UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

     (Mark One)

     [ X ] Annual report under Section 13 or 15(d) of the Securities Exchange
           Act of 1934

     For the fiscal year ended December 31, 2002

     [   ] Transition report under Section 13 or 15(d) of the Securities
           Exchange Act of 1934

     For the transition period from _________ to _________

     Commission File No. 09489

                            GLOBAL PATH INCORPORATED
                 (Name of Small Business Issuer in Its Charter)




          DELAWARE                                        98-0355519
(State or Other Jurisdiction of                          (IRS Employer
Incorporation or Organization)                       Identification Number)

   55 Bloor St. West, P.O. 19587
   TORONTO, ONTARIO, CANADA                              M4W 3T9
(Address of Principal Executive Offices)                   (Zip Code)


                                 (416) 214-0066
                           (Issuers Telephone Number) SECURITIES REGISTERED
           PURSUANT TO SECTION 12(B) OF THE ACT:
                                     (None)

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
                         Common Stock, par value $0.001
                                (Title of Class)

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports); and (2)
has been subject to such filing requirements for the past 90 days.

Yes [   ]  No  [ X ]

     Check if there is no disclosure of delinquent filers pursuant to Item 405
of Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ X ]

State  issuers  revenues  for  its  most  recent  fiscal  year.     $     0
     The aggregate market value of voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
sold, or the average bid and asked prices of such common equity, as of April 5,
2003 (See definition of affiliate in rule 12b-2 of the Exchange Act.), totals
3,520,144.

     State the number of shares outstanding of each of the issuers classes of
common equity, as of the latest practicable date. 4,400,180 as of April 5, 2003.

                       DOCUMENTS INCORPORATED BY REFERENCE

     If the following documents are incorporated by reference, briefly describe
them and identify the part of the form 10-KSB (e.g., Part I, Part II, etc. )into
which the document is incorporated: (1) any annual report to security holders;
(2) any proxy or information statement; and (3) any prospectus filed pursuant to
rule 424(b) or (c) of the Securities Act of 1933 (Securities Act). The listed
documents should be clearly described for identification purposes (e.g., annual
report to security holders for fiscal year ended December 24,1990).

None.

     Transitional  Small Business Disclosure Format (check  one):
Yes  [   ]  No  [ X ]


                                TABLE OF CONTENTS


                                     PART I

Item 1          Description of Business.

Item 2          Description of Property.

Item 3          Legal Proceedings.

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

                                     PART II

Item 5          Market for Common Stock and Related Stockholder       Matters.

Item 6          Management's Discussion and Analysis or Plan of Operation

Item 7          Financial Statements.

Item 8          Changes In and Disagreements With Accountants on Accounting and
                Financial Disclosure.

                                    PART III

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

Item 10         Executive Compensation.

Item 11         Security Ownership of Certain Beneficial Owners and Management.

Item 12         Certain Relationships and Related Transactions.

Item 13         Exhibits and Reports on Form 8-K.

Item 14         Controls and Procedures

Signatures


                                INTRODUCTORY NOTE

This Annual Report on Form 10-KSB may be deemed to contain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The Company intends that
such forward-looking statements be subject to the safe harbors created by such
statutes. The forward-looking statements included herein are based on current
expectations that involve a number of risks and uncertainties. Accordingly, to
the extent that this Annual Report contains forward-looking statements regarding
the financial condition, operating results, business prospects or any other
aspect of the Company, please be advised that the Company's actual financial
condition, operating results and business performance may differ materially from
that projected or estimated by the Company in forward-looking statements. The
differences may be caused by a variety of factors, including but not limited to
adverse economic conditions, intense competition, including intensification of
price competition and entry of new competitors and products, adverse federal,
state and local government regulation, inadequate capital, unexpected costs and
operating deficits, increases in general and administrative costs, lower sales
and revenues than forecast, loss of customers, customer returns of products sold
to them by the Company, disadvantageous currency exchange rates, termination of
contracts, loss of suppliers, technological obsolescence of the Company's
products, technical problems with the Company's products, price increases for
supplies and components, inability to raise prices, failure to obtain new
customers, litigation and administrative proceedings involving the Company, the
possible acquisition of new businesses that result in operating losses or that
do not perform as anticipated, resulting in unanticipated losses, the possible
fluctuation and volatility of the Company's operating results, financial
condition and stock price, losses incurred in litigating and settling cases,
dilution in the Company's ownership of its business, adverse publicity and news
coverage, inability to carry out marketing and sales plans, loss or retirement
of key executives, changes in interest rates, inflationary factors, and other
specific risks that may be alluded to in this Annual Report or in other reports
issued by the Company. In addition, the business and operations of the Company
are subject to substantial risks which increase the uncertainty inherent in the
forward-looking statements. In light of the significant uncertainties inherent
in the forward-looking information included herein, the inclusion of such
information should not be regarded as a representation by the Company or any
other person that the objectives or plans of the Company will be achieved.

                                     PART I

ITEM  1  -  DESCRIPTION  OF  BUSINESS

BACKGROUND  OF  THE  COMPANY

Global Path Inc. (OTC BB: GBPI) is a strategic  holding  company  focused on
acquiring,  expanding and developing  companies in sectors which can create the
highest and best  opportunities for investors.  Global Path provides strategic,
financial and business resources to position its portfolio companies as
industry leaders.

The Company was originally incorporated on March 11, 1980, as Associated Medical
Devices, Inc., under the laws of Nevada for the development and marketing of
various devices. Due to the non-payment of required fees and filing of required
reports, the Company forfeited its corporate charter during 1986 and was revived
in February 1995.

Pursuant to an Acquisition Agreement dated, July 1, 1999, and finally executed
on October 20, 1999, John F. Huguet ("Huguet") and Gold Crown Holdings Limited,
a British Virgin Islands corporation ("Gold Crown), acquired 4,968,000
restricted shares of the Company's common stock, comprising approximately 85% of
the Company's issued and outstanding Shares, in exchange for 100% of the issued
and outstanding common stock of Euro American Business Group, Inc., a New York
corporation owned by Huguet and Gold Crown. Contemporaneously thereto, Huguet
and Gold Crown purchased 25,000 shares of Registrant's common stock from Glenn
A. Little, a director of the Company for $200,000. In anticipation of the
execution of the above agreement, on October 7, 1999, the directors of the
Company tendered their resignations as directors of the Company and appointed
new directors and officers.

Prior to the Agreement, the Company was a development stage company with no
significant operations, seeking a new business plan. At the time of the
Agreement, Euro American Business Group, Inc., had conducted no business to
date, but had plans to become a provider of low cost internet access in Europe.
To better reflect the Company's new business plan, the Company changed its name
to Yournet, Inc. on October 20, 1999.

Effective August 14, 2001, Yournet, Inc. merged with and into Global Path
Incorporated, a Delaware corporation. Pursuant to the merger, Yournet, Inc., a
Nevada corporation, reincorporated under the laws of Delaware. As a result of
the merger, shareholders of Yournet, Inc. received the right to receive one
share of Class A common stock of Global Path Incorporated for each one share of
common stock of the Company. After the reincorporation, 20,455,903 shares of
Yournet, Inc. common stock was converted to 20,455,903 shares of Class A common
stock of Global Path Incorporated ("GPI"), the surviving entity. The Company's
common stock currently trades on the Over-the-Counter Bulletin Board under the
trading symbol GBPI. GPI in November 2002 performed a share consolidation of
100:1, and began a process of reorganizing its business model.

BUSINESS OF THE COMPANY

Global Path Inc., (OTC BB: GBPI) is a strategic  holding company  focused on
acquiring,  expanding and developing  companies in sectors
which can create the highest and best  opportunities for investors.  Global
Path provides  strategic,  financial and business resources
to position its portfolio companies as industry leaders.

The Company is led by a team of experienced and knowledgeable business
executives. Represented in their backgrounds are years of experience from the
corporate finance market focused on leveraging its industry knowledge and
capital markets experience and relationships.

DEPENDENCE  ON  KEY  CUSTOMERS

The Company is currently not dependent on any single customer for a significant
portion of its annual sales. Rather, the portfolio companies control all
customer relationships.

MAJOR  SUPPLIERS

The Company is currently not dependent on any major suppliers. The Company does
rely on  its  investor  and lender relationships as a source of capital for its
portfolio  companies.

REGULATION

As target companies are identified, the Company intends to fully comply with all
laws and regulations, and the constraints of international restrictions that
could impact the success of the Company.

PATENTS,  TRADEMARKS,  LICENSES

The Company does not depend upon any patents or trademarks to conduct its
business; nor does the Company hold any such patents or trademarks.

COST  OF  COMPLIANCE  WITH  ENVIRONMENTAL  REGULATIONS

The Company currently has no costs associated with compliance with environmental
regulations. However, there can be no assurances that the Company will not incur
such costs in the future.

NUMBER  OF  EMPLOYEES

As of April 5, 2003, the Company employs two full-time and contract personnel.

ITEM  2.  DESCRIPTION  OF  PROPERTY

Effective October 1, 2001, the Company began leasing administrative office space
at 2 Toronto Street, Toronto, Ontario, Canada M5C 2B6, at a rental rate of
$90,152 per year for a period of four years. In January 2003 the Company began a
process of relocation due to material default of the Lease by the Landlord and
the Sub-Landord. The Landlord and the Sub-Landord have to meet their obligations
under the Lease Agreement. Global Path's new offices will be available for
occupancy on May 1, 2003.

ITEM  3.  LEGAL  PROCEEDINGS

The Company may from time to time be involved in various claims, lawsuits,
disputes with third parties, actions involving allegations of discrimination, or
breach of contract actions incidental to the operation of its business. The
Company is not currently involved in any such litigation which it believes could
have a materially adverse effect on its financial condition or results of
operations.

ITEM  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

On November 27, 2002 a meeting of majority shareholders and Board members
occurred, approving the share consolidation equal to 100 shares for 1 new share.
As a result, the Company was issued a new symbol (GBPI) and CUSIP number
(378956205).

PART  II

ITEM  5.       MARKET  FOR THE REGISTRANT'S COMMON STOCK AND RELATED
SHAREHOLDER MATTERS

MARKET  INFORMATION

The following table sets forth the high and low bid prices for shares of the
Company Common Stock for the periods noted, as reported by the National Daily
Quotation Service and the Over-the-Counter Bulletin Board. Quotations reflect
inter-dealer prices, without retail mark-up, mark-down or commission and may not
represent actual transactions. On March 5, 1998, the Company's Common Stock
began listing on the Over-the-Counter Bulletin Board under the trading symbol
ASSM. To reflect the Company's change in business plan and name change to
Yournet, Inc., the Company changed its trading symbol to YOUR, on November 10,
1999. On August 16, 2001, the Company's trading symbol was changed to GBPAA in
order to reflects its name change to Global Path Incorporated. On November 27,
2002 the number of shares of Common Stock outstanding were reduced such that the
holders of Common Stock will receive one share of common stock (GBPI) of the
Corporation, $.001 par value ("New Common Stock") for each one hundred (100)
shares of Common Stock owned by each such holder as of the close of business
November 27, 2002. On December 5, 2002 the Company's trading symbol was changed
to GBPI.


          CALENDAR                                BID  PRICES
          YEAR                    PERIOD       HIGH          LOW
          ----           -----------------     ----          ---

               2001      First  Quarter        38.00          25.00
                         Second  Quarter       78.00          25.00
                         Third  Quarter        65.00          40.00
                         Fourth  Quarter       70.00          30.00

               2002      First  Quarter        100.00         30.00
                         Second  Quarter       52.00          6.00
                         Third  Quarter        12.00          3.00
                         Fourth  Quarter       8.00           0.60

All bid prices referred to above have been restated to reflect the 1:100 reverse
stock split, of November 2002.

NUMBER  OF  SHAREHOLDERS

The  number  of   stockholders   of  the  Common   Stock  of  the   Company  as
of  the  close  of  business  on  April  5,  2003  was approximately  2,562.

DIVIDEND  POLICY

To date, the Company has declared no cash dividends on its Common Stock, and
does not expect to pay cash dividends in the next term. The Company intends to
retain future earnings, if any, to provide funds for operation of its business.

CHANGES  IN  SECURITIES

Effective April 21, 1999, as approved at the Company's Annual Meeting of
Shareholders on March 1,1999, the Company executed a one-for-five (1-for-5)
reverse stock split of the Company's common stock. As a result, the number of
shares issued and outstanding of the Company's common stock was reduced to
8,824,763.

On June 28, 1999, a majority of shareholders approved a one-for-five hundred
(1-for-500) reverse stock split, effective July 12, 1999, thereby decreasing the
number of issued and outstanding shares of common stock to 44,031.

On September 7, 1999, the Company filed a Form S-8 Registration under the
Securities Act of 1933 with the United States Securities and Exchange Commission
to register 389,500 shares of stock issued pursuant to the Dominick Pope
Consulting Agreement and the Steven L. Siskind, Esq. Legal Consulting Agreement.
These shares were valued at an aggregate of $194,675 which approximates the fair
value of the services rendered to the Company and of the stock itself.

On November 8, 1999, the Board of Directors authorized a
three-and-one-half-for-one (3.5- for-1) forward stock split, thereby increasing
the number of issued and outstanding shares of common stock to 20,455,903. Prior
to August 14, 2001, the authorized capital of the Company consisted of
50,000,000 shares of common stock, par value $0.001 per share. Pursuant to the
Company's reincorporation from Yournet, Inc., a Nevada corporation, into Global
Path Incorporated, a Delaware corporation, effective August 14, 2001, the
Company's authorized capital consists of 100,000,000 shares of Class A common
stock par value $0.001 per share, 50,000,000 shares of Class B common stock par
value $0.001 per share, and 10,000,000 shares of preferred stock, par value
$0.001 per share. Pursuant to the reincorporation, shareholders of Yournet, Inc.
received the right to receive one share of Class A common stock of Global Path
Incorporated for each one share of common stock of the Company. After the
reincorporation, 20,455,903 shares of Yournet, Inc. common stock were converted
to 20,455,903 shares of Class A common stock of Global Path Incorporated
("GPI"), the surviving entity.

On November 19, 2001, the Company filed a Form S-8 Registration under the
Securities Act of 1933 with the United States Securities and Exchange Commission
to register 6,100,000 shares of common stock pursuant to the Company's 2001
Employees Stock Incentive Plan (Employees Plan) and 2001 Directors and Officers
Stock Option and Stock Award Plan. On March 11, 2002, the Company filed an
Amendment to Form S-8, wherein the Company's Amended and Restated 2002 Directors
And Officers Stock Option, Stock Warrant, and Stock Award Plan (Directors and
Officers Plan) was registered. The Company's 2001 Employees Stock Incentive Plan
authorizes an issuance of up to 10,000,000 shares of common stock and the
Company's Amended and Restated 2002 Directors And Officers Stock Option, Stock
Warrant, and Stock Award Plan authorizes an issuance of up to 4,500,000 shares
of common stock. Pursuant to the Company's Directors and Officers Plan, the
Company issued a warrant to purchase 10,000 shares of the Company's common stock
at an exercise price of $75.00 per share, to Thomas V. Ackerly as compensation
for consulting fees in January 2002. As of the date of this Report, Mr. Ackerly
has exercised his warrant to purchase 1,325 shares of the Company's common
stock.

On March 14, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 5,000 shares to Fordham, at an
average price of $52.00 per share, for payment of legal services.

On March 18, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 5,000 shares to Rick Langley, at an
average price of $52.00 per share, for payment of consulting services.

On April 2, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 1,000 shares to John Pierson, at an
average price of $48.00 per share, for payment of consulting services.

On April 10, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 500 shares to Glenn Lachowiez, at an
average price of $35.00 per share, for payment of consulting services.

On April 17, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 750 shares to Stephan Rind, at an
average price of $35.00 per share, as compensation for serving as a Director of
the company for the ensuing year.

On April 23, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 230 shares to Jeff Michel, an
employee and principal of Strategic Capital Management, Inc., at an average
price of $39.00 per share, for payment of consulting services.

On May 16, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 2,500 shares to Bill Calsbeck, an
employee and principal of BGC Consultants Limited, at an average price of $22.00
per share, for payment of consulting services.

On May 27, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 100 shares to Marilyn Schaffer, at an
average price of $16.00 per share, for payment of consulting services.

On July 2, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 100 shares to Marilyn Schaffer, at an
average price of $7.00 per share, for payment of consulting services.

On July 2, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 2,500 shares to Bill Calsbeck, an
employee and principal of BGC Consultants Limited, at an average price of $7.00
per share, for payment of consulting services.

On August 20, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 1,700 shares to Jeff Michel, an
employee and principal of Strategic Capital Management, Inc., at an average
price of $5.00 per share, for payment of consulting services.

On September 16, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 1,000 shares to Paul Schuler, at an
average price of $5.00 per share, for payment of consulting services

On September 23, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 5,000 shares to Raghunath Kilambi, at
an average price of $9.00 per share, for payment of consulting services

On October 2, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 2,500 shares to Bill Calsbeck, an
employee and principal of BGC Consultants Limited, at an average price of $7.00
per share, for payment of consulting services.

On October 10, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 1,680 shares to Jeff Michel, an
employee and principal of Strategic Capital Management, Inc., at an average
price of $5.00 per share, for payment of consulting services.


On December 12, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 40,000 shares to Paul Montle, an
employee and principal of Dublin Asset Advisors, 18 Hayden Road, Brookline, MA,
at an average price of $5.00 per share, for payment of consulting services.

ITEM  6.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATION

When used in this Form 10-KSB and in our future filings with the Securities and
Exchange Commission, the words or phrases will likely result, management
expects, or we expect, will continue, is anticipated, estimated or similar
expressions are intended to identify forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Readers are
cautioned not to place undue reliance on any such forward-looking statements,
each of which speak only as of the date made. These statements are subject to
risks and uncertainties, some of which are described below. Actual results may
differ materially from historical earnings and those presently anticipated or
projected. We have no obligation to publicly release the result of any revisions
that may be made to any forward-looking statements to reflect anticipated events
or circumstances occurring after the date of such statements.

GENERAL  OVERVIEW

The Company used the balance of the 2002 fiscal year to solidify its future
strategy, based on Management's knowledge of its target segment. Through
analysis and interpretation of market conditions, the Company identified a
number of segments as the highest and best opportunity for shareholder
appreciation. Planned principal operations have not commenced.


PLAN  OF  OPERATIONS  FOR  THE  COMPANY

The Company endeavors to become a world-wide portfolio company with a charter to
acquire industry leading companies. These target companies have superior growth
potential for a number of reasons. Fundamental to our business is an
entrepreneurial philosophy based on ownership. Our focus is clearly on building
value for our shareholders. We work together as partners, creating an
environment that supports individual strengths and decisive independent action.
We provide our portfolio companies management with significant depth and breadth
of expertise on acquisitions, integration, strategy, negotiations and financing
with a strong track record of completion.

RESULTS OF OPERATIONS

Revenues
--------

The Company has generated no revenues from operations as of December31, 2002.

Selling, General and administrative expenses
-----------------------------------

Selling and administrative expenses increased $1,530,956 to $1,730,989 during
2002 from $200,033 during 2001. These expenses were associated principally with
equity-based compensation to officers and consultants and professional services

LIQUIDITY  AND  CAPITAL  RESOURCES

As of December 31, 2002, the Company had a working capital deficit of $938,304.
As a result of our operating losses, we generated a cash flow deficit of
$704,271 from operating activities during 2002. We met our cash requirements
during the year primarily through $604,994 of advances and loans (net of
repayments) from shareholders, and sale of company stock of $99,375, net of
costs.

The Company's independent certified public accountants have stated in their
report included in the Company's December 31, 2002 Form 10-KSB, that the Company
has incurred operating losses in the last two years, and that the Company is
dependent upon management's ability to develop profitable operations. These
factors among others may raise substantial doubt about the Company's ability to
continue as a going concern.

While we have raised capital to meet our working capital and financing needs in
the past, additional financing is required in order to meet our current and
projected cash flow deficits from operations and development. We are seeking
financing in the form of equity in order to provide the necessary working
capital. We currently have no commitments for financing. There is no guarantee
that we will be successful in raising the funds required.

By adjusting its operations and development to the level of capitalization ,
management belives it has sufficient capital resources to meet projected cash
flow deficits through the next twelve months . However, if thereafter, we are
not successful in generating sufficient liquidity from future operations or in
raising sufficient capital resources, on terms acceptable to us, this could have
a material adverse effect on our business, results of operations liquidity and
financial condition.

RECENT  ACCOUNTING  PRONOUNCEMENTS

In July 2001, the Financial  Accounting  Standards Board (FASB) issued Statement
of Financial  Accounting  Standards No. 141, "Business Combinations"  (SFAS No.
141), and Statement of Financial  Accounting  Standards No. 142,  "Goodwill and
Other Intangible Assets" (SFAS No. 142). The FASB also issued Statement of
Financial  Accounting  Standards No. 143,  "Accounting for Obligations
Associated with the Retirement  of  Long-Lived  Assets"  (SFAS No. 143),  and
Statement of Financial  Accounting  Standards  No. 144,  "Accounting  for the
Impairment or Disposal of Long-Lived Assets" (SFAS No. 144) in August and
October 2001, respectively.

SFAS No. 141 requires the purchase method of accounting for business
combinations initiated after June 30, 2001 and eliminates the
pooling-of-interest method. The adoption of SFAS No. 141 had no material impact
on the Company's consolidated financial statements.

Effective January 1, 2002, the Company adopted SFAS No. 142. Under the new
rules, the Company will no longer amortize goodwill and other intangible assets
with indefinite lives, but such assets will be subject to periodic testing for
impairment. On an annual basis, and when there is reason to suspect that their
values have been diminished or impaired, these assets must be tested for
impairment, and write-downs to be included in results from operations may be
necessary. SFAS No. 142 also requires the Company to complete a transitional
goodwill impairment test six months from the date of adoption.

Any goodwill impairment loss recognized as a result of the transitional goodwill
impairment test will be recorded as a cumulative effect of a change in
accounting principle no later than the end of fiscal year 2002. The adoption of
SFAS No. 142 had no material impact on the Company's consolidated financial
statements

SFAS No. 143 establishes accounting standards for the recognition and
measurement of an asset retirement obligation and its associated asset
retirement cost. It also provides accounting guidance for legal obligations
associated with the retirement of tangible long-lived assets. SFAS No. 143 is
effective in fiscal years beginning after June 15, 2002, with early adoption
permitted. The Company expects that the provisions of SFAS No. 143 will not have
a material impact on its consolidated results of operations and financial
position upon adoption. The Company plans to adopt SFAS No. 143 effective
January 1, 2003.

SFAS No. 144 establishes a single accounting model for the impairment or
disposal of long-lived assets, including discontinued operations. SFAS No. 144
superseded Statement of Financial Accounting Standards No. 121, "Accounting for
the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of"
(SFAS No. 121), and APB Opinion No. 30, "Reporting the Results of Operations -
Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary,
Unusual and Infrequently Occurring Events and Transactions". The Company adopted
SFAS No. 144 effective January 1, 2002. The adoption of SFAS No. 144 had no
material impact on Company's consolidated financial statements.

In April 2002, the FASB issued Statement No. 145, "Rescission of FASB Statements
No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical
Corrections." This Statement rescinds FASB Statement No. 4, "Reporting Gains and
Losses from Extinguishment of Debt", and an amendment of that Statement, FASB
Statement No. 64, "Extinguishments of Debt Made to Satisfy Sinking-Fund
Requirements" and FASB Statement No. 44, "Accounting for Intangible Assets of
Motor Carriers". This Statement amends FASB Statement No. 13, "Accounting for
Leases", to eliminate an inconsistency between the required accounting for
sale-leaseback transactions and the required accounting for certain lease
modifications that have economic effects that are similar to sale-leaseback
transactions. The Company does not expect the adoption to have a material impact
to the Company's financial position or results of operations.

In June 2002, the FASB issued Statement No. 146, "Accounting for Costs
Associated with Exit or Disposal Activities." This Statement addresses financial
accounting and reporting for costs associated with exit or disposal activities
and nullifies Emerging Issues Task Force (EITF) Issue No. 94-3, "Liability
Recognition for Certain Employee Termination Benefits and Other Costs to Exit an
Activity (including Certain Costs Incurred in a Restructuring)." The provisions
of this Statement are effective for exit or disposal activities that are
initiated after December 31, 2002, with early application encouraged. The
Company does not expect the adoption to have a material impact to the Company's
financial position or results of operations.

In October 2002, the FASB issued Statement No. 147, "Acquisitions of Certain
Financial Institutions-an amendment of FASB Statements No. 72 and 144 and FASB
Interpretation No. 9", which removes acquisitions of financial institutions from
the scope of both Statement 72 and Interpretation 9 and requires that those
transactions be accounted for in accordance with Statements No. 141, Business
Combinations, and No. 142, Goodwill and Other Intangible Assets. In addition,
this Statement amends SFAS No. 144, Accounting for the Impairment or Disposal of
Long-Lived Assets, to include in its scope long-term customer-relationship
intangible assets of financial institutions such as depositor- and
borrower-relationship intangible assets and credit cardholder intangible assets.
The requirements relating to acquisitions of financial institutions is effective
for acquisitions for which the date of acquisition is on or after October 1,
2002. The provisions related to accounting for the impairment or disposal of
certain long-term customer-relationship intangible assets are effective on
October 1, 2002. The adoption of this Statement did not have a material impact
to the Company's financial position or results of operations as the Company has
not engaged in either of these activities.

In December 2002, the FASB issued Statement No. 148, "Accounting for Stock-Based
Compensation-Transition and Disclosure", which amends FASB Statement No. 123,
Accounting for Stock-Based Compensation, to provide alternative methods of
transition for a voluntary change to the fair value based method of accounting
for stock-based employee compensation. In addition, this Statement amends the
disclosure requirements of Statement 123 to require prominent disclosures in
both annual and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used on reported
results. The transition guidance and annual disclosure provisions of Statement
148 are effective for fiscal years ending after December 15, 2002, with earlier
application permitted in certain circumstances. The interim disclosure
provisions are effective for financial reports containing financial statements
for interim periods beginning after December 15, 2002. The adoption of this
statement did not have a material impact on the Company's financial position or
results of operations as the Company has not elected to change to the fair value
based method of accounting for stock-based employee compensation.

In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities." Interpretation 46 changes the criteria by which one
company includes another entity in its consolidated financial statements.
Previously, the criteria were based on control through voting interest.
Interpretation 46 requires a variable interest entity to be consolidated by a
company if that company is subject to a majority of the risk of loss from the
variable interest entity's activities or entitled to receive a majority of the
entity's residual returns or both. A company that consolidates a variable
interest entity is called the primary beneficiary of that entity. The
consolidation requirements of Interpretation 46 apply immediately to variable
interest entities created after January 31, 2003. The consolidation requirements
apply to older entities in the first fiscal year or interim period beginning
after June 15, 2003. Certain of the disclosure requirements apply in all
financial statements issued after January 31, 2003, regardless of when the
variable interest entity was established. The Company does not expect the
adoption to have a material impact to the Company's financial position or
results of operations.

Product Research and Development


The Company does not anticipate performing research and development for any
products during the next twelve months.


Acquisition or Disposition of Plant and Equipment

We do not anticipate the sale of any significant property, plant or equipment
during the next twelve months. We do not anticipate the acquisition of any
significant property, plant or equipment during the next 12 months.

Number of Employees
The Company currently has 2 full-time employees and does not intend to hire
more employees, with the possible exception of
part-time clerical assistance on an as-needed basis, until the Company begins to
earn revenues from operations. Outside advisors or consultants will be used only
if they can be obtained for a minimal cost or on a deferred payment basis.
Management is confident that it will be able to operate in this manner as it
continues to develop its business plan during the next twelve months.

Trends, Risks and Uncertainties

We have sought to identify what we believe to be the most significant risks to
our business, but we cannot predict whether, or to what extent, any of such
risks may be realized nor can we guarantee that we have identified all possible
risks that might arise. Investors should carefully consider all of such risk
factors before making an investment decision with respect to our Common Stock.

Cautionary Factors that may Affect Future Results

We provide the following cautionary discussion of risks, uncertainties and
possible inaccurate assumptions relevant to our business and our products. These
are factors that we think could cause our actual results to differ materially
from expected results. Other factors besides those listed here could adversely
affect us.

Limited Operating History Anticipated Losses; Uncertainty of Future Results

We were incorporated in May, 2000 and therefore have a limited operating history
upon which an evaluation of our Company and our prospects can be based. Our
prospects must be evaluated with a view to the risks encountered by a company in
an early stage of development, particularly in light of the uncertainties
relating to the new and evolving products and methods which we intend to develop
and market, and the acceptance of our business model. We will be incurring costs
to: (i) design, develop, manufacture and market our products; (ii) to establish
distribution relationships; and (iii) to build an organization. To the extent
that such expenses are not subsequently followed by commensurate revenues, our
business, results of operations and financial condition will be materially
adversely affected. We, therefore, cannot insure that we will be able to
immediately generate sufficient revenues. We expect negative cash flow from
operations to continue for the next 12 months as we continue to develop and
market our business. If cash generated by operations is insufficient to satisfy
our liquidity, we may be required to sell additional equity or debt securities.
The sale of additional equity or convertible debt securities would result in
additional dilution to our stockholders. Our initial operations may not be
profitable, since time will be required to build our business to the point that
our revenues will be sufficient to cover our total operating costs and expenses.
Our reaching a sufficient level of sales revenues will depend upon a large
number of factors, including availability of sufficient working capital, the
number of customer we are able to attract, and the costs of manufacturing and
distributing our products.

Liquidity and Working Capital Risks; Need for Additional Capital to Finance
Growth and Capital Requirements

We have had limited working capital and we are relying upon notes (borrowed
funds) to operate. We may seek to raise capital from public or private equity or
debt sources to provide working capital to meet our general and administrative
costs until net revenues make the business self-sustaining. We cannot guarantee
that we will be able to raise any such capital on terms acceptable to us or at
all. Such financing may be upon terms that are dilutive or potentially dilutive
to our stockholders. If alternative sources of financing are required, but are
insufficient or unavailable, we will be required to modify our growth and
operating plans in accordance with the extent of available funding.

Dependence Upon Management

Our future performance and success are dependant upon the efforts and abilities
of our Management. To a very significant degree, we are dependent upon the
continued services of Mr. Robert Kubbernus, our President and Chairman of our
Board of Directors. If we lost the services of Mr. Kubbernus or other key
employees before we could get a qualified replacement, that loss could
materially adversely affect our business. We do not maintain key man life
insurance on any of our Management.

Lack of Independent Directors

We cannot guarantee that our Board of Directors will have a majority of
independent directors in the future. In the absence of a majority of independent
directors, our executive officers, who are also principal stockholders and
directors, could establish policies and enter into transactions without
independent review and approval thereof. This could present the potential for a
conflict of interest between the Company and its stockholders generally and the
controlling officers, stockholders or directors.


Continued Control by Current Officers and Directors

The present officers and directors own approximately 46 % of the outstanding
shares of Common Stock, and therefore are in a position to elect all of our
Directors and otherwise control the Company, including, without limitation,
authorizing the sale of equity or debt securities of the Company, the
appointment of officers, and the determination of officers' salaries.
Shareholders have no cumulative voting rights. (See Security Ownership of
Certain Beneficial Owners and Management)


Limited Market Due To Penny Stock

Our common stock is deemed to be "penny stock" as that term is defined in Rule
3a51-1 promulgated under the Securities Exchange Act of 1934. Penny stocks are
stock:

     o    With a price of less than $5.00 per share;

     o    That are not traded on a "recognized" national exchange;

     o Whose prices are not quoted on the Nasdaq automated quotation system
(Nasdaq listed stock must still have a price of not less than $5.00 per share);
or

     o In issuers with net tangible assets less than $2.0 million (if the issuer
has been in continuous operation for at least three years) or $5.0 million (if
in continuous operation for less than three years), or with average revenues of
less than $6.0 million for the last three years.

Broker/dealers dealing in penny stocks are required to provide potential
investors with a document disclosing the risks of penny stocks. Moreover,
broker/dealers are required to determine whether an investment in a penny stock
is a suitable investment for a prospective investor. These requirements may
reduce the potential market for our common stock by reducing the number of
potential investors. This may make it more difficult for investors in our common
stock to sell shares to third parties or to otherwise dispose of them. This
could cause our stock price to decline.


Potential Inability of Officers to Devote Sufficient Time to the Operations of
the Business

We have no employees, other than the Company officers and they continue to
pursue other sources of income and may not be able to devote sufficient time to
the operations of the business.


ITEM  7.       FINANCIAL  STATEMENTS

The consolidated financial statements and supplementary financial information
which are required to be filed under this item are presented under Item 13.
Exhibits, Financial Statement Schedules and Reports on Form 10-KSB in this
document, and are incorporated herein by reference.

ITEM  8.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL  DISCLOSURE

None.


PART  III

ITEM  9.  DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS  AND  CONTROL  PERSONS;
COMPLIANCE  WITH  SECTION  16(A)  OF  THE  EXCHANGE  ACT

The following table sets forth the names and ages of the current directors and
executive officers of the Company, the principal offices and positions held by
each person and the date each person became a director or executive officer of
the Company. The executive officers of the Company are elected annually by the
Board of Directors. The directors serve one year terms until their successors
are elected. The executive officers serve terms of one year or until their
death, resignation or removal by the Board of Directors. There are no family
relationships between any of the directors and executive officers. In addition,
there was no arrangement or understanding between any executive officer and any
other person pursuant to which any person was selected as an executive officer.

The directors and executive officers of the Company are as follows:

Name                     Age     Position(s)
----                     ---     -----------

Robert  Kubbernus         42     Chairman  of  the  Board of Directors, Chief
                                  Executive Officer, Chief Financial Officer
                                  and Director

Sherri  Donell            40      Secretary


ROBERT KUBBERNUS, CHAIRMAN OF THE BOARD OF DIRECTORS, CHIEF EXECUTIVE OFFICER,
CHIEF FINANCIAL OFFICER AND DIRECTOR Mr. Kubbernus presently serves as the
Company's Chairman of the Board of Directors, Chief Executive Officer, Chief
Financial Officer and Director. Serving as a director, Mr. Kubbernus started
with the Company in 1999. Mr. Kubbernus contributes to the Company 16 years of
financial experience working with high tech firms in North America and Europe.
Mr. Kubbernus has also been employed by JAWS Technologies where he held the
positions of CEO and Chairman since 1997. His primary responsibilities at Jaws
Technologies are to oversee the company's security product developers, provide
executive direction and develop key contacts within government, corporations,
media, clients, insurance underwriters and the investment community.

From 1992 to 1997, Mr. Kubbernus held the position of President and CEO, with
Bankton Financial Corporation. He headed up a team of corporate financial
consultants who specialize in the placement of debt instruments with
institutional and private lenders. In addition Bankton also performed corporate
work- out strategies on behalf of both client and related institutions. Before
1992, he was the Chief Financial Officer as well as the Chief Development
Officer, Bankers Capital Group, where he developed new products and markets as
well as overseeing the financial controls of the organization. Additionally, Mr.
Kubbernus was a Principal of Oxford Capital Group, which is known for its
private capital investment practices in the High Tech Field. Oxford has been
instrumental in funding strategic relationships and companies involved with JAWS
Technologies thus assisting the development of the JAWS vision. Oxford also
represents numerous foreign investors looking for opportunities in the North
American and Global high tech arena. These foreign institutions rely on Mr.
Kubbernuss high tech and financial knowledge and skills for investment direction
and strategic relationships.


SHERRI  D.  DONELL,  SECRETARY
Ms. Donell was appointed as the Company's Secretary in March 2002. Immediately
prior to joining the Company, Ms. Donell founded and operated Office Management
Consulting Services in March 2001, a business providing paralegal, office and
general management consulting services. From June 2000 through March 2001, Ms.
Donell served as Vice President and General Manager of Premiere Executive
Suites, a private company providing furnished corporate housing in Nova Scotia.
From August 1998 to June 2000, Ms. Donell served as Manager of Business
Development at BridgeStreet Accommodations, a U.S. public company providing
furnished corporate housing. Prior to 1998, Ms. Donell worked for a number of
large mining companies providing paralegal support. Ms. Donell contributes to
the Company 20 years of paralegal, general management, and senior administrative
experience.


COMPLIANCE  WITH  SECTION  16(A)  OF  THE  SECURITIES  EXCHANGE  ACT  OF  1934

Section 16(a) of the Securities Exchange Act of 1934 requires the Company's
directors and executive officers and persons who own more than ten percent of a
registered class of the Company's equity securities to file with the SEC initial
reports of ownership and reports of changes in ownership of Common Stock and
other equity securities of the Company. Officers, directors and greater than ten
percent shareholders are required by SEC regulations to furnish the Company with
copies of all Section 16(a) forms they file. To the Company's knowledge, based
solely on the review of copies of such reports furnished to the Company and
written representations that no other reports were required and to the best of
its knowledge, during the year ended December 31, 2002, all Section 16(a) filing
requirements applicable to the Company's officers, directors and greater than
ten percent shareholders were complied with.

ITEM  10.  EXECUTIVE  COMPENSATION

The Company's management is not currently compensated for services provided to
the Company.

COMPENSATION  OF  DIRECTORS


On April 17, 2002, pursuant to the Company's Directors and Officers Plan
registered under Form S-8, as filed with the SEC on November 19, 2001 and
amended March 11, 2002, the Company issued 750 shares to Stephan Rind, at an
average price of $35.00 per share, as compensation for serving as a Director of
the company for the ensuing year.

The Company has also agreed to reimburse directors for travel expenses and
related expenses related to their duties as directors.


                                       11



ITEM  11.  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND  MANAGEMENT

The following table sets forth, as of April 5, 2003, certain information with
respect to the Company's equity securities owned of record or beneficially by
(i) each Officer and Director of the Company; (ii) each person who owns
beneficially more than 5% of each class of the Company's outstanding equity
securities; and (iii) all Directors and Executive Officers as a group.




                                                Common Stock           Percent
 Name and Address of Beneficial Owner           Outstanding(1)      Outstanding
-------------------------------------------------------------------------------


Common Stock  Robert Kubbernus(1)                    20,000              0.45%
5th Floor, 2 Toronto Street
Toronto, Ontario Canada M5C 2B6


Common Stock  Sherri Donell(2)                            0              0.00%
5th Floor, 2 Toronto Street
Toronto, Ontario Canada M5C 2B6

Common Stock  Bankton Financial Corp. (3)           1,010,000           22.95%
P.O. Box 20028
Calgary Place Postal Station
Calgary, Alberta, Canada, T2P 4J2

Common Stock  Madison Trust (4)                      1,035,000         23.52%
8 Sultan Street, Suite 702
Toronto, Ontario, Canada, M5S 2C1

Common Stock  David Jones (5)                          385,000         8.75%
7  Vivyenne Crt
North Bay, Ontario, Canada, P1A 4J2



Common Stock  All Directors and Officers as a
Group (3 Persons in total)                          2,065,000        46.92%

---------------
(1) Shares are beneficially owned and sole voting and investment power is held
by the stockholder member. (2) Shares held by Bankton Financial Corp., of which
Mr. Kubbernus, the CEO and Chairman of the Company, serves as President. (3)
Shares held by Madison Family Trust, which Mr. Kubbernus, the CEO and Chairman
of the Company, is Trustee for his son, C. Kubbernus, and which Mr. Kubbernus
disclaims beneficial ownership.

The Company believes that the beneficial owners of securities listed above,
based on information furnished by such owners, have sole investment and voting
power with respect to such shares, subject to community property laws where
applicable. Beneficial ownership is determined in accordance with the rules of
the Commission and generally includes voting or investment power with respect to
securities. Shares of stock subject to options or warrants currently
exercisable, or exercisable within 60 days, are deemed outstanding for purposes
of computing the percentage of the person holding such options or warrants, but
are not deemed outstanding for purposes of computing the percentage of any other
person.


ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Riched20 5.40.11.2210;Madison Family Trust,  which  the  Company's  CEO  and
Director,  Mr. Kubbernus  serves  as a Trustee but disclaims  any  beneficial
ownership, has advanced fund to the Company for working capital purpose. As of
December 31, 2002, total amount due Madison Family Trust is $596,796. The loan
is non-interest bearing and has no maturity date. To Company fully repaid the
loan with its Class A common stock on March 31, 2003.

Bankton Financial Corporation,  which  the  Company's  CEO  and Director,  Mr.
Kubbernus  serves  as a Director but  disclaims  any beneficial  ownership, has
advanced fund to the Company for working capital purpose. As of December 31,
2002, total amount due Bankton Financial Corp. is $150,000. The loan is non-
interest bearing and has no maturity date. To Company fully repaid the loan with
its Class A common stock on March 31, 2003.


ITEM 13.     EXHIBITS AND REPORTS ON FORM 8-K

(A) INDEX TO EXHIBITS

The Company undertakes to furnish to any shareholder so requesting a copy of any
of the following exhibits upon payment to the Company of the reasonable costs
incurred by the Company in furnishing any such exhibit.

EXHIBIT NO.          DESCRIPTION
-----------          -----------

*(2.1)               Agreement for Purchase and Sale of Stock between Goldcrown
                     Holdings Ltd. and Oxford Capital Group dated as of January
                     10, 2000.

*(2.2)               Agreement for Purchase and Sale of Stock between Bodet
                     Ltd. and Oxford Capital Group dated as of January 10, 2000.

*(2.3)               Acquisition Agreement between Associated Medical Devices,
                     Inc. and Euro American Business Group, Inc.

*(2.4)               Agreement and Plan of Merger of Yournet, Inc. with and
                     into Global Path Incorporated dated June 25, 2001.

*(3.1)               Certificate of Incorporation

*(3.2)               Bylaws of the Company

*(10.1)              2001 Employees Stock Incentive Plan

*(10.2)              Amended and Restated 2002 Directors and Officers Stock
                     Option, Stock Warrant and Stock Award Plan

*(16)                Letter re. Change in Certifying Accountant

*(21)                List of Subsidiaries of the Company

99.1             Certification of Robert Kubbernuss  Pursuant to Section 906 of
                  the Sarbanes-Oxley Act of 2002 (filed herewith).

------------------------------
* Previously filed


(B) REPORTS ON FORM 8-K

        On October 1, 2002, the Company filed a Current Report on Form 8-K dated
September 20, 2002 reporting under Item 5, Other Events, the termaination of a
previously announced Letter of Intent to acquire Entact Information Security
Corporation.

On October 9, 2002, the Company filed a Current Report on Form 8-K dated
September 24, 2002 reporting under Item 5, Other Events, the execution of a
Letter of Intent to acquire isph!net, Inc.

ITEM 14.  CONTROLS AND PROCEDURES

The Company has established and maintains disclosure controls and procedures
that are designed to ensure that material information required to be disclosed
by Global Path Inc. in the reports that it files under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and forms,
and that such information is accumulated and communicated to the Company's
management, including the Chief Executive Officer and Chief Financial Officer,
as appropriate, to allow timely decisions regarding required disclosure.


Within the 90 days prior to the date of this annual report, under the
supervision and with the participation of Global Path, Inc.'s Chief Executive
Officer and Chief Financial Officer, the Company carried out an evaluation of
the effectiveness of the design and operation of disclosure controls and
procedures. Based upon that evaluation, the Chief Executive Officer and Chief
Financial Officer concluded that our disclosure controls and procedures are
effective as of the date of such evaluation in timely alerting them to material
information relating to the Company (including its consolidated subsidiaries)
required to be included in Global Path, Inc. periodic SEC filings.

There have been no significant changes to the Company's internal controls or in
other factors that could significantly affect internal controls subsequent to
the date the Company carried out its evaluation.




                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


Dated:  April  5,  2003

GLOBAL  PATH  INCORPORATED
--------------------------
(Registrant)


/s/ Robert Kubbernus
-----------------------
By:  ROBERT  KUBBERNUS
CEO  and  CFO


Pursuant to requirements of the Securities Exchange Act of 1934, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated:

     Signature       Capacity        Date
     ---------       --------        ----


                      Chairman and
/s/ Robert Kubbernus  Director       April  5,  2003
--------------------
Robert  Kubbernus








                                 CERTIFICATIONS

I, Robert Kubbernus, certify that:

1. I have reviewed this Annual Report on Form 10-KSB of Global Path, Inc.

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations, and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14 for the registrant and have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report is being
prepared;

     b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this annual
report (the "Evaluation Date"); and

     c) presented in this annual report our conclusions about the
        effectiveness of the disclosure controls and procedures based on our
        evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions);

     a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize, and report financial data and have
          identified for the registrant's auditors any material weaknesses in
internal controls; and

     b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions,
with regard to significant deficiencies and material weaknesses.

Date: April __, 2003
                                        /s/ Robert Kubbernus
                                        ------------------------------
                                            Robert Kubbernus CEO and CFO







                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549



                              FINANCIAL STATEMENTS

                           DECEMBER 31, 2002 and 2001



                         FORMING A PART OF ANNUAL REPORT
                 PURSUANT TO THE SECURITIES EXCHANGE ACT OF 1934


                            GLOBAL PATH INCORPORATED





                            GLOBAL PATH INCORPORATED

                          Index to Financial Statements

-------------------------------------------------------------------------------





                                                                           Page
Report of Independent Certified Public Accountants                          F-3
Financial Statements
  Consolidated Balance Sheets at December 31, 2002 and 2001                 F-4
  Consolidated Statements of Losses for the two years ended
  December 31, 2002 and 2001                                                F-5
  Consolidated Statements of Deficiency in Stockholders' Equity for the
  two years ended December 31, 2002 and 2001                                F-6
  Consolidated Statements of Cash Flows for the two years ended
  December 31, 2002 and 2001                                                F-7
  Notes to Consolidated Financial Statements                         F-8 - F-17




                    RUSSELL BEDFORD Stefanou MIRCHANDANI LLP
                          CERTIFIED PUBLIC ACCOUNTANTS



               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS



Board of Directors
Global Path Incorporated
Toronto, Ontario

         We have audited the consolidated balance sheets of Global Path
Incorporated and its subsidiary (the "Company") as of December 31, 2002 and 2001
and the related consolidated statements of losses, deficiency in stockholders'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on the financial statements based upon our audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe our audits
provide a reasonable basis for our opinion.

         In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Company
at December 31, 2002 and 2001 and the results of its operations and its cash
flows for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.

         The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in Note
I, the Company has generated no revenue and is dependent upon management and
significant Company shareholders to provide sufficient working capital to
preserve the integrity of the corporate entity. The Company's existence is
dependent upon management's ability to develop profitable operations. Those
conditions raise substantial doubt about its ability to continue as a going
concern. The accompanying statements do not include any adjustments that might
result from the outcome of this uncertainty.




                               /s/RUSSELL BEDFORD STEFANOU MIRCHANDANI LLP
                               Russell Bedford Stefanou Mirchandani LLP
                               Certified Public Accountants
McLean, Virginia
April 20, 2003



F-3





                            GLOBAL PATH INCORPORATED
                           CONSOLIDATED BALANCE SHEETS
                           December 31, 2002 and 2001

<TABLE>
                                                                             2002                     2001
                                                                             ----                     ----
<S>                                                                          <C>                      <C>
ASSETS:
Cash and cash equivalents                                                    $       98              $        -

Security deposits and other assets                                                15,791                  22,955
                                                                                 -------                 ------
Total current assets                                                        $     15,889            $     22,955

Total assets                                                                $     15,889            $     22,955
                                                                             =============           ============

LIABILITIES AND DEFICIENCY IN STOCKHOLDERS' EQUITY:
Cash balance in excess of available funds                                      $       -            $      4,914

Accounts payable and accrued liabilities                                          207,397                 184,389

Due to related parties (Note B)                                                    746,796                 141,802
                                                                                  --------                -------

Total current liabilities                                                          954,193                 331,105


Commitments and contingencies (Note H)                                                    -                       -

Deficiency in stockholders' equity:
Preferred stock, par value $.001 per share; 10,000,000 shares
authorized; none issued at December 31, 2002 and 2001 (Note C)                            -                       -
Class A Common stock, par value $ .001 per share; 100,000,000
shares authorized; 278,180 and 204,559 shares issued at December
31, 2002 and 2001, respectively (Note C)                                                278                     205
Class B Common stock, par value $.001 per share; 50,000,000
shares authorized; none issued at December 31, 2002 and 2001
(Note C)                                                                                  -                       -

Additional paid-in capital                                                        4,210,402               3,120,956

Accumulated deficit                                                             (5,148,984)             (3,429,311)
                                                                   ------------------------             -----------

                                                                                  (938,304)               (308,150)
                                                                                  ---------               ---------
Total liabilities and deficiency in stockholders' equity                      $     15,889            $     22,955
                                                                   =          =============  =        ============

</TABLE>


           See accompanying notes to consolidated financial statements

F-4





                            GLOBAL PATH INCORPORATED
                        CONSOLIDATED STATEMENTS OF LOSSES
                 For the years ended December 31, 2002 and 2001

<TABLE>

                                                                            2002                      2001
                                                                            ----                      ----
<S>                                                                        <C>                      <C>
Costs and Expenses
Selling, General and Administrative expenses                               $     1,730,989          $      200,033
                                                                 -         ----------------  -      --------------

Total Operating Expenses                                                    $     1,730,989                 200,033


Loss from Operations                                                       $    (1,730,989)               (200,033)


Interest Income (Expense)                                                             6,991                 (4,325)

Other Income                                                                          4,325                   6,011


Income (Taxes) Benefit                                                                 -                       -
                                                                                       ----                    -

Net Loss                                                                   $    (1,719,673)        $      (198,347)
                                                                 =         ================  =     ================

Loss per common share (basic and assuming dilution) (Note G)                 $       (7.59)          $       (0.97)
                                                                 =           ==============  =       ==============

Weighted average common shares outstanding                                          226,626                 204,559

</TABLE>



           See accompanying notes to consolidated financial statements


F-5



                              GLOBAL PATH INCORPORATED
                STATEMENTS OF DEFICIENCY IN STOCKHOLDERS' EQUITY
                 For the years ended December 31, 2002 and 2001

<TABLE>
                                                                     Series A
                                                 Preferred             Common Series B  Series B
                                        Preferred  Stock   Series A     Stock  Common    Common      Additional   Accumulated
                                          Shares   Amount Common Shares Amount Stock   Stock Amount Paid In Capital  Deficit  Total
<S>                                     <C>      <C>      <C>           <C>    <C>     <C>         <C>         <C>          <C>
Balance at December 31, 2000, as restated   -        -      204,559      205     -          -      3,120,956   (3,230,964) (109,803)
(Note C)                                 ==========================================================================================
                                            -        -      204,559      205     -          -      3,120,956   (3,230,964) (109,803)
                                         ------------------------------------------------------------------------------------------
Net Loss                                    -        -          -          -     -          -           -        (198,347) (198,347)

Balance at December 31, 2001, as restated   -        -      204,559       205    -          -      3,120,956   (3,429,311) (308,150)
Note C)                                  ==========================================================================================

Shares issued in March 2002 in exchange for
services rendered, at $52.00 per share      -        -       10,000        10    -           -       519,990         -       520,000
Shares issued in March 2002, for warrants
exercised at $75.00 per share               -        -        1,000         1    -           -        74,999         -        75,000
Shares issued in April 2002 in exchange for
services rendered, at approximately $40.61
per share                                   -        -        2,480         2    -           -        100,707        -       100,709

Shares issued in April 2002, for warrants
exercised at $75.00 per share               -        -          325         -    -           -         24,375         -       24,375
Shares issued in May 2002 in exchange for
services rendered, at approximately $21.77
per share                                   -        -         2,600         3   -           -         56,597         -       56,600
Shares issued in July 2002 in exchange for
services rendered, at approximately $7.00 per
share                                       -        -         2,600         3   -           -         18,197         -       18,200
Shares issued in August 2002 in exchange for
services rendered, at $5.00 per share       -        -         1,700         2   -           -          8,498         -        8,500
Shares issued in September 2002 in exchange
for services rendered, at approximately $8.33
per share                                   -        -         6,000         6   -           -         49,994         -       50,000
Shares issued in October 2002 in exchange for
services rendered, at approximately $6.20 per
share                                       -        -         4,180         4   -           -         25,896         -       25,900
Shares issued in December 2002 in exchange
for services rendered, at $5.00 per share   -        -        40,000        40   -           -        199,960          -     200,000

Fractional shares in connection with reverse
stock split                                 -        -         2,736         3   -           -              -           -          3

Stock warrants issued to consultants in
exchange for services rendered (Note E)     -        -            -          -   -           -         10,233           -     10,233

Net Loss                                    -        -            -          -   -           -             -  (1,719,673)(1,719,673)
                                     ----------------------------------------------------------------------------------------------

Balance at December 31, 2002 (Note C)       -        -       278,180       278   -           -      4,210,402 (5,148,984)  (938,304)
                                     ==============================================================================================
                                    See accompanying notes to consolidated financial statements F-6

</TABLE>


                            GLOBAL PATH INCORPORATED
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 For the years ended December 31, 2002 and 2001
<TABLE>
                                                                         2002                  2001
                                                                         ----                  ----
<S>                                                                    <C>                    <C>
Cash flows from operating activities:
Net loss                                                               $  (1,719,673)         $   (198,347)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities:

Common stock issued in exchange for services rendered (Note C)                979,909                     -
Stock warrants issued to consultants in exchange for services
(Note E)                                                                       10,233                     -

Other Income from forgiveness of accrued interest (Note B)                      4,325                     -

(Increase) decrease in deposits and other assets                                7,165              (22,955)
Increase (decrease) in cash disbursed in excess of available
funds                                                                         (4,914)                 4,914

Increase (decrease) in accounts payable and accrued liabilities               18,684               116,013
                                                                              -------              -------

Net cash used in operating activities                                       (704,271)             (100,375)


Cash flows from investing activities:                                               -                     -

Cash flows from financing activities:

Proceeds from sale of common stock, net of costs (Note C)                      99,375                     -

Proceeds from (repayments to) related parties advances                       604,994               100,375
                                                                             --------              -------

Net cash provided by investing activities                                     704,369               100,375


Net increase (decrease) in cash and cash equivalents                               98                     -

Cash and cash equivalents at the beginning of the year                           -                     -
                                                                                 ----                  -
Cash and cash equivalents at the end of the year                           $      98            $      -
                                                                 =         ==========  =        ========

Supplemental Disclosures of Cash Flow Information:
Interest paid in cash                                                       $       -              $      -
                                                                                    $
Taxes paid in cash                                                                  -              $      -
Issuance of common stock in exchange for services                         $   979,909              $      -
Issuance of stock warrants in exchange for services                       $    10,233              $      -

</TABLE>


           See accompanying notes to consolidated financial statements
                                       F-7





                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE A - SUMMARY OF SIGNIICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the preparation of
the accompanying consolidated financial statements follows.

Business Operations

Global Path Incorporated (the "Company"), formerly, Yournet, Inc., was
reincorporated under the laws of the State of Delaware in August 2001. The
Company is a strategic holding company focused on acquiring, expanding and
developing companies in sectors which can create the highest and best
opportunities for investors. Planned principal operations have not commenced.

The consolidated financial statements include the accounts of the Company, and
its wholly-owned subsidiary, Euro American Business Group, Inc., an inactive
company formed under the laws of the State of New York. Significant intercompany
transactions and balances have been eliminated in consolidation.

Cash and Cash Equivalents

For purposes of the Statements of Cash Flows, the Company considers all highly
liquid debt instruments purchased with a maturity date of three months or less
to be cash equivalents.

Property and Equipment

Property and equipment is stated at cost. Depreciation is calculated using the
straight-line method over the estimated useful lives of the assets.

Long-Lived Assets

The Company has adopted Statement of Financial Accounting Standards No. 144
("SFAS 144"). The Statement requires that long-lived assets and certain
identifiable intangibles held and used by the Company be reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. Events relating to recoverability may include
significant unfavorable changes in business conditions, recurring losses, or a
forecasted inability to achieve break-even operating results over an extended
period. The Company evaluates the recoverability of long-lived assets based upon
forecasted undercounted cash flows. Should an impairment in value be indicated,
the carrying value of intangible assets will be adjusted, based on estimates of
future discounted cash flows resulting from the use and ultimate disposition of
the asset. SFAS No. 144 also requires assets to be disposed of be reported at
the lower of the carrying amount or the fair value less costs to sell.

Income Taxes

The Company has implemented the provisions on Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" ("SFAS 109"). SFAS 109 requires
that income tax accounts be computed using the liability method. Deferred taxes
are determined based upon the estimated future tax effects of differences
between the financial reporting and tax reporting bases of assets and
liabilities given the provisions of currently enacted tax laws.





                                       F-8



                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE A - SUMMARY OF SIGNIICANT ACCOUNTING POLICIES (Continued)

Net Earnings (Losses) Per Common Share

The Company computes earnings (losses) per share under Statement of Financial
Accounting Standards No. 128, "Earnings Per Share" ("SFAS 128"). Net earnings
(losses) per common share is computed by dividing net income (loss) by the
weighted average number of shares of common stock and dilutive common stock
equivalents outstanding during the year. Dilutive common stock equivalents
consist of shares issuable upon conversion of convertible preferred shares and
the exercise of the Company's stock options and warrants (calculated using the
treasury stock method).

Use of Estimates


The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.

Revenue Recognition

The Company follows a policy of recognizing revenues as services are rendered.

Advertising

The Company follows the policy of charging the costs of advertising to expenses
as incurred. The Company incurred advertising costs of $27,164 and $392 for the
years ended December 31, 2002 and 2001, respectively.



Research and Development

The Company accounts for research and development costs in accordance with the
Financial Accounting Standards Board's Statement of Financial Accounting
Standards No. 2 ("SFAS 2"), "Accounting for Research and Development Costs."
Under SFAS 2, all research and development costs must be charged to expense as
incurred. Accordingly, internal research and development costs are expensed as
incurred. Third-party research and developments costs are expensed when the
contracted work has been performed or as milestone results have been achieved.
Company-sponsored research and development costs related to both present and
future products are expensed in the period incurred. The Company incurred no
expenditures on research and product development for 2002 and 2001.



Foreign Currency Translation

The Company translates the foreign currency financial statements in accordance
with the requirements of Statement of Financial Accounting Standards No. 52,
"Foreign Currency Translation." Assets and liabilities are translated at current
exchange rates in effect during the period. Resulting translation adjustments
are recorded as a separate component in stockholder's equity. Foreign currency
transaction gains and losses are included in the statement of operations.


Liquidity



As shown in the accompanying financial statements, the Company incurred a net
loss of $1,719,673 and $198,347 for the year ended December 31, 2002 and 2001,
respectively. The Company's current liabilities exceeded its current assets by
$938,304 as of December 31, 2002.


                                       F-9
                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE A - SUMMARY OF SIGNIICANT ACCOUNTING POLICIES (Continued)

Concentrations of Credit Risk

Financial instruments and related items, which potentially subject the Company
to concentrations of credit risk, consist primarily of cash, cash equivalents
and related party receivables. The Company places its cash and temporary cash
investments with credit quality institutions. At times, such investments may be
in excess of the FDIC insurance limit. The Company periodically reviews its
trade receivables in determining its allowance for doubtful accounts. The
allowance for doubtful accounts was $0 at December 31, 2002 and 2001.



Comprehensive Income (Loss)

The Company adopted Statement of Financial Accounting Standards No. 130,
"Reporting Comprehensive Income". SFAS No. 130 establishes standards for the
reporting and displaying of comprehensive income and its components.
Comprehensive income is defined as the change in equity of a business during a
period from transactions and other events and circumstances from non-owner
sources. It includes all changes in equity during a period except those
resulting from investments by owners and distributions to owners. SFAS No. 130
requires other comprehensive income (loss) to include foreign currency
translation adjustments and unrealized gains and losses on available-for-sale
securities.


Reclassifications

Certain reclassifications have been made in prior year's financial statements to
conform to classifications used in the current year.



Stock Based Compensation


In December 2002, the FASB issued Statement of Financial Accounting Standards
No. 148 ("SFAS No. 148"), "Accounting for Stock-Based Compensation-Transition
and Disclosure-an amendment of SFAS 123." This statement amends SFAS No. 123,
"Accounting for Stock-Based Compensation," to provide alternative methods of
transition for a voluntary charge to the fair value based method of accounting
for stock-based employee compensation. In addition, this statement amends the
disclosure requirements of SFAS No. 123 to require prominent disclosures in both
annual and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used on reported
results. The Company has chosen to continue to account for stock-based
compensation using the intrinsic value method prescribed in APB Opinion No. 25
and related interpretations. Accordingly, compensation expense for stock options
is measured as the excess, if any, of the fair market value of the Company's
stock at the date of the grant over the exercise price of the related option.
The Company has adopted the annual disclosure provisions of SFAS No. 148 in its
financial reports for the year ended December 31, 2002 and will adopt the
interim disclosure provisions for its financial reports for the quarter ended
March 31, 2003. The Company has no awards of stock-based employee compensation
outstanding at December 31, 2002.





                                      F-10





                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Segment Information

Statement of Financial Accounting Standards No. 131, "Disclosures about Segments
of an Enterprise and Related Information" ("SFAS 131") establishes standards for
reporting information regarding operating segments in annual financial
statements and requires selected information for those segments to be presented
in interim financial reports issued to stockholders. SFAS 131 also establishes
standards for related disclosures about products and services and geographic
areas. Operating segments are identified as components of an enterprise about
which separate discrete financial information is available for evaluation by the
chief operating decision maker, or decision-making group, in making decisions
how to allocate resources and assess performance. The information disclosed
herein materially represents all of the financial information related to the
Company's principal operating segment.



New Accounting Pronouncements


In July 2001, the Financial  Accounting  Standards Board (FASB) issued
Statement of Financial  Accounting  Standards No. 141, "Business
Combinations"  (SFAS No. 141), and Statement of Financial  Accounting
Standards No. 142,  "Goodwill and Other Intangible Assets" (SFAS No. 142). The
FASB also issued Statement of Financial  Accounting  Standards No. 143,
"Accounting for Obligations  Associated with the Retirement  of  Long-Lived
Assets"  (SFAS No. 143),  and Statement of Financial  Accounting  Standards
No. 144,  "Accounting  for the Impairment or Disposal of Long-Lived Assets"
(SFAS No. 144) in August and October 2001, respectively.

SFAS No. 141 requires the purchase method of accounting for business
combinations initiated after June 30, 2001 and eliminates the
pooling-of-interest method. The adoption of SFAS No. 141 had no material impact
on the Company's consolidated financial statements.

Effective January 1, 2002, the Company adopted SFAS No. 142. Under the new
rules, the Company will no longer amortize goodwill and other intangible assets
with indefinite lives, but such assets will be subject to periodic testing for
impairment. On an annual basis, and when there is reason to suspect that their
values have been diminished or impaired, these assets must be tested for
impairment, and write-downs to be included in results from operations may be
necessary. SFAS No. 142 also requires the Company to complete a transitional
goodwill impairment test six months from the date of adoption.

Any goodwill impairment loss recognized as a result of the transitional goodwill
impairment test will be recorded as a cumulative effect of a change in
accounting principle no later than the end of fiscal year 2002. The adoption of
SFAS No. 142 had no material impact on the Company's consolidated financial
statements

SFAS No. 143 establishes accounting standards for the recognition and
measurement of an asset retirement obligation and its associated asset
retirement cost. It also provides accounting guidance for legal obligations
associated with the retirement of tangible long-lived assets. SFAS No. 143 is
effective in fiscal years beginning after June 15, 2002, with early adoption
permitted. The Company expects that the provisions of SFAS No. 143 will not have
a material impact on its consolidated results of operations and financial
position upon adoption. The Company plans to adopt SFAS No. 143 effective
January 1, 2003.



                                      F-11





                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

New Accounting Pronouncements (Continued)


SFAS No. 144  establishes  a single  accounting  model for the  impairment  or
disposal of long-lived  assets,  including  discontinued operations.  SFAS No.
144 superseded  Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for  Long-Lived  Assets
to Be Disposed Of" (SFAS No. 121),  and APB Opinion No. 30,  "Reporting  the
Results of Operations - Reporting  the Effects of Disposal  of a Segment of a
Business,  and  Extraordinary,  Unusual  and  Infrequently  Occurring  Events
and Transactions".  The Company  adopted SFAS No. 144  effective  January 1,
2002.  The adoption of SFAS No. 144 had no material  impact on
Company's consolidated financial statements.

In April 2002, the FASB issued  Statement No. 145,  "Rescission of FASB
Statements No. 4, 44, and 64,  Amendment of FASB Statement No. 13, and
Technical  Corrections."  This Statement  rescinds FASB Statement No. 4,
"Reporting  Gains and Losses from  Extinguishment  of Debt", and an amendment
of that Statement,  FASB Statement No. 64, "Extinguishments of Debt Made to
Satisfy Sinking-Fund  Requirements" and FASB  Statement No. 44,  "Accounting
for  Intangible  Assets of Motor  Carriers".  This  Statement  amends FASB
Statement No. 13, "Accounting  for Leases",  to eliminate an  inconsistency
between the required  accounting  for  sale-leaseback  transactions  and the
required  accounting for certain lease  modifications that have economic
effects that are similar to sale-leaseback  transactions.  The Company does not
expect the adoption to have a material impact to the Company's financial
position or results of operations.

In June 2002, the FASB issued Statement No. 146, "Accounting for Costs
Associated with Exit or Disposal Activities." This Statement addresses financial
accounting and reporting for costs associated with exit or disposal activities
and nullifies Emerging Issues Task Force (EITF) Issue No. 94-3, "Liability
Recognition for Certain Employee Termination Benefits and Other Costs to Exit an
Activity (including Certain Costs Incurred in a Restructuring)." The provisions
of this Statement are effective for exit or disposal activities that are
initiated after December 31, 2002, with early application encouraged. The
Company does not expect the adoption to have a material impact to the Company's
financial position or results of operations.

In October 2002, the FASB issued Statement No. 147, "Acquisitions of Certain
Financial Institutions-an amendment of FASB Statements No. 72 and 144 and FASB
Interpretation No. 9", which removes acquisitions of financial institutions from
the scope of both Statement 72 and Interpretation 9 and requires that those
transactions be accounted for in accordance with Statements No. 141, Business
Combinations, and No. 142, Goodwill and Other Intangible Assets. In addition,
this Statement amends SFAS No. 144, Accounting for the Impairment or Disposal of
Long-Lived Assets, to include in its scope long-term customer-relationship
intangible assets of financial institutions such as depositor- and
borrower-relationship intangible assets and credit cardholder intangible assets.
The requirements relating to acquisitions of financial institutions is effective
for acquisitions for which the date of acquisition is on or after October 1,
2002. The provisions related to accounting for the impairment or disposal of
certain long-term customer-relationship intangible assets are effective on
October 1, 2002. The adoption of this Statement did not have a material impact
to the Company's financial position or results of operations as the Company has
not engaged in either of these activities.


                                      F-12



                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE A - SUMMARY OF SIGNIICANT ACCOUNTING POLICIES (Continued)

New Accounting Pronouncements (Continued)


In December 2002, the FASB issued Statement No. 148, "Accounting for Stock-Based
Compensation-Transition and Disclosure", which amends FASB Statement No. 123,
Accounting for Stock-Based Compensation, to provide alternative methods of
transition for a voluntary change to the fair value based method of accounting
for stock-based employee compensation. In addition, this Statement amends the
disclosure requirements of Statement 123 to require prominent disclosures in
both annual and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used on reported
results. The transition guidance and annual disclosure provisions of Statement
148 are effective for fiscal years ending after December 15, 2002, with earlier
application permitted in certain circumstances. The interim disclosure
provisions are effective for financial reports containing financial statements
for interim periods beginning after December 15, 2002. The adoption of this
statement did not have a material impact on the Company's financial position or
results of operations as the Company has not elected to change to the fair value
based method of accounting for stock-based employee compensation.

In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities." Interpretation 46 changes the criteria by which one
company includes another entity in its consolidated financial statements.
Previously, the criteria were based on control through voting interest.
Interpretation 46 requires a variable interest entity to be consolidated by a
company if that company is subject to a majority of the risk of loss from the
variable interest entity's activities or entitled to receive a majority of the
entity's residual returns or both. A company that consolidates a variable
interest entity is called the primary beneficiary of that entity. The
consolidation requirements of Interpretation 46 apply immediately to variable
interest entities created after January 31, 2003. The consolidation requirements
apply to older entities in the first fiscal year or interim period beginning
after June 15, 2003. Certain of the disclosure requirements apply in all
financial statements issued after January 31, 2003, regardless of when the
variable interest entity was established. The Company does not expect the
adoption to have a material impact to the Company's financial position or
results of operations.

NOTE B - DUE TO SHAREHOLDERS



Amounts due to the Company's principal shareholders at December 31, 2002 and
2001 are as follows:

<TABLE>

                                                                                 2002               2001
                                                                                 ----               ----
<S>                                                                              <C>                <C>
10 % note payable to shareholder, principal and accrued interest payable on or
before June 30, 2002; unsecured. In 2002, noteholder legally released the
Company from the accrued interest liabilities and the note was revised to be
non-interest bearing and a note payable on demand.


                                                                                   $ 505,442          $ 33,792
5 % note payable to shareholder, principal and accrued interest payable on or
before October 31, 2002; unsecured. In 2002, noteholder legally released the
Company from the accrued interest liabilities and the note was revised to be
non-interest bearing and a note payable on demand.


                                                                                      91,354            91,354
Note payable to shareholder, non-interest bearing, principal due December 31,
2002; unsecured.
                                                                                           -            16,656
Note payable on demand to shareholder, non-interest bearing; unsecured.              150,000
                                                                           ---       -------
                                                                                                             -
                                                                                    $746,796         $ 141,802
Less: current portion                                                              (746,796)         (141,802)
                                                                                   ---------  ---    ---------
                                                                                      $    -           $     -
                                                                                      ======           =======

</TABLE>
For the year ended December 31, 2002, the Company recorded other income of
$4,325 in connection with the forgiveness of accrued interest liabilities to the
noteholders . Subsequent to the date of financial statements, the Company issued
2,000,000 shares of its Class A restricted common stock to the noteholders in
exchange for the debt of $746,796.





                                      F-13










                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001


NOTE C - CAPITAL STOCK



The Company is authorized to issue 10,000,000 shares of preferred stock with par
value $.001 per share, 100,000,000 shares of Class A common stock with par value
of $.001 per share, and 50,000,000 shares of Class B common stock with par value
$.001 per share.



In August 2001, Yournet, Inc. approved a plan of merger with and into Global
Path, Incorporated, a Delaware corporation. . In connection with the merger,
Yournet, Inc., a Nevada corporation, reincorporated under the laws of the State
of Delaware and changed its name to Global Path, Incorporated. As a result of
the merger shareholders of Yournet, Inc. received one share of Class A Common
stock of the Global Path, Incorporated for one share of common stock of Yournet,
Inc. Ownership and management of Global Path, Incorporated as a result of the
reincorporation remained the same.
On November 27, 2002, the Company effected a "one hundred-for-one" reverse stock
split of its outstanding shares of Class A common stock. The authorized shares
remain unchanged. All references in the consolidated financial statements and
notes to consolidated financial statements, numbers of shares and share amounts
have been retroactively restated to reflect the reverse split. As of December
31, 2002 and 2001, the Company has no preferred stock and Class B common stock
issued and outstanding. At December 31, 2002 and 2001, the Company has 278,180
and 204,559 shares of Class A common stock issued and outstanding, respectively.



For the year ended December 31, 2002, the Company issued an aggregate of 69,560
shares of Class A common stock to consultants for services in the amount of
$979,909. All valuations of common stock issued for services were based upon the
value of the services rendered, which did not differ materially from the fair
value of the Company's common stock during the period the services were
rendered. In March and April 2002, the Company issued a total of 1,325 shares of
Class A common stock, or $99,375, to consultants for warrants exercised at an
exercise price of $75.00 per share. The total numbers of Class A common shares
outstanding at December 31, 2002 include 2,736 fractional shares in connection
with the reverse stock split.

Share amounts presented in the consolidated balance sheets and consolidated
statements of stockholders' equity reflect the actual share amounts outstanding
for each period presented.



NOTE D - STOCK OPTION PLAN



On November 19, 2001, the Board of Directors of the Company implemented a
non-qualified 2001 Directors and Officers Stock Option and Award Plan and a
qualified 2001 Employees Stock Incentive Plan in the amount of 6,100,000 shares
of common stock. In March 2002, the Company amended and restated the 2002
Directors and Officers Stock Option and Award Plan authorizing an issuance of up
to 4,500,000 shares of common stock and increased the number of authorized
shares of common stock to be issued under the 2001 Employee Stock Incentive Plan
to 10,000,000 shares. There were no stock options issued and outstanding during
the year ended December 31, 2002 and 2001 under both plans.


NOTE E - WARRANTS

The following table summarizes the changes in warrants outstanding and the
related prices for the shares of the Company's common stock issued to the
Company consultants. These warrants were granted in lieu of cash compensation
for services performed to a non-employee.
<TABLE>

                              Warrants Outstanding                                 Warrants Exercisable
                              --------------------                                 --------------------
                                          Weighted Average        Weighed                       Weighted
   Exercise Prices        Number       Remaining Contractual      Average         Number        Average
   ---------------
                       Outstanding          Life (Years)       Exercise Price  Exercisable   Exercise Price
                       -----------          ------------       --------------  -----------   --------------
<S>                    <C>                  <C>                <C>             <C>           <C>
     $75.00             8,675                   4.0               $ 75.00         8,675         $ 75.00
</TABLE>

                                      F-14


                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001


NOTE E - WARRANTS (Continued)

Transactions involving warrants issued to non-employees are summarized as
follows:
<TABLE>
                                                                                         Weighted Average
                                                                Number of Shares         Price Per Share
<S>                                                        <C>                       <C>
       Outstanding at January 1, 2001
          Granted                                                         -                  $    -
          Exercised                                                       -                       -
          Canceled or expired                                             -                       -
                                                            -----------------         ---------------
       Outstanding at December 31, 2001                                   -                       -
          Granted                                                    10,000                   75.00
          Exercised                                                  (1,325)                   75.00
          Canceled or expired                                             -                       -
                                                            -----------------         ---------------
       Outstanding at December 31, 2002                                8,675                $  75.00
                                                                      =====                 ========
</TABLE>
The estimated value of the options granted to consultants was determined using
the Black-Scholes pricing model and the following assumptions: contractual term
of 5 years, a risk free interest rate of 1.67%, a dividend yield of 0% and
volatility of 26%. The amount of the expense charged to operations in connection
with granting the warrants was $10,233 and $0 for the year ended December 31,
2002 and 2001, respectively.


NOTE F - INCOME TAXES



Statement of Financial Accounting Standards No. 109 requires the recognition of
deferred tax liabilities and assets for the expected future tax consequences of
events that have been included in the financial statement or tax returns. Under
this method, deferred tax liabilities and assets are determined based on the
difference between financial statements and tax bases of assets and liabilities
using enacted tax rates in effect for the year in which the differences are
expected to reverse. Temporary differences between income reported for financial
reporting purposes and income tax purposes are insignificant.



For income tax reporting purposes, the Company's aggregate unused net operating
losses approximate $5,148,000 which expire through 2022, subject to limitations
of Section 382 of the Internal Revenue Code, as amended. The deferred tax asset
related to the carryforward is approximately $1,750,000. The Company has
provided a valuation reserve against the full amount of the net operating loss
benefit, because in the opinion of management based upon the earning history of
the Company, it is more likely than not that the benefits will not be realized.
Due to significant changes in the Company's ownership, the Company's future use
of its existing net operating losses may be limited.



Components of deferred tax assets as of December 31, 2002 are as follows:



        Non current:
           Net operating loss carryforward                        $  1,750,000
           Valuation allowance                                     (1,750,000)
                                                             --     -----------
           Net deferred tax asset                                    $       -
                                                                     =========


NOTE G - LOSSES PER COMMON SHARE



The following table presents the computation of basic and diluted loss per
share:







                                      F-15


                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE G - LOSSES PER COMMON SHARE (Continued)

<TABLE>

                                                                       2002             2001
                                                                       ----             ----
<S>                                                               <C>                  <C>

  Net loss available for common shareholders                         $(1,719,673)      $ (198,347)
                                                                  ===============      ===========
  Basic and fully diluted loss per share                               $   (7.59)        $  (0.97)
                                                                  ===============        =========
  Weighted average common shares outstanding, as adjusted                                  204,559
                                                                  ===============      ============
                                                                          226,626
</TABLE>
Net loss per share is based upon the weighted average of shares of common stock
outstanding. In November , 2002 a one (1) for one hundred (100) reverse stock
split of the Company's common stock was effected (See Note C). Accordingly, all
historical weighted average share and per share amounts have been restated to
reflect the reverse stock split.




NOTE H - COMMITMENTS AND CONTINGENCIES



Lease Commitments



The Company leases office space in Toronto, Ontario for its corporate offices.
Commitments for minimum rentals under non-cancelable leases at the end of 2002
are as follows:



                                 2003                               $90,152
                                 2004                                90,152
                                 2005                                60,101
                                                                     ------
                                                                  $ 240,405

Consulting Agreements

The Company has consulting agreements with outside contractors to provide
marketing and financial advisory services. The Agreements are generally for a
term of 12 months from inception and renewable automatically from year to year
unless either the Company or Consultant terminates such engagement by written
notice.



Litigation

The Company is subject to other legal proceedings and claims, which arise in the
ordinary course of its business. Although occasional adverse decisions or
settlements may occur, the Company believes that the final disposition of such
matters should not have a material adverse effect on its financial position,
results of operations or liquidity.



NOTE I - GOING CONCERN MATTERS



The accompanying financial statements have been prepared on a going concern
basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. As shown in the accompanying
financial statements during the years ended December 31, 2002 and 2001, the
Company incurred losses of $1,719,673 and $198,347, respectively. These factors
among others may indicate that the Company will be unable to continue as a going
concern for a reasonable period of time.


The Company's existence is dependent upon management's ability to develop
profitable operations and resolve its liquidity problems. Management anticipates
the Company will attain profitable status and improve its liquidity through the
strategic acquisition of businesses and continued business development, and
additional equity investment in the Company. The accompanying consolidated
financial statements do not include any adjustments that might result should the
Company be unable to continue as a going concern.


In order to improve the Company's liquidity, the Company is actively pursuing
additional equity financing through discussions with investment bankers and
private investors. There can be no assurance the Company will be successful in
its effort to secure additional equity financing.
                                      F-16

                            GLOBAL PATH INCORPORATED
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2002 and 2001

NOTE I - GOING CONCERN MATTERS (Continued)


If operations and cash flows continue to improve through these efforts,
management believes that the Company can continue to operate. However, no
assurance can be given that management's actions will result in profitable
operations or the resolution of its liquidity problems.





                                      F-17

EXHIBIT 99.1

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Global Path, Incorporated (the
"Company") on Form 10-KSB for the year ending December 31, 2002 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), I,
Robert Kubbernuss, President, certify, pursuant to 18 U.S.C. ss.1350, as adopted
pursuant to ss.906 of the Sarbanes-Oxley Act, that:

         (1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

         (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Company.


/s/ Robert Kubbernuss
-----------------------------
Robert Kubbernuss
President and Chief Financial Officer

April 24, 2003