----

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**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, 2005**

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

**0-24944**

| **THE                TRACKER CORPORATION OF AMERICA**                                |
|--------------------------------------------------------------------------------------|
| (Exact                Name of Registrant as Specified in its                Charter) |

| **Delaware**                                   | **86-0767918**                     |
|------------------------------------------------|------------------------------------|
| (State                or Other Jurisdiction of | (I.R.S.                Employer    |
| Incorporation                or Organization)  | Identification                No.) |

| **860                Denison Street, Unit 9, Markham, Ontario, Canada** | **L3R                4H1**** ** |
|-------------------------------------------------------------------------|--------------------------------------|
| (Address                and Zip Code of Principal Executive Offices)    | (Zip                Code)            |

| **(416)                628-2906**                                                  |
|------------------------------------------------------------------------------------|
| (Registrant's                Telephone Number, Including Area                Code) |

**None**

**None**

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**DOCUMENTS      INCORPORATED BY REFERENCE**

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**TABLE      OF CONTENTS**

| PART                  I                                                       |                                                                                             |   |
|-------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|--------|
|                                                                          |                                                                                             |   |
| 1.                                                                            | Description                  of Business                                                         | 1      |
| 2.                                                                            | Description                  of Property                                                         | 1      |
| 3.                                                                            | Legal                  Proceedings                                                               | 1      |
| 4.                                                                            | Submission                  of Matters to a Vote of Security                  Holders            | 1      |
|                                                                          |                                                                                             |   |
| PART                  II                                                      |                                                                                             |   |
|                                                                          |                                                                                             |   |
| 5.                                                                            | Market                  for Common Equity and Related Stockholder                  Matters       | 1      |
| 6.                                                                            | Management’s                  Discussion and Analysis                                      | 3      |
| 7.                                                                            | Financial                  Statements                                                            | 4      |
|                                                                          |                                                                                             |   |
| PART                  III                                                     |                                                                                             |   |
|                                                                          |                                                                                             |   |
| 8.                                                                            | Compliance                  with Section 16(a) of the Exchange                  Act              | 4      |
| 9.                                                                            | Executive                  Compensation                                                          | 8      |
| 10.                                                                           | Security                  Ownership of Certain Beneficial Owners and                  Management | 9      |
| 11.                                                                           | Certain                  Relationships and Related                  Transactions                 | 10     |
| 12.                                                                           | Exhibits,                  List and Reports on Form 8-K                                          | 11     |
|                                                                          |                                                                                             |   |
|                                                                          |                                                                                             |   |
| SIGNATURES                                                                    | 14                                                                                               |
|                                                                          |                                                                                             |   |
| FINANCIAL                  STATEMENTS AND SUPPLEMENTARY                  DATA | F-1                                                                                              |

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**PARTI**

**Item      1.     **
**Descriptionof      Business**

**Cessation      of Operations**

**Corporate      History**

**Background**

***Global      Tracker***

----

**Item      2.     **
**Descriptionof      Property.**

**Item      3.     **
**L**
**egalProceedings.**

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

**PARTII**

**Item      5.    **
**MarketFor      Common Equity and Related Stockholder      Matters.**

|  **Quarter                Ended** |  High |  Low |
|----------------------------------------|------------|-----------|
|                                   |       |      |
| March                31, 2003          | $0.0030    | $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   |
| June                30, 2004           | $0.0001    | $0.0001   |
| September                30, 2004      | $0.0001    | $0.0001   |
| December                31, 2004       | $0.0100    | $0.0001   |
| March                31, 2005          | $0.0001    | $0.0001   |

----

**Recent      Sales of Unregistered Securities**

|   | 1. | **SovCap                Equity Partners, Ltd.**Date                  issued: 6/28/02Title                  of securities: Common StockAmount:                  5,848,749 sharesConsideration:                  exercise of repricing warrants dated 3/2/01Securities                  Act exemption: Section 4(2) |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | **SovCap                Equity Partners, Ltd.**Date                  issued: 7/31/02Title                  of securities: Common StockAmount:                  95,404,288 sharesConsideration:                  : exercise of repricing warrants dated 3/2/01Securities                  Act exemption: Section 4(2) |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | **SovCap                Equity Partners, Ltd.**Date                  issued: 2/21/03Title                  of securities: Common StockAmount:                  1,350,000,000 sharesConsideration:                  exercise of repricing warrants dated 3/2/01Securities                  Act exemption: Section 4(2) |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | **U.S.                Capital Consultants**Date                  issued: 2/27/03Title                  of securities: Common StockAmount:                  200,000,000 sharesConsideration:                  Consulting agreement dated December 2, 2002Securities                  Act exemption: Section 4(2) |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5. | **EIG                Capital Investments Ltd.**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  45,000,000 sharesConsideration:                  conversion of promissory notes dated 12/15/00Securities                  Act exemption: Section 4(2) |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | **ACB                Limited**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  25,000,000 sharesConsideration:                  Conversion of promissory notes dated 3/02/01Securities                  Act exemption: Section 4(2) |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7. | **Herman                Henin Revocable Living Trust**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  3,404,376 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2) |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8. | **Miriam                E. Henin Revocable Living Trust**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  2,269,584 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2)  |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9. | **Barbara                Edwards**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  2,836,980 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2) |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10. | **Richard                & Paula Gagne**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  8,510,942 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2)  |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11. | **Tom                and Judy Callahan**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  2,836,980 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section                  4(2)  |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12. |  **Charlanne                Callahan**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  2,836,980 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section                  4(2)  |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 13. | **Jacob                and Wanda Dorsey**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  1,443,855 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section                  4(2)  |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14. | **Stephen                Dorsey**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  721,928 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2)  |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15. | **Henri                Schkud**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  8,230,418 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2)   |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16. | **Leon                Schkud**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  6,769,582 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2)  |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17. | **John                R. Harper Inc. Retirement Trust**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  2,836,980 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18. | **Richard                Kahn**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  5,673,961 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section 4(2)   |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19. | **Frutose                - Marketing & Investors**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  5,500,000 sharesConsideration:                  Consulting services |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 20. | **Todd                Merolla**Date                  issued: 7/09/04Title                  of securities: Common StockAmount:                  20,000,000 sharesConsideration:                  Legal services |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 21. | **Jay                Gagne**Date                  issued: 5/04/05Title                  of securities: Common StockAmount:                  1,082,893 sharesConsideration:                  conversion of Debenture Securities                  Act exemption: Section                  4(2)  |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

**General**

**Results      of Operations**

*Fiscal      Year Ended March 31, 2005 Compared To Fiscal Year Ended March 31,      2004*

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

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

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

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**PARTIII**

**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**

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**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             |  2005 | 0                  |                                  |                |                    |                     |   |   |
|                                                           | 2004       | 0                  |                                  |                                    |                |                 |   |   |
|                                                           | 2003       | 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**

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**Item      11**
**.               SecurityOwnership 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 December 15, 2005 | Percentage          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|---------------------|
|                                                                                                                                                                                         |                                                                    |                |
|  Jay                S. Stulberg, President andChief                Financial Officer 860                Denison Street, Unit 9Markham,                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.” |

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

**Transactions      with SovCap**

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**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                                     |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 3.3.1††††† | Amendment                to Articles of Incorporation dated August 5, 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 3.3.2††††† | Amendment                to Articles of Incorporation dated December 24, 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 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) |

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| 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) |

| ††††† | Incorporated                  by reference from the Registrant's  Quarterly Report on Form 10-QSB                  dated June 30, 2004 (filed January 5,                  2006) |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

**Audit      Fees**

**Audit-Related      Fees**

**Tax      Fees**

**All      Other Fees**

**Audit      Committee Pre-approval Policy**

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**SIGNATURES**

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**INDEXTO      FINANCIAL      STATEMENTS**

| Report              of Independent Registered Public Accounting Firm                                        |  F-2 |
|-------------------------------------------------------------------------------------------------------------|-----------|
| Consolidated              Balance Sheet for the years ended March 31, 2005 and 2004                         |  F-3 |
| Consolidated              Statement of Operations for the year ended March 31, 2005 and              2004   |  F-4 |
| Consolidated              Statement of Cash Flows for the period ended March 31, 2005 and              2004 |  F-5 |
| Consolidated              Statement of Shareholders' Defict                                                 |  F-6 |
| Notes              to Financial Statements                                                                  |  F-7 |
|                                                                                                        |      |

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| **J                  L Stephan Co PC**            |                              |
|---------------------------------------------------|-----------------------------------|
| Jerry                  L. Stephan, CPA            |
| **Certified                  Public Accountants** | Marty                  Szasz, CPA |
| David                  Skibowski, Jr., CPA        |

**Report          of Independent Registered Public Accounting Firm**

----

**THE      TRACKER CORPORATION OF      AMERICA**

**CONSOLIDATED        BALANCE SHEET**

|                                                                                                                                                                                                                                      |   |   |                           |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------|--------|--------|
| **Assets**                                                                                                                                                                                                                                |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   | **March                  31,** |   |   | **March                  31,** |   |
|                                                                                                                                                                                                                                      |   |   | **2005**                       |   |   | **2004** |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Current                  assets**                                                                                                                                                                                                       |   |   |                           |   |   |   |   |
| **Cash                  on hand**                                                                                                                                                                                                         |   | **$**  | **10,183**                     |   | **$**  | **30,554** |   |
| **Total                  current assets**                                                                                                                                                                                                 |   |   | **10,183**                     |   |   | **30,554** |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Total                  assets**                                                                                                                                                                                                         |   | **$**  | **10,183**                     |   | **$**  | **30,554** |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Liabilities                  & Shareholders' Deficit**                                                                                                                                                                              |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Current                  liabilities**                                                                                                                                                                                                  |   |   |                           |   |   |   |   |
| **Accounts                  payable**                                                                                                                                                                                                     |   | **$**  | **96,362**                     |   | **$**  | **199,851** |   |
| **Accrued                  liabilities**                                                                                                                                                                                                  |   |   | **361,309**                    |   |   | **684,442** |   |
| **Due                  to related parties**                                                                                                                                                                                               |   |   | **169,859**                    |   |   | **169,859** |   |
| **Convertible                  bridge notes**                                                                                                                                                                                             |   |   | **438,500**                    |   |   | **503,500** |   |
| **Convertible                  debentures**                                                                                                                                                                                               |   |   | **167,724**                    |   |   | **497,599** |   |
| **Total                  current liabilities**                                                                                                                                                                                            |   |   | **1,233,754**                  |   |   | **2,055,250** |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Shareholders'                  deficiency**                                                                                                                                                                                             |   |   |                           |   |   |   |   |
| **Common                    stock, $.001par value, 2,000,000,000 shares                    authorized,****1,891,872,407                    (1,747,999,841 - March 31, 2004) shares issued and                    outstanding**            |   |   | **1,891,872**                  |   |   | **1,748,000** |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Convertible                    senior preferred stock, $.001 par value, 6,500,000                    shares****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**                                                                                                                                                                                                      |   |   | **19,275,070**                 |   |   | **18,882,840** |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Deficit**                                                                                                                                                                                                                               |   |   | **(22,390,513**                | **)**  |   | **(22,655,536** | **)** |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Total                  shareholders' deficit**                                                                                                                                                                                          |   |   | **(1,223,571**                 | **)**  |   | **(2,024,696** | **)** |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **Total                  liabilities and shareholders' deficit**                                                                                                                                                                          |   | **$**  | **10,183**                     |   | **$**  | **30,554** |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
|                                                                                                                                                                                                                                      |   |   |                           |   |   |   |   |
| **The                  accompanying notes are an integral part of these consolidated financial                  statements.**                                                                                                             |   |   |                           |   |   |   |   |

----

**THE      TRACKER CORPORATION OF      AMERICA**

**CONSOLIDATED        STATEMENT OF OPERATIONS**

|                                                                                                                          |   | **For                  the Year**  |              |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-------------------|
|                                                                                                                          |   | **ending                  March 31**    |              |
|                                                                                                                          |   |                                    |              |   |   |
|                                                                                                                          |   | **2005**                                |              | **2004** |   |
|                                                                                                                          |   |                                    |              |   |   |
|                                                                                                                          |   |                                    |              |   |   |
| **Revenue**                                                                                                                   |   | **$**                                   | **-**             |   | **$** | **-** |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **General                  and Administrative Expenses**                                                                      |   |                                    |              |   |   |   |   |
| **Consulting**                                                                                                                |   |                                    | **(14,243**       | **)** |   | **47,019** |   |
| **Legal                  and audit**                                                                                          |   |                                    | **50,734**        |   |   | **54,131** |   |
| **General                  and office**                                                                                       |   |                                    | **11,619**        |   |   | **8,779** |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **Total                  general and administrative costs**                                                                   |   |                                    | **48,110**        |   |   | **109,929** |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **Other                  costs (income)**                                                                                     |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **Net                  financing costs (income) on conversion of debt**                                                       |   |                                    | **(313,133**      | **)** |   | **262,574** |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **Net                  profit (loss) applicable to common stock**                                                             |   | **$**                                   | **265,023**       |   | **$** | **(372,504** | **)** |
|                                                                                                                          |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **Profit                  (Loss) per share of common stock**                                                                  |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **Net                  loss**                                                                                                 |   | **$**                                   | **0.00**          |   | **$** | **(0.00** | **)** |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **Weighted                  average number of shares**                                                                        |   |                                    |              |   |   |   |   |
| **outstanding**                                                                                                               |   |                                    | **1,849,909,575** |   |   | **1,747,999,841** |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
|                                                                                                                          |   |                                    |              |   |   |   |   |
| **The                  accompanying notes are an integral part of these consolidated financial                  statements.** |   |                                    |              |   |   |   |   |

----

**THE        TRACKER CORPORATION OF AMERICA**

**CONSOLIDATED      STATEMENT OF CASH      FLOWS**
|                                                                                                                          |   |                              |         |                              |   |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------------|-----------------------------------|--------|
|                                                                                                                          |   |                              |         |                              |   |
|                                                                                                                          |   | **Period                  ended** |         | **Period                  ended** |   |
|                                                                                                                          |   | **March                  31**     |         | **March                  31**     |   |
|                                                                                                                          |   | **2005**                          |         | **2004**                          |   |
|                                                                                                                          |   |                              |         |                              |   |
| **Cash                  flows from (used in) operating activities:**                                                          |   |                              |         |                              |   |   |   |
| **Net                  loss**                                                                                                 |   | **$**                             | **265,023**  |                              | **$**  | **(372,504** | **)** |
| **Adjustments                  to reconcile net loss to net cash from**                                                       |   |                              |         |                              |   |   |   |
| **operating                  activities:**                                                                                    |   |                              |         |                              |   |   |   |
| **Depreciation**                                                                                                              |   |                              | **-**        |                              |   | **-** |   |
| **Loss                  on debt conversion**                                                                                  |   |                              | **(400,110** | **)**                             |   | **-** |   |
| **Stock                  issued for services received**                                                                       |   |                              | **5,500**    |                              |   | **-** |   |
| **Compensation                  settled via the issuance of company shares**                                                  |   |                              | **-**        |                              |   | **-** |   |
| **Changes                  in assets and liabilities:**                                                                       |   |                              |         |                              |   |   |   |
| **Due                  to related parties**                                                                                   |   |                              | **-**        |                              |   | **1,953** |   |
| **Accounts                  payable and accrued liabilities**                                                                 |   |                              | **49,216**   |                              |   | **274,382** |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Net                  cash used in operating activities**                                                                    |   |                              | **(80,371**  | **)**                             |   | **(96,168** | **)** |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Cash                  flows from (used in) investing activities:**                                                          |   |                              |         |                              |   |   |   |
| **Repayment                  of loans to shareholders**                                                                       |   |                              | **-**        |                              |   | **-** |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Net                  cash from (used in) investing activities**                                                             |   |                              | **-**        |                              |   | **-** |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Cash                  flows from (used in) financing activities:**                                                          |   |                              |         |                              |   |   |   |
| **Issuance                  of convertible bridge notes**                                                                     |   |                              | **60,000**   |                              |   | **108,500** |   |
| **Net                  cash from (used in) financing activities**                                                             |   |                              | **60,000**   |                              |   | **108,500** |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Effect                  of exchange rate changes**                                                                          |   |                              | **-**        |                              |   | **-** |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Increase                  (decrease) in cash and cash equivalents during**                                                  |   |                              | **(20,371**  | **)**                             |   | **12,332** |   |
| **the                  period**                                                                                               |   |                              |         |                              |   |   |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Cash                  and cash equivalents, beginning of period**                                                           |   |                              | **30,554**   |                              |   | **18,222** |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Cash                  and cash equivalents, end of period**                                                                 |   | **$**                             | **10,183**   |                              | **$**  | **30,554** |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **Supplemental                  schedule of noncash financing activities**                                                    |   |                              |         |                              |   |   |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
|                                                                                                                          |   |                              |         |                              |   |   |   |
| **The                  accompanying notes are an integral part of these consolidated financial                  statements.** |   |                              |         |

----

**THE        TRACKER CORPORATION OF AMERICA**

**CONSOLIDATED        STATEMENT OF SHAREHOLDERS' DEFICIT**

|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|------------|--------|------------------------------|--------|-------------------|-------------|------------|--------|---------------------------------|--------|-------------|---------------|-----------------|--------|----------------|--------|
|                                                                                                                        |   |          |   | **SHARES** |   |                         |   |  **AMOUNTS** |        |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   | **Paid                  in**    |   |        |          |            |   |           |   |
|                                                                                                                        |   |          |   |       |   | **Class                  B** |   |              |        |       |   | **Capital                  in** |   |        |          | **Deficit**     |   |           |   |
|                                                                                                                        |   | **Preferred** |   | **Common** |   | **Common**                   |   | **Preferred**     |        | **Common** |   | **Excess**                      |   | **Other**   |          | **Accumulated** |   |           |   |
|                                                                                                                        |   | **Stock**     |   | **Stock**  |   | **Stock**                    |   | **Stock**         |        | **Stock**  |   | **of                  Par**     |   | **Capital** |          |            |   | **Total**      |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |
| **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** | **)** | **$** | **(2,024,695** | **)** |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
| **Shares                  issued on conversion of Bridge Notes (Note 8)**                                                   |   |          |   |       |   | **70,000,000**               |   |              |        |       |   |                            |   |        | **70,000**    |            |   | **55,000**     |   |   |   |   |   |   |   | **$** | **125,000** |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
| **Shares                  issued on conversion of Debentures(Note 9)**                                                      |   |          |   |       |   | **48,372,566**               |   |              |        |       |   |                            |   |        | **48,373**    |            |   | **281,502**    |   |   |   |   |   |   |   | **$** | **329,875** |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
| **Shares                  issued for legal and treasury expenses**                                                          |   |          |   |       |   | **25,500,000**               |   |              |        |       |   |                            |   |        | **25,500**    |            |   | **55,727**     |   |   |   |   |   |   |   | **$** | **81,227** |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
| **Net                  Profit (loss) from April 1, 2004 to March 31,                  2005**                                |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   | **$** | **265,023** |   | **$** | **265,023** |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
| **Balance                  as at March 31, 2005**                                                                           |   |          |   |       |   | **1,891,872,407**            |   |              | **606,730** |       | **$**  | **-**                           |   | **$**       | **1,891,873** |            | **$**  | **19,275,070** |   | **$** | **-** |   | **$** | **(22,390,512** | **)** | **$** | **(1,223,570** | **)** |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                        |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |            |   |           |   |   |   |   |   |   |   |   |   |   |
| **The                  accompanying notes are integral parts of these consolidated financial                  statements.** |   |          |   |       |   |                         |   |              |        |       |   |                            |   |        |          |

----

**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**

**NOTE        5 -        RECLASSIFICATIONS:        **

----

**THE            TRACKER CORPORATION OF AMERICA**

**Notes            to Financial Statements**

**NOTE        6 - DUE TO RELATED PARTIES**

**:**

**NOTE        7- ACCRUED LIABILITIES:**

|                                                                   |   | March                  31,         |    | March                  31, |   |
|------------------------------------------------------------------------|--------|------------------------------------|---------|----------------------------|--------|
|                                                                   |   |                    2005  |    | 2004                       |   |
|                                                                   |   |                               |    |                       |   |
| Interest                  expense for convertible debentures and notes |   | $                                  | 361,309 |                       | $      | 674,442 |   |

**NOTE        8 - BRIDGE NOTES:**

**NOTE        9 - CONVERTIBLE SUBORDINATED DEBENTURES:**

----

**THE            TRACKER CORPORATION OF AMERICA**

**Notes            to Financial Statements**

**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, 2005** |    **Exercise                  Price** |  **For                  year****ended****March                  31, 2004** |    **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. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**THE            TRACKER CORPORATION OF AMERICA**

**Notes            to Financial Statements**

| (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. |
|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xiii)   | During                  the year ended March 31, 2005, the Company issued 25,500,000 shares                  of                  common stock amounting to $25,500 to our lawyers and consultants                  to retire                  existing accounts payable and in lieu of services. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xiv)   | During                  the year ended March 31, 2005 ACB Limited exchanged $75,000 of                  their                  Bridge Notes for 25,000,000 shares of common stock. The fair value                  of the                  stock on the date of conversion was $25,000. Tracker recognized                  a gain on                  conversion of debt to stock of                  $86,302. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xv)   | During                  the year ended March 31, 2005 EIG Capital Investments LTD exchanged                  $50,000 of their Bridge Notes for 45,000,000 shares of common stock.                  The                  fair value of the stock on the date of conversion was $45,000. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (xvi)   | During                  the year ended March 31, 2005 several convertible debenture holders                  exchanged $329,875 of their debentures for 48,372,566 shares of                  common                  stock. The fair value of the stock on the date of conversion was                  $48,373.                  Tracker recognized a gain on conversion of debt to stock of                  $313,809. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**THE            TRACKER CORPORATION OF AMERICA**

**Notes            to Financial Statements**

**NOTE        11 - CONTINGENCIES:**

**NOTE        12 - RELATED PARTY TRANSACTIONS:**

**NOTE        13 - INCOME TAXES:**

|                                                                            |   | March                  31, |       | March                  31, |   |
|---------------------------------------------------------------------------------|--------|----------------------------|------------|----------------------------|--------|
|                                                                            |   | 2005                       |       | 2004                       |   |
| Deferred                  tax liabilities                                       |   | $                          | 0          |                       | $      | 0 |   |
| Deferred                  tax assets                                            |   |                       |       |                       |   |   |   |
|        Net                  operating losses |   |                       | 5,836,000  |                       |   | 5,918,000 |   |
|                                                                            |   |                       | 5,836,000  |                       |   | 5,918,000 |   |
|        Valuation                  allowance  |   |                       | (5,836,000 | )                          |   | (5,918,000 | ) |
|                                                                            |   | $                          | 0          |                       | $      | 0 |   |

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**THE            TRACKER CORPORATION OF AMERICA**

**Notes            to Financial Statements**

**NOTE        14 - SUBSEQUENT EVENTS**