**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        DC 20549**

**____________**

**FORM        10-KSB**

| [X] | Annual                  report pursuant to Section 13 or 15(d) of the Securities Exchange                  Act of                  1934 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

**March        31, 2004**

| [                    ] | Transition                  report pursuant to Section 13 or 15(d) of the Securities Exchange                  Act of                  1934 |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

**0-24944**

**THE        TRACKER CORPORATION OF AMERICA **

| **Delaware**                                                                                     |   | **86-0767918**                                                                    |
|--------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|
| (State                  or Other Jurisdiction of Incorporation or                  Organization) |   | (I.R.S.                  Employer  Identification                  No.) |
|                                                                                             |   |                                                                              |
|                                                                                             |   |                                                                              |
| **860                  Denison Street, Unit 9, Markham,                  Ontario, Canada**       |   | **L3R                  4H1**                                                      |
| (Address                  and Zip Code of Principal Executive                  Offices)          |   | (Zip                  Code)                                                       |

**(416)        628-2903**

**None**

**None**

----

**DOCUMENTS        INCORPORATED BY REFERENCE**

----

**TABLE        OF CONTENTS**

| 1. | Description                  of Business                             | 1 |
|----|----------------------------------------------------------------------|---|
| 2. | Description                  of Property                             | 2 |
| 3. | Legal                  Proceedings                                   | 2 |
| 4. | Submission                  of Matters to a Vote of Security Holders | 2 |

| 5. | Market                    for Common Equity and Related Stockholder Matters                                            | 2 |
|----|------------------------------------------------------------------------------------------------------------------------|---|
| 6. | Management’s                    Discussion and Analysis                                                          | 4 |
| 7. | Financial                  Statements                                                                                  | 6 |
| 8. | Changes                  in and Disagreements with Accountants on Accounting and Financial                  Disclosure | 6 |

| 9.                                                                        | Directors,                    Executive Officers, Promoters and Control Persons; Compliance                    with Section 16(a) of the Exchange Act | 7       |
|---------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 10.                                                                       | Executive                      Compensation                                                                                                           | 7       |
| 11.                                                                       | Security                    Ownership of Certain Beneficial Owners and                    Management                                                  | 8       |
| 12.                                                                       | Certain                  Relationships and Related Transactions                                                                                       |  9 |
| 13.                                                                       | Exhibits, List and Reports on Form                8-K                                                                                                 | 10      |
| 14.                                                                       | Principal Accountant Fees and                Services.                                                                                                | 12      |
|                                                                      |                                                                                                                                                  |    |
| SIGNATURES                                                                | 13                                                                                                                                                    |
|                                                                      |                                                                                                                                                  |
| FINANCIAL STATEMENTS                AND                SUPPLEMENTARY DATA | F-1                                                                                                                                                   |

----

**PART        I**

**Item        1.    **
**Description        of Business**

**Cessation        of Operations**

**Corporate        History**

**Background**

***Global        Tracker***

----

**Item        2.    **
**Description        of Property.**

**Item        3.    **
**L**
**egal        Proceedings.**

**Item        4.    **
**Submission        of Matters to a Vote of Security Holders.**

**PART        II**

**Item        5.    **
**Market        For Common Equity and Related Stockholder Matters.**

|  **Quarter                  Ended**  |  High    |  Low                             |
|-------------------------------------------|---------------|---------------------------------------|
|  March                  31, 2002     |  $0.0001 |  $0.0001     |
|  June                  30, 2002      |  $0.005  |  $0.0001               |
|  September                  30, 2002 |  $0.002  |  $0.0001               |
|  December                  31, 2002  |  $0.005  |  $0.0001               |
|  March                  31, 2003     |  $0.003  |  $0.0001               |
|  June                  30, 2003      |  $0.0001 |  $0.0001     |
|  September                  30, 2003 |  $0.0001 |  $0.0001     |
|  December                  31, 2003  |  $0.0020 |  $0.0001               |
|  March                  31, 2004     |  $0.0001 |  $0.0001     |

----

**Recent        Sales of Unregistered Securities**

| **1.                    ** | **SovCap                  Equity Partners, Ltd.** |
|------------------------------------------------|---------------------------------------------------|

|   | Date issued: 6/28/02 |
|--------|----------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 5,848,749 shares |
|--------|--------------------------|

|   | Consideration: exercise of repricing warrants                dated                3/2/01 |
|--------|------------------------------------------------------------------------------------------|

|   | Securities Act exemption: Section                4(2) |
|--------|-------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

| **2.  **  | **SovCap                  Equity Partners, Ltd.** |
|--------------------------|---------------------------------------------------|

|   | Date issued: 7/31/02 |
|--------|----------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 95,404,288                shares |
|--------|------------------------------------------|

|   | Consideration: : exercise of repricing warrants                dated                3/2/01 |
|--------|--------------------------------------------------------------------------------------------|

|   | Securities Act exemption: Section                4(2) |
|--------|-------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

| **3.  **  | **SovCap                  Equity Partners, Ltd.** |
|--------------------------|---------------------------------------------------|

|   | Date issued: 2/21/03 |
|--------|----------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 1,350,000,000                shares |
|--------|---------------------------------------------|

|   | Consideration: exercise of repricing warrants                dated                3/2/01 |
|--------|------------------------------------------------------------------------------------------|

|   | Securities Act exemption: Section                4(2) |
|--------|-------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

| **4.  **  | **U.S.                  Capital Consultants** |
|--------------------------|-----------------------------------------------|

|   | Date issued: 2/27/03 |
|--------|----------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 200,000,000                shares |
|--------|-------------------------------------------|

|   | Consideration: Consulting agreement dated December                2,                2002 |
|--------|------------------------------------------------------------------------------------------|

|   | Securities Act exemption: Section                4(2) |
|--------|-------------------------------------------------------|

----

|   |   |
|--------|--------|

| **5.  **  | **SovCap                  Equity Partners, Ltd.** |
|--------------------------|---------------------------------------------------|

|   | Date issued: 5/25/01 |
|--------|----------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 971,705 shares |
|--------|------------------------|

|   | Consideration: exercise of repricing warrants                dated                3/2/01 |
|--------|------------------------------------------------------------------------------------------|

|   | Securities Act exemption: Rule 144 - the notes                underlying                the warrants were held for over one year |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

| **6.  **  | **Correllus                  International, Ltd.** |
|--------------------------|----------------------------------------------------|

|   | Date issued: 10/22/01 |
|--------|-----------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 1,258,265 shares |
|--------|--------------------------|

|   | Consideration: : exercise of repricing warrants                dated                3/29/01 |
|--------|---------------------------------------------------------------------------------------------|

|   | Securities Act exemption: Rule 144 - notes underlying                the                warrants held for over 1 year |
|--------|-----------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

| **7.  **  | **Arab                  Commerce Bank, Ltd.** |
|--------------------------|-----------------------------------------------|

|   | Date issued: 5/1/01 |
|--------|---------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 889,152 shares |
|--------|------------------------|

|   | Consideration: exercise of repricing warrants                dated                3/2/01 |
|--------|------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

|   | Date issued: 7/20/01 |
|--------|----------------------|

|   | Title of securities: Common                Stock |
|--------|--------------------------------------------------|

|   | Amount: 226,876 shares |
|--------|------------------------|

|   | Consideration: conversion of $25,000 of convertible                bridge notes |
|--------|---------------------------------------------------------------------------------|

|   | Securities Act exemption: Rule 144 - the notes                were held                for over one year |
|--------|----------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| **8.  **  | **Frutose                  - Marketing & Investors Internacionais                  LDA** |
|--------------------------|----------------------------------------------------------------------------------------------|

|   | Date issued: 5/8/01 |
|--------|---------------------|

|   | Title of securities: Common                  Stock |
|--------|----------------------------------------------------|

|   | Amount: 1,889,904 shares |
|--------|--------------------------|

|   | Consideration: exercise of repricing warrants                  dated                  12/22/00 |
|--------|------------------------------------------------------------------------------------------------|

|   | Securities Act exemption: Rule 144 - notes underlying                  the                  warrants held for over 1 year |
|--------|---------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

|   | Date issued: 6/1/01 |
|--------|---------------------|

|   | Title of securities: Common                  Stock |
|--------|----------------------------------------------------|

|   | Amount: 537,751 shares |
|--------|------------------------|

|   | Consideration: conversion of $50,000 of convertible                  bridge notes |
|--------|-----------------------------------------------------------------------------------|

|   | Securities Act exemption: Rule 144 - the notes                  were held                  for over one year |
|--------|--------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |   |
|--------|--------|

**Item        6****.    Management’s        Discussion and Analysis.**

----

**General**

**Results        of Operations**

----

**Item        7****.    Financial        Statements.**

**Item        8****.**                   **Changes        in and Disagreements with Accountants on Accounting and Financial        Disclosure**

**Item        8a.   **
**Controls****And Procedures**

----

**PART        III**

**Item        9****.    Directors,        Executive Officers, Promoters and Control Persons;        Compliance**** With        Section 16(a) of the Exchange Act.**

|  NAME                             |  AGE |  POSITION                                 |
|----------------------------------------|-----------|------------------------------------------------|
|  Jay                  S. Stulberg |  55  |  President                                |
|  Paul                  D. Hamm*   |  39  |  Chief                  Executive Officer |

***Jay        S. Stulberg***

**Paul        D. Hamm*

**Compliance        With Section 16(a) of the Exchange Act:**

**Item        10****.    Executive        Compensation.**

**Compensation        of Named Executive Officers**

**SUMMARY        COMPENSATION TABLE**

|  Name                  and then-Principal                  Position |  FiscalYear |  AnnualCompensation | Long-Term                  Compensation |  All                  OtherCompensation($) |
|--------------------------------------------------------------------------|------------------|--------------------------|-----------------------------------------|-------------------------------------------------|
|  Awards                                                             |  Payouts    |
|  Salary($)                                                          |  Bonus($)   |  Other($)(1)        |  RestrictedStockAward(s)($)        |  SecuritiesUnder-LyingOptions/SARs(#)      |  LTIPPayouts($) |
|  **Jay                  S. Stulberg**,President                     |  2004       |  0                  |                                    |                             |                   |                    |   |   |
|                                                                     | 2003             | 0                        |                                    |                                            |   |   |   |   |
|                                                                     | 2002             | 0                        |                                    |                                            |   |   |   |   |

----

| **AGGREGATED                  OPTION/SAR EXERCISES IN LAST FISCAL YEAR AND****FY-END                  OPTION/SAR VALUES** |
|---------------------------------------------------------------------------------------------------------------------------|
|  Name(a)                                                                                                             |  Shares                  AcquiredOn                  Exercise (#)(b) |  Value                  Realized(c) |  Number                  of Securities UnderlyingUnexercised                  Options/SARs AtFY-End                  (#) Exercisable/Unexercisable(d) |  Value                  of UnexercisedIn-The-MoneyOptions/SARsAt                  FY-End ($)Exercisable/                  Unexercisable(e) |
|  Jay                  S. Stulberg                                                                                    |          |  NIL |  1,444,289/200,000 |  NIL |

**Employment        Contracts, Termination of Employment and Change of Control**

**Compensation        of Directors**

**Item        11****.    Security        Ownership of Certain Beneficial Owners and Management.**

| ·                      | Each                  person known to us to own beneficially more than 5% of our total                  voting                  stock; |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·                      | The                  CEO and the other executive officers named in the summary compensation                  table; |
|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

| ·       | Each                  of our directors; and |
|--------------------------------------------|---------------------------------------------|

| ·                      | All                  of our directors and officers as a                  group. |
|------------------------------------------------------|---------------------------------------------------------------------------------|

----

| Beneficial                  Owner and Address                                                                                                                                                   | Total                  Shares OwnedAs                  of June 30, 2003 |  Percentage    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|---------------------|
|  Jay                  S. Stulberg, President andChief                  Financial Officer 860                  Denison Street, Unit 7Markham,                  Ontario, :3R 4H1   |  2,977,2891                                              |  0.136%   |
|                                                                                                                                                                                                 |                                                                    |                |
| SovCap                  Equity PartnersC/o                  SovCap IMG  10                  Glenlake Parkway, Suite 130Atlanta,                  Georgia 30328                             |  1,895,641,6603                                          |  86.508%  |
|                                                                                                                                                                                                 |                                                                    |                |
| U.S.                  Capital Consultants57                  Union PlaceSuite                  209Summit,                  NJ  07901                                                            |  200,000,000                                                  |  9.127%   |
|                                                                                                                                                                                                 |                                                                    |                |
| Executive                  Officers and Directors as a group,Including                  those named above (two persons)                                                                              | 2,977,289                                                          | 0.136%         |

| (1)    | Number                  of shares includes the option to purchase 1,244,289 shares of common                  stock.                                                                                                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (3)    | Number                  of shares includes 444,096,872 shares of common stock that SovCap                  has the                  right to receive pursuant to a previously submitted exercise of                  warrants                  but which it has agreed could be issued at a future date.  See                  Certain Relationships and Related Transactions - Transactions with                  SovCap.” |

**Item        12.    ****Certain        Relationships and Related Transactions**

**Transactions        with SovCap**

----

**Transactions        with US Capital Consultants**

**Transactions        with Global Tracker**

**Item        13****.    Exhibits.**

| NUMBER     | DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1† | Reorganization                    Agreement Among Ultra Capital Corp. (the predecessor of the Registrant),                    Jeff W. Holmes, R. Kirk Blosch and the Tracker Corporation dated                    May 26,                    1994, as amended by Amendment Number One dated June 16, 1994,                    Amendment                    Number Two dated June 24, 1994, and Amendment Number Three dated                    June 30,                    1994, Extension of Closing dated June 23, 1994, and July 11,                    1994 letter                    agreement |
| 2.2† | Agreement                    and Plan of Merger dated July 1, 1994 between Ultra Capital Corp.                    (the                    predecessor of the Registrant) and the                    Registrant                                                                                                                                                                                                                                                                                                                                                                                      |

----

| 3.1†  | Certificate                      of Incorporation, as corrected by Certificate of Correction                      of Certificate                      of Incorporation dated March 27, 1995, and as amended by Certificate                      of                      Amendment to the Certificate of Incorporation dated November                      1, 1995, and                      Certificate of Designation of Rights, Preferences and Privileges                      of                      $1,000.00 6% Cumulative Convertible Preferred Stock of the                      Registrant                      dated April 19, 1996 |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2†                               | Bylaws                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1†                               | Specimen                  Common Stock Certificate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 9.1†                               | Agreement                  dated December 21, 1993 among 1046523 Ontario Limited, Gregg C.                  Johnson                  and Bruce Lewis                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 9.2†                               | Right                  of First Refusal, Co-Sale and Voting Agreement dated March 14,                  1994                  between The Tracker Corporation of America, Stalia Holdings B.V.,                  I. Bruce                  Lewis, MJG Management Accounting Services Ltd., Spire Consulting                  Group,                  Inc., 1046523 Ontario Limited, Mark J. Gertzbein, Gregg C. Johnson                  and                  Jonathan B. Lewis, as confirmed by letter dated June 22, 1994 and                  Agreement dated July 1994                            |
| 10.2†                              | Discretionary                  Cash Bonus Arrangement of The Tracker Corporation of                  America                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.3†                              | Form                  of Indemnification Agreement entered into between the Registrant                  and each                  of its Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.10†                             | Right                  of First Refusal, Co-Sale and Voting Agreement dated March 14,                  1994                  between The Tracker Corporation of America, Stalia Holdings B.V.,                  I. Bruce                  Lewis, MJG Management Accounting Services Ltd., Spire Consulting                  Group,                  Inc., 1046523 Ontario Limited, Mark J. Gertzbein, Gregg C. Johnson                  and                  Jonathan B. Lewis, as confirmed by letter dated June 22, 1994 and                  Agreement dated July 1994 (contained in Exhibit 9.2) |
| 10.11†                             | Stock                  Option Agreement dated March 14, 1994 between The Tracker Corporation                  of                  America and Stalia Holdings B.V., as confirmed by letter dated                  June 22,                  1994                                                                                                                                                                                                                                                                                                                                                     |
| 10.19†                             | Assignment                  World-Wide dated May 12, 1994 from I. Bruce Lewis to the Tracker                  Corporation of America                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.37††                      | Modification                  Agreement dated May 27, 1997 between The Tracker Corporation of                  America,                  Saturn Investments, Inc., I. Bruce Lewis, Mark J. Gertzbein, and                  Jonathan                  B. Lewis                                                                                                                                                                                                                                                                                                                                        |
| 10.39†††               | License                  Agreement dated as of July 30, 1998 between The Global Tracker                  Corporation                  and the Tracker Corporation of America                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.45††††† | 1994                  Amended and Restated Stock Option Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 23.1*                                    | Consent                  of J. L. Stephan Co., P. C.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.1*                                    | Certification                  of Principal  Executive Officer and Principal  Financial                  Officer  in  accordance  with 18 U.S.C.  Section                   1350,  as adopted by Section 906 of the Sarbanes-Oxley Act of                  2002*                                                                                                                                                                                                                                                                                             |

----

| *                            | Filed                  herewith.                                                                                                                                                                              |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| †                      | Incorporated                  by reference from the Registrant's Registration Statement on Form                  S-1 (No.                  33-99686).                                                         |
| ††               | Incorporated                  by reference from the Registrant's Annual Report on Form 10-K dated                  March                  31, 1997 (filed July 3, 1997).                                      |
| †††        | Incorporated                  by reference from the Registrant's Annual Report on Form 10-K dated                  March                  31, 1998 (filed November 4, 1998).                                  |
| †††† | Incorporated                  by reference from the Registrant's Amended Quarterly Report on                  Form 10-QSB                  dated September 30, 1999 (filed January 11,                  2000) |

----

**Item        14.    Principal Accountant        Fees and Services.**

**Audit        Fees**

**Audit-Related        Fees**

**Tax        Fees**

**All        Other Fees**

**Audit        Committee Pre-approval Policy**

----

**SIGNATURES**

| By:                                     | /s/ Jay                Stulberg                                 |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    | Jay Stulberg                                                                                                                                                                                                                    |
|                                    | President                                                                                                                                                                                                                       |
|                                    |                                                                                                                                                                                                                            |
| Dated: December 22,                2005 |

| By:    | /s/ Jay                  Stulberg                                 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Jay Stulberg                                                                                                                                                                                                                      |
|   | President (Principal Executive,                  Financial and                  Accounting Officer)                                                                                                                               |
|   |                                                                                                                                                                                                                              |

| By:                                         | /s/ Paul                    Hamm                                   |
|---------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | Paul Hamm                                                                                                                                                                                                                                    |
|                                        | Director                                                                                                                                                                                                                                     |
|                                        |                                                                                                                                                                                                                                         |
| Dated: December 22,                    2005 |

----

**THE          TRACKER CORPORATION OF AMERICA**

**CONSOLIDATED            STATEMENT OF OPERATIONS**

|                                                                     |   | **For                    the Year ending March 31** |              |
|--------------------------------------------------------------------------|--------|-----------------------------------------------------|-------------------|
|                                                                     |   |                                                |              |   |   |   |   |
|                                                                     |   | **2004**                                            |              |   |   | **2003** |   |
|                                                                     |   |                                                |              |   |   |   |   |
|                                                                     |   |                                                |              |   |   |   |   |
| **Revenue**                                                              |   | **$**                                               | -                 |   |   |   |   | **$** | **-** |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **General                    and Administrative Expenses**               |   |                                                |              |   |   |   |   |   |   |   |
| **Consulting**                                                           |   |                                                | **47,019**        |   |   |   |   |   | **96,694** |   |
| **Legal                    and audit**                                   |   |                                                | **54,131**        |   |   |   |   |   | **54,238** |   |
| **General                    and office**                                |   |                                                | **8,779**         |   |   |   |   |   | **9,822** |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **Total                    general and administrative costs**            |   |                                                | **109,929**       |   |   |   |   |   | **160,754** |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **Other                    costs**                                       |   |                                                |              |   |   |   |   |   |   |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **Net                    financing costs on conversion of debt**         |   |                                                | **262,574**       |   |   |   |   |   | **(920,188** | **)** |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **Net                    profit (loss) applicable to common stock**      |   | **$**                                               | **(372,504**      | **)** |   |   |   | **$** | **759,434** |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **Profit                    (Loss) per share of common stock**           |   |                                                |              |   |   |   |   |   |   |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **Net                    loss**                                          |   | **$**                                               | **(0.00**         | **)** |   |   |   | **$** | **0.01** |   |
|                                                                     |   |                                                |              |   |   |   |   |   |   |   |
| **Weighted                    average number of shares **outstanding**** |   |                                                |              |   |   |   |   |   |   |   |
|                                                                     |   |                                                | **1,747,999,841** |   |   |   |   |   | **91,472,410** |   |

**The          accompanying notes are an integral part of these consolidated financial          statements.**

----

**THE      TRACKER CORPORATION OF AMERICA**

**CONSOLIDATED      BALANCE SHEET**

|  **Assets**                                                                                                       |   |
|------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                   |   |   |   | **March                  31,** |   | **March                  31,** |   |
|                                                                                                                   |   |   |   | **2004** |   | **2003** |   |
| **Current                  assets**                                                                                    |   |   |   |   |   |   |   |
| **Cash                  on hand**                                                                                      |   |   |   |   | **$** | **30,554** |   | **$** | **18,222** |   |
| **Total                  current assets**                                                                              |   |   |   |   |   | **30,554** |   |   | **18,222** |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Total                  assets**                                                                                      |   |   |   |   | **$** | **30,554** |   | **$** | **18,222** |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Liabilities                  & Shareholders' Deficit**                                                           |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Current                  liabilities**                                                                               |   |   |   |   |   |   |   |   |   |   |
| **Accounts                  payable**                                                                                  |   |   |   |   | **$** | **199,851** |   | **$** | **178,043** |   |
| **Accrued                  liabilities**                                                                               |   |   |   |   |   | **684,442** |   |   | **431,868** |   |
| **Due                  to related parties**                                                                            |   |   |   |   |   | **169,859** |   |   | **167,905** |   |
| **Convertible                  bridge notes**                                                                          |   |   |   |   |   | **503,500** |   |   | **395,000** |   |
| **Convertible                  debentures**                                                                            |   |   |   |   |   | **497,599** |   |   | **497,599** |   |
| **Total                  current liabilities**                                                                         |   |   |   |   |   | **2,055,250** |   |   | **1,670,415** |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Shareholders'                  deficiency**                                                                          |   |   |   |   |   |   |   |   |   |   |
| **Common                  stock, $.001par value, 2,000,000,000 shares                  authorized,**                   |   |   |   |   |   |   |
| **1,747,999,841                    (1,747,999,841 - March 31, 2003) shares issued and                    outstanding** |   |   |   |   |   |   |   |   |   |   |
| **Convertible                    senior preferred stock, $.001 par value, 6,500,000                    shares**        |   | **1,748,000** |   |   | **1,748,000** |   |
| **authorized,                  NIL issued and outstanding**                                                            |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |   |   |   |   |   |
| **Class                  B voting common stock, $0.00000007 par value,                  20,000,000**                   |   |   |   |   |   |   |
| **shares                  authorized, 606,730 (606,730 - March 31, 2003)                  issued**                     |   |   |   |   |   |   |
| **and                  outstanding**                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Paid-in                  capital**                                                                                   |   |   |   |   |   | **18,882,840** |   |   | **18,882,840** |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Deficit**                                                                                                            |   |   |   |   |   | **(22,655,536** | **)** |   | **(22,283,032** | **)** |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Total                  shareholders' deficit**                                                                       |   |   |   |   |   | **(2,024,696** | **)** |   | **(1,652,192** | **)** |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| **Total                  liabilities and shareholders' deficit**                                                       | **$**  | **30,554** |   | **$** | **18,222** |   |

**The        accompanying notes are an integral part of these consolidated financial        statements.**

----

**THE        TRACKER CORPORATION OF AMERICA**

**CONSOLIDATED        STATEMENT OF SHAREHOLDERS'        DEFICIT**

** **

|                                                                                         |   |               |   | **SHARES**      |   |                                        |   | **AMOUNTS**        |        |
|----------------------------------------------------------------------------------------------|--------|--------------------|--------|-----------------|--------|---------------------------------------------|--------|--------------------|-------------|
|                                                                                         |   | **Preferred**Stock |   | **Common**Stock |   | **Class                      B**CommonStock |   | **Preferred**Stock |        | **Common**Stock |   | **Paid                    in****Capital                    in****Excess**of                  Par |   | **Other****Capital** |   | DeficitAccumulated |   | **Total** |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |
| **Balance                  as at March 31, 2001**                                            |   |               |   |            |   | **86,406,347**                              |   |               | **606,730** |   | **$** | **-** |   | **$** | **86,407** |   | **$** | **18,735,962** |   | **$** | **(248,336** | **)** | **$** | **(21,775,779** | **)** | **$** | **(3,201,746** | **)** |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Shares                  issued pursuant to S-8 for employees**                             |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **and                  consultants (Cash - $Nil)**                                           |   |               |   |            |   | **1,220,000**                               |   |               |        |   |   |   |   |   | **1,220** |   |   | **43,485** |   |   | **248,336** |   |   |   |   |   | **293,041** |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Shares                  issued on conversion of Bridge Notes (Note 7)**                    |   |               |   |            |   | **9,120,457**                               |   |               |        |   |   |   |   |   | **9,120** |   |   | **96,810** |   |   |   |   |   |   |   |   | **105,931** |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  Profit (loss) from April 1, 2001 to March 31,                  2002** |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | **(1,266,687** | **)** |   | **(1,266,687** | **)** |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Balance                  as at March 31, 2002**                                            |   |               |   |            |   | **96,746,804**                              |   |               | **606,730** |   | **$** | **-** |   | **$** | **96,747** |   | **$** | **18,876,257** |   | **$** | **-** |   | **$** | **(23,042,466** | **)** | **$** | **(4,069,462** | **)** |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Shares                  issued pursuant to S-8 for employees**                             |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **and                  consultants (Cash - $Nil)**                                           |   |               |   |            |   | **200,000,000**                             |   |               |        |   |   |   |   |   | **200,000** |   |   | **(190,030** | **)** |   |   |   |   |   |   |   | **9,970** |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Shares                  issued on conversion of Bridge Notes (Note 7)**                    |   |               |   |            |   | **1,451,253,037**                           |   |               |        |   |   |   |   |   | **1,451,253** |   |   | **196,613** |   |   |   |   |   |   |   |   | **1,647,866** |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  Profit (loss) from April 1, 2002 to March 31,                  2003** |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   | **759,434** |   |   | **759,434** |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Balance                  as at March 31, 2003**                                            |   |               |   |            |   | **1,747,999,841**                           |   |               | **606,730** |   | **$** | **-** |   | **$** | **1,748,000** |   | **$** | **18,882,840** |   | **$** | **-** |   | **$** | **(22,283,032** | **)** | **$** | **(1,652,192** | **)** |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  Profit (loss) from April 1, 2003 to March 31,                  2004** |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   | **$** | **(372,504** | **)** | **$** | **(372,504** | **)** |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |   |               |   |            |   |                                        |   |               |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Balance                  as at March 31, 2004**                                            |   |               |   |            |   | **1,747,999,841**                           |   |               | **606,730** |   | **$** | **-** |   | **$** | **1,748,000** |   | **$** | **18,882,840** |   | **$** | **-** |   | **$** | **(22,655,535** | **)** | **$** | **(2,024,695** | **)** |

**The        accompanying notes are integral parts of these consolidated financial        statements.**

----

**THE        TRACKER CORPORATION OF AMERICA**

**CONSOLIDATED        STATEMENT OF CASH FLOWS**

|                                                                                                           |   | **Period                ended****March                31****2004** | ** **   | **Period                ended****March                31****2003** |   |
|----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------------|--------------------------------------------------------------------|--------|
| **Cash                flows from (used in) operating activities:**                                             |   |                                                               |         |                                                               |   |
| **Net                loss**                                                                                    |   | **$**                                                              | **(372,504** | **)**                                                              | **$**  | **759,434** |   |
| **Adjustments                to reconcile net loss to net cash from **operating                activities:**** |   |                                                               |         |                                                               |   |   |   |
| **Depreciation**                                                                                               |   |                                                               | **-**        |                                                               |   | **-** |   |
| **Loss                on sale of long-term investment**                                                        |   |                                                               | **-**        |                                                               |   | **-** |   |
| **Rent,                consulting and marketing services, employee**                                           |   |                                                               | **-**        |                                                               |   | **-** |   |
| **Compensation                settled via the issuance of company shares**                                     |   |                                                               | **-**        |                                                               |   | **9,970** |   |
| **Changes                in assets and liabilities:**                                                          |   |                                                               |         |                                                               |   |   |   |
| **Due                to related parties**                                                                      |   |                                                               | **1,953**    |                                                               |   | **(12,299** | **)** |
| **Accounts                payable and accrued liabilities**                                                    |   |                                                               | **274,382**  |                                                               |   | **(925,076** | **)** |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Net                cash used in operating activities**                                                       |   |                                                               | **(96,168**  | **)**                                                              |   | **(167,972** | **)** |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Cash                flows from (used in) investing activities:**                                             |   |                                                               |         |                                                               |   |   |   |
| **Repayment                of loans to shareholders**                                                          |   |                                                               | **-**        |                                                               |   | **(13,806** | **)** |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Net                cash from (used in) investing activities**                                                |   |                                                               | **-**        |                                                               |   | **(13,806** | **)** |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Cash                flows from (used in) financing activities:**                                             |   |                                                               |         |                                                               |   |   |   |
| **Issuance                of convertible bridge notes**                                                        |   |                                                               | **108,500**  |                                                               |   | **200,000** |   |
| **Net                cash from (used in) financing activities**                                                |   |                                                               | **108,500**  |                                                               |   | **200,000** |   |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Effect                of exchange rate changes**                                                             |   |                                                               | **-**        |                                                               |   | **-** |   |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Increase                (decrease) in cash and cash equivalents during **the                period****       |   |                                                               | **12,332**   |                                                               |   | **18,222** |   |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Cash                and cash equivalents, beginning of period**                                              |   |                                                               | **18,222**   |                                                               |   | **-** |   |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Cash                and cash equivalents, end of period**                                                    |   | **$**                                                              | **30,554**   |                                                               | **$**  | **18,222** |   |
|                                                                                                           |   |                                                               |         |                                                               |   |   |   |
| **Supplemental                schedule of noncash financing activities**                                       |   |                                                               |         |                                                               |   |   |   |

----

**THE        TRACKER CORPORATION OF AMERICA**

**Notes        to Financial Statements**

----

**NOTE        1 - CESSATION OF OPERATIONS**

**NOTE      2 - DISCONTINUE DEVELOPMENT STAGE ACTIVITIES AND CORPORATE      HISTORY:**

**NOTE      3 - GOING CONCERN:**

----

**THE          TRACKER CORPORATION OF AMERICA**

**Notes          to Financial Statements**

----

**NOTE      4 - SIGNIFICANT ACCOUNTING POLICIES:**

**Principles      of consolidation**

**Stock-Based      Compensation**

**Earnings      per share**

**Use      of estimates**

----

**THE        TRACKER CORPORATION OF AMERICA**

**Notes        to Financial Statements**

----

**NOTE      5 - RECLASSIFICATIONS**

**NOTE      6 - DUE TO RELATED PARTIES**

**:**

**NOTE      7- ACCRUED LIABILITIES:**

|                                                               | March                31,2004 |    | March                31,2003 |
|--------------------------------------------------------------------|------------------------------|---------|------------------------------|
|                                                               |                         |    |                         |   |   |
| Interest expense for convertible debentures              and notes | $                            | 674,442 |                         | $ | 411,868 |
| Others                                                             |                         | 10,000  |                         |   | 20,000 |
|                                                               | $                            | 684,442 |                         | $ | 431,868 |

**NOTE      8 - BRIDGE NOTES:**

----

**THE        TRACKER CORPORATION OF AMERICA**

**Notes        to Financial Statements**

----

**NOTE      9 - CONVERTIBLE SUBORDINATED DEBENTURES:**

**NOTE      10 - CAPITAL STOCK:**

| (i) | The                Class B voting common stock was held in trust pursuant to the terms                of an                exchange agency and voting trust agreement with holders of exchangeable                preference shares in the Canadian                subsidiary. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | 2,200,000                options were issued in December 1999 vesting proportionately over                three                years, to management. Exercise rights extend for ten years from date                of                vesting. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                            | **For                year****ended****March                31,****2004** |  **Exercise****Price** | **For                year****ended****March                31,****2003** |   **Exercise****Price** |
|-------------------------------------------------|--------------------------------------------------------------------------|-----------------------------|--------------------------------------------------------------------------|-----------------------------------|
| **Warrants****(Common                Stock ):** |                                                                     |                        |                                                                     |                              |
| Opening                                         | 1,750,000                                                                | N/A                         | 1,750,000                                                                | N/A                               |
| Issued                during the period         |                                                                     |                        | 0                                                                        |                              |
| Exercised                during the period      | 0                                                                        |                        | 0                                                                        |                              |
| Expired                during the period        | 0                                                                        |                        | 0                                                                        |                              |
| Closing                                    | 1,750,000                                                                |                        | 1,750,000                                                                |                              |

| (iii) | On                May 1, 1995, we entered into an agreement and sold, for net proceeds                of                $250,000, 250,000 units comprised of 250,000 restricted common shares                and                250,000 warrants to purchase 250,000 restricted common shares to                Reynold                Kern. The warrants were exercisable during the one-year period commencing                July 12, 1995 to July 12, 1996 at a price of $5.00 per share. Since                the                common stock underlying the warrants could not be purchased legally                on                margin at a marginable price, the exercise period has been extended                until                the first day that the common stock becomes                marginable. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**THE        TRACKER CORPORATION OF AMERICA**

**Notes        to Financial Statements**

----

| (iv) | In                1998 200,000 warrants were issued to Toda Corporation for future                investment relations services. These warrants are exercisable through                May                8, 2006 and were issued at $0.40. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v) | In                1999 800,000 warrants were issued at an exercise price equal to the                market                price at that time. The price ranged from $0.11 to $0.14 and were                for                investor relations and legal                services. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)           | During                the year ended March 31, 2001, SovCap Equity Partners exchanged $550,000                of their Bridge Notes for 9,717,425 shares of common                stock |
|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)          | During                the year ended March 31, 2002, the Company issued 1,220,000 shares                of                common stock amounting to $44,705 to four consultants as payment                in lieu                of consulting fees. |
|-------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)         | During                the year ended March 31, 2002, SovCap Equity Partners exchanged $75,000                of                their Bridge Notes for 5,773,653 shares of common                stock |
|--------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)            | In                December 2001, at our annual general meeting, the shareholders approved                the increase of the authorized number of common shares from 93,400,000                to                193,400,000 shares |
|------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x)             | During                the year ended March 31, 2003, SovCap Equity Partners exchanged $1,794,097                of their Bridge Notes for 1,451,253,037 shares of common stock plus                a                commitment to receive an additional 444,096,872 shares of common                stock at                a later date. The fair value of the stock on the date of conversion                was                $145,125.00. Tracker recognized a gain on conversion of debt to stock                of                $1,250,583. |
|-----------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xi)            | In                December 2002, at a special meeting, the shareholders approved the                increase of the authorized number of common shares from 193,400,000                to                2,000,000,000 shares |
|------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xii)          | During                the year ended March 31, 2003, the Company issued 200,000,000 shares                of                common stock amounting to $9,970 to a consultant as payment in lieu                of                consulting fees. |
|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**NOTE      11 - COMMITMENTS:**

**Leases**

**NOTE      12 - RELATED PARTY TRANSACTIONS:**

----

**THE        TRACKER CORPORATION OF AMERICA**

**Notes        to Financial Statements**

----

**NOTE      13 - INCOME TAXES:**

|                                  | March                  31,2004 |       | March                  31,2003 |   |
|---------------------------------------|--------------------------------|------------|--------------------------------|--------|
|                                  |                           |       |                           |   |   |   |
| Deferred tax liabilities              | $                              | 0          |                           | $      | 0 |   |
| Deferred                tax assets    |                           |       |                           |   |   |   |
| Net                  operating losses |                           | 5,918,000  |                           |   | 5,803,000 |   |
|                                  |                           | 5,918,000  |                           |   | 5,803,000 |   |
| Valuation                  allowance  |                           | (5,918,000 | )                              |   | (5,803,000 | ) |
|                                  | $                         | 0          |                           | $      | 0 |   |

**NOTE      14 - SUBSEQUENT EVENTS**