have been made. Operating results for the six monthsended June 30, 2005 are not necessarily indicative of the results that may beexpected for the year ending December 31, 2005.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES**

**Basis of presentation**
The accompanying consolidated financialstatements are presented in United States dollars and are prepared in accordancewith accounting principles generally accepted in the United States.

**Principles of Consolidation**
The consolidated financial statements includethe accounts of the Company and its wholly owned subsidiaries, which include SEGlobal Capital, Inc. (originally incorporated as SE Global Direct, Inc.), acompany incorporated on May 11, 2001 in the State of California, SE GlobalEquities Inc., and GAI. The Company also has one subsidiary, SE GlobalInvestment Company Limited, which is inactive and has no assets, liabilities oroperations. All significant intercompany balances and transactions have beeneliminated on consolidation.

-6-
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (cont'd)

Use of estimates**
The preparation of financial statements inconformity with generally accepted accounting principles requires management tomake estimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenue and expenses forthe periods that the financial statements are prepared. Actual amounts coulddiffer from these estimates.

**Financial instruments**
The Company's financial instruments includecash and cash equivalents, accounts receivable and payable and loans payable.The fair values of these financial instruments approximate their carrying valuesdue to the short-term maturity of the instruments.

**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.

**Net earnings (loss) per common share**
Basic earnings (loss) per share includes nodilution and is computed by dividing earnings (loss) available to commonstockholders by the weighted average number of common shares outstanding for theperiod. Diluted net earnings (loss) per share reflects the potential dilution ofsecurities that could share in the earnings (loss) of the Company. Theaccompanying presentation is only of basic net earnings (loss) per share as thepotentially dilutive factors are anti-dilutive to basic net earnings (loss) pershare.

**Foreign currency transactions**
The financial statements are presented inUnited States dollars. In accordance with Statement of Financial AccountingStandards No. 52, "Foreign Currency Translation", since the functionalcurrency of the Company is U.S. dollars, the foreign currency financialstatements of the Company's subsidiaries are re-measured into U.S. dollars.Monetary assets and liabilities are re-measured using the foreign exchange ratethat prevailed at the balance sheet date. Revenue and expenses are translated atweighted average rates of exchange during the year and stockholders' equityaccounts are translated using historical exchange rates. Any re-measurement gainor loss incurred is reported in the consolidated statement of operations.

**Income taxes**
The Company follows the liability method ofaccounting for income taxes. Under this method, deferred tax assets andliabilities are recognized for the future tax consequences attributable todifferences between the financial statement carrying amounts of existing assetsand liabilities and their respective tax balances. Future tax assets andliabilities are measured using enacted or substantially enacted tax ratesexpected to apply to the taxable income in the years in which those differencesare expected to be recovered or settled. The effect on future tax assets andliabilities of a change in tax rates is recognized in income in the period thatincludes the date of enactment or substantive enactment. A valuation allowanceis provided for deferred tax assets if it is more likely than not that theCompany will not realize the future benefit, or if the future deductibility isuncertain.

-7-
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (cont'd)

Stock-based compensation**
In December 2002, the Financial AccountingStandards Board issued Financial Accounting Standard No. 148,"Accounting for Stock-Based Compensation - Transition andDisclosure" ("SFAS No. 148"), an amendment of FinancialAccounting Standard No. 123 "Accounting for Stock-BasedCompensation" ("SFAS No. 123"). The purpose of SFAS No. 148 isto: (1) provide alternative methods of transition for an entity that voluntarilychanges to the fair value based method of accounting for stock-based employeecompensation, (2) amend the disclosure provisions to require prominentdisclosure about the effects on reported net income of an entity's accountingpolicy decisions with respect to stock-based employee compensation, and (3) torequire disclosure of those effects in interim financial information. Thedisclosure provisions of SFAS No. 148 were effective for the Company for theyear ended December 31, 2002 and the required disclosures have been made below.

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 forStock Issued to Employees", ("APB No. 25") and comply with thedisclosure provisions of SFAS No. 123 as amended by SFAS No. 148 as describedabove. In addition, in accordance with SFAS No. 123 the Company applies the fairvalue method using the Black-Scholes option-pricing model in accounting foroptions granted to consultants. Under APB No. 25, compensation expense isrecognized based on the difference, if any, on the date of grant between theestimated fair value of the Company's stock and the amount an employee mustpay to acquire the stock. Compensation expense is recognized immediately forpast services and pro-rata for future services over the option-vesting period.

The following table illustrates the pro formaeffect on net income (loss) and net income (loss) per share as if the Companyhad accounted for its for stock-based employee compensation using the fair valueprovisions of SFAS No. 123 using the assumptions as described in Note 4:

 
 
Six Months Ended  
June 30, 2005
June 30, 2004    
Net income (loss) for the period
As reported
$ (909,990)
$ (125,126)
SFAS 123 compensation expense
Pro-forma
- 
(80,000)    
Net income (loss) for the period
Pro-forma
$ (909,990)
$ (205,169)    
Pro-forma basic net income (loss) per    share
Pro-forma
$ (0.05)
$ (0.01)
The Company accounts for equity instrumentsissued in exchange for the receipt of goods or services from other thanemployees in accordance with SFAS No. 123 and the conclusions reached by theEmerging Issues Task Force in Issue No. 96-18, "Accounting for EquityInstruments That Are Issued to Other Than Employees for Acquiring or inConjunction with Selling Goods or Services" ("EITF 96-18"). Costsare measured at the estimated fair market value of the consideration received orthe estimated fair value of the equity instruments issued, whichever is morereliably measurable. The value of equity instruments issued for considerationother than employee services is determined on the earlier of a performancecommitment or completion of performance by the provider of goods or services asdefined by EITF 96-18.

The Company has also adopted the provisions ofthe Financial Accounting Standards Board Interpretation No.44, Accounting forCertain Transactions Involving Stock Compensation - An Interpretation of APBOpinion No. 25 ("FIN 44"), which provides guidance as to certainapplications of APB 25. FIN 44 is generally effective July 1, 2000 with theexception of certain events occurring after December 15, 1998.

-8-
**NOTE 3 - LOAN PAYABLE**
The $100,000 loan was received on August 25,2003, bears interest at a rate of 12% per annum, payable monthly, and matured onAugust 31, 2004. A conversion feature was added on October 20, 2003 which allowsthe loan amount to be converted into shares of the Company at a price of $0.30per share which conversion feature expired effective August 31, 2004. 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 of August 31, 2004 this loan andaccrued interest is due and payable in full, and the term of the loan hasexpired.

On April 15, 2005, the Company repaid alloutstanding principal and interest in connection with this loan.
**NOTE 4 - CAPITAL STOCK

October 2001 Stock Option Plan**
Effective October 10, 2001, the Companyadopted The 2001 Stock Option Plan (the "2001 Plan") allowing for theawarding of options to acquire shares of the Company's common stock. The 2001Plan allows for Non-qualified Stock Options to be awarded to employees,officers, directors and consultants of the Company and for Incentive StockOptions to be awarded to employees of the Company. The maximum number of optionsissuable under this plan cannot exceed 2,500,000 of which a maximum of 700,000can be Incentive options. The incentive options must be granted at a minimum ofmarket value of the Company's common stock and for a term not to exceed 5years. Unless otherwise determined, the Incentive options will vest to theholder as follows: 30% six months following the award date, 40% twelve monthsfollowing the award date and 30% eighteen months following the award date. Thenon-qualified options vest immediately, must be granted at a minimum of 85% ofthe market value of the Company's common stock and for a term not to exceed 10years. In January 2004 the Company adopted a new Stock Option Plan.

Effective October 10, 2001 the Company awardeda total of 2,150,000 non-qualified options at a price of $0.57 under the 2001Plan to certain employees, officers, directors and consultants of the Companyand certain 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 FIN 44. During 2004,290,000 of the stock options that were subject to variable accounting expiredleaving 650,000 stock options subject to variable accounting and the Companyrecorded stock-based compensation of $117,000 resulting from an increase in themarket price of the Company's shares of common shares. As at March 31, 2005,due to a further increase in the market price of the Company's shares ofcommon stock, the Company recorded additional stock-based compensation of$1,007,500.During the second quarter of 2005, 270,000 of the stock options thatwere subject to variable accounting expired leaving 380,000 stock optionssubject to variable accounting. As at June 30, 2004, due to a decline in themarket price of the Company's shares of common stock, the Company recorded astock-based compensation recovery of $276,600 in connection with the stockoptions subject to variable accounting.
**January 2004 Stock Option Plan**
Effective January 22, 2004, the Companyadopted the 2004 Stock Option Plan (the "2004 Plan") allowing for theawarding of options to acquire shares of the Company's common stock. The 2004Plan allows for Non-qualified Stock Options to be awarded to employees,officers, directors and consultants of the Company and for Incentive StockOptions to be awarded to employees of the Company. The maximum number of optionsissuable under this plan cannot exceed 2,500,000 of which a maximum of 700,000can be Incentive options. The

-9-

**NOTE 4 - CAPITAL STOCK (cont'd)**

incentive options must be granted at a minimum ofmarket value of the Company's common stock and for a term not to exceed 5years. Unless otherwise determined, the Incentive options will vest to theholder as follows: 30% six months following the award date, 40% twelve monthsfollowing the award date and 30% eighteen months following the award date. Thenon-qualified options vest immediately, must be granted at a minimum of 85% ofthe market value of the Company's common stock and for a term not to exceed 10years.

Effective February 2, 2004 the Company filed aForm S-8 registering a total of 3,000,000 shares of the Company's common stockin connection with the Company's 2004 Plan.

On January 26, 2004 a total of 200,000non-qualified stock options were granted to consultants at an exercise price of$0.33, exercisable for a term of five years and a total of 250,000 non-qualifiedstock options were granted to employees, officers and directors, exercisable fora term of five years. The fair value of these stock options was estimated atgrant date using the Black-Scholes option-pricing model applying the marketvalue per share and the risk-free interest rate in effect at the grant date of2%, 213% volatility and an expected life of five years resulting in a consultingexpense of $64,000 and a pro forma expense of $80,000 as disclosed in Note 2.

The following table summarizes the Company'sstock option activity:

Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Life
Balance, December 31, 2003
1,804,000 
$ 0.52 
3.07 years
Expired/cancelled
(290,000)
0.57 
Granted
450,000 
0.33 
Balance, December 31, 2004
1,964,000 
0.47 
2.57 years
Expired/cancelled
- 
- 
Exercised
(440,000)
0.56 
Granted
- 
- 
Balance, June 30, 2005
1,524,000 
$ 0.44 
2.30 years
-10-
**NOTE 5 - RELATED PARTY TRANSACTIONS**
During April 2005, a Director of the Companyexercised 100,000 stock options for proceeds of $54,100 of which $11,100 wasreceived in cash and $43,000 by way of offset of amounts owing to the Directorof the Company.

During the period ended June 30, 2005 theCompany incurred management and consulting fees to Directors and Officers of theCompany in the amount of $42,000 (2004 - $60,800).

During the period ended June 30, 2005 theCompany received net cash advances totalling $38,249 (2004 - $54,336) from CAGleaving $142,814 due to CAG as at June 30, 2005 (December 31, 2004 - $104,565).

During 2005, CAG acquired and sold a certainnumber of its shares of the Company's common stock within a six-month periodgenerating a "short-swing" profit of approximately $16,500. Theseshort-swing profits were repaid to the Company during the period and have beenrecorded as a contribution to additional paid in capital.

Amounts due to and from related parties areunsecured, non-interest bearing and have no specific terms of repayment.
**NOTE 6 - INCOME TAXES**
The Company and its subsidiaries have combinedtax losses carried forward, which may be available to reduce future year'staxable income, that result in deferred tax assets. Management believes that therealization of the benefits from these deferred tax assets appears uncertain dueto the Company's limited operating history and continuing losses. Accordinglya full, deferred tax asset valuation allowance has been provided and no deferredtax asset benefit has been recorded.

**NOTE 7 - SUBSEQUENT EVENTS**
During July 2005, a Director of the Companyexercised 90,000 stock options at a price of $0.57 per share for total proceedsof $51,300.

Refer to Note 8.

**NOTE 8 - PROPOSED ACQUISITIONS**

SUN MEDIA INVESTMENT HOLDINGS LIMITED

On January 7, 2005, the Company, CAG and SunMedia Investment Holdings Limited ("Sun Media") entered into a termsheet agreement (the "Term Sheet"), which outlined the documents andsteps necessary to acquire Sun Media's interest in a fiber optic network inthe People's Republic of China. The parties instructed their respective legalcounsel to draft the necessary documents to formalize the Term Sheet and conductdue diligence on the proposed assets to be acquired. An audit firm was engagedto conduct the necessary audit of the business assets proposed to be acquired.In April 2005, the parties finalized certain supporting agreements to the maintransaction proposed in the Term Sheet.

-11-

**NOTE 8 - PROPOSED ACQUISITIONS****(cont'd)**

After considerable effort and time it becameclear to the parties that due to the size of the transaction it would takeanother four to six months to complete the due diligence and audit processnecessary to go forward with the acquisition the assets of Asia Multi-MediaTechnology Services Holding Limited ("AMMT") proposed in the TermSheet.

In June 2005, the parties began discussing thepossibility of the Company in the interim acquiring other business assets heldby Sun Media. They began discussing the possibility of the Company acquiring theprogram distribution and licensing rights to all the programs produced and ownedby Sun Media and certain subsidiaries of Sun Media. Given the nature and valueof this business asset the parties would be able to proceed on a much quickerbasis than possible with the original acquisition proposed in the Term Sheet.The possibility of going forward with this second business transaction wasexplored while the parties continued to advance the original transactionproposed in the Term Sheet.

In July 2005, Sun Media began to separate outcertain program distribution and licensing rights it held directly or indirectlyinto a new BVI subsidiary company called Spearhead Group Ltd. This company wassubsequently renamed "Sun New Media Group Limited" ("SNMG").The Company instructed its legal counsel at this time to look at the feasibilityof acquiring this new company and to conduct due diligence on the programdistribution and licensing rights being transferred to SNMG. The main assetsheld by SNMG are world wide program distribution and licensing rights to SunMedia's core television programs produced by Sun 365 Company Ltd., anothersubsidiary company of Sun Media. These distribution and programming rightsinclude the television show Yang Lang One on One,  C'est la Vie,  C'estla Vie Daily, 66 Places of a Lifetime, Olympics and Me and selected electronicpublishing products produced by Compass Multi-Media Inc.

On July 20, 2005, the parties agreed to goforward with this second business transaction (the "Transaction") andput the originally proposed transaction of acquiring the business of AMMT onhold. The parties verbally agreed to revisit the acquisition of AMMT transactionin four to six months time when audited financial statements were expected to beready for AMMT.

The Company's Board of Directors has givencareful consideration to the Transaction, the existing business operations ofthe Company and that of SNMG, AMMT and Sun Media. The Board of Directors hasalso examined the future business potential of the SNMG assets, the current bookvalue of the Company, the interest of stockholders of the Company and the risksand benefits of the Transaction to the existing shareholders. Based on theforegoing considerations, the Board of Directors believe that the transactionscontemplated by the Transactions forming the asset acquisition, including thereverse split and name change, are fair and in the best interests of the Companyand its shareholders.

The Board of Directors believe that theCompany will benefit from the Transaction, with an immediate impact being thesignificant new line of operations and revenues and assets, as well as givingthe Company the ability to expand the operations of SNMG based on the exposurebeing a public company will bring and potential future funding opportunitiesavailable to public companies.

-12-
**NOTE 8 - PROPOSED ACQUISITIONS (cont'd)**
The Board of Directors has unanimouslyapproved the Transaction among the Company, CAG, SNMG, and Sun Media whichprovides for or requires completion of the following series of transactions:
- the entering into an share purchase agreement by the      parties whereby Sun Media will receive an aggregate total of 50,000,000      post-reverse stock split shares of the Company as full consideration for      all of the issued and outstanding share capital of SNMG being acquired by      the Company;
- the issuance of 5,000,000 post-reverse stock split shares      of the Company to two parties who acted as finders in this Transaction;
- CAG, Sun Media and certain other related parties to Sun      Media entering a pooling agreement whereby the shares subject to the      pooling agreement will be released in increments over a two year period;
- CAG and Sun Media entering into a share purchase      agreement whereby CAG will sell 500,000 pre-reverse stock split shares of      the Company it owns to Sun Media for $450,000 (CAG has currently received      a deposit of $150,000 towards this transaction);
- the Company entering into a two year management agreement      with CAG, and CAG is to be paid 250,000 post-reverse stock split shares of      common stock of the Company as full consideration for this agreement;
- the Company obtaining stockholder approval for a: two for      one reverse split, name change, increase in the authorized capital, and      the appointment of new directors.

FIDELITY ASSET MANAGEMENT INC.

Effective July 7, 2004 the Company enteredinto an agreement to acquire 90% of the issued and outstanding shares ofFidelity Asset Management Inc. ("FAM"), a broker-dealer based inHuntington Beach, California, for $10,000 cash. FAM is a NASD registered fullservice broker-dealer in good standing with the regulatory bodies. The Companyis awaiting final NASD approval for the acquisition of FAM. As at December 31,2004 the Company had made a deposit of $10,000, however, the acquisition of FAMhad effectively not completed. During 2005 management decided not to proceedwith this proposed acquisition and during the second quarter of 2005, theCompany recoverd the $10,000 deposit.

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**Item 2. Management's Discussion and Analysis or Plan ofOperation
*Overvie**w**
**General We and our subsidiaries and affiliates areprimarily engaged in securities execution and clearance, securitiesbrokerage, securities lending and borrowing and trading as a principal inequity and fixed income securities. All of these activities are highlycompetitive and are sensitive to many factors outside of our control, includingvolatility of securities prices and interest rates; trading volume ofsecurities; economic conditions in the regions where we or our subsidiaries andaffiliates conduct business; income tax legislation; and demand for financialservices. 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 are of our financial results forthe six month period ended June 30, 2005 and June 30, 2004.
***Results of Operations*
Six month period ended June 30, 2005 compared to six monthperiod ended June 30, 2004

Revenue Total revenue for the six month period ended June30, 2005 was $427,332 compared to revenues of $1,289,970 for the six monthperiod ended June 30, 2004, a decrease of 67%. All of our revenue for the sixmonth period ended June 30, 2005, was derived from online direct access tradingservices provided through our subsidiary Global-American Investments, Inc. Thedecrease in revenues during the current period was due to a weak and volatileequity market.

Our direct costs, consisting of trade clearing charges,quotation costs and commissions, were $235,478 for the six month period endedJune 30, 2005, compared to $1,066,132 for the six month period ended June 30,2004, a decrease of 78%. Net margins averaged 45% in the current period comparedto 17% in the prior period. The increase in margins for the six month periodended June 30, 2005 was a result of more retail trading as opposed to wholesaletrading. In wholesale trading commissions are paid to licensed brokers togenerate high volume trading but at the expense of lower margins. In retailtrading no commissions are paid to licensed brokers but at the expense of lowertrading volume.

Other income of $62,893 during the six months ended June 30,2004 was comprised primarily of forfeited deposits from certain consultingcontracts. There were no forfeited deposits during the six months ended June 30,2005.

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 $411,900 for thesix month period ended June 30, 2004 to $1,102,903 for the six month periodended June 30, 2005. Included in total expenses was a non-cash stock-basedcompensation expense of $730,900 which accounted for 66% of the total expensesduring the six month period ended June 30, 2005. For the three month periodended June 30, 2005 there was a non-cash stock-based compensation recovery of$276,600 as a result of a decrease in the share price of SE Global relating tocertain stock options subject to variable accounting.

Management fees and salaries for the six month period endedJune 30, 2005 was $149,604, compared to $198,419 for the six month period endedJune 30, 2004, a decrease of 25%. General and administrative costs for the sixmonth period ended June 30, 2005 were $124,720, compared to $101,574 for the sixmonth period ended June 30, 2004, an increase of 23%. Professional fees for thesix month period ended June 30, 2005 was $86,740 compared to $38,938 for the sixmonth period ended June 30, 2004, an increase of 123%.

-14-

We generated a net loss of $909,990 for the six month periodended June 30, 2005 compared to a net loss of $125,169 for the six month periodended June 30, 2004. Of the $909,990 net loss for the six month period endedJune 30, 2005, $730,900 was attributable to the non-cash stock-basedcompensation charge against income.

***Stock-BasedCompensation Expense***
During Fiscal 2001 certain stock options were modified and assuch caused them to be subject to Variable Accounting in accordance with theprovisions of the Financial Accounting Standards Board Interpretation No. 44,Accounting for Certain Transactions Involving Stock Compensation - AnInterpretation of APB Opinion No. 25.

We realized a non-cash stock-based compensation expense of$730,900 for the six month period ended June 30, 2005. This non-cash stock-basedcompensation expense was a result of the application of the Variable AccountingRules to the stock options that were modified in Fiscal 2001.

According to the Variable Accounting Rules, the differencebetween the market price and the exercise price of each stock option is chargedagainst income as a non-cash stock-based compensation expense. With theincreased market value of SE Global's share price during the three month periodended March 31, 2005 the resulting charge against income amounted to $1,007,500as a non-cash stock-based compensation expense. For the three month period endedJune 30, 2005 there was a non-cash stock-based compensation recovery of $276,600as a result of a decrease in the share price of SE Global from its market priceas at March 31, 2005. The net non-cash stock-based compensation expense for thesix month period ended June 30, 2005 was $730,900.

A $64,000 non-cash stock-based compensation expense wasrecorded for the six month period ended June 30, 2004 relating to the grantingof stock options.
***Liquidity and Capital Resources

As at June 30, 2005, we had $90,375 in cash on hand(comprised of $53,395 unrestricted cash and $36,980 clearing deposit). Incomparison, as at December 31, 2004 we had cash on hand of $96,185 (comprised of$44,205 of unrestricted cash and $51,980 of clearing deposit). The unrestrictedcash is available for general working capital purposes while the clearingdeposit is held by the trade clearing house.

For the six month period ended June 30, 2005, we expended,before depreciation and non-cash stock-based compensation, approximately $61,300per month to operate our business, compared to approximately $58,000 per monthfor operation of our business for the six month period ended June 30,2004.  Areas of significant expenditure include management fees, salariesand benefits, professional fees, rent and office costs.

During the six month period ended June 30, 2005 SE Globalreceived net cash advances from Capital Alliance Group Inc. ("CAG"),the parent company of SE Global, of $38,249 (2004 - $54,336). As at June 30,2005, $142,814 was owing by SE Global to CAG (December 31, 2004 - $104,565).

A total of 440,000 stock options were exercised during thecurrent period. Total cash proceeds of $204,900 were received in connection withthe exercise of the stock options.

During the six month period ended June 30, 2005 CAG acquiredand sold a certain number of shares of SE Global common stock within a six monthperiod, generating a "short swing" profit of $16,500. These shortswing profits were repaid by CAG to the Company during the current period andhave been recorded as a contribution to additional paid-in capital.

To achieve our goals and objectives for the next six months,we plan to raise additional capital through proceeds received from the exerciseof outstanding options, continued financing from our parent company, CAG, and,if available on satisfactory terms, debt financing.

-15-

We plan to use any additional funds that we might besuccessful in raising for marketing and advertising, as well as for strategicacquisition of existing businesses that complement our market niche, and generalworking capital purposes.

If we are unsuccessful in obtaining new capital, our abilityto seek and consummate strategic acquisitions to build our companyinternationally, and to expand of our business development and marketingprograms could be adversely affected.
***Off-Balance Sheet Arrangement***
As of June 30, 2005, 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, 2005 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, 2005, and do not anticipate anysignificant purchase or sale of equipment over the next six months.
***Strategic Acquisitions andRecentDevelopment - Term Sheet Signed with Sun Media
On January 7, 2005, the Company, CAG and Sun Media InvestmentHoldings Limited ("Sun Media") entered into a term sheet agreement(the "Term Sheet"), which outlined the documents and steps necessaryto acquire Sun Media's interest in a fiber optic network in the People'sRepublic of China. The parties instructed their respective legal counsel todraft the necessary documents to formalize the Term Sheet and conduct duediligence on the proposed assets to be acquired. An audit firm was engaged toconduct the necessary audit of the business assets proposed to be acquired. InApril 2005, the parties finalized certain supporting agreements to the maintransaction proposed in the Term Sheet.

After considerable effort and time it became clear to theparties that due to the size of the transaction it would take another four tosix months to complete the due diligence and audit process necessary to goforward with the acquisition the assets of Asia Multi-Media Technology ServicesHolding Limited ("AMMT") proposed in the Term Sheet.

In June 2005, the parties began discussing the possibility ofthe Company in the interim acquiring other business assets held by Sun Media.They began discussing the possibility of the Company acquiring the programdistribution and licensing rights to all the programs produced and owned by SunMedia and certain subsidiaries of Sun Media. Given the nature and value of thisbusiness asset the parties would be able to proceed on a much quicker basis thanpossible with the original acquisition proposed in the Term Sheet. Thepossibility of going forward with this second business transaction was exploredwhile the parties continued to advance the original transaction proposed in theTerm Sheet.

In July 2005, Sun Media began to separate out certain programdistribution and licensing rights it held directly or indirectly into a new BVIsubsidiary company called Spearhead Group Ltd. This company was subsequentlyrenamed "Sun New Media Group Limited" ("SNMG"). The Companyinstructed its legal counsel at this time to look at the feasibility ofacquiring this new company and to conduct due diligence on the programdistribution and licensing rights being transferred to SNMG. The main assetsheld by SNMG are world wide program distribution and licensing rights to SunMedia's core television programs produced by Sun 365 Company Ltd., anothersubsidiary company of Sun Media. These distribution and programming rightsinclude the television show Yang Lang One on One,  C'est la Vie,  C'estla Vie Daily, 66 Places of a Lifetime, Olympics and Me and selected electronicpublishing products produced by Compass Multi-Media Inc.

-16-

On July 20, 2005, the parties agreed to go forward with thissecond business transaction (the "Transaction") and put the originallyproposed transaction of acquiring the business of AMMT on hold. The partiesverbally agreed to revisit the acquisition of AMMT transaction in four to sixmonths time when audited financial statements were expected to be ready for AMMT.

The Company's Board of Directors has given carefulconsideration to the Transaction, the existing business operations of theCompany and that of SNMG, AMMT and Sun Media. The Board of Directors has alsoexamined the future business potential of the SNMG assets, the current bookvalue of the Company, the interest of stockholders of the Company and the risksand benefits of the Transaction to the existing shareholders. Based on theforegoing considerations, the Board of Directors believe that the transactionscontemplated by the Transactions forming the asset acquisition, including thereverse split and name change, are fair and in the best interests of the Companyand its shareholders.

The Board of Directors believe that the Company will benefitfrom the Transaction, with an immediate impact being the significant new line ofoperations and revenues and assets as well as giving the Company the ability toexpand the operations of SNMG based on the exposure being a public company willbring and potential future funding opportunities available to public companies.

The Board of Directors has unanimously approved theTransaction among the Company, CAG, SNMG, and Sun Media which provides for orrequires completion of the following series of transactions:
- the entering into an share purchase agreement by the parties whereby Sun      Media will receive an aggregate total of 50,000,000 post-reverse stock      split shares of the Company as full consideration for all of the issued      and outstanding share capital of SNMG being acquired by the Company;
- the issuance of 5,000,000 post-reverse stock split shares of the Company      to two parties who acted as finders in this Transaction;
- CAG, Sun Media and certain other related parties to Sun Media entering a      pooling agreement whereby the shares subject to the pooling agreement will      be released in increments over a two year period;
- CAG and Sun Media entering into a share purchase agreement whereby CAG      will sell 500,000 pre-reverse stock split shares of the Company it owns to      Sun Media for $450,000 (CAG has currently received a deposit of $150,000      towards this transaction);
- the Company entering into a two year management agreement with CAG, and      CAG is to be paid 250,000 post-reverse stock split shares of common stock      of the Company as full consideration for this agreement;
- the Company obtaining stockholder approval for a: two for one reverse      split, name change, increase in the authorized capital, and the      appointment of new directors.
***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 forStock-Based Compensation - Transition and Disclosure" ("SFAS No.148"), an amendment of Financial Accounting Standard No. 123"Accounting for Stock-Based Compensation" ("SFAS No. 123").The purpose of SFAS No. 148 is to: (1) provide alternative methods of transitionfor an entity that voluntarily changes to the fair value based method ofaccounting 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.

-17-

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 Issuedto Employees", ("APB No. 25") and comply with the disclosureprovisions of SFAS No. 123 as amended by SFAS No. 148 as described above. Inaddition, in accordance with SFAS No. 123 the Company applies the fair valuemethod using the Black-Scholes option-pricing model in accounting for optionsgranted to consultants. Under APB No. 25, compensation expense is recognizedbased on the difference, if any, on the date of grant between the estimated fairvalue of the Company's stock and the amount an employee must pay to acquirethe stock. Compensation expense is recognized immediately for past services andpro-rata for future services over the 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.

***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**
During the month of March 2005, a total of 70,000 stockoptions were exercised for proceeds of $39,900. During the three month periodended June 30, 2005, a total of 370,000 stock options were exercised forproceeds of $208,000.

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**Item 3. Defaults Upon Senior Securities

Not Applicable
**Item 4. Submission of Matters to a Vote of Security Holders**
At a shareholders' meeting on March 31, 2005, SEG receivedconditional approval for a 1:2 reverse stock split of the Company's capitalstock.
**Item 5. Other Information
*Audit Committee***
SE Global has a separately-designated standing auditcommittee. SE Global's audit committee is responsible for: (1) selection andoversight of our independent accountant; (2) establishing procedures for thereceipt, retention and treatment of complaints regarding accounting, internalcontrols and auditing matters; (3) establishing procedures for the confidential,anonymous submission by our employees of concerns regarding accounting andauditing matters; (4) engaging outside advisors; and, (5) funding for theoutside auditory and any outside advisors engagement by the audit committee. SEGlobal has adopted an audit committee charter.

***Disclosure Committee and Charter***

SE Global has a disclosure committee and disclosurecommittee charter. SE Global 's disclosure committee is comprised of all ofits officers and directors. The purpose of the committee is to provideassistance to the chief executive officer and the chief financial officer infulfilling their responsibilities regarding the identification and disclosure ofmaterial information about SE Global and the accuracy, completeness andtimeliness of SE Global's financial reports.

***Code of Ethics***
SE Global has adopted a code of ethics that applies to allits executive officers and employees, including its CEO and CFO. A copy of SEGlobal's adopted code of ethics is attached to this annual report. SE Globalundertakes to provide any person with a copy of its code of ethics free ofcharge. Please contact the Company at 604-871-9909 to request a copy of SEGlobal's code of ethics. Management believes SE Global's code of ethics isreasonably designed to deter wrongdoing and promote honest and ethical conduct;provide full, fair, accurate, timely and understandable disclosure in publicreports; comply with applicable laws; ensure prompt internal reporting of codeviolations; and provide accountability for adherence to the code.

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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)31.1Certificate      of CEO as Required by Rule 13a-14(a)/15d-1431.2Certificate      of CFO as Required by Rule 13a-14(a)/15d-1432Certificate      of CEO and 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 15, 2005**
      /s/ Toby Chu      By:_____________________________      Toby Chu , President and CEO/Director
Date: **August 15, 2005**
      /s/ Tim Leong      By:_____________________________      Tim Leong, Chief Financial Officer
 

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