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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: **March 31, 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: 
**18,003,740 common shares issued and outstanding as of May 14, 2005**
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  
FORWARDLOOKING INFORMATION**
This quarterly report contains forward-lookingstatements as that term is defined in the Private Securities Litigation ReformAct 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 negativeof these terms 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 the forward-lookingstatements are reasonable, we cannot guarantee future results, levels ofactivity, performance or achievements. Except as required by applicable law,including the securities laws of the United States, we do not intend to updateany of the forward-looking statements to conform these statements to actualresults.Our financial statements are stated in United States Dollars (US$) and areprepared in accordance with United States Generally Accepted AccountingPrinciples. In this quarterly report, unless otherwise specified, all dollaramounts are expressed in United States Dollars. All references to CDN$ refer toCanadian 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 Globalfor the three months ended March 31, 2005, follow. The financial statementsreflect all adjustments which are, in the opinion of management, necessary to afair statement of the results for the interim period presented.  

-1-
** 

SE GLOBAL EQUITIES CORP.

 

INTERIMCONSOLIDATED Financial Statements

MARCH 31, 2005

(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

 
 **March 31, 2005**December 31, 2004 
(Unaudited) **ASSETS   **CURRENT  
Cash and short-term investments
$ 61,019 
$ 44,205 
Accounts receivable
14,880 
15,479 
Prepaid expenses and deposits
31,082 
37,082     
106,981 
96,766    **FIXED ASSETS
21,273 
23,298 **CLEARING BROKER DEPOSIT
46,980 
51,980     
$ 175,234 
$ 172,044       **LIABILITIES   **CURRENT  
Accounts payable
$ 102,103 
$ 108,875 
Loan payable (Note 3)
100,000 
100,000     
202,103 
208,875    **DUE TO PARENT COMPANY (Note 5)
141,882 
104,565    **CONTINGENCY (Note 1) **STOCKHOLDERS' EQUITY (CAPITAL DEFICIENCY)    **CAPITAL STOCK (Note 4)  
Common stock $.01 par value; 100,000,000 shares      authorized  
17,653,740 (2004 - 17,583,740) shares issued and      outstanding
176,537 
175,837 **ADDITIONAL PAID IN CAPITAL
6,023,409 
4,976,709 **DEFICIT
(6,368,697)
(5,293,942)    
(168,751)
(141,396)    
$ 175,234 
$ 172,044    
**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 March 31, 2005**Three Months ended March 31, 2004      **REVENUES  
Brokerage commissions
$ 248,662 
$ 665,218 
Direct costs
139,402 
540,737     
109,260 
124,481 
Other income
529 
60,470     
109,789 
184,951    **EXPENSES  
Depreciation
2,025 
- 
Consulting - stock based compensation (Note 4)
1,007,500 
64,000 
General and administrative
61,728 
55,144 
Management fees and salaries
76,520 
100,502 
Professional fees
36,771 
18,460     
1,184,544 
238,106    **NET INCOME (LOSS) FOR THE PERIOD
$ (1,074,755)
$ (53,155)      **BASIC NET INCOME (LOSS) PER SHARE
$ (0.06)
$ (0.00)      **WEIGHTED AVERAGE COMMON  **SHARES OUTSTANDING
17,609,518
17,583,740   
 
**The accompanying notes are an integral part of these interimconsolidated financial statements.**
-4-
**SE GLOBAL EQUITIES CORP.****INTERIM CONSOLIDATEDStatements of cash flows**
(Unaudited)

 

 
**Three Months ended March 31, 2005****Three Months ended March 31, 2004****Cash flows from operating activities
Net loss for the period
$ (1,074,755)
$ (53,155)
Adjustments to reconcile net loss to net cash used in      operating activities
- depreciation and amortization
2,025 
- 
- stock based compensation
1,007,500 
64,000 
- accounts receivable
599 
8,355 
- prepaid expenses
6,000 
3,000 
- accounts payable
(6,772)
(158,026)**CASH FLOWS USED IN OPERATING ACTIVITIES
(65,403)
(135,826)
**CASH FLOWS FROM INVESTING ACTIVITIES**
- fixed assets
- 
(4,037)
- clearing broker deposit
5,000 
- **CASH FLOWS FROM (USED IN) INVESTING      ACTIVITIES
5,000 
(4,037)
**CASH FLOWS FROM FINANCING ACTIVITIES**
- issuance of common stock for cash
39,900 
- 
- advances from parent company
37,317 
25,041
 
 
**CASH FLOWS FROM FINANCING ACTIVITIES**
77,217 
25,041**INCREASE      (DECREASE) IN CASH**
16,814 
(114,822)**CASH, BEGINNING OF PERIOD
44,205 
267,891 
**CASH END OF PERIOD**
$ 61,019 
$ 153,069 
 

Supplemental disclosures:       
Interest paid
$ -
$ -     
Taxes paid
$ -
$ -**SUPPLEMENTAL CASH FLOW INORMATION: Refer to Note 4.

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

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2005**

(Unaudited)
**NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION**
The Company offers a software platform that provideselectronic low cost order routing of U.S. securities through a licensed U.S.securities broker-dealer to investors throughout most of the world.  All orderrouting and support services are provided by the individual alliance broker incompliance with local regulatory requirements.  Global-AmericanInvestments, Inc. ("GAI"), a subsidiary of SE Global Equities Corp., is a U.S.licensed securities broker-dealer.  GAI provides a wide range of brokerageservices in the United States.
**Going concern**
These financial statements have been prepared in accordancewith generally accepted accounting principles in the United States of Americawith the on-going assumption applicable to a going concern which contemplatesthe realization of assets and the satisfaction of liabilities and commitments inthe normal course of business. The continued operations of the Company and therecoverability of the carrying value of its assets is dependent upon the abilityof the Company to maintain profitable operations. The accompanying financialstatements do not include any adjustments relative to the recoverability andclassification of assets carrying amounts or the amount and classification ofliabilities that might result from the outcome of this uncertainty. To date, theCompany has incurred losses since inception totaling $6,368,697, had a workingcapital deficit of $95,122 at March 31, 2005 and continues to rely on outsideequity capital 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 profitableoperating history, there can be no assurance that it will be able to achieve ormaintain profitability. Accordingly, these factors raise substantial doubt aboutthe Company's ability to continue as a going concern.

On January 7, 2005, the Company, Capital Alliance Group Inc.("CAG"), and Sun Media Investment Holdings Limited entered into an engagementterm sheet for the proposed acquisition by the Companpy of the business assetsof Asia Multi-Media Technology Services Holdings Limited (refer to Note 8).
**Unaudited Interim Financial Statements**
The accompanying unaudited interim consolidated financialstatements have been prepared in accordance with generally accepted accountingprinciples for interim financial information and with the instructions to Form10-QSB of Regulation S-B. They do not include all information and footnotesrequired by generally accepted accounting principles for complete financialstatements. In the opinion of Management, all adjustments considered necessaryfor a fair presentation, consisting solely of normal recurring adjustments, havebeen made. Operating results for the three months ended March 31, 2005 are notnecessarily indicative of the results that may be expected for the year endingDecember 31, 2005. 
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES****Basis of presentation**
The accompanying consolidated financial statements arepresented in United States dollars and are prepared in accordance withaccounting principles generally accepted in the United States.
**Principles of Consolidation**
The consolidated financial statements include the accounts ofthe Company and its wholly owned subsidiaries, which include SE Global Capital,Inc. (originally incorporated as SE Global Direct, Inc.), a company incorporatedon May 11, 2001 in the State of California, SE Global Equities Inc., and GAI.The Company also has one subsidiary, SE Global Investment Company Limited, whichis inactive and has no assets, liabilities or operations. On May 30, 2003 theCompany sold its interest in two of its non-operating subsidiaries, SE GlobalEquities Company Limited and SE Global Communications (Hong Kong) Limited, toarms-length parties for nominal consideration. All significant intercompanybalances and transactions have been eliminated on consolidation.

-6-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2005**

(Unaudited)
**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)****Use of estimates**
The preparation of financial statements in conformity withgenerally accepted accounting principles requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenue and expenses for the periods thatthe financial statements are prepared. Actual amounts could differ from theseestimates.
**Financial instruments**
The Company's financial instruments include cash and cashequivalents, accounts receivable and payable and loans payable. The fair valuesof these financial instruments approximate their carrying values due to theshort-term maturity of the instruments.
**Revenue recognition**
Securities transactions and related revenues and expenses arerecorded on a trade date basis. Commission revenues are recorded on a settlementdate basis. Consulting fees are recorded in accordance with the terms ofconsulting agreements when collection is reasonably assured.
**Net earnings (loss) per common share**
Basic earnings (loss) per share includes no dilution and iscomputed by dividing earnings (loss) available to common stockholders by theweighted average number of common shares outstanding for the period. Diluted netearnings (loss) per share reflects the potential dilution of securities thatcould share in the earnings (loss) of the Company. The accompanying presentationis only of basic net earnings (loss) per share as the potentially dilutivefactors are anti-dilutive to basic net earnings (loss) per share.
**Foreign currency transactions**
The financial statements are presented in United Statesdollars. In accordance with Statement of Financial Accounting Standards No. 52,"Foreign Currency Translation", since the functional currency of the Company isU.S. dollars, the foreign currency financial statements of the Company'ssubsidiaries are re-measured into U.S. dollars. Monetary assets and liabilitiesare re-measured using the foreign exchange rate that prevailed at the balancesheet date. Revenue and expenses are translated at weighted average rates ofexchange during the year and stockholders' equity accounts and capital assetaccounts are translated by using historical exchange rates. Any re-measurementgain or loss incurred is reported in the consolidated income statement.
**Income taxes**
The Company follows the liability method of accounting forincome taxes. Under this method, deferred tax assets and liabilities arerecognized for the future tax consequences attributable to differences betweenthe financial statement carrying amounts of existing assets and liabilities andtheir respective tax balances. Future tax assets and liabilities are measuredusing enacted or substantially enacted tax rates expected to apply to thetaxable income in the years in which those differences are expected to berecovered or settled. The effect on future tax assets and liabilities of achange in tax rates is recognized in income in the period that includes the dateof enactment or substantive enactment. A valuation allowance is provided fordeferred tax assets if it is more likely than not that the Company will notrealize the future benefit, or if the future deductibility is uncertain.
**Stock-based compensation**
In December 2002, the Financial Accounting Standards Boardissued Financial Accounting Standard No. 148, "Accounting for Stock-BasedCompensation - Transition and Disclosure" ("SFAS No. 148"), an amendment ofFinancial Accounting Standard No. 123 "Accounting for Stock-Based Compensation"("SFAS No. 123"). The purpose of SFAS No. 148 is to: (1) provide alternativemethods of transition for an entity that voluntarily changes to the fair valuebased method of accounting for stock-based employee compensation, (2) amend thedisclosure provisions to require prominent disclosure about the effects onreported net income of an entity's accounting policy decisions with respect tostock-based employee compensation, and (3) to require disclosure of thoseeffects in interim financial information. The disclosure provisions of SFAS No.148 were effective for the Company for the year ended December 31, 2002 and therequired disclosures have been made below.

-7-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2005**

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

The following table illustrates the pro forma effect on netincome (loss) and net income (loss) per share as if the Company had accountedfor its for stock-based employee compensation using the fair value provisions ofSFAS No. 123 using the assumptions as described in Note 4:
  
March 31, 2005
March 31, 2004    
Net loss for the period
As reported
$ (1,074,755)
$ (53,155)
SFAS 123 compensation expense
Pro-forma
- 
(80,000)    
Net loss for the period
Pro-forma
$ (1,074,755)
$ (133,155)    
Pro-forma basic net loss per share
Pro-forma
$ (0.06)
$ (0.01)
The Company accounts for equity instruments issued inexchange for the receipt of goods or services from other than employees inaccordance with SFAS No. 123 and the conclusions reached by the Emerging IssuesTask Force in Issue No. 96-18, "Accounting for Equity Instruments That AreIssued to Other Than Employees for Acquiring or in Conjunction with SellingGoods or Services" ("EITF 96-18"). Costs are measured at the estimated fairmarket value of the consideration received or the estimated fair value of theequity instruments issued, whichever is more reliably measurable. The value ofequity instruments issued for consideration other than employee services isdetermined on the earlier of a performance commitment or completion ofperformance by the provider of goods or services as defined by EITF 96-18.

The Company has also adopted the provisions of the 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.

 
**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 sharewhich conversion feature expired effective August 31, 2004. Upon conversion ofthe loan the holder will also receive share purchase warrants entitling theholder to purchase 333,333 shares of the Company at a price of $0.40 per sharefor a two year period. The Company may repay the loan during the term of theloan with a penalty equivalent to three months of interest. An agent's fee of$8,000 was paid on the loan. As of August 31, 2004 this loan and accruedinterest is due and payable in full, and the term of the loan has expired. Todate the Company has not received a demand for payment and the Company intendsto repay the loan in full. Accordingly, the Company has accrued interest on thisloan to March 31, 2005.

As at March 31, 2005 $5,000 (December 31, 2004 - $2,000) ofaccrued and unpaid interest is included in accounts payable.

Subsequent to March 31, 2005 the Company repaid alloutstanding principal and interest in connection with this loan.
** 

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").

-8-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2005**

(Unaudited)
**October 2001 Stock Option Plan**
Effective October 10, 2001, the Company adopted The 2001Stock Option Plan (the "2001 Plan") allowing for the awarding of options toacquire shares of the Company's common stock. The 2001 Plan allows forNon-qualified Stock Options to be awarded to employees, officers, directors andconsultants of the Company and for Incentive Stock Options to be awarded toemployees of the Company. The maximum number of options issuable under this plancannot exceed 2,500,000 of which a maximum of 700,000 can be Incentive options.The incentive options must be granted at a minimum of market value of theCompany's common stock and for a term not to exceed 5 years. Unless otherwisedetermined, the Incentive options will vest to the holder as follows: 30% sixmonths following the award date, 40% twelve months following the award date and30% eighteen months following the award date. The non-qualified options vestimmediately, must be granted at a minimum of 85% of the market value of theCompany's common stock and for a term not to exceed 10 years. In January 2004the Company adopted a new Stock Option Plan.

Effective October 10, 2001 the Company awarded a total of2,150,000 non-qualified options at a price of $0.57 under the 2001 Plan tocertain employees, officers, directors and consultants of the Company andcertain of its subsidiaries. Of these options, 940,000 were deemed to be amodification of options granted under the original Plan and as such are subjectto variable accounting in accordance with the provisions of the FinancialAccounting Standards Board Interpretation No.44, Accounting for CertainTransactions Involving Stock Compensation - An Interpretation of APB Opinion No.25 ("FIN 44"). . No compensation expense relating to these stock options wasrecorded during the period ended March 31, 2004 as the market price of theCompany's shares of common stock is less than the exercise price of these stockoptions. During 2004, 290,000 of the stock options that were subject to variableaccounting expired leaving 650,000 stock options subject to variable accounting.As at March 31, 2005 the market price of the Company's shares of common stockexceeded the exercise price of these stock options and accordingly, acompensation expense of $1,007,500 was recorded.
**January 2004 Stock Option Plan**
Effective January 22, 2004, the Company adopted the 2004Stock Option Plan (the "2004 Plan") allowing for the awarding of options toacquire shares of the Company's common stock. The 2004 Plan allows forNon-qualified Stock Options to be awarded to employees, officers, directors andconsultants of the Company and for Incentive Stock Options to be awarded toemployees of the Company. The maximum number of options issuable under this plancannot exceed 2,500,000 of which a maximum of 700,000 can be Incentive options.The incentive options must be granted at a minimum of market value of theCompany's common stock and for a term not to exceed 5 years. Unless otherwisedetermined, the Incentive options will vest to the holder as follows: 30% sixmonths following the award date, 40% twelve months following the award date and30% eighteen months following the award date. The non-qualified options vestimmediately, must be granted at a minimum of 85% of the market value of theCompany's common stock and for a term not to exceed 10 years.

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

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

-9-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2005**

(Unaudited)
**NOTE 4 - CAPITAL STOCK (cont'd)**
The following table summarizes the Company's stock optionactivity:
 
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
(70,000)
0.57 
Granted
- 
-     
Balance, March 31, 2005
1,894,000 
$ 0.46 
2.36 years**NOTE 5 - RELATED PARTY TRANSACTIONS**
Included in accounts payable are unpaid management fees of$43,000 (2004 - $43,000) owing to a Director of the Company. 

During the period ended March 31, 2005 the Company receivednet cash advances from CAG of $37,317 (2004 - $25,04.

During the period ended March 31, 2005 the Company incurredmanagement and consulting fees to Directors and Officers of the Company in theamount of $21,000 (2004 - $29,900).

Amounts due to and from related parties are unsecured,non-interest bearing and have no specific terms of repayment.

Reger to Note 7.
**NOTE 6 - INCOME TAXES**
The Company and its subsidiaries have combined tax lossescarried forward, which may be available to reduce future year's taxable income,that result in deferred tax assets. Management believes that the realization ofthe benefits from these deferred tax assets appears uncertain due to theCompany's limited operating history and continuing losses. Accordingly a full,deferred tax asset valuation allowance has been provided and no deferred taxasset benefit has been recorded.
**NOTE 7 - SUBSEQUENT EVENTS**
During the month of April 2005, a total of 350,000 stockoptions were exercised for proceeds of $196,600 of which $153,600 was receivedin cash and $43,000 by way of offset of amounts owing to a director of theCompany.

On April 15, 2005 the loan payable amount of $100,000 plusaccrued interest was paid in full.
**NOTE 8 - PROPOSED ACQUISITIONS**
Effective July 7, 2004 the Company entered into an agreementto acquire 90% of the issued and outstanding shares of Fidelity Asset ManagementInc. ("FAM"), a broker-dealer based in Huntington Beach, California, for $10,000cash. FAM is a NASD registered full service broker-dealer in good standing withthe regulatory bodies. The Company is awaiting final NASD approval for theacquisition of FAM. As at March 31, 2005 the acquisition of FAM was notcompleted and subsequently management determined that they were not going tocomplete this proposed acquisition.

-10-

**SE GLOBAL EQUITIES CORP.**

**NOTES TO INTERIMCONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2005**

(Unaudited)

On January 7, 2005, the Company ("SEG"), CAG, and Sun MediaInvestment Holdings Limited, the majority stockholder of Asia NetworkTechnologies Limited ("AsiaNet"), entered into an engagement term sheet (the"Term Sheet") for the acquisition of the business assets of Asia Multi-MediaTechnology Services Holdings Limited ("AMMT-BVI"), which is British VirginIslands incorporated company wholly-owned by AsiaNet. The parties subsequentlydecided to structure the acquisition as a direct or indirect share purchase ofall the issued and outstanding share capital of AMMT-BVI. Given this change thetransaction will require approval from the stockholders of SE Global. SE Globalexpects to file with the SEC a preliminary proxy statement on Schedule 14A withrespect to the transactions as soon as practicable upon completion of the auditof AMMT-BVI's 2004 financial statements. Currently, the parties are completingtheir due diligence of one another and are negotiating the final form of allagreements and documents related to the proposed transactions. On completion ofthe transaction SE Global has agreed to issue 341,500,000 post-split restrictedshares of its common stock to Asia Net and related parties. On closing of thetransaction Asia Net and related parties will control approximately 97% of theoutstanding common stock of SE Global on a fully diluted basis after givingeffect to a proposed two for one reverse split of SE Global's issued andoutstanding share capital.

The following transactions will also be undertaken inconnection with the foregoing:
-  CAG, Asia Net and certain other stockholders have agreed to  enter into a Pooling Agreement on close of the Transaction. Under the pooling  agreement CAG will place 7,125,000 of its post consolidation shares of common  stock of SE Global in the pooling agreement. Asia Net and related parties have  agreed to enter into a pooling agreement to place 341,500,000 of their shares  of common stock of SE Global in the pooling agreement. The pooling agreement  is for a term of two years. The first release of shares under the pooling  agreement is to occur six months after the close of the Transaction. The  beneficial holders retain the right to vote their shares as they see fit. CAG has agreed to enter into a two year management agreement with SE  Global on close of the Transaction. CAG is to receive 250,000 shares of common  stock of SE Global as full consideration for these services. 
CAG has agreed to sell 450,000 shares of pre-consolidated common stock of  SE Global to Sun Media for US$450,000. CAG has received US$150,000 from Sun  Media as partial payment for these shares.
After completion of the transaction the name of the Company will be  changed.

-11-

 
**Item 2. Management's Discussion and Analysis orPlan of Operation.
***Overview.
**General We and our subsidiaries and affiliates areprimarily engaged in securities execution and clearance, securitiesbrokerage, securities lending and borrowing and trading as a principal in equityand fixed income securities. All of these activities are highly competitive andare sensitive to many factors outside of our control, including volatility ofsecurities prices and interest rates; trading volume of securities; economicconditions in the regions where we or our subsidiaries and affiliates conductbusiness; income tax legislation; and demand for financial services. Brokeragerevenues are dependent upon the level of trading volume, which may fluctuatesignificantly, a large portion of our expenses remains fixed. Consequently, netoperating results can vary significantly from period to period.

The following comparisons are of our financial results for thethree month period ended March 31, 2005 and March 31, 2004.
***Results ofOperations.
**Three month period ended March 31, 2005 compared to threemonth period ended March 31, 2004****Revenue Total revenue for the three month period endedMarch 31, 2005 was $248,662 compared to revenues of $665,218, for the threemonth period ended March 31, 2004, a decrease of 63%. All of our revenue for thethree month period ended March 31, 2005, was derived from online direct accesstrading services provided through our subsidiary Global-American Investments,Inc. The decrease in revenues during the current period was due to a weak andvolatile equity market.

Our direct costs, consisting of trade clearing charges,quotation costs and commissions, were $139,402 for the three month period endedMarch 31, 2005, compared to $540,737 for the three month period ended March 31,2004, a decrease of 74%. Net margins averaged 44% in the current period comparedto 19% in the prior period. The increase in margins for the three month periodended March 31, 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 $60,470 during the three months ended March31, 2004 was comprised primarily of forfeited deposits from certain consultingcontracts. There were no forfeited deposits during the three months ended March31, 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 $238,106 for thethree month period ended March 31, 2004 to $1,184,544 for the three month periodended March 31, 2005. Included in total expenses was a non-cash stock-basedcompensation expense of $1,007,500 which accounted for 85% of the total expensesduring the three month period ended March 31, 2005.

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Management fees and salaries for the three monthperiod ended March 31, 2005 was $76,520, compared to $100,502 for the threemonth period ended March 31, 2004, a decrease of 24%. General and administrativecosts for the three month period ended March 31, 2005 were $61,728, compared to$55,144 for the three month period ended March 31, 2004, an increase of 12%.Professional fees for the three month period ended March 31, 2005 was $36,771compared to $18,460 for the three month period ended March 31, 2004, an increaseof 99%.We generated a net loss of $1,074,755 for the three month period ended March 31,2005 compared to a net loss of $53,155 for the three month period ended March31, 2004. Of the $1,074,755 net loss for the three month period ended March 31,2005, $1,007,500 was attributable to the non-cash stock-based compensationcharge against income.***Stock-BasedCompensation Expense***.During Fiscal 2001 certain stock options were modified and as such caused themto be subject to Variable Accounting in accordance with the provisions of theFinancial Accounting Standards Board Interpretation No. 44, Accounting forCertain Transactions Involving Stock Compensation - An Interpretation of APBOpinion No. 25.
We realized a non-cash stock-based compensation expense of$1,007,500 for the three month period ended March 31, 2005. This non-cashstock-based compensation expense was a result of the application of the VariableAccounting Rules 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.

A $64,000 non-cash stock-based compensation expense wasrealized for the three month period ended March 31, 2004 relating to thegranting of stock options.
***Liquidity and Capital Resources*.*As at March 31, 2005, we had $107,999 in cash on hand(comprised of $61,019 unrestricted cash and $46,980 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 three month period ended March 31, 2005, we expended,before depreciation and non-cash stock-based compensation, approximately $58,300per month to operate our business, compared to approximately $58,000 per monthfor operation of our business for the three month period ended March 31, 2004. Areas of significant expenditure include management fees, salaries and benefits,professional fees, rent and office costs.

During the three month period ended March 31, 2005 SE Globalreceived net cash advances from Capital Alliance Group Inc. ("CAG"), the parentcompany of SE Global, of $37,317 (2004 - $25,041). As at March 31, 2005,$141,882 was owing by SE Global to CAG (December 31, 2004 - $104,565).

A total of 70,000 stock options were exercised during thecurrent period. Proceeds of $39,900 were received in connection with theexercise of the stock options.

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 parent company, CAG, and, if available onsatisfactory terms, debt financing.

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We plan to use any additional funds that we mightbe successful 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 ability to seek andconsummate strategic acquisitions to build our company internationally, and toexpand of our business development and marketing programs could be adverselyaffected.***Off-Balance SheetArrangement***.As of March 31, 2005, we have had no off-balance sheet arrangements.***Research and Development.We did not expend any fund towards research and development during the threemonth period ended March 31, 2005 and we do not anticipate incurring anysignificant expenditures on research and development over the next nine months.
***CapitalExpenditure Commitments.We did not undertake any capital expenditure commitments during the three monthperiod ended March 31, 2005, and do not anticipate any significant purchase orsale of equipment over the next nine months.
***StrategicAcquisitions- ***Recent Development - Term Sheet Signed withSun Media***On January 7, 2005, SE Global, CAG, and Sun Media Investment Holdings Limited,the majority stockholder of Asia Network Technologies Limited ("AsiaNet"),entered into an engagement term sheet (the "Term Sheet") which outlined thedocuments and steps necessary to acquire the business assets of Asia Multi-MediaTechnology Services Holdings Limited ("AMMT-BVI"), which is British VirginIslands incorporated company wholly-owned by AsiaNet, and related transactions.The parties have subsequently decided to structure the acquisition as a director indirect share purchase of all the issued and outstanding share capital ofAMMT-BVI. Given this change the transaction will require approval from thestockholders of SE Global. SE Global expects to file with the SEC a preliminaryproxy statement on Schedule 14A with the respect to the transactions as soon aspracticable upon completion of the audit of AMMT-BVI's 2004 financialstatements. Currently, the parties are completing their due diligence of oneanother and are negotiating the final form of all agreements and documentsrelated to the proposed transactions.
On completion of the transaction SE Global has agreed toissue 341,500,000 restricted shares of its common stock to Asia Net and relatedparties. On closing of the transaction Asia Net and related parties will controlapproximately 97% of the outstanding common stock of SE Global on a fullydiluted basis after giving effect to a proposed two for one reverse split of SEGlobal's issued and outstanding share capital.

The following transactions will also be undertaken inconnection with the foregoing:
-  CAG, Asia Net and certain other stockholders have agreed to  enter into a Pooling Agreement on close of the Transaction. Under the pooling  agreement CAG will place 7,125,000 of its post consolidation shares of common  stock of SE Global in the pooling agreement. Asia Net and related parties have  agreed to enter into a pooling agreement to place 341,500,000 of their shares  of common stock of SE Global in the pooling agreement. The pooling agreement  is for a term of two years. The first release of shares under the pooling  agreement is to occur six months after the close of the Transaction. The  beneficial holders retain the right to vote their shares as they see fit. CAG has agreed to enter into a two year management agreement with SE  Global on close of the Transaction. CAG is to receive 250,000 shares of common  stock of SE Global as full consideration for these services. 
CAG has agreed to sell 450,000 shares of pre-consolidated common stock of  SE Global to Sun Media for US$450,000. CAG has received US$150,000 from Sun  Media as partial payment for these shares.
After completion of the transaction the name of the Company will be  changed.

The acquisition of AMMT-BVI and related transactions are subject to variousconditions to closing, including:
- a certified business valuator having provided an independent valuation  report confirming the assets being acquired have a current market value of not  less than US $269,470,000;
- SE Global must be current with all reports it is required to be filed  under the  Securities Exchange Act of 1934 , as amended; 
- SE Global must have obtained stockholder approval of the name change,  reverse split, recapitalization and appointment of new directors; 
- CAG must complete the sale of 450,000 shares of SE Global to Sun Media;  
- all representations and warranties contained in the asset acquisition  agreement must be true in all material respects as of the closing date; 
- the performance of all agreements, covenants and obligations required to  be performed under the asset acquisition agreement as of the closing date;  
- receipt by the parties of the necessary officers' certificates and legal  opinions; 
- receipt of all third party consents that may be required from government  bodies and others; 
- the resignation of the current directors and officers of SE Global; 
- the appointment of the nominees of Asia Net to the Board of Directors of  SE Global and the resignation of the current Board of Directors of SE Global;  and 
- no injunction or litigation having been commenced regarding the  Transaction.   

AMMT-BVI is a newly formed British Virgin Island company. Wehave been told AMMT-BVI owns a 100% interest in an advanced fiber-optic networkin the Peoples' Republic of China ("PRC"). The network is a 32,440 kilometertwo-core national IP protocol fiber optic network serving 440 cities in the PRC.The network includes 370 ground stations, and supports 10 G/bs multimediatransmission, upgradeable to 20 G/bs in its second phase. Asia Net'sstockholders Sun Media (50% ownership), Mr. Huang Zhiping (37.5%) and Mr. MaJiankai (12.5% ownership) provide AMMT-BVI with access to expertise andextensive contacts in the television, telecommunication, cable and internetindustries in the PRC. It is our intent to leverage this physical network ofAMMT-BVI with the content assets and alliances of associated companies to ournew majority stockholders and new Board of Directors.

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***Significant Accounting Policies*
Revenue recognitionSecurities transactions and related revenues andexpenses are recorded on a trade date basis. Commission revenues are recorded ona settlement date basis. Consulting fees are recorded in accordance with theterms of consulting agreements when collection is reasonably assured.
**Stock-based compensation 

In December 2002, the Financial Accounting Standards Boardissued Financial Accounting Standard No. 148, "Accounting for Stock-BasedCompensation - Transition and Disclosure" ("SFAS No. 148"), an amendment ofFinancial Accounting Standard No. 123 "Accounting for Stock-Based Compensation"("SFAS No. 123"). The purpose of SFAS No. 148 is to: (1) provide alternativemethods of transition for an entity that voluntarily changes to the fair valuebased method of accounting for stock-based employee compensation, (2) amend thedisclosure provisions to require prominent disclosure about the effects onreported net income of an entity's accounting policy decisions with respect tostock-based employee compensation, and (3) to require disclosure of thoseeffects in interim financial information. The disclosure provisions of SFAS No.148 were effective for the Company for the year ended December 31, 2002.

The Company has elected to continue to account forstock-based employee compensation arrangements in accordance with the provisionsof Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued toEmployees", ("APB No. 25") and comply with the disclosure provisions of SFAS No.123 as amended by SFAS No. 148 as described above. In addition, in accordancewith SFAS No. 123 the Company applies the fair value method using theBlack-Scholes option-pricing model in accounting for options granted toconsultants. Under APB No. 25, compensation expense is recognized based on thedifference, if any, on the date of grant between the estimated fair value of theCompany's stock and the amount an employee must pay to acquire the stock.Compensation expense is recognized immediately for past services and pro-ratafor future services over the option-vesting period.
**Item3. Controls and Procedures.
*Evaluation of Disclosure Controls and Procedures.Within the 90 days prior to the filing date of this report, we carried out anevaluation, under the supervision and with the participation of our management,including our Chief Executive Officer and Chief Financial Officer, of theeffectiveness of the design and operation of our disclosure controls andprocedures. Based upon that evaluation, our Chief Executive Officer and ChiefFinancial Officer concluded that our disclosure controls and procedures areeffective. Disclosure controls and procedures are designed to ensure thatinformation required to be disclosed in our reports filed or submitted under theSecurities Exchange Act of 1934 is recorded, processed, summarized and reportedwithin the time periods specified in Securities and Exchange Commission rulesand forms.

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***Changes ininternal controls. There were no significant changes in our internal controls or in other factorsthat could materially affect, or are reasonably likely to materially affect, ourinternal controls over financial reporting, subsequent to the date of ourevaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses.
**PART II - OTHERINFORMATION

Item 1. Legal Proceedings.

We know of no material, active or pending legalproceedings against our company, nor are we involved as a plaintiff in anymaterial proceeding or pending litigation. There are no proceedings in which anyof our directors, officers or affiliates, or any registered or beneficialshareholder, is an adverse party or has a material interest adverse to ourinterest.
**Item 2. Changes inSecurities.

During the month of March 2005, a total of 70,000stock options were exercised for proceeds of $39,900. During the month of April2005, a total of 350,000 stock options were exercised for proceeds of $196,600.
**Item 3. Defaults UponSenior Securities

Not Applicable
**Item 4. Submission ofMatters to a Vote of Security Holders.

At a shareholders' meeting on March 31, 2005, SEGreceived conditional approval for a 1:2 reverse stock split of the Company'scapital stock.
**Item 5. Other Information.
***Audit Committee***
SE Global does not have a separately-designated standingaudit committee. Rather, SE Global's audit committee is comprised of all ofits officers. Toby Chu and Tim Leong are the only members of SE Global's auditcommittee, neither of who meet the independent requirements for an auditcommittee member. SE Global's audit committee is responsible for: (1) selectionand oversight 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 disclosure committeecharter. SE Global 's disclosure committee is comprised of all of its officersand directors. The purpose of the committee is to provide assistance to thechief executive officer and the chief financial officer in fulfilling theirresponsibilities regarding the identification and disclosure of materialinformation about SE Global and the accuracy, completeness and timeliness of SEGlobal'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
**Exhibit Number****Exhibit Title**3.1 Articles of Incorporation as    Amended (incorporated by reference from our Form 10-SB Registration    Statement, filed June 14, 1999)3.2Bylaws (incorporated by reference    from our Form 10-SB Registration Statement, filed June 14, 1999)3.3Certificate of Amendment to    Articles of Incorporation, dated April 11, 2001 (incorporated by reference    from our Form 10-KSB, filed April 1, 2002)14.1Code    of Ethics21    Subsidiaries of SE Global Equities Corp.31.1    Certificate of CEO as Required by Rule 13a-14(a)/15d-1431.2    Certificate of CFO as Required by Rule 13a-14(a)/15d-1432.1    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 Code32.2    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 Code99.1    Disclosure Committee Charter99.2Audit    Committee Charter ***(b) Reports ofForm 8-K.

None
**SIGNATURES**
In accordance with the requirements of theExchange Act, the registrant caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized. 
 **SE GLOBAL EQUITIES CORP.
Date: **May 16, 2005**           /s/ Toby Chu    By:_____________________________    Toby Chu , President and CEO/Director
Date: **May 16, 2005**         /s/ Tim Leong    By:_____________________________    Tim Leong, Chief Financial Officer
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