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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
FORM 10-QSB[X] QUARTERLY REPORT UNDER    SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly nine month period ended: **September 30, 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 November 12, 2004**
Transitional Small Business Disclosure Format (Check one): Yes[ ] No [X] 
** **Page No.**FORWARD LOOKING INFORMATION    1PART I - FINANCIAL INFORMATION1 Item 1. Financial    Statements    1     Item 2. Management's Discussion and Analysis or Plan of Operation12 Overview    12     Results of Operations12 Stock-Based Compensation Expense    13 Liquidity and Capital Resources13 Off-Balance Sheet Arrangement    14 Research and    Development14 Capital Expenditure Commitments    14 Strategic Acquisitions14 Significant Accounting Policies    15 Item 3. Controls and Procedures15 Evaluation of Disclosure    Controls and Procedures    15 Changes in internal controls16PART II - OTHER INFORMATION    16     Item 1. Legal Proceedings16 Item 2. Changes in Securities    16     Item 3. Defaults Upon Senior Securities 16 Item 4. Submission of Matters to a Vote of Security    Holders    16     Item 5. Other Information16 Item 6. Exhibits and    Reports on Form 8-K    17 a. Exhibits17 b. Reports on Form 8-K    17SIGNATURES17  
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 ninemonth period ended September 30, 2004, follow. The financial statements reflectall adjustments which are, in the opinion of management, necessary to a fairstatement of the results for the interim period presented. 

-1-
** 

SE GLOBAL EQUITIES CORP.

 

INTERIMCONSOLIDATED Financial Statements

SEPTEMBER 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** **September 30, 2004**December 31, 2003 
(Unaudited) **ASSETS   **CURRENT  Cash and cash equivalents
$   139,294 
$   267,891 Accounts receivable
53,384 
78,090 Prepaid expenses and deposits
18,358 
13,725     
211,036 
359,706    **DUE FROM PARENT COMPANY (Note 5)
- 
67,000 **FIXED ASSETS (Net of depreciation)
27,364 
- **CLEARING BROKER DEPOSIT
41,980 
56,980     
$   280,380 
$   483,686       **LIABILITIES   **CURRENT  Accounts payable and accrued      liabilities
$   207,003 
$   352,627 Loan payable (Note 3)
100,000 
100,000     
307,003 
452,627    **DUE TO PARENT COMPANY** (Notes 5 and 6)
67,678      
374,681 
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**
(5,129,847)
(4,940,487)    
(94,301)
31,059     
$   280,380 
$   483,686    
**The accompanying notes are an integral part of theseinterim consolidated financial statements.**

-3-
**SE GLOBAL EQUITIES CORP.

INTERIM CONSOLIDATEDSTATEMENTS OF OPERATIONS**
(Unaudited)

 

 **Three Months      Ended

September 30,      2004**Three Months      Ended

September 30,      2003**Nine Months      Ended

September 30,      2004**Nine Months      Ended

September 30,      2003         **REVENUES    
Brokerage commissions
$    461,997 
$   613,518 
$   1,751,967 
$   1,640,748 
Direct costs
356,446 
447,131 
1,422,578 
1,224,639       
105,551 
166,387 
329,389 
416,109 
Consulting and other income
375 
142,205 
63,268 
298,203       
105,926 
308,592 
392,657 
714,312      **EXPENSES     
Consulting - stock based compensation 
- 
- 
64,000 
- 
Depreciation
- 
- 
- 
2,453 General and administrative
42,226 
58,297 
143,800 
181,715 Interest and bank charges
3,808 
2,651 
12,777 
3,575 Management fees and salaries
95,251 
168,859 
293,670 
383,538 Professional fees
28,832 
29,415 
67,770 
55,654       
170,117 
259,222 
582,017 
626,935      **INCOME (LOSS) BEFORE THE FOLLOWING
(64,191)
49,370 
(189,360)
87,377      **OTHER INCOME    Gain on sale of subsidiaries (Note 6)
- 
- 
- 
210,225      **NET INCOME (LOSS) FOR THE PERIOD
$   (64,191)
$     49,370 
$     (189,360)
$    297,602           **BASIC NET INCOME (LOSS) PER SHARE**
$       (0.00)
$         0.00 
$               (0.01)
$               0.02           **WEIGHTED AVERAGE COMMON**    **SHARES OUTSTANDING**
17,583,740
14,762,593
17,583,740
14,744,937     **The accompanying notes are an integral part of these interimconsolidated financial statements.**
-4-
**SE GLOBAL EQUITIES CORP.****INTERIM CONSOLIDATEDStatements of cash flows**
(Unaudited)

 

**Nine Months      Ended September 30, 2004

**Nine Months      Ended September 30, 2003

**Cash flows from operating activitiesNet income for      the period
$    (189,360)
$    297,602 Adjustments to      reconcile net loss to net cash
used in operating activities- depreciation      
- 
2,453 - gain from      sale of subsidiaries
- 
(210,225)- stock based      compensation (recovery)
64,000 
- - accounts      receivable
24,706 
(34,985)- prepaid      expenses
(4,633)
12,381 - accounts payable
(145,624)
204,936 **CASH FLOWS FROM (USED) IN OPERATING ACTIVITIES**
(250,911)
272,162 **Cash flows from INVESTING activities
- fixed assets
(27,364)
- **Cash flows from (USED IN) INVESTING activities
(27,364)
- **Cash flows from financing activities- restricted      cash
- 
80,730 - broker      deposits
15,000 
(10,000)- loan advances
- 
100,000 - lease      obligation repayments
- 
(43,333)- advances from      (to) parent company
134,678  
(224,734)- proceeds from issue of common shares
- 
39,900 **Cash flows from (USED IN) financing activities
149,678  
(57,437)**INCREASE      (DECREASE) in cash AND CASH EQUIVALENTS**
(128,597)
214,725 **Cash and cash equivalents, BEGINNING of period
267,891 
35,413 **Cash and cash equivalents, End of period
$    139,294 
$    250,138 **Significant non-cash activities:

Refer to Notes 5 and 6.
**The accompanying notes are an integral part of these interimconsolidated financial statements.**
-5-
****
**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2004**

(Unaudited)
**NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION**
The Company offers a software platform that provides electroniclow cost order routing of U.S. securities through a licensed U.S. securitiesbroker-dealer to investors throughout most of the world.  All order routing andsupport services are provided by the individual alliance broker in compliancewith local regulatory requirements.  Global-American Investments, Inc. ("GAI"),a subsidiary of SE Global Equities Corp., is a U.S. licensed securitiesbroker-dealer.  GAI provides a wide range of brokerage services in the UnitedStates.
**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 $5,129,847, had a working capitaldeficit of $95,967 at September 30, 2004 and continues to rely on outside equitycapital to finance recurring operating losses.

There can be no assurance that capital will be available asnecessary to meet the Company's working capital requirements or, if the capitalis available, that it will be on terms acceptable to the Company. The issuancesof additional equity securities by the Company may result in a significantdilution in the equity interests of its current stockholders. Obtainingcommercial loans, assuming those loans would be available, will increase theCompany's liabilities and future cash commitments. If the Company is unable toobtain financing in the amounts and on terms deemed acceptable, the business andfuture success may be adversely affected. Given the Company's limited operatinghistory, there can be no assurance that it will be able to achieve or maintainprofitability. Accordingly, these factors raise substantial doubt about theCompany's ability to continue as a going concern.
**Unaudited Interim Financial StatementsThe accompanying unaudited interim consolidated financial statements havebeen prepared in accordance with generally accepted accounting principles forinterim financial information and with the instructions to Form 10-QSB ofRegulation S-B. They may not include all information and footnotes required bygenerally accepted accounting principles for complete financial statements. Inthe opinion of Management, all adjustments considered necessary for a fairpresentation, consisting solely of normal recurring adjustments, have been made.Operating results for the nine months ended September 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 presentationThe accompanying consolidated financial statements are presented in UnitedStates dollars and are prepared in accordance with accounting principlesgenerally accepted in the United States.
**Principles of ConsolidationThe consolidated financial statements include the accounts of the Companyand its wholly owned subsidiaries, which include SE Global Capital, Inc., acompany incorporated on May 11, 2001 in the State of California, SE GlobalEquities Inc. ("SEG Cayman"), a Cayman Islands company incorporated on October30, 2000, and GAI. The Company also has one subsidiary, SE Global InvestmentCompany Limited, which is inactive and has no assets, liabilities or operations.On May 30, 2003 the Company sold its interest in two of its non-operatingsubsidiaries, SE Global Equities Company Limited and SE Global Communications(Hong Kong) Limited, to arms-length parties for nominal consideration. Allsignificant intercompany balances and transactions have been eliminated onconsolidation.

-6-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2004**

(Unaudited)
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Use of estimatesThe preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates andassumptions 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 equivalentsCash and cash equivalents consists of cash on deposit and highly liquidshort-term interest bearing securities with maturities at the date of purchaseof three months or less.
**Financial instrumentsThe Company's financial instruments include cash and cash equivalents,accounts receivable and payable and loans payable. The fair values of thesefinancial instruments approximate their carrying values due to the short-termmaturity of the instruments.
**Revenue recognitionSecurities transactions and related revenues and expenses are recorded on atrade date basis. Commission revenues are recorded on a settlement date basis.Consulting fees are recorded in accordance with the terms of consultingagreements when collection is reasonably assured.
**Net earnings (loss) per common shareBasic earnings (loss) per share includes no dilution and is computed bydividing earnings (loss) available to common stockholders by the weightedaverage number of common shares outstanding for the period. Diluted net earnings(loss) per share reflects the potential dilution of securities that could sharein the earnings (loss) of the Company. The accompanying presentation is only ofbasic net earnings (loss) per share as the potentially dilutive factors areanti-dilutive to basic net earnings (loss) per share.
**Foreign currency transactionsThe financial statements are presented in United States dollars. Inaccordance with Statement of Financial Accounting Standards No. 52, "ForeignCurrency Translation", since the functional currency of the Company is U.S.dollars, the foreign currency financial statements of the Company's subsidiariesare re-measured into U.S. dollars. Monetary assets and liabilities arere-measured using the foreign exchange rate that prevailed at the balance sheetdate. Revenue and expenses are translated at weighted average rates of exchangeduring the year and stockholders' equity accounts and capital asset accounts aretranslated by using historical exchange rates. Any re-measurement gain or lossincurred is reported in the consolidated income statement.
**Income taxesThe Company follows the liability method of accounting for income taxes.Under this method, deferred tax assets and liabilities are recognized for thefuture tax consequences attributable to differences between the financialstatement carrying amounts of existing assets and liabilities and theirrespective tax balances. Future tax assets and liabilities are measured usingenacted or substantially enacted tax rates expected to apply to the taxableincome in the years in which those differences are expected to be recovered orsettled. The effect on future tax assets and liabilities of a change in taxrates is recognized in income in the period that includes the date of enactmentor substantive enactment. A valuation allowance is provided for deferred taxassets if it is more likely than not that the Company will not realize thefuture benefit, or if the future deductibility is uncertain.

-7-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2004**

(Unaudited)
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Stock-based compensationIn 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-basedemployee compensation arrangements in accordance with the provisions ofAccounting 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.

The following table illustrates the pro forma effect on netincome (loss) and net income (loss) per share as if the Company had accountedfor its for stock-based employee compensation using the fair value provisions ofSFAS No. 123 using the assumptions as described in Note 4:
  
Nine months ended
Nine months ended  
September 30, 2004
September 30, 2003    Net income (loss) for the      periodAs reported
$ (189,360)
$  297,602 SFAS 123 compensation expensePro-forma
(80,000)
(76,800)    Net income (loss) for the      periodPro-forma
$ (269,360)
$  220,802     Pro-forma basic net income      (loss) per sharePro-forma
$      (0.02) 
$        0.01 
The Company accounts for equity instruments issued in exchangefor the receipt of goods or services from other than employees in accordancewith SFAS No. 123 and the conclusions reached by the Emerging Issues Task Forcein Issue No. 96-18, "Accounting for Equity Instruments That Are Issued to OtherThan Employees for Acquiring or in Conjunction with Selling Goods or Services"("EITF 96-18"). Costs are measured at the estimated fair market value of theconsideration received or the estimated fair value of the equity instrumentsissued, whichever is more reliably measurable. The value of equity instrumentsissued for consideration other than employee services is determined on theearlier of a performance commitment or completion of performance by the providerof 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.

-8-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2004**

(Unaudited)
**NOTE 3 - LOAN PAYABLE**
The $100,000 loan was received on August 25, 2003, bearsinterest at a rate of 12% per annum, payable monthly, and matured on August 31,2004. A conversion feature was added on October 20, 2003 which allows the loanamount to be converted into shares of the Company at a price of $0.30 per share.Upon conversion of the loan the holder will also receive share purchase warrantsentitling the holder to purchase 333,333 shares of the Company at a price of$0.40 per share for a two year period. The Company may repay the loan during theterm of the loan with a penalty equivalent to three months of interest. Anagent's fee of $8,000 was paid on the loan. As of August 31, 2004 this loan andaccrued interest is due and payable in full. To date the Company has notreceived a demand form payment and the Company intends to negotiate an extensionon the due date of this loan. Accordingly, the Company has accrued interest onthis loan to September 30, 2004.

As at September 30, 2004 $4,000 of accrued and unpaid interestis included in accounts payable.
**NOTE 4 - CAPITAL STOCK**
On July 8, 2003, the Company issued 2,777,778 shares of itscapital stock in settlement of $500,000 of debt owed to its parent companyCapital Alliance Group Ltd. ("CAG").
**2001 Stock Option PlanEffective 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 of2,150,000 non-qualified options at a price of $0.57 under the 2001 Plan tocertain employees, officers, directors and consultants of the Company andcertain of its subsidiaries. Of these options, 940,000 were deemed to be amodification of options granted under the original Plan and as such are subjectto variable accounting in accordance with the provisions of the FinancialAccounting Standards Board Interpretation No.44, Accounting for CertainTransactions Involving Stock Compensation - An Interpretation of APB Opinion No.25 ("FIN 44"). During the year ended December 31, 2003, 150,000 of the stockoptions that are subject to variable accounting expired leaving 790,000 stockoptions subject to variable accounting. No compensation expense relating tothese stock options was recorded during the period ended September 30, 2004 asthe market price of the Company's shares of common stock is less than theexercise price of these stock options. 
**2004 Stock Option PlanEffective 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.

-9-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2004**

(Unaudited)
**NOTE 4 - CAPITAL STOCK (cont'd)**
Effective February 2, 2004 the Company filed a Form S-8registering a total of 3,000,000 shares of the Company's common stock inconnection with the Company's 2004 Plan.

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

The following table summarizes the Company's stock optionactivity:

 
 

      Number of Options
      Weighted Average Exercise Price
Weighted Average      Remaining Contractual Life    
Balance, December 31, 2002
1,934,000 
$   0.57 
3.78 years
Exercised
(70,000)
0.57  
Expired/cancelled
(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, September 30, 2004
2,254,000 
$   0.48 
2.72 years**NOTE 5 - RELATED PARTY TRANSACTIONS**
During the period ended September 30, 2004 the Company receivednet cash advances from CAG of $67,639 (2003 - $224,734). During the year endedDecember 31, 2003 CAG converted $500,000 of inter-corporate debt into 2,777,778shares of the Company at $0.18 per share (see Note 4). As at September 30, 2004$67,678 was owed by the Company to CAG (December 31, 2003 - $67,000 owed to CAGby the Company).

During the period ended September 30, 2004 the Company incurredmanagement and consulting fees to Directors and Officers of the Company in theamount of $91,700 (2003 - $114,312). Included in accounts payable are unpaidmanagement fees of $43,000 owing to a Director of the Company.

Amounts due to and from related parties are unsecured,non-interest bearing and 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 itssubsidiaries, SE Global Equities Company Limited ("SEGHK") and SE GlobalCommunications (Hong Kong) Limited ("SEGCHK"), to arm's-length parties fornominal consideration. The sale of SEGHK and SEGCHK to arm's-length partiesrelieved the Company from $210,225 in debts owing to unsecured creditors, andaccordingly, the Company recognized a gain in the amount of $210,225 on thedisposition of SEGHK and SEGCHK.

-10-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 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 - PROPOSED ACQUISITIONS**
Effective July 7, 2004 the Company entered into an agreement toacquire 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. The acquisition of FAM was completed and effectivelyclosed, as agreed to by all parties to the transaction, on October 1, 2004. TheCompany is awaiting final NASD approval for the acquisition of FAM.
*On July 22, 2004 the Company announced a planned acquisition ofthe 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. To date, the Company has notcompleted its due diligence, final negotiations and no NASD approval has beensought or obtained.

-11-

 
**Item 2. Management's Discussion and Analysis or Plan ofOperation.
***Overview.
**General.  We and our subsidiaries and affiliatesare primarily engaged in securities execution and clearance, securitiesbrokerage, securities lending and borrowing. 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 of trading volume,which may fluctuate significantly. Consequently, net operating results can varysignificantly from period to period.

The following discussion compares the financial results forthe nine month period ended September 30, 2004 and September 30, 2003.
***Results of Operations.
**Nine month period ended September 30, 2004 compared to ninemonth period ended September 30, 2003

Revenue.  Brokerage commission revenue for the ninemonth period ended September 30, 2004 was $1,751,967 compared to revenues of$1,640,748 for the nine month period ended September 30, 2003, an increase of7%. Our direct costs, consisting of trade clearing charges, quotation costs andcommissions, were $1,422,578 for the nine month period ended September 30, 2004,compared to $1,224,639 for the nine month period ended September 30, 2003. Theincrease in direct costs for the nine month period ended September 30, 2004 wasa result of incurring more costs to serve the wholesale client base. Commissionswere paid to licensed brokers that assisted in generating the online directaccess trading revenues from the wholesale clients.

We had other income of $63,268 for the nine month periodended September 30, 2004 compared to $298,203 for the nine month period endedSeptember 30, 2003. Other income during the nine months ended September 30, 2004was comprised of forfeited deposits from certain consulting contracts, whileother income during the nine months ended September 30, 2003 was comprisedprimarily 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 decreased from$626,935 for the nine month period ended September 30, 2003 to $582,017 for thenine month period ended September 30, 2004, a decrease of 7%. Management feesand salaries for the nine month period ended September 30, 2004 was $293,670,compared to $383,538 for the nine month period ended September 30, 2003, adecrease of 23%. General and administrative costs for the nine month periodended September 30, 2004 were $143,800, compared to $181,715 for the nine monthperiod ended September 30, 2003, a decrease of 21%. Professional fees for thenine month period ended September 30, 2004 was $67,770 compared to $55,654 forthe nine month period ended September 30, 2003, an increase of 22%. Alsoincluded in total expenses for the nine month period ended September 30, 2004was a non-cash stock-based compensation expense of $64,000.

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**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 $189,360 for the nine month periodended September 30, 2004 compared to a net income of $297,602 for the nine monthperiod ended September 30, 2003. Of the $189,360 net loss for the nine monthperiod ended September 30, 2004, $64,000 was attributable to the non-cashstock-based compensation charge against income.****Ofthe $297,602 net income for the nine month period ended September 30, 2003,$210,225 was attributable to the non-cash gain on sale of subsidiaries.
***Stock-BasedCompensation Expense.A $64,000 non-cash stock-based compensation expense wasrealized for the nine month period ended September 30, 2004. No non-cashstock-based compensation expense was incurred for the nine month period endedSeptember 30, 2003.***Liquidity and Capital Resources*.*As at September 30, 2004, we had $181,274 in cash on hand(comprised of $139,294 of unrestricted cash and $41,980 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 nine month period ended September 30, 2004, weexpended, before depreciation and non-cash stock-based compensation,approximately $58,000 per month to operate our business, compared toapproximately $69,000 per month for operation of our business for the nine monthperiod ended September 30, 2003. Areas of significant expenditure includemanagement fees, salaries and benefits, professional fees, rent and officecosts.

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, as well as for strategicacquisition of existing businesses that complement our market niche, and generalworking capital purposes.

If we are unsuccessful in raising any of theplanned debt or equity financing, our ability to seek and consummate strategicacquisitions to build our company internationally, and to expand our businessdevelopment and marketing programs will be adversely effected. However, weexpect that we will have sufficient funds to meet our corporate overhead andongoing

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operational expenses during the next three monthsassuming that revenues in our wholly-owned subsidiary, Global-AmericanInvestments Inc., continue to grow at an average rate of 5% per month with theaddition of new accounts, and assuming that we successfully control our ongoingcosts. We anticipate that Global-American Investments, Inc.'s generated cashflow from operations will contribute to our overall cash operating needs in thefuture.
***Off-Balance Sheet Arrangement.As of September 30, 2004, we have had no off-balance sheetarrangements.
***Research and Development.We did not expend any fund towards research and developmentduring the nine month period ended September 30, 2004, and we do not anticipateincurring any significant expenditures on research and development over the nextthree months.
***Capital ExpenditureCommitments.Capital expenditures during the nine month period endedSeptember 30, 2004 amounted to $27,364. We do not anticipate any moresignificant purchase or sale of equipment over the next three months.
***Strategic Acquisitions.Effective July 7, 2004 the Companyentered into an agreement to acquire 90% of the issued and outstanding shares ofFidelity Asset Management Inc. ("FAM"), a broker-dealer based in HuntingtonBeach, California, for $10,000. FAM is a NASD registered full servicebroker-dealer in good standing with the regulatory bodies. The acquisition ofFAM was completed and effectively closed, as agreed to by all parties to thetransaction, on October 1, 2004. The Company is awaiting final NASD approval forthe acquisition of FAM.
*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.

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***Significant Accounting Policies*
Revenue recognitionSecurities 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 compensationIn 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.

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***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
**Exhibit No.****Description**
3.1
Articles of Incorporation as Amended (incorporated by    reference from our Form 10-SB Registration Statement, filed June 14, 1999)
3.2
Bylaws (incorporated by reference from our Form 10-SB    Registration Statement, filed June 14, 1999)
3.3
Certificate of Amendment to Articles of Incorporation,    dated April 11, 2001 (incorporated by reference from our Form 10-KSB, filed    April 1, 2002)
21.
Subsidiaries (incorporated by reference from our Form    10-KSB, filed April 1, 2003)
31.1
Certificate of CEO as Required by Rule 13a-14(a)/15d-14
31.2
Certificate of CFO as Required by Rule 13a-14(a)/15d-14
32.1
Certificate of CEO as Required by Rule Rule 13a-14(b) and    Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of    Title 18 of the United States Code
32.2
Certificate of CFO as Required by Rule Rule 13a-14(b) and    Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of    Title 18 of the United States Code***(b) Reports 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: **November 12, 2004**                  /s/ Toby Chu    By:_____________________________    Toby Chu , President and CEO/Director
Date: **November 12, 2004**                /s/ Tim Leong    By:_____________________________    Tim Leong, Chief Financial Officer
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