SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
              ____________________________________________________

                                   FORM 10-KSB

(Mark One)

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004.

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ________

                          COMMISSION FILE NO. 001-31763

                         PLANETLINK COMMUNICATIONS, INC.
               (Exact name of issuer as specified in its charter)


           GEORGIA                                           58-2466623
  (State or other jurisdiction                            (I.R.S. Employer
   of incorporation or organization)                     Identification No.)

1415 BOOKHOUT DRIVE, CUMMING, GEORGIA                          30041
(Address of principal executive offices)                     (Zip Code)

       Registrant's telephone number, including area code: (678) 455-7075

Securities registered under Section 12(b) of the Exchange Act:  NONE.
Securities registered under Section 12(g) of the Exchange Act:
                                       COMMON STOCK, PAR VALUE $0.001 PER SHARE.
                                                    (Title of class)

     Indicate  by  check  mark  whether the registrant (1) has filed all reports
required  to  be  filed by Section 13 or 15(d) of the Securities Exchange Act of
1934  during  the  preceding  twelve  months  (or  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 [X]  No [ ]

     Indicate  by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not 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 issuer's revenues for its most recent fiscal year: $3,055.

     State the aggregate market value of the voting and non-voting common equity
held  by  non-affiliates  computed by reference to the price at which the common
equity  was last sold, or the average bid and asked price of such common equity,
as  of  February  28,  2005:  $1,740,992.

     Indicate  the  number  of  shares  outstanding  of each of the registrant's
classes of common stock as of February 28, 2005: 227,683,454.

     Documents  incorporated  by  reference:  None.


<PAGE>
<TABLE>
<CAPTION>
                                                TABLE OF CONTENTS

<S>       <C>                                                                                                 <C>
Item 1.   Description of Business.                                                                             3
Item 2.   Description of Property.                                                                             9
Item 3.   Legal Proceedings.                                                                                   9
Item 4.   Submission of Matters to a Vote of Security Holders.                                                 9
Item 5.   Market for Common Equity and Related Stockholder Matters.                                           11
Item 6.   Management's Discussion and Analysis or Plan of Operation.                                          14
Item 7.   Financial Statements.                                                                               17
Item 8.   Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.               43
Item 8A.  Controls and Procedures.                                                                            44
Item 8B.  Other Information.
Item 9.   Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the
          Exchange Act                                                                                        44
Item 10.  Executive Compensation.                                                                             48
Item 11.  Security Ownership of Certain Beneficial Owners and Management
          and Related Stockholder Matters.                                                                    49

Item 12.  Certain Relationships and Related Transactions.                           Error! Bookmark not defined.
Item 13.  Exhibits .                                                                                          50
Item 14.  Principal Accountant Fees and Services.                                                             50
</TABLE>


<PAGE>
                                     PART I

ITEM 1.     DESCRIPTION OF BUSINESS.

     Statements  in  this  Form  10-KSB  Annual  Report  may be "forward-looking
statements"  within  the meaning of the Private Securities Litigation Reform Act
of 1995.  Forward-looking statements include, but are not limited to, statements
that  express  our intentions, beliefs, expectations, strategies, predictions or
any other statements relating to our future activities or other future events or
conditions.  These  statements  are based on current expectations, estimates and
projections  about  our  business  based,  in  part,  on assumptions made by our
management.  These  statements  are  not  guarantees  of  future performance and
involve  risks,  uncertainties  and  assumptions  that are difficult to predict.
Therefore, actual outcomes and results may, and probably will, differ materially
from  what  is  expressed or forecasted in the forward-looking statements due to
numerous factors, including those described above and those risks discussed from
time  to  time  in this Form 10-KSB Annual Report, including the risks described
under  "Risk  Factors"  and  "Management's  Discussion and Analysis of Financial
Condition  and  Results of Operations" and in other documents which we file with
the  Securities  and  Exchange  Commission.

     In  addition,  such statements could be affected by risks and uncertainties
related to our financial condition, factors that affect our industry, market and
customer  acceptance,  competition,  government regulations and requirements and
pricing, as well as general industry and market conditions and growth rates, and
general  economic  conditions.  Any  forward-looking statements speak only as of
the  date  on  which  they  are  made, and we do not undertake any obligation to
update  any  forward-looking  statement to reflect events or circumstances after
the  date  of  this  Form  10-KSB  Annual  Report.

GENERAL

     PlanetLink  Communications,  Inc.  was  incorporated  in  May  1999 for the
purpose  of  providing  international  telecommunications  and wireless services
principally in Georgia. Prior to the end of fiscal 2001, we directed our efforts
toward  satellite  television services and products rather than through the sale
of  telecommunications  services. After several years of retail operation and an
evolving  business  strategy,  we  shifted  our  focus  toward  developing
satellite-enabled  products  based  on  Global  Positioning  Systems  ("GPS")
technology.

     In April of 2004, we formed a new subsidiary, PlanetTRAKS, Inc. to focus on
the  satellite-based  mobile  asset  management  market,  and in the same month,
TransTRAK was introduced to the market. From tracking vehicle speed and location
in  real-time  to controlling vehicle functions through remote access, TransTRAK
allows a user to actively monitor and manage virtually any type of mobile asset.
TransTRAK  is  built  around  a  simple,  cost-effective hardware device that is
placed  in  the  vehicle,  coupled with a  proprietary software tracking system.
TransTRAK  allows the owner of any vehicle to access a wide range of information
regarding  the  vehicle's  location  and  behavior  through  an Internet-enabled
device.

HISTORICAL DEVELOPMENT

     In  2003  we  provided  television  services and consumer two-way satellite
based  Internet  service  through  our  dealership  agreement  with  EchoStar
Communications. After several years of retail operation and an evolving business
strategy,  we  have  moved  away  from  store  retailing  to focus on developing
satellite-enabled products based on Global Positioning Systems (GPS) technology.

     San  Antonio,  Texas-based  Karta  Technologies  Inc.  led the Research and
Development  effort  for  our  satellite-enabled  products  The vehicle tracking
system  was  developed  to  be as simple as possible, utilizing the  Internet, a
mapping component, our proprietary software and a GPS device.  This architecture
has enabled us to quickly bring the service to market, and with the least amount
of  risk.  The  design of the system also facilitates the ability to rollout new
features  and  services to vehicle tracking devices that are already in service.
The  result  of this effort has established the technical foundation on which an
integrated portfolio of personal and asset tracking products and services may be
based.


                                        3
<PAGE>
TransTRAK,  a  vehicle  tracking  service, is the first of our satellite-enabled
products  and  was  launched  in July,  2004.  The TransTRAK vehicle unit uses a
highly  accurate  GPS receiver and state-of-the-art communications technology to
provide  for  real-time  tracking,  speed calculations, and distance monitoring.
Monitoring  data  is  available  from any internet capable device, and a primary
feature  of  the  TransTRAK  system is the ability for each subscriber to define
events  that will result in a real-time notification Our strategy is to minimize
upfront  costs  and  to  charge  a  reasonable  monthly  monitoring  fee for our
commercial  customers  who  utilize  our  products  to improve their operations,
including  fleet  management.


INDUSTRY OVERVIEW

     The  convergence of satellite-based position location technologies with the
widespread  availability  and  use  of  wireless data communications has created
opportunities  for  a  variety  of  new  products and services. The Mobile Asset
industry  emerged  offering  one  of the first commercial applications using GPS
technology  for precise location information to the automotive and various other
"mobile"  asset  industries (trucking, railways, enterprise fleets, rental cars,
etc.).

     In  the  commercial  market,  the  trucking  industry  was one of the early
adopters  of  asset management solutions led by Qualcomm's OmniTRACS  solutions.
Qualcomm  drove  initial growth, and while several other industry verticals have
since  emerged,  many  of  the  service  providers  targeting  this  market have
experienced  difficulties.  We believe the outlook for the industry is favorable
as equipment and airtime costs continue to decline  as awareness and adoption in
the  consumer  and  commercial  markets  increase.

     Total  2003  industry  revenue  in  North  America has been estimated to be
approximately $4.8 billion. Some analysts expect that industry revenue will grow
to  over  $9.5  billion  by  2007,  representing  growth of 25% per year.  While
material  adoption  of mobile asset management occurred in the commercial market
first, and the trucking industry in particular, penetration in this market still
remains relatively low. It is believed that only 15% - 20% of the over 4 million
"heavy"  trucks  in  the  U.S have a GPS location device installed. In addition,
there  is  still  plenty  of  room  for  greater penetration in other commercial
markets.

CURRENT OPERATIONS

     We  are  a  Georgia  corporation  incorporated  in May, 1999 under the name
PlanetLink  Communications,  IncPlanetTRAKS,  our  new  subsidiary,  is a Nevada
corporation  whose headquarters are in San Antonio, Texas. Our operations depend
largely  upon strategic alliances with four primary service providers; 1)WebTech
Wireless,  Inc.  who  provides  our  mobile  locator  units  (MLU's) and service
delivery,  customer  service,  and  technical support services to our customers,
2)Karta  Technologies  Inc.  who  leads the R&D effort for our satellite-enabled
products,  3)MapQuest.com,  Inc.  who  provides  our  map  data,  and 4)Cingular
Wireless LLC who provides our wireless data services.

CUSTOMERS

     In  the  fourth  quarter of 2004, Estrella Blanca signed a contract for the
first  100  units  of  the TransTRAK system.  Estrella Blanca is one of Mexico's
largest  bus companies and has 10,000 vehicles, most of which are buses. Through
the  contract  negotiations, Estella Blanca decided that a staged implementation
was  in  the  best  interest  of  their  company,  and  their intent is to order
additional  units  once  their  business  case  has  been  proven.

     At  the  end of 2004, we had five commercial customers with 30 units of the
TransTRAK  system  billing  in  the  U.S.

SALES & MARKETING

     The primary market for our services is commercial customers who utilize our
products  to improve their operations.  PlanetTRAKS markets the TransTRAK system
through  agent  relationships  in  the  USA


                                        4
<PAGE>
and  in  Mexico.  Our  agents are authorized to sell TransTRAK at our prevailing
rates  and  terms and we reserve the right to change such rates and terms at our
sole discretion.  Agents use only our approved forms when ordering the TransTRAK
system,  they  are only compensated for the customer contracts that are accepted
by  PlanetTRAKS, and they understand that we may refuse to sell our products and
services  to  any  business  or  consumer  for  any reason, including the credit
worthiness  of  a  prospective  customer.

     While  prospects  like  our  product,  we  have had three key challenges in
producing sales revenues. They are presence, credibility, and funding.

     Presence:  Building  the Agent program and finding qualified Agents who are
     ---------
interested in marketing the TransTRAK system has taken time. We now have what we
believe is a strong program, a few good Agents are on board, we are aggressively
looking  for others. Growing and developing our Agent program will remain as one
of  our  highest  priorities  in  2005.

     Credibility:  Many  potential  customers  have  the  underlying question of
     ------------
whether  we  will  be  around  for  the term of their contract.  We will have to
continue  to  find creative ways to overcome such objections. We have found that
offering to lease the equipment direct from PlanetTRAKS to the customer tends to
get  us  past  this issue. Under this arrangement, the customer has no long-term
financial  commitment  or  upfront  investment at risk should PlanetTRAKS become
unable  to  provide  services. Unfortunately, this lease option has considerable
upfront costs for that have to be recouped over a period of time.

     Funding:  A  general lack of funds required to effectively market TransTRAK
     --------
is  another  challenge  that  we  have  to work around. Advertising of any kind,
public  relations,  and even an effective commission program are costly. We have
not  been as effective in working around this issue as we have with credibility,
but  we will be looking for creative and affordable ways to promote TransTRAK in
2005.

EMPLOYEES

     We  operate  with a small team of eight employees; President/CEO, Executive
Vice  President/COO,  Director  of  Finance  and  Accounting, Director of Agency
Programs,  Director  of  Business Development/National Account Sales, Manager of
Operations,  Systems Support Analyst, and a part-time Staff Attorney. We have no
employment  agreements  with  out employees.  Our operations depend largely upon
strategic  alliances  with  outsource  service  providers.

RISK FACTORS

RISKS RELATING TO OUR BUSINESS

GROWTH BY ACQUISITION.

     Our  business  strategy includes the attainment of a portion  of our growth
through  our  ability to successfully execute our acquisition model.  Any time a
company growth strategy depends on the acquisition of  other companies, there is
substantial  risk.  In  order  to  pursue  a  growth  by  acquisition  strategy
successfully,  we  must  identify  suitable  candidates  for these transactions,
complete  these  transactions,  and  manage  post-closing  issues  such  as  the
integration  into our corporate structure.  Integration issues are complex, time
consuming  and  expensive and, without proper planning and implementation, could
significantly  disrupt our business including, but not limited to, the diversion
of  management's  attention,  the loss of key business and/or personnel from the
acquired  company, unanticipated events, and legal liabilities.  If the business
becomes  impaired,  there  could be partial or full write-offs attributed to the
acquisition.

COMPETITION.

     We  face  intense competition in all the business segments in which we have
identified  to  do  business.  Some  competitors will have substantially greater
resources,  including  greater  financial  resources,  larger customer base, and
greater  name  and  brand  recognition.  Any of these circumstances could have a
material  adverse  effect  on  our  business  development,  financial condition,
results  of  operations.  The  following  describes  the  competition  with  the
segments  of  our  business.


                                        5
<PAGE>
     PlanetLink's  competitors  are  generally differentiated by segments served
and  technology.  On  the  technology  side,  some  of  our  competitors such as
Qualcomm's  OmniTRACS  solution have focused their efforts on two-way relatively
expensive satellite-based solutions, while the majority of our other competitors
use  wireless  technology  augmented  with  GPS  location capabilities. Our most
direct  competitors  are  @Road  and  Nextel.


FUTURE CAPITAL REQUIREMENTS; UNCERTAINTY OF FUTURE FUNDING.

     Our plan of operation calls for additional capital to facilitate growth and
support  our  long-term development and acquisition strategy marketing programs.
It  is  likely  that  we  will  have to seek additional financing through future
public  or private sales of our securities, including equity securities.  We may
also seek funding for the development and acquisitions marketing of our products
through  strategic partnerships and other arrangements with investment partners.
There  can  be  no  assurance,  however, that such collaborative arrangements or
additional funds will be available when needed, or on terms acceptable to us, if
at  all.  Any  such  additional  financing may result in significant dilution to
existing  stockholders.  If  adequate funds are not available we may be required
to  change  our  future  strategies.

THERE IS SUBSTANTIAL DOUBT THAT WE CAN CONTINUE AS A GOING CONCERN.

     We expect to incur significant capital expenses in pursuing our development
and  acquisition  strategy plans to increase sales volume, expanding our product
lines  and  obtaining additional financing through stock offerings, or licensing
agreements  or  other  feasible  financing  alternatives.  In  order  for  us to
continue  our  operations,  we  will  require  additional funds over the next 12
months.  While  we  hope we will be able to generate funds necessary to maintain
our  operations,  without  additional  funds  there will be a limitation to  the
number  of  new  projects that we could take on, which may have an effect on our
ability  to  maintain our operations.  Additional financing may not be available
on  terms favorable to us, or at all.  If additional funds are not available, we
may not be able to execute our business model plan or take advantage of business
opportunities.  Our  ability  to obtain such additional financing and to achieve
our operating goals is uncertain.  In the event that we do not obtain additional
capital  or  are  not  able  to  increase  cash  flow through the increase of in
revenues,  there is a substantial doubt of our being able to continue as a going
concern.

     Additionally,  it  should  be  noted  that  our  independent  auditors have
included  a  going  concern  opinion  and related discussion in the notes to our
financial  statements.  The  auditors  have included the going concern provision
because  we  have  incurred  significant  and  recurring losses and have a large
working capital deficit that the auditors believe raises substantial doubt about
our  ability  to  continue  as  a  going  concern.  Until  such  time we receive
additional  debt  or  equity  financing,  there is a risk that our auditors will
continue  to  include  a  going  concern provision in the notes to our financial
statements.

DEPENDENCE ON KEY EMPLOYEES.

     Our  business is dependent upon our senior executive officers, principally,
M.  Dewey Bain, our president and Sharon Cooper, our executive vice presidentWe
have  no  employment  agreements  with any key employees.    Our business may be
adversely  affected  if  any  of  our  key  officers  left  our  employ.

DEPENDENCE ON ABILITY TO MARKET SERVICES.

     Due to our limited resources, the execution of our business model sales and
marketing  of  our  services has been limited to date.  Our success is dependent
upon  our  ability  to  execute  with  such  limited  resources.

TERRORISM.

     Terrorist  acts  or  acts  of  war  may  cause  damage or disruption to our
business or business strategy, which could adversely impact revenues, ability to
do  acquisitions,  and  financial  condition.

RISKS RELATING TO OUR STOCK


                                        6
<PAGE>
WE  MAY  NEED  TO RAISE ADDITIONAL CAPITAL.  IF WE ARE UNABLE TO RAISE NECESSARY
ADDITIONAL CAPITAL, OUR BUSINESS MAY FAIL OR OUR OPERATING RESULTS AND OUR STOCK
PRICE  MAY  BE  MATERIALLY  ADVERSELY  AFFECTED.

     Because we are refocusing our business strategy, we need to secure adequate
funding.  If  we  are  unable  to obtain adequate funding, we may not be able to
successfully  develop and market our products and services and our business will
most  likely  fail.  We  do  not  have commitments for additional financing.  To
secure  additional  financing,  we  may  need  to  borrow  money  or  sell  more
securities, which may reduce the value of our outstanding securities.  We may be
unable  to  secure  additional  financing  on  favorable  terms  or  at  all.

     Selling  additional  stock,  either privately or publicly, would dilute the
equity  interests of our stockholders.  If we borrow more money, we will have to
pay interest and may also have to agree to restrictions that limit our operating
flexibility.  If  we  are  unable  to  obtain adequate financing, we may have to
curtail  business  operations  which  would  have  a material negative effect on
operating  results  and  most  likely  result  in  a  lower  stock  price.

OUR  COMMON  STOCK HAS EXPERIENCED IN THE PAST, AND IS EXPECTED TO EXPERIENCE IN
THE  FUTURE,  SIGNIFICANT  PRICE  AND  VOLUME  VOLATILITY,  WHICH  SUBSTANTIALLY
INCREASES  THE RISK THAT YOU MAY NOT BE ABLE TO SELL YOUR SHARES AT OR ABOVE THE
PRICE  THAT  YOU  PAY  FOR  THE  SHARES.

     Because  of the limited trading market for our common stock, and because of
the possible price volatility, you may not be able to sell your shares of common
stock  when you desire to do so.  During  2003 and 2004, and through the date of
this  Annual  Report,  our  common  stock  was sold and purchased at prices that
ranged  from a high of $1.00  to a low of $.01 per share.  The inability to sell
your  shares  in a rapidly declining market may substantially increase your risk
of  loss  because  of  such illiquidity since the price for our common stock may
suffer  greater  declines  due  to  its  price  volatility.

     The price of our common stock that will prevail in the market may be higher
or  lower than the price you pay.  Certain factors, some of which are beyond our
control,  that may cause our share price to fluctuate significantly include, but
are  not  limited  to,  the  following:

-    Variations  in  our  quarterly  operating  results;

-    The  development  of  a  market  in  general for our products and services;

-    Changes  in  market  valuations  of  similar  companies;

-    Announcement  by  us  or  our  competitors  of  significant  contracts,
     acquisitions,  strategic  partnerships,  joint  ventures  or  capital
     commitments;

-    Loss  of  a major customer or failure to complete significant transactions;

-    Additions  or  departures  of  key  personnel;  and

-    Fluctuations  in  stock  market  price  and  volume.

     Additionally,  in  recent  years  the  stock market in general, and the OTC
Bulletin  Board  in  particular,  have  experienced  extreme  price  and  volume
fluctuations.  In  some  cases,  these  fluctuations  are  unrelated  or
disproportionate  to the operating performance of the underlying company.  These
market and industry factors may materially and adversely affect our stock price,
regardless  of  our  operating  performance.

     Over  the past few months, there have been periods of significant increases
in  trading  volume  of our common stock during which the price of our stock has
both increased and decreased.  The historical trading of our common stock is not
necessarily  an  indicator  of  how  it will trade in the future and our trading
price as of the date of this Annual Report does not necessarily portend what the
trading  price  of  our  common  stock  might  be  in  the  future.

     Moreover,  class action litigation has often been brought against companies
following periods of volatility in the market price of the common stock of those
companies.  If  we  become  involved  in  this  type  of  litigation  in  the


                                        7
<PAGE>
future,  it  could  result  in  substantial  costs  and  diversion of management
attention  and  resources,  which  could  have a further negative effect on your
investment  in  our  stock.

OUR  DIRECTORS  HAVE  THE RIGHT TO AUTHORIZE THE ISSUANCE OF PREFERRED STOCK AND
ADDITIONAL  SHARES  OF  OUR  COMMON  STOCK.

     Our  directors,  within  the  limitations and restrictions contained in our
articles  of  incorporation and without further action by our stockholders, have
the  authority  to  issue  shares of preferred stock from time to time in one or
more  series and to fix the number of shares and the relative rights, conversion
rights,  voting rights, and terms of redemption, liquidation preferences and any
other  preferences,  special  rights  and qualifications of any such series.  We
have  no intention of issuing preferred stock at the present time.  Any issuance
of  preferred  stock  could adversely affect the rights of holders of our common
stock.

     Should we issue additional shares of our common stock at a later time, each
investor's  ownership interest in our stock would be proportionally reduced.  No
investor  will  have  any  preemptive  right to acquire additional shares of our
common  stock,  or  any  of  our  other  securities.

IF  WE FAIL TO REMAIN CURRENT ON OUR REPORTING REQUIREMENTS, WE COULD BE REMOVED
FROM  THE  OTC BULLETIN BOARD WHICH WOULD LIMIT THE ABILITY OF BROKER-DEALERS TO
SELL  OUR SECURITIES AND THE ABILITY OF STOCKHOLDERS TO SELL THEIR SECURITIES IN
THE  SECONDARY  MARKET.

     Companies  trading on the OTC Bulletin Board, such as we, must be reporting
issuers  under  Section  12  of  the  Exchange Act, and must be current in their
reports under Section 13, in order to maintain price quotation privileges on the
OTC Bulletin Board.  If we fail to remain current on our reporting requirements,
we  could  be  removed  from  the  OTC  Bulletin Board.  As a result, the market
liquidity  for  our  securities could be severely adversely affected by limiting
the  ability  of  broker-dealers  to  sell  our  securities  and  the ability of
stockholders  to  sell  their  securities  in  the  secondary  market.

OUR  COMMON  STOCK  IS  SUBJECT  TO  THE  "PENNY STOCK" RULES OF THE SEC AND THE
TRADING  MARKET  IN  OUR  SECURITIES IS LIMITED, WHICH MAKES TRANSACTIONS IN OUR
STOCK  CUMBERSOME  AND  MAY  REDUCE  THE  VALUE  OF  AN INVESTMENT IN OUR STOCK.

     The  Securities  and  Exchange  Commission  has  adopted  Rule  15g-9 which
establishes  the definition of a "penny stock," for the purposes relevant to us,
as  any  equity security that has a market price of less than $5.00 per share or
with  an  exercise  price  of  less  than  $5.00  per  share, subject to certain
exceptions.  Inasmuch  as that the current bid and ask price of our common stock
is  less  than $5.00 per share, our shares are classified as "penny stock" under
the  rules  of  the  SEC.  For  any  transaction involving a penny stock, unless
exempt,  the  rules  require:

-    That  a  broker  or  dealer  approve a person's account for transactions in
     penny  stocks;  and

-    The  broker or dealer receives from the investor a written agreement to the
     transaction,  setting forth the identity and quantity of the penny stock to
     be  purchased.

     In  order  to  approve a person's account for transactions in penny stocks,
the  broker  or  dealer  must:

-    Obtain  financial  information  and investment experience objectives of the
     person;  and

-    Make  a  reasonable determination that the transactions in penny stocks are
     suitable  for  that  person  and  the  person  has sufficient knowledge and
     experience  in  financial  matters to be capable of evaluating the risks of
     transactions  in  penny  stocks.

     The broker or dealer must also deliver, prior to any transaction in a penny
stock,  a  disclosure schedule prescribed by the SEC relating to the penny stock
market,  which,  in  highlight  form:

-    Sets  forth  the  basis  on which the broker or dealer made the suitability
     determination;  and

-    That  the  broker  or  dealer received a signed, written agreement from the
     investor  prior  to  the  transaction.


                                        8
<PAGE>
     Generally,  brokers  may  be  less  willing  to  execute  transactions  in
securities  subject to the "penny stock" rules.  This may make it more difficult
for  investors  to dispose of our common stock and cause a decline in the market
value  of  our  stock.

     Disclosure also has to be made about the risks of investing in penny stocks
in  both  public  offerings  and  in secondary trading and about the commissions
payable  to  both  the  broker-dealer and the registered representative, current
quotations  for  the  securities  and  the  rights  and remedies available to an
investor  in  cases  of  fraud  in  penny  stock  transactions. Finally, monthly
statements  have  to  be  sent disclosing recent price information for the penny
stock held in the account and information on the limited market in penny stocks.

ITEM  2.     DESCRIPTION OF PROPERTY.

     During  the  second  quarter of 2004 the Company moved its offices to 10715
Gulfdale  Suite 285, San Antonio, Texas 78216.  The Company occupies 1001 square
feet.  The  base  lease  period  is  from  May  1, 2004 until April 30, 2005The
Company  has  the  option  to renew its lease at the end of the initial one-year
lease  period.  If  the  Company  renews  its  lease  at  the end of the initial
one-year  period,  the  landlord  can make a base rental adjustment to cover the
actual operating costs of the building and premises.  We believe that all of our
facilities  are adequate for current operations for at least the next 12 months.
However, we expect that we could locate other suitable facilities at our current
address  at  comparable  rates,  should  we  need  more  space.

ITEM  3.     LEGAL PROCEEDINGS

     In the ordinary course of business, we may be involved in legal proceedings
from  time  to  time.  Although  occasional adverse decisions or settlements may
occur,  we  believe  that  the  final  disposition of such matters will not have
material  adverse  effect  on  its  financial position, results of operations or
liquidity.  We  will  seek to minimize disputes with our customers but recognize
the  inevitability  of  legal  action  in  today's  business  environment  as an
unfortunate  price  of  conducting  business.

     In  early 2004, we were notified by Kayode Aladesuyi ("Mr. Aladesuyi"), our
former  Chief Executive Officer and certain of his family members (collectively,
the  "Aladesuyi  Family"),  of  Mr.  Aladesuyi's  demand  for  payment of unpaid
salaries,  bonuses  and  unpaid  loans,  and interest thereon.  In addition, Mr.
Aladesuyi and his family demanded that we remove restrictive legends from shares
of  our  common  stock  previously  issued  to  them.

     We  responded to the Aladesuyi Family denying that we were indebted to them
for  any  amount,  and questioning the propriety and validity of their claims to
unrestricted  shares  and  compensation.  We  raised  the defenses of offset and
recoupment,  and  asserted  that certain actions and inactions by the Aladesuyis
caused  substantial  damage  to  us.

     On  October,  7,  2004, we filed a civil suit against the Aladesuyi family.
On December 29, 2004 a Final General Release and Settlement Agreement was signed
by  us  and  the  Aladesuyi  family, resolving the matter amicably to the mutual
satisfaction  of all parties.  The settlement did not involve the payment of any
money  or  other  compensation by us to the Aladesuyi family but includes mutual
confidentiality  covenants.  The  terms  of the settlement allowed the Aladesuyi
family  to sell their shares.  Each party was responsible for its own attorneys'
fees.

     As  of  this  report,  there are no other known threatened or pending legal
proceedings  against  us.


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

     On November 18, 2004 we held our annual meeting of shareholders in Atlanta,
Georgia.  The  following  matters  were  voted  on  at  the  meeting:

-    Election  of  M.  Dewey  Bain,  Harold Jackson, Melvin Williams and Darrell
     Carver  to  the  board  of  directors.

All  Board  members  were  elected  by  the  following vote:  For - 149,866,114;
Against  -  407,115;  Abstained  -  0.


                                        9
<PAGE>
-    Ratification  of  the  selection of Marcum & Kliegman LLP, certified public
     accountants,  as  our  independent  public  accountants for the fiscal year
     ending  December  31,  2004.

-    The  resolution  was  approved  by  the  following vote: For - 149,620,229;
     Against  -  653,000;  Abstained  -  0.Approval  of the following Planetlink
     Communications,  Inc.  Stock  Plans  (the  "Plans"):

               (a)     Employee  Stock  Incentive  Plan for the Year 2003 No. 3,
adopted by the directors on November 21, 2003, with 25,000,000 shares authorized
for  issuance  under  the  Plan;  and

               (b)     Non-Employee  Directors  and  Consultants  Retainer Stock
Plan  for  the  Year  2003 No. 2, adopted by the directors on November 21, 2003,
with  1,660,000  shares  authorized  for  issuance  under  the  Plan.

The  resolution was approved by the following vote:  For - 41,668,914; Against -
795,115;  Abstained  - 0.  The remaining proxies were silent on this resolution.

     As  of September 24, 2004, the record date for the November 18, 2004 Annual
Meeting,  we had 172,569,815 shares of common stock issued and outstanding.  The
number  of votes cast by our stockholders for each of the proposals exceeded the
majority of our issued and outstanding shares of our common stock.  As a result,
each  of  the  above  proposals  was  passed  by  our  stockholders.


                                       10
<PAGE>
                                     PART II

ITEM 5.     MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

     Our  common  stock  is  quoted  on  the OTC Bulletin Board under the symbol
"PLKC.OB" Our stock was not actively traded until August 2002, and the following
table  sets  forth,  for  the  fiscal quarters indicated, the high and low sales
prices. These quotations reflect inter-dealer prices, without mark-up, mark-down
or  commission,  and  may  not  represent  actual  transactions.

<TABLE>
<CAPTION>
               CALENDAR YEAR 2003
                                                    HIGH    LOW
<S>                                                 <C>    <C>
               First Quarter                        $1.00  $0.10
               Second Quarter                       $0.12  $0.01
               Third Quarter                        $0.07  $0.01
               Fourth Quarter                       $0.03  $0.01


               CALENDAR YEAR 2004
                                                    HIGH   LOW

               First Quarter                        $0.16  $0.02
               Second Quarter                       $0.10  $0.03
               Third Quarter                        $0.05  $0.03
               Fourth Quarter                       $0.04  $0.01

               CALENDAR YEAR 2005
                                                    HIGH   LOW

               First Quarter                        $0.01  $0.01
</TABLE>

     Since  our  inception, no dividends have been paid on our common stock.  We
intend  to  retain any earnings for use in our business activities, so it is not
expected that any dividends on our common stock will be declared and paid in the
foreseeable  future.

     We  currently  have 208,516,804shares of our common stock outstanding.  Our
shares  of common stock are held by approximately 91stockholders of record.  The
number  of  record holders was determined from the records of our transfer agent
and  does not include beneficial owners of common stock whose shares are held in
the  names  of  various  security  brokers,  dealers,  and  registered  clearing
agencies.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

     The following table provides information as of the end of the most recently
completed  fiscal  year with respect to compensation plans (including individual
compensation  arrangements)  under which equity securities of the registrant are
authorized  for  issuance,  aggregated  as  follows:

-    All  compensation  plans  previously  approved  by  security  holders;  and

-    All  compensation  plans  not  previously  approved  by  security  holders.


                                       11
<PAGE>
<TABLE>
<CAPTION>
                                                                               NUMBER OF SECURITIES
                                                                             REMAINING AVAILABLE FOR
                                                                              FUTURE ISSUANCE UNDER
                           NUMBER OF SECURITIES TO      WEIGHTED-AVERAGE       EQUITY COMPENSATION
                           BE ISSUED UPON EXERCISE     EXERCISE PRICE OF         PLANS (EXCLUDING
                           OF OUTSTANDING OPTIONS,    OUTSTANDING OPTIONS,   SECURITIES REFLECTED IN
                             WARRANTS AND RIGHTS      WARRANTS AND RIGHTS          COLUMN (A))
      PLAN CATEGORY                  (A)                      (B)                      (C)
-------------------------  ------------------------  ----------------------  ------------------------
<S>                        <C>                       <C>                     <C>
Equity compensation plans
approved by security
holders                              -0-                      N/A                      N/A
Equity compensation plans
not approved by security
holders                         113,000,000                 $ .0361                    -0-
Total                           113,000,000                 $ .0361                    -0-
</TABLE>

RECENT SALES OF UNREGISTERED SECURITIES

     In  June,  2004,  the  Company completed a private placement of $325,000 in
principal amount of its three year 6% Convertible Debentures (the "Debentures").
The  Debentures are automatically convertible into the Company's common stock on
the third anniversary of the closing date.   The holders of the Debentures  have
the  right  to  convert  their  notes  plus  accrued interest into shares of the
Company's common stock at 70% of the lowest bid price (as reported by Bloomberg)
for  the  twenty  consecutive  trading  days  immediately  preceding the date of
conversion  The  Company  recorded  a  $139,038  discount,  which represents the
intrinsic  value of the beneficial conversion feature at the date the Debentures
were  issued.

     In  July, 2004 the Company completed the placement of an additional $70,000
of  its  6% Convertible Debentures under the same terms as those issued in June,
2004.  The  Company  also  recorded  a  $30,000  discount,  which represents the
intrinsic  value of the beneficial conversion feature at the date the Debentures
were  issued.

     The  intrinsic  value  of  the beneficial conversion feature in each of the
above  Debenture  issuances  is being amortized over the term of the Debentures,
which  is three years. The Company recorded $29,298 of accretion during the year
ended December 31, 2004, which is included as a component of interest expense in
the  accompanying  statement  of  operations.

     The  Debentures  are redeemable by the Company, in whole or in part, at the
Company's  option,  at  120%  of  the  then  outstanding principal amount of the
Debentures.  If  the redemption occurs more than six (6) months from the date of
the  individual closings the redemption shall be set at 125%.  If the redemption
occurs  more  than  one (1) year from the date of individual closings the amount
will  be  set  at  131%.  The issuers shall give ten (10) days written notice of
intent  to  redeem  the  Debentures  in whole or in part, during which period no
conversions  shall  be  permitted.  The  outstanding  principal  balance  of the
Debentures  as  of  December  31,  2004  net  of their unamortized discount plus
accrued  interest  is  $364,850.

     Accrued  interest  under the Debentures may be paid in cash or common stock
upon  maturity at 70% of the then fair market value.  In the event of an uncured
default,  the investor(s) may accelerate full repayment of the Debentures in the
amount  of  130%  of  the  then  outstanding  balance  plus  accrued  interest.

     In  connection  with  this  private  placement,  the  Company issued to the
placement  agent 2,000,000 shares of common stock valued at $96,000 and incurred
$61,350  of  other  debt  issuance costs.  Such amounts are included in Deferred
Financing  Costs.

     The  Company also issued 300,346 shares of common stock valued at $9,250 to
Board  members  in  exchange  for  their services at Company Board meetings.  In
September,  2004  the  Company  also  issued 600,000 shares of restricted common
stock  valued at $18,600 to its chief executive officer for his services in lieu
of  a  bonus.

     In  September,  2004 the Company issued 825,000 shares of restricted common
stock  valued  at  $25,575  to  employees  as  a  bonus.

     In  2003  The  Company  issued  25,025,000 shares valued at $387,000 to its
current  CEO  in  repayment of monies he had loaned to the Company.  The Company
also  issued 3,071,438 shares of stock to a director for past services valued at
$43,001.


                                       12
<PAGE>
     In June 2004, the Company issued to the placement agent 2,000,000 shares of
common  stock  valued  at  $96,000 in connection with the sales of the Company's
convertible  debentures.

     During  2004,  M. Dewey Bain , President of the Company was awarded 600,000
shares  of  stock  valued  at  $18,600  for  his  services  to  the  Company.

     The  Company,  during  2003, awarded 25 million shares of stock to M. Dewey
Bain,  our President, to reduce the amount of the note owed by the Company to M.
Dewey  Bain

SECTION 15(G) OF THE EXCHANGE ACT

     The shares of our common stock are covered by Section 15(g) of the Exchange
Act,  and  Rules  15g-1  through  15g-6  promulgated  thereunder,  which  impose
additional sales practice requirements on broker-dealers who sell our securities
to  persons  other  than  established  customers  and  accredited  investors.

     Rule  15g-2  declares  unlawful  any  broker-dealer  transactions in "penny
stocks"  unless  the  broker-dealer  has  first  provided  to  the  customer  a
standardized  disclosure  document.

     Rule  15g-3 provides that it is unlawful for a broker-dealer to engage in a
"penny  stock"  transaction  unless  the  broker-dealer  first  discloses  and
subsequently  confirms  to  the customer the current quotation prices or similar
market  information  concerning  the  penny  stock  in  question.

     Rule  15g-4  prohibits  broker-dealers  from  completing  "penny  stock"
transactions  for  a  customer  unless  the broker-dealer first discloses to the
customer  the  amount of compensation or other remuneration received as a result
of  the  penny  stock  transaction.

     Rule  15g-5  requires  that  a  broker-dealer  executing  a  "penny  stock"
transaction,  other  than one exempt under Rule 15g-1, disclose to its customer,
at the time of or prior to the transaction, information about the sales person's
compensation.

     Our common stock may be subject to the foregoing rules.  The application of
the  "penny  stock"  rules  may  affect  our stockholders' ability to sell their
shares  because  some  broker-dealers may not be willing to make a market in our
common  stock  because  of  the  burdens  imposed upon them by the "penny stock"
rules.

     The  following  table  provides  information  about purchases by us and our
affiliated  purchasers  during  the  quarter  ended  December 31, 2004 of equity
securities  that  are  registered by us pursuant to Section 12 of the Securities
Exchange  Act  of  1934:

<TABLE>
<CAPTION>
       SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES
                           (a)         (b)          (c)          (d)
                       -----------  ----------  -----------  ------------
                                                               Maximum
                                                              number (or
                                                   Total     approximate
                                                 number of      dollar
                                                shares (or    value) of
                                                  units)      shares (or
                                                 purchased   units) that
                          Total      Average    as part of    may yet be
                        number of     price      publicly     purchased
                       shares (or    paid per    announced    under the
                         units)     share (or    plans or      plans or
        Period          purchased     unit)      programs      programs
        ------         -----------  ----------  -----------  ------------
<S>                    <C>          <C>         <C>          <C>
October 2004. . . . .          -0-                      -0-           -0-
November 2004 . . . .          -0-                      -0-           -0-
December 2004 . . . .          -0-                      -0-           -0-
                       ===========
Total                          -0-                      -0-           -0-
</TABLE>


                                       13
<PAGE>
ITEM 6.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

     Statements included in this Management's Discussion and Analysis or Plan of
Operation,  and  in  future  filings  by  us  with  the  Securities and Exchange
Commission,  in our press releases and in oral statements made with the approval
of an authorized executive officer which are not historical or current facts are
"forward-looking  statements" made pursuant to the safe harbor provisions of the
Private  Securities  Litigation  Reform  Act  of 1995 and are subject to certain
risks  and  uncertainties  that  could cause actual results to differ materially
from  historical earnings and those presently anticipated or projected.  We wish
to  caution  readers  not  to  place  undue reliance on any such forward-looking
statements,  which  speak  only  as  of  the date made.  The following important
factors,  among  others,  in  some  cases  have affected and in the future could
affect  our  actual  results and could cause our actual financial performance to
differ  materially from that expressed in any forward-looking statement: (i) the
extremely  competitive  conditions that currently exist in the market for "blank
check"  companies similar to us, and (ii) lack of resources to maintain our good
standing  status  and  requisite  filings  with  the  Securities  and  Exchange
Commission.  The  foregoing  list  should  not be construed as exhaustive and we
disclaim any obligation subsequently to revise any forward-looking statements to
reflect  events or circumstances after the date of such statements or to reflect
the  occurrence  of  anticipated  or  unanticipated  events.

BASIS OF PRESENTATION

     The  accompanying  consolidated financial statements, included elsewhere in
this  Annual  Report  on  Form  10-KSB,  have  been  prepared in conformity with
accounting  principles generally accepted in the United States of America, which
contemplate  continuation  as  a  going  concern.  Planetlink Communications has
incurred a net loss of $2,382,233 for the year ended December 31, 2004 and as of
December 31, 2004, had a working capital deficiency of $716,960. In addition, as
of  December  31,  2004,  Planetlink Communications has not, as yet, developed a
substantial  source  of  revenue.

     These  conditions  raise  substantial  doubt  as to Planetlink's ability to
continue  as  a  going  concern.  These  financial statements do not include any
adjustments  that  might  result  from  the  outcome  of this uncertainty. These
financial  statements  do  not  include  any  adjustments  relating  to  the
recoverability  and  classification  of  recorded  asset amounts, or amounts and
classification  of  liabilities  that  might  be  necessary  should  Planetlink
Communications  be  unable  to  continue  as  a  going  concern.

CRITICAL ACCOUNTING POLICIES

     The  preparation  of our financial statements in conformity with accounting
principles generally accepted in the United States requires us to make estimates
and  judgments  that  affect  our  reported  assets,  liabilities, revenues, and
expenses,  and  the disclosure of contingent assets and liabilities. We base our
estimates  and  judgments  on  historical  experience  and  on  various  other
assumptions  we believe to be reasonable under the circumstances. Future events,
however,  may  differ  markedly  from  our current expectations and assumptions.
While  there  are  a  number  of  significant  accounting policies affecting our
consolidated  financial  statements;  we  believe  the  following  are  our most
significant  accounting  policies:

     Revenue  Recognition  The  Company  recognizes  revenue  when  it bills its
customers either for monitoring services or lease fees. All customers are billed
on the 15th of the month for services to be provided the following month.

     Stock-based  Compensation  In  October  1995, SFAS No. 123, "Accounting for
Stock-Based  Compensation"  was  issued.  SFAS  123  prescribes  accounting  and
reporting  standards  for all stock-based compensation plans, including employee
stock  options,  restricted  stock,  employee  stock  purchase  plans  and stock
appreciation  rights.  SFAS 123 requires compensation expense to be recorded (i)
using  the  new  fair  value  method or (ii) using the existing accounting rules
prescribed  by Accounting Principles Board Opinion No. 25, "Accounting for Stock
Issued  to  Employees"  ("APB  25")  and  related interpretations with pro forma
disclosure  of  what  net  income and earnings per share would have been had the
Company  adopted  the  new fair value method. The Company intends to account for
its  stock based compensation plans in accordance with the provisions of APB 25.


                                       14
<PAGE>
     On December 31, 2002, the FASB issued SFAS No. 148 ("SFAS 148"), Accounting
for Stock Based Compensation-Transition and disclosure. SFAS 148 amends SFAS No.
123,  to  provide  an  alternative method of transition to SFAS 123's fair value
method of accounting for stock based employee compensation. SFAS 148 also amends
the  disclosure  provisions  of SFAS 123 and Accounting Principles Board ("APB")
Opinion  No.  28,  "Interim  Financial  Reporting", to require disclosure in the
summary  of  significant  accounting  policies  of  the  effects  of an entity's
accounting  policy with respect to stock based employee compensation on reported
net  income  and  earnings per share in annual and interim financial statements.
While  the statement does not amend SFAS 123 to require companies to account for
employee stock options using the fair value method, the disclosure provisions of
SFAS 123 are applicable to all companies with stock based employee compensation,
regardless  of  whether  they account for that compensation using the fair value
method  of  SFAS  123,  or  the  intrinsic  value  method  of APB Opinion No. 25

     The difference between the fair market value and intrinsic value of stock
options issued to employees during the years ended December 31, 2004 and 2003
were insignificant to the Company's financial statements.  A stock-based
compensation plan was not adopted by the Company until 2003.

RESULTS OF OPERATIONS

Comparison  of  the  Twelve  Months Ended December 31, 2004 to the Twelve Months
Ended  December  31,  2003

     On-going  Operations In 2004 we had $3,055 of revenue with associated costs
of goods sold of $1,037 resulting in a gross profit of $2,018.  We began billing
for  our  mobile  location  units  (MLU's)  and the monthly monitoring fees with
associated  costs  in  the  fourth  quarter,  2004.

     Selling  and  administrative  expenses  in  2004 amounted to $1,819,443 and
consisted  of  costs  associated  with developing a marketing and administrative
infrastructure.  The  Company built its management team and moved its operations
to  San Antonio, Texas, where it acquired 1,000 square feet of office space. The
Company  launched  its  new  corporate  website  in  June,  2004  and  added
Spanish-language  pages  in  November,  2004. Finally, the Company developed our
agent  program  through  which  we market our TransTRAK system in the USA and in
Mexico.  The  Company had significant outsourced operating support costs in 2004
totaling  $337,919,  which  will  be  reduced  in  2005.

     Discontinued Operations 2003 revenue and costs of good sold are reported as
discontinued  operations as all stores selling satellite television services and
products  were closed during 2003. We had losses from discontinued operations in
2003  of  $787,647.

     Interest  Expense.  We  incurred $123,893 of interest expense during the 12
months  ended  December  31,  2004  versus  $121,316  during the 12 months ended
December  31, 2003,and $24,993 during the 12 months ended December 31, 2002. The
significant  increase  in  interest  expense in 2004 and 2003 was a result of an
interest  bearing  note  to  officer  beginning  and  2003  and  the addition of
convertible  debentures  in  2004

     Net  Income  (Loss).  Our net loss for the year ended December 31, 2004 and
2003  was  $2,382,233 and 908,983, respectively. The 2003 losses included losses
from  discontinued  operations

     Our  net  income  (loss)  per common share (basic and diluted) was $.01 and
$.02  for  the  12  months  ended  December  31,  2004  and  2003, respectively.

     The  weighted  average  number  of  outstanding  shares  was159,550,592 and
54,324,593  for  the  12  months ended December 31, 2004 and 2003, respectively.

LIQUIDITY AND CAPITAL RESOURCES

     As  of December 31, 2004, we had a working capital deficit of $716,960.  We
generated a deficit in cash flow from operations of $2,028,447 for the 12 months
ended December 31, 2004.  The deficit in cash flow from operating activities for
the  period was primarily attributable to  lack of a significant revenue stream.


                                       15
<PAGE>
     Cash  flows  used  in investing activities for the 12 months ended December
31, 2004 consisted of the continued development of our capitalized software at a
cost  of  $488,716and  an  additional  $44,441 used to secure assets used by us.

     We  met  our  cash requirements during the period through proceeds from the
exercise  stock  options  to purchase common stock of $2,781,577 and the sale of
convertible  debentures  in the amount of $395,000, net of repayment of $780,962
of loan principal. This resulted in net cash provided by financing activities of
$2,395,615.

     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 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 our operations and development to the level of capitalization,
we  believe  we  have  sufficient  capital resources to meet projected cash flow
deficits  through  the  next  12  months.  However,  if  thereafter,  we are not
successful  in  generating  sufficient  liquidity  from 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.  Depending  upon  our  ability  to  commercialize  our new
electronic cards and e card business, we may need to reduce our operations if we
do  not  obtain  any  financing  as  anticipated  or  even  before  that  date.

     Capital  Expenditures and Commitments. We do not anticipate the sale of any
material  property,  plant  or  equipment  during  the  next  12 months. Without
substantial  financial  resources  we  do  not anticipate the acquisition of any
material  property,  plant  or  equipment  during  the  next  12  months.

     Our  independent  auditor's  report  on  our  December  31,  2004 financial
statements  included  in  this  Annual Report states that our lack of sources of
revenues  raise  substantial  doubts  about  our  ability to continue as a going
concern.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

     Our  financial statements and accompanying notes are prepared in accordance
with  generally  accepted  accounting principles in the United States. Preparing
financial  statements requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenue, and expenses. These
estimates and assumptions are affected by management's application of accounting
policies.  Critical  accounting  policies  for  include  revenue  recognition,
impairment  of  marketing  rights  and  accounting  for  legal  contingencies.

     We  recognize  revenue in accordance with Staff Accounting Bulletin No.101,
"Revenue  Recognition in Financial Statements." Sales are recorded when products
are  shipped  to  customers.  Provisions for discounts and rebates to customers,
estimated  returns  and allowances and other adjustments are provided for in the
same  period  the  related  sales  are  recorded.

     We  evaluate  our  long-lived  assets for financial impairment on a regular
basis  in  accordance  with Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
be  Disposed  Of" evaluates the recoverability of long-lived assets not held for
sale  by  measuring  the  carrying  amount  of  the assets against the estimated
discounted  future cash flows associated with them. At the time such evaluations
indicate  that the future discounted cash flows of certain long-lived assets are
not  sufficient  to  recover  the  carrying value of such assets, the assets are
adjusted  to  their  fair  values.

     Our business is more fully described in Part I of this Annual Report.

RECENT DEVELOPMENTS

     Please  see Item 1 of this Annual Report for the discussion of our proposed
operations  going  forward  since  December  31,  2004.

OFF-BALANCE SHEET ARRANGEMENTS


                                       16
<PAGE>
     We do not have any off-balance sheet arrangements.

ITEM 7.     FINANCIAL STATEMENTS.

The financial statements and related notes are included as part of this Annual
Report as indexed on pages 17 through 38.


                        SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                       FINANCIAL STATEMENTS AND SCHEDULES

                           DECEMBER 31, 2004 AND 2003


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


                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY


                                       17
<PAGE>
<TABLE>
<CAPTION>
                                                                                                           Page #
                                                                                                           ------
<S>                                                                                                        <C>

Report of Independent Registered  Certified Public Accounting Firm. . . . . . . . . . . . . . . . . . . .   19-21

Consolidated Balance Sheets as of December 31, 2004 and 2003. . . . . . . . . . . . . . . . . . . . . . .   22-23

Consolidated Statements of Losses for the years ended December 31, 2004 and 2003. . . . . . . . . . . . .      24

Consolidated Statement of Deficiency in Stockholders' Equity  for the Two  Years Ended December 31,, 2004      25

Consolidated Statements of Cash Flows for the  years ended December 31, 2004 and 2003 . . . . . . . . . .   26-27

Notes to Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   28-41
</TABLE>


                                       18
<PAGE>
                    RUSSELL BEDFORD STEFANOU MIRCHANDANI LLP
                          CERTIFIED PUBLIC ACCOUNTANTS

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

        REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
        -----------------------------------------------------------------

Board of Directors
Planetlink Communications, Inc.
Cumming, Georgia

     We  have  audited the accompanying consolidated balance sheet of Planetlink
Communications,  Inc.  and  Subsidiary  as  of December 31, 2004 and the related
consolidated  statements  of losses, deficiency in stockholders equity, and cash
flows  for  the year ended December 31, 2004. 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  audit.

     We  have conducted our audit in accordance with the standards of the Public
Company  Accounting  Oversight Board (United States of America). Those standards
require  that we plan and perform the audit 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 that our
audit  provide  a  reasonable  basis  for  our  opinion.

     In  our opinion, the financial statements referred to above present fairly,
in  all  material  respects,  the  consolidated financial position of Planetlink
Communications,  Inc. and Subsidiary at December 31, 2004 and the results of its
operations  and  its  cash  flows  for  the  year  ended  December  31, 2004, in
conformity with accounting principles generally accepted in the United States of
America.

     The  accompanying  financial  statements  have  been  prepared assuming the
company  will  continue  as a going concern.  As discussed in the Note  1 to the
accompanying  financial  statements, the company is in the development stage and
has  not  established a source of revenues.  This raises substantial doubt about
the  company's  ability  to  continue  as  a going concern.  Managements plan in
regard  to  these matters are also described in Note 1. The financial statements
do  not  include  any  adjustments  that  might  result from the outcome of this
uncertainty.


                       /s/ RUSSELL BEDFORDSTEFANOU MIRCHANDANI  LLP
                       --------------------------------------------
                           Russell Bedford Stefanou Mirchandani LLP

                           Certified Public Accountants

New York, New York
March 18, 2005


                                       19
<PAGE>
                             -----------------------
                             KAHN BOYD LEVYCHIN, LLP
                             -----------------------
                   CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS

                    INDEPENDENT REGISTERED  AUDITORS' REPORT
================================================================================

To the Board of Directors
Planetlink Communications, Inc.
Atlanta, Georgia

We  have  audited  the  accompanying  consolidated  balance  sheet of Planetlink
Communications,  Inc.  as  of  December  31,  2003  and the related consolidated
statement  of  losses,  changes in stockholders' deficit, and cash flows for the
year  then  ended.  These  financial  statements  are  the responsibility of the
Company's  management.  Our  responsibility  is  to  express an opinion on these
financial  statements  based  on  our  audit.

We  conducted our audit in accordance with generally accepted auditing standards
in  the  Public  Company  Accounting Oversight Board (United States of America).
Those  standards require that we plan and perform the audit 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  that  our  audit  provides  a  reasonable  basis  for  our opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects,  the  consolidated  financial  position  of  Planetlink
Communications,  Inc. as of December 31, 2003, and the results of its operations
and  its  cash  flows  for  the  year  then  ended in conformity with accounting
principles  generally  accepted  in  the  Unites  States  of  America.

As discussed in Note 17 to the financial statements, certain errors were made in
the application of accounting principles, resulting in the understatement of the
previously reported net loss for the year ended December 31, 2002 of $4,754,075.
In  addition,  these  errors  in  the  application of accounting principles also
resulted  in  the understatement of both previously reported accumulated deficit
and  additional  paid-in  capital  for  the  year  ended  December  31,  2002 of
$7,033,987. These errors were discovered by the management of the Company in its
preparation  for  the  issuance  of  the financial statements for the year ended
December  31,  2003.  Accordingly  the  financial  statements for the year ended
December  31,  2003  have  been  restated  to  correct  for  these  errors.

As further discussed in Note 17 to the financial statements, certain errors were
made  by  the  Company  in  classifying  a portion of loans it received from its
current  President  during  the  year  ended December 31, 2003 as revenue in the
statement  of operations for that year.  Correction for the misclassification of
loans  advanced  by the officer resulted in the understatement of the previously
reported  net  loss  for  the year ended December 31, 2003 by $356,481, of which
$308,438  is  attributed  to the previously reported revenue for that year being
overstated  and  operating  expenses  and  interest expense being understated by
$22,375 and $26,668, respectively. In addition, these errors also resulted in an
understatement  of previously reported total liabilities at December 31, 2003 by
$356,481  and  an  understatement  of accumulated deficit in the same amount. As
such, the officer's loan payable as now reflected at December 31, 2003, based on
this  second restatement of the financial statements for the year ended December
31,  2003, is $307,438 higher than previously reported, and accounts payable and
accrued  expenses  are  $49,043  higher  than  previously  reported.


                                       20
<PAGE>
These  errors  were  discovered  by the management of the Company in conjunction
with  reconciling  the  amount  due  the officer with him in anticipation of The
Company  paying  off  the  obligation,  and in the Company's preparation for the
issuance  of  the  financial  statements  for  the year ended December 31, 2004.

48 Wall Street, 11th Floor New York, NY 10005       (212) 843-4100

                             -----------------------
                             KAHN BOYD LEVYCHIN, LLP
                             -----------------------
                   CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
                          INDEPENDENT AUDITORS' REPORT
================================================================================

To the Board of Directors
Planetlink Communications, Inc.
Atlanta, Georgia

The  accompanying  financial  statements  have  been  prepared assuming that the
Company  will  continue  as  a  going  concern.  As  discussed  in Note 1 to the
financial statements, the Company has suffered recurring losses from operations,
and  is  dependent  upon  the  sale  of  equity securities to provide sufficient
working  capital  to maintain continuity. These circumstances create substantial
doubt  about the Company's ability to continue as a going concern. The financial
statements  do not include any adjustments that might result from the outcome of
this  uncertainty.


KAHN BOYD LEVYCHIN

Kahn Boyd Levychin,
Certified Public Accountants

May 3, 2004, except for information restated to correct for misclassification of
loan  advances  received  by the Company during the year ended December 31, 2003
previously  reflected  in  revenue for that year as to which the date is January
31,  2005  (Note  17)


48 Wall Street, 11th Floor New York, NY 10005      (212) 843-4100


                                       21
<PAGE>
<TABLE>
<CAPTION>
                     PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                               CONSOLIDATED BALANCE SHEETS
                            AS OF DECEMBER 31, 2004 AND 2003

                              ASSETS                                            2003
                                                                    2004     (Restated)
                                                                  ---------  -----------
<S>                                                               <C>        <C>
Current Assets
    Cash                                                          $ 29,031   $  195,020
    Accounts receivable, net of allowance for doubtful accounts
      of $0                                                          2,014            -
                                                                  ---------  -----------
        Total Current Assets                                        31,045      195,020

Property and equipment (Note 2)                                     44,124       91,176
  Less accumulated depreciation                                     (6,968)     (57,571)
                                                                  ---------  -----------
       Total Fixed Assets                                           37,156       33,605

Other Assets
    Capitalized software development costs, net (Note 3)           658,559      290,592
    Deferred financing costs, net (Note 4)                         127,513            -
    Deposits and other assets                                       58,945            -
                                                                  ---------  -----------
        Total Other Assets                                         845,017      290,592
                                                                  ---------  -----------
        Total Assets                                              $913,218   $  519,217
                                                                  =========  ===========
</TABLE>

     See notes to consolidated financial statements.


                                       22
<PAGE>
<TABLE>
<CAPTION>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                          CONSOLIDATED BALANCE SHEETS
                        AS OF DECEMBER 31, 2004 AND 2003


                   LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                                     2003
                                                                      2004        (Restated)
                                                                  -------------  -------------
<S>                                                               <C>            <C>
Current Liabilities
    Accrued expenses and accounts payable (Note 5)                $    115,570   $     71,965
    Payroll taxes payable (Note 6)                                           -        274,672
    Discontinued line of credit payable (Note 7)                             -         24,000
    Loan payable - officer (Note 8)                                    364,850        982,028
                                                                  -------------  -------------
      Total Current Liabilities                                        480,420      1,352,665

    Long Term Liabilities - Convertible debentures, net (Note 9)       267,585              -
    Discontinued line of credit payable                                      -         26,000
                                                                  -------------  -------------
      Total Liabilities                                                748,005      1,378,665
                                                                  -------------  -------------
Commitments, Contingencies and Other Matters (Note 16)

Stockholders' Equity

    Preferred stock - $.1.00 par value
    100,000,000 shares authorized, no shares issued outstanding
    at December 31, 2004 and 2003.                                           -              -

    Common stock - $.001 par value;
     800,000,000 shares authorized; 208,516,804 and117,458,108
     shares issued and outstanding at December 31, 2004
     and 2003,  respectively                                           208,516        117,458
    Additional paid-in capital                                      12,545,930      9,230,094
    Accumulated deficit                                            (12,589,233)   (10,207,000)
                                                                  -------------  -------------
      Total Stockholders' Equity (Deficit)                             165,213       (859,448)
                                                                  -------------  -------------
    Total Liabilities and Stockholders' Equity                    $    913,218   $    519,217
                                                                  =============  =============
</TABLE>

     See notes to consolidated financial statements.


                                       23
<PAGE>
<TABLE>
<CAPTION>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENT OF LOSSES
               FOR THE TWO YEARS ENDED DECEMBER 31, 2004 AND 2003

                                                                             2003
                                                              2004        (Restated)
                                                          -------------  ------------
<S>                                                       <C>            <C>
Revenue                                                   $      3,055   $         -

Cost of Goods Sold                                               1,037             -
                                                          -------------  ------------
Gross Profit                                                     2,018             -
                                                          -------------  ------------

Operating Expenses
    Compensatory element of stock and warrant issuances
     for selling, general and administrative expenses          360,279             -
    Selling, general and administrative expenses             1,819,443             -
    Impairment charge                                          103,485
    Depreciation                                                12,380             -
                                                          -------------  ------------
        Total Operating Expenses                             2,295,587             -
                                                          -------------  ------------
        Operating Loss                                      (2,293,569)            -
                                                          -------------  ------------
Other Income (Expenses)
    Other income                                                35,229             -
    Interest expense, net                                     (123,893)            -
                                                          -------------  ------------
    Total Other (Expense) Income                               (88,664)            -
                                                          -------------  ------------
Loss Before Income Taxes and Discontinued Operations        (2,382,233)            -
    Income taxes (Benefit)                                           -             -
                                                          -------------  ------------
      Loss Before Discontinued Operations                   (2,382,233)            -

Discontinued Operations
    Loss from discontinued operations                                -      (908,963)
                                                          -------------  ------------
          Net Loss                                        $ (2,382,233)  $  (908,963)
                                                          =============  ============

    Loss per common share (Basic and assuming dilution)   $      (0.01)  $     (0.02)

      Continued Operations                                $      (0.01)            -
      Discontinued Operations                                        -   $     (0.02)
                                                          =============  ============
    Weighted Average Number of Common Shares
     Outstanding, Basic                                    159,550,592    54,324,593

     Fully diluted                                         209,369,558    54,324,593
</TABLE>

     See notes to consolidated financial statements.


                                       24
<PAGE>
<TABLE>
<CAPTION>
                                   PLANETLINK COMMUNICATIONS, INC AND SUBSIDIARY
                                   CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                 FOR THE TWO YEARS ENDED DECEMBER 31, 2004 AND 2003

                                                                                         Accumulated
                                                                                           deficit         Total
                                                     Common stock           Additional     through     stockholders'
                                               -------------------------      paid-in    December 31,  (deficiency)
                                                  Shares         Amount       Capital        2003         equity
                                               --------------------------------------------------------------------
<S>                                            <C>           <C>           <C>          <C>            <C>
Balance, December 31, 2002 (Restated)           11,427,643   $    11,428   $ 7,841,075  $ (9,298,037)  $(1,445,534)

Common stock issued under employee
   stock incentive plan                         61,284,637        61,285       935,950                     997,235
Common stock issued to repay officer's loan     25,025,000        25,025       361,975                     387,000
Common stock issued for cash                    16,649,400        16,649        28,631                      45,280
Common stock issued in exchange for services     3,071,428         3,071        39,930                      43,001
Officer's loan reclassified to additional
   paid in capital                                                              22,533                      22,533
Net loss                                                                                    (908,963)     (908,963)
                                               --------------------------------------------------------------------
Balance, December 31, 2003 (Restated)          117,458,108   $   117,458   $ 9,230,094  $(10,207,000)  $  (859,448)

Common stock issued under employee
   stock incentive plan                         83,833,350        83,833     2,945,598                   3,029,431
Common stock issued in exchange for services     5,225,346         5,225        72,200                      77,425
Common stock issued to placement agent
   for convertible debentures                    2,000,000         2,000        94,000                      96,000
Warrants issued for services                                                    35,000                      35,000
Value of beneficial conversion feature of
   convertible debentures                                                      169,038                     169,038
Net loss                                                                                  (2,382,233)   (2,382,233)
                                               --------------------------------------------------------------------
Balance - December 31, 2004                    208,516,804   $   208,516   $12,545,930  $(12,589,233)  $   165,213
                                               ============  ============  ===========  =============  ============
</TABLE>

     See notes to consolidated financial statements.


                                       25
<PAGE>
<TABLE>
<CAPTION>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                 FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003

                                                                               2003
                                                              ------------  -----------
                                                                  2004      (Restated)
                                                              ------------  -----------
<S>                                                           <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Loss                                                    $(2,382,233)  $ (908,963)
    Adjustments to reconcile net loss to
     net cash (used in) provided by operating activities:
      Compensatory elements of stock issuances                    325,279      142,890
      Warrants issued for consulting services                      35,000            -
      Capitalized software costs charged to expense                75,293            -
      Write down of fixed assets                                   28,192            -
      Amortization of deferred financing costs                     29,838            -
      Amortization of beneficial conversion feature                29,298            -
      Amortization of capitalized software                         45,456            -
      Depreciation                                                 12,697       30,681
    Changes in assets and liabilities
      Accounts receivable                                          (2,014)      22,071
      Deposits                                                    (31,560)       6,676
      Demonstration devices                                       (27,385)           -
      Accounts payable and accrued expenses                       108,364      (99,821)
      Payroll taxes                                              (274,672)      39,438
                                                              ------------  -----------
    NET CASH (USED IN) PROVIDED BYOPERATING ACTIVITIES         (2,028,447)    (767,028)
                                                              ------------  -----------

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital expenditures                                            (44,441)           -
  Capitalized software development costs                         (488,716)    (215,299)
                                                              ------------  -----------
   NET CASH USED IN INVESTING ACTIVITIES                         (533,157)    (215,299)
                                                              ------------  -----------

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from officer's loan                                          -      309,651
  Repayment of officer's loan                                           -      (60,000)
  Officer's loans contributed as additional paid-in capital             -            -
  Proceeds from the exercise of employee stock options          2,781,577      897,346
  Proceeds from sale of common stock                                    -       45,280
  Proceeds from issuance of convertible debentures                395,000            -
  Deferred financing costs                                        (61,350)           -
  Repayment of line of credit                                     (50,000)           -
  Principal paid on loan payable to officer                      (669,612)           -
  Cash overdraft                                                        -      (14,930)
                                                              ------------  -----------
   NET CASH PROVIDED BY FINANCING ACTIVITIES                    2,395,615    1,177,347
                                                              ------------  -----------

      (DECREASE) INCREASE IN CASH                                (165,989)     195,020
      CASH  - BEGINNING OF YEAR                                   195,020            -
                                                              ------------  -----------
      CASH  - END OF YEAR                                     $    29,031   $  195,020
                                                              ============  ===========
</TABLE>

     See notes to consolidated financial statement


                                       26
<PAGE>
<TABLE>
<CAPTION>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                 FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003

SUPPLEMENTAL DISCLOSURE OF CASH FLOW                  2004      2003
    INFORMATION                                     --------  --------
<S>                                                 <C>       <C>
    Cash paid during the year for:
      Interest expense                              $ 99,136  $      -
      Income taxes                                         -         -
      Common stock issued in exchange for services   325,279   142,890
      Warrants issued for consulting services         35,000         -
                                                    --------  --------
                                                    $459,415  $142,890
                                                    ========  ========
</TABLE>

     See notes to consolidated financial statement


                                       27
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Description of Business
-----------------------

The  Company was incorporated in May 1999 under the laws of the State of Georgia
for  the  purpose  of  providing  international  telecommunications and wireless
services.  The  Company's principal source of revenue in 2003 was from providing
satellite  television  services  under  a  dealership  agreement  with  EchoStar
Communications.

In  2004  the  Company phased out of the satellite television services business.
The  Company  developed  TransTRAK, a proprietary software product that utilizes
Global  Positioning  Systems  ("GPS")  technology for vehicle tracking and fleet
management.   TransTRAK  is  a  Web-based turnkey solution for real-time, mobile
asset  management

The  Company  has  contracted  with  a  San  Antonio,  Texas-based  research and
development  company  to  lead  in  the  research  and development effort of its
satellite-enabled  products.  In  April  2004, the Company formed a wholly owned
subsidiary,  PlanetTRAKS,  for  the  purpose  of  introducing  TransTRAK  to the
satellite-based  mobile  asset  management  market.


In  May,  PlanetTRAKS  entered  into  a  test  agreement with Estrella Blanca, a
Mexican bus company, whereby they would test the TransTRAK system. In July 2004,
the Company and Estrella Blanca verbally agreed to the terms of a first order of
the  TransTRAK  system.  In  November,  2004  the Company signed a contract with
Estrella  Blanca  for  100  units.  The Company also begun processing commercial
orders  in  the  USA  in  July,  2004
..
These  consolidated  financial  statements present the results of the PlanetLink
Communications,  Inc.  and  its  newly  formed  subsidiary  PlanetTRAKS,  Inc.
("PlanetTRAKS"),  collectively,  the  "Company."  All inter-company balances and
transactions  have  been  eliminated  in  consolidation

Going Concern
-------------

As  reflected in the accompanying consolidated financial statements, the Company
incurred  net losses of $2,382,233 and $908,963 for the years ended December 31,
2004 and 2003, respectively, and has an accumulated deficit of $12,589,233 as of
December  31,  2004.  The Company has incurred negative cash flow from operating
activities  for  the years ended December 31, 2004 and 2003. 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  accompanying  consolidated financial statements have been prepared assuming
that  the  Company  will  continue  as  a  going-concern  which contemplates the
realization  of  assets and the satisfaction of liabilities in the normal course
of  business

The  Company  has  limited  capital resources and requires additional funding to
sustain  its operations, accomplish its growth objectives and market its planned
products  and  services.  The  Company's  continued  existence is dependent upon
several  factors,  including  its  ability  to  attain  a  substantial  base  of
subscribers for TransTRAK, its web based mobile asset management system, and its
ability  to  raise  additional  capital.   There  can  be  no assurance that the
Company  will  be  successful  in  its  efforts to generate operating cash flows
through  the execution of its business plan or that it will be able to raise the
capital  it  needs  to  sustain  its  operations.   The  accompanying  financial
statements  do  not  include  any adjustments relating to the recoverability and
classification  of  recorded  asset  amounts  or  amounts  and classification of
liabilities  that might be necessary should the Company be unable to continue in
existence


                                       28
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

In  order  to  improve  the Company's liquidity, the Company is actively pursing
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.

If  operations  and cash flow 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.


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.


Use of Estimates
----------------

The preparation of financial statements in conformity with accounting principles
generally  accepted  in the United States of America requires management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities and disclosures and contingent assets and liabilities at the date of
the  financial  statements  and  the  reported  amounts of revenues and expenses
during  the reporting period.  Actual results could differ from those estimates.

Property and Equipment
----------------------

Property  and  equipment  are stated at cost. Depreciation is computed using the
double  declining balance method over the estimated economic lives of the assets
which  range from five to seven years.  Depreciation expense for the years ended
December  31,  2004  and  was  $12,697.

Software Development Costs
--------------------------
In accordance with SFAS No. 86, the Company capitalizes certain costs associated
with the development of its proprietary software at such time that it determines
that  the  technological  feasibility  of  the  product  is  established.  Costs
incurred  to  develop  software  prior  to  the  achievement  of  technological
feasibility  are  expensed  as  incurred.

Amortization  of  software development costs commences when the related products
become  available  for general release to customers at the greater of the amount
computed  using  (a) the ratio that current gross revenue for a product bears to
the  total  of  current and anticipated future revenues for that product, or (b)
the  straight  line  method  over  the  remaining estimated economic life of the
product.  In  July, 2004 the Company's TransTRAK product line was made available
to  the  market.  For  the  year  ended  December  31, 2004 the Company recorded
$45,456  of  amortization expense on a straigHt-line basis over a period of five
years.  There  was no amortization expense for the year ended December 31, 2003.

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


                                       29
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

achieve  break-even  operating  results  over  an  extended period.  The Company
evaluates  the  recoverability  of  long-lived  assets  based  upon  forecasted
undiscounted  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.

During the year ended December 31, 2004 the Company performed an internal review
of its property and equipment and determined that due to obsolesce, the carrying
value  of  certain assets is no longer recoverable.  As a result of this review,
the  Company  recorded  a  $28,192  impairment  charge.

In  addition,  the Company determined that a portion of its capitalized software
development  costs  are  not  associated  with  the version of TransTRAK that it
released  for  commercial  distribution  in  July 2004. As a result, the Company
recorded  a  $75,293 charge to operations for software development costs that it
no  longer  believes  are  recoverable.


Fair Value of Financial Instruments
-----------------------------------

Statement  of  Financial  Accounting  Standards No. 107, "Disclosures About Fair
Value  of  Financial  Instruments,"  requires  disclosure  of  the fair value of
certain  financial instruments. The carrying value of cash and cash equivalents,
accounts receivable, accounts payable and short-term borrowings, as reflected in
the balance sheets, approximate fair value because of the short-term maturity of
these  instruments.

Liquidity
---------

As  shown  in  the accompanying financial statements, the Company incurred a net
loss  of $2,382,233 and $908,963 for the years ended December 31, 2004 and 2003,
respectively.  The  Company's current liabilities exceeded its current assets by
$449,375  as  of  December  31,  2004.

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.

Income taxes
------------

The  Company  accounts  for income taxes using the asset and liability method as
required  by  Statement  of  Financial Accounting Standards No. 109, under which
deferred  tax  assets  and liabilities are determined based upon the differences
between  financial  statement  carrying  amounts  and  the tax bases of existing
assets and liabilities.  Deferred taxes also are recognized for operating losses
that  are  available  to  offset  future  taxable  income.

Valuation  allowances  are  established  when  necessary  to reduce deferred tax
assets  to  the  amount  expected to be realized.  Income tax expense is the tax
payable  or refundable for the period plus or minus the change during the period
in  deferred  tax  assets  and  liabilities.


                                       30
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

Revenue Recognition
-------------------

Revenues  are  recognized in the period that services are provided.  For revenue
from  product  sales,  the  Company  recognizes revenue in accordance with Staff
Accounting  Bulletin  No.  104, REVENUE RECOGNITION ("SAB104"), which superceded
Staff  Accounting  Bulletin No. 101, REVENUE RECOGNITION IN FINANCIAL STATEMENTS
("SAB101"). SAB 101 requires that four basic criteria must be met before revenue
can  be  recognized:  (1)  persuasive  evidence  of  an  arrangement exists; (2)
delivery  has occurred; (3) the selling price is fixed and determinable; and (4)
collectibility  is reasonably assured. Determination of criteria (3) and (4) are
based on management's judgments regarding the fixed nature of the selling prices
of  the  products  delivered and the collectibility of those amounts. Provisions
for  discounts  and  rebates to customers, estimated returns and allowances, and
other  adjustments  are  provided  for  in the same period the related sales are
recorded.  The  Company  defers  any  revenue for which the product has not been
delivered  or  is  subject  to  refund  until such time that the Company and the
customer jointly determine that the product has been delivered or no refund will
be  required.  Payments  received  in advance are deferred until the trusses are
built  and  shipped  to  customers.

SAB  104  incorporates  Emerging  Issues  Task  Force  00-21  ("EITF  00-21"),
MULTIPLE-DELIVERABLE  REVENUE  ARRANGEMENTS. EITF 00-21 addresses accounting for
arrangements  that may involve the delivery or performance of multiple products,
services  and/or  rights to use assets. The effect of implementing EITF 00-21 on
the  Company's consolidated financial position and results of operations was not
significant.

Product Development Costs
-------------------------

Product development costs include expenses incurred by the Company for research,
design  and  development  of  the  Company's  proprietary  technology.  Product
development  costs  charged  to  operations  amounted to $133,488 and $0 for the
years  ended  December  31,  2004  and  2003,  respectively.

Advertising
-----------

The Company follows the policy of charging the costs of advertising to expenses
incurred.  Advertising   expense charged to operations amounted to $39,715 and
$-0- for the years ended December 31, 2004 and 2003, respectively.


Net Loss per Common Share
-------------------------

Basic  net  loss  per  share  of  common stock is computed based on the weighted
average  shares  outstanding  and excludes any potential dilution.  Diluted loss
per  share  reflects  the  potential dilution from the exercise or conversion of
dilutive  securities  into  common  stock  based  on the average market price of
common  shares  outstanding during the period.  For the years ended December 31,
2004  and  2003,  no  effect  has been given to outstanding options, warrants or
convertible  debentures  in  the  diluted  computation  as their effect would be
anti-dilutive.


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 change 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


                                       31
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

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, 2004 and 2003 and will adopt
the  interim  disclosure provisions for its financial reports for the subsequent
periods.

The  difference  between  the  fair  market  value  and intrinsic value of stock
options  issued  to  employees during the years ended December 31, 2004 and 2003
were  insignificant  to  the  Company's  financial  statements.

Segment Information
-------------------

The  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.  The
decision  maker(s)  may  use  this  discrete  information  in  making  decisions
concerning  how to allocate resources and evaluate performance.  The information
disclosed  herein materially represents all of the financial information related
to  the  Company's  principal  operating  segment.

New Accounting Pronouncements
-----------------------------


In  November  2004,  the Financial Accounting Standards Board (FASB) issued SFAS
151,  Inventory  Costs-  an  amendment  of ARB No. 43, Chapter 4. This Statement
amends  the  guidance  in ARB No. 43, Chapter 4, "Inventory Pricing," to clarify
the  accounting for abnormal amounts of idle facility expense, freight, handling
costs,  and  wasted  material  (spoilage).  Paragraph  5  of  ARB 43, Chapter 4,
previously  stated  that  "under some circumstances, items such as idle facility
expense,  excessive  spoilage,  double  freight,  and rehandling costs may be so
abnormal  as  to  require  treatment  as  current period charges" This Statement
requires  that those items be recognized as current-period charges regardless of
whether  they  meet  the criterion of "so abnormal." In addition, this Statement
requires  that  allocation  of  fixed  production  overheads  to  the  costs  of
conversion  be  based  on the normal capacity of the production facilities. This
Statement  is  effective  for  inventory  costs  incurred  during  fiscal  years
beginning  after June 15, 2005. Management does not believe the adoption of this
Statement  will  have  any  immediate  material  impact  on  the  Company.

In  December  2004,  the  FASB  issued  SFAS No.152, "Accounting for Real Estate
Time-Sharing  Transactions-an amendment of FASB Statements No. 66 and 67" ("SFAS
152)  The  amendments made by Statement 152 This Statement amends FASB Statement
No.  66,  Accounting  for  Sales  of  Real  Estate,  to  reference the financial
accounting and reporting guidance for real estate time-sharing transactions that
is  provided  in  AICPA  Statement  of  Position (SOP) 04-2, Accounting for Real
Estate  Time-Sharing Transactions. This Statement also amends FASB Statement No.
67,  Accounting for Costs and Initial Rental Operations of Real Estate Projects,
to  state that the guidance for (a) incidental operations and (b) costs incurred
to  sell  real  estate  projects  does  not  apply  to  real estate time-sharing
transactions.  The  accounting  for those operations and costs is subject to the
guidance  in  SOP 04-2. This Statement is effective for financial statements for
fiscal years beginning after June 15, 2005. with earlier application encouraged.
The  Company  does  not anticipate that the implementation of this standard will
have  a material impact on its financial position, results of operations or cash
flows.


                                       32
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

On  December  16,  2004,  the  Financial  Accounting  Standards  Board  ("FASB")
published  Statement  of  Financial Accounting Standards No. 123 (Revised 2004),
Share-Based  Payment  ("SFAS  123R").  SFAS 123R requires that compensation cost
related  to  share-based  payment  transactions  be  recognized in the financial
statements.  Share-based  payment  transactions  within  the  scope of SFAS 123R
include  stock  options, restricted stock plans, performance-based awards, stock
appreciation  rights,  and employee share purchase plans. The provisions of SFAS
123R  are  effective  as  of the first interim period that begins after June 15,
2005.  Accordingly, the Company will implement the revised standard in the third
quarter of fiscal year 2005. Currently, the Company accounts for its share-based
payment  transactions under the provisions of APB 25, which does not necessarily
require  the  recognition  of  compensation  cost  in  the financial statements.
Management  is  assessing  the  implications of this revised standard, which may
materially  impact  the  Company's results of operations in the third quarter of
fiscal  year  2005  and  thereafter.

On  December  16,  2004, FASB issued Statement of Financial Accounting Standards
No.  153,  Exchanges  of Nonmonetary Assets, an amendment of APB Opinion No. 29,
Accounting for Nonmonetary Transactions (" SFAS 153"). This statement amends APB
Opinion  29  to  eliminate  the  exception  for nonmonetary exchanges of similar
productive  assets  and  replaces  it  with a general exception for exchanges of
nonmonetary  assets  that do not have commercial substance. Under SFAS 153, if a
nonmonetary  exchange  of similar productive assets meets a commercial-substance
criterion  and fair value is determinable, the transaction must be accounted for
at  fair  value  resulting  in  recognition  of  any  gain  or loss. SFAS 153 is
effective  for  nonmonetary transactions in fiscal periods that begin after June
15,  2005.  The  Company  does  not  anticipate  that the implementation of this
standard  will  have  a  material  impact  on its financial position, results of
operations  or  cash  flows.

Reclassifications
-----------------

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

NOTE 2 - PROPERTY AND EQUIPMENT

The  Company's  property  and equipment at December 31, 2004 and 2003 consist of
the  following:

<TABLE>
<CAPTION>
                                                         2003
                                             2004     (Restated)
                                         -----------  -----------
<S>                                      <C>          <C>
          Office furniture
            and equipment                $   36,041   $   91,176
          Leased equipment                    8,083            -
                                         -----------  -----------
          Equipment at cost                  44,124       91,176
          Less accumulated depreciation      (6,968)     (57,571)
                                         -----------  -----------
          Total                          $   37,156   $   33,605
                                         ===========  ===========
</TABLE>


Office  furniture  and equipment are depreciated on straight line basis over the
estimated  useful  life  of  5  years.  Depreciation  expense  was  recorded  as
$12,697and $30,681 for the years ended December 31, 2004 and 2003, respectively.


                                       33
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

During the year ended December 31, 2004 the Company has discontinued the use of
assets of book value of $ 91,176 and accumulated depreciation of $62,984,
resulting in a charge of $28,192 to operations.


NOTE 3 - CAPITALIZED SOFTWARE DEVELOPMENT COSTS

In  September,  2003 the Company entered into a contract with Karta Technologies
to develop proprietary software for the Company for commercial fleet management.
The  software enables customers to set geofences, receive stop/start reports and
monitor  the  location  of  their  vehicles.  The  software  development for the
TransTRAK  product  line  was completed in July, 2004. The Company's capitalized
software  development  costs,  net  at  December 31, 2004 and2003 consist of the
following:

<TABLE>
<CAPTION>
                                                                2003
                                                    2004     (Restated)
                                                -----------  -----------
<S>                                             <C>          <C>
          Capitalized Software Development      $   704,015  $   290,592
            less accumulated amortization            45,456            -
                                                -----------  -----------
          Net Capitalized Software Development  $   658,559  $   290,592
                                                ===========  ===========
</TABLE>

In  July,  2004,  the  Company began to market the TransTrak product line and is
confident  that  it  will recover the economic value of its software development
costs  in  future  periods.  However,  at  this  early  stage  there  can  be no
assurances  that forward looking assumptions will come to fruition.  The Company
will  continue  to  monitor  the  economic results in future periods against the
economic  value  of  the  development  costs  for  any  possible  impairment.

Amortization  expense  for  the TransTRAK development costs at December 31, 2004
was  recorded  as  $45,456.  There was no amortization expense recorded in 2003.

NOTE 4- DEFERRED FINANCING COSTS

Costs  incurred  in  connection  with  the  Company's  sale  of  $395,000  of 6%
Convertible  Debentures  (NOTE  10).  Deferred  financing costs consist of legal
fees,  commission  expense and the value of stock issued to the placement agent.

<TABLE>
<CAPTION>
                                                                2003
                                                   2004       Restated)
                                                -----------  -----------
<S>                                             <C>          <C>
          Deferred financing costs
                                                $   157,350  $         -
            Less Accumulated amortization            29,838            -
                                                -----------  -----------
            Deferred financing costs, net       $   127,512  $         -
                                                ===========  ===========
</TABLE>


                                       34
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003


Deferred  financing  costs  are being amortized over the term of the Convertible
Debentures,  which is three years.  Amortization of the deferred financing costs
for  the  year  ended December 31, 2004 amounted to $29,838 and is included as a
component  of  interest  expense.


NOTE 5- ACCRUED EXPENSES AND ACCOUNTS PAYABLE

The  Company's  accrued expense and accounts payable consist of the following as
of  December  31,  2004  and  2003  :

<TABLE>
<CAPTION>
                                                     2003
                                         2004     (Restated)
                                     -----------  -----------
<S>                                  <C>          <C>
          Accounts payable and
              accrued expenses       $   115,570  $    71,965
                                     ===========  ===========
</TABLE>

The  accrued expenses and accounts payable include operating expenses as well as
other  accruals relative to the year end concerned as well as sales tax payable.

NOTE 6 - PAYROLL TAXES PAYABLE

In  2003 the Company was negotiating with the United States Treasury Department,
Internal  Revenue  Service  ("IRS"),  with  respect to unpaid payroll taxes. The
Company  made  an  Offer  in  Compromise  to  the IRS and sought to have certain
penalties  and  related  interest expense abated.  Accounts and accrued expenses
payable  include  $40,000  in  2003 of interest and penalties due to the IRS for
late  filing  and  payment  of payroll taxes.   Interest expense  related to the
aforementioned  payroll  taxes  payable.   As  of December 31, 2004 and 2003 the
following  amounts  were  due  the  IRS  for  unpaid  payroll  taxes:

<TABLE>
<CAPTION>
                                                     2003
                                         2004     (Restated)
                                     -----------  -----------
<S>                                  <C>          <C>
                                     $   274,672  $   274,672
          Accrued payroll taxes                -  $   274,672
                                     ===========  ===========
</TABLE>

In the first two quarters of 2004, the Company paid all delinquent payroll taxes
due.  In  the third quarter, 2004 the Company began using a payroll service that
requires  direct  deposit  of  payroll  taxes.

NOTE 7 - DISCONTINUED LINE OF CREDIT PAYABLE

The  Company  had a line of credit with Citizens Trust Bank.  The line of credit
accrued  interest at 7.5% per annum. The Company defaulted on the line of credit
because  of  non-payment. The Company entered into a consent order with Citizens
Trust  Bank  for resolution and settlement that provides for the company to make
25 monthly payments in the amount of $2,000 each for a total of $50,000.  In the
first  quarter of 2004, the Company paid all amounts due on  the line of credit.


                                       35
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003


NOTE 8 - LOAN PAYABLE - OFFICER

The  loan  payable  to  the Company's current CEO plus former CEO consist of the
following  as  of  December  31,  2004,  2003  and  2002,  respectively:

<TABLE>
<CAPTION>
                                                               2003
                                                    2004    (Restated)
                                                  --------  -----------
<S>                                               <C>       <C>
               Demand note dated December 31,
                 2002 due to the Company's
                 President that accrues interest
                 at 10% per annum, beginning
                 January 1, 2003.                        -  $   570,476
               Accrued interest                          -       77,446
               Demand note dated December 31,
                 2003 due to the Company's
                 President that accrues interest
                 at 10% per annum, beginning
                 January 1, 2003.                  307,438      307,438
               Accrued interest                     57,412       26,668
                                                  --------  -----------
                                                  $364,850  $   982,028
                                                  ========  ===========
</TABLE>

The  demand  note dated December 31, 2002 plus interest accrued to the Company's
current  CEO  was  repaid  in  its  entirety  in 2004.  In 2004 interest expense
recorded  on  the  current  CEO's  loans  was  $21,690  on the 2002 note.   This
interest  was  paid.  In  addition, $30,744 was accrued on the 2003 note.  Total
interest  expense  on  officer notes amounted to $52,434 in 2004 and $104,114 in
2003.

NOTE 9 - CONVERTIBLE  DEBENTURES

In  June,  2004,  the  Company  completed  a  private  placement  of $325,000 in
principal amount of its three year 6% Convertible Debentures (the "Debentures").
The  Debentures are automatically convertible into the Company's common stock on
the third anniversary of the closing date.   The holders of the Debentures  have
the  right  to  convert  their  notes  plus  accrued interest into shares of the
Company's common stock at 70% of the lowest bid price (as reported by Bloomberg)
for  the  twenty  consecutive  trading  days  immediately  preceding the date of
conversion  The  Company  recorded  a  $139,038  discount,  which represents the
intrinsic  value of the beneficial conversion feature at the date the Debentures
were  issued.

In  July,  2004  the Company completed the placement of an additional $70,000 of
its  6%  Convertible  Debentures  under  the same terms as those issued in June,
2004.  The  Company  also  recorded  a  $30,000  discount,  which represents the
intrinsic  value of the beneficial conversion feature at the date the Debentures
were  issued.

The  intrinsic  value  of the beneficial conversion feature in each of the above
Debenture issuances is being amortized over the term of the Debentures, which is
three  years.  The  Company  recorded $29,298 of accretion during the year ended
December  31,  2004, which is included as a component of interest expense in the
accompanying  statement  of  operations.


                                       36
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   (NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

The  Debentures  are  redeemable  by  the  Company,  in whole or in part, at the
Company's  option,  at  120%  of  the  then  outstanding principal amount of the
Debentures.  If  the redemption occurs more than six (6) months from the date of
the  individual closings the redemption shall be set at 125%.  If the redemption
occurs  more  than  one (1) year from the date of individual closings the amount
will  be  set  at  131%.  The issuers shall give ten (10) days written notice of
intent  to  redeem  the  Debentures  in whole or in part, during which period no
conversions  shall  be  permitted.  The  outstanding  principal  balance  of the
Debentures  as  of  December  31,  2004  net  of their unamortized discount plus
accrued  interest  is  $364,850.

Accrued  interest  under the Debentures may be paid in cash or common stock upon
maturity  at  70%  of  the  then  fair market value.  In the event of an uncured
default,  the investor(s) may accelerate full repayment of the Debentures in the
amount  of  130%  of  the  then  outstanding  balance  plus  accrued  interest.

In  connection  with this private placement, the Company issued to the placement
agent 2,000,000 shares of common stock valued at $96,000 and incurred $61,350 of
other  debt  issuance  costs.  Such  amounts  are included in Deferred Financing
Costs  (NOTE  5).


NOTE 10 - INCOME TAXES

The  Company  has adopted Financial Accounting Standards No. 109, which requires
the  recognition  of deferred tax liabilities and assets for the expected future
tax  consequences  of events that have been included in the financial statements
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 taxable
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 $12,500,000 which expire through 2024, subject to limitations
of Section 382 of the Internal Revenue Code, as amended.  The deferred tax asset
related  to  the  carryforward  is  approximately  $4,400,000.  The  Company has
provided  a  valuation reserve against the full amount of the net operating loss
benefit,  since  in the opinion of management based upon the earnings history of
the  Company,  it  is  more likely than not that the benefits will not realized.

Components of deferred tax assets as of December 31, 2004 are as follows:

<TABLE>
<CAPTION>
          Non Current:
<S>                                               <C>
                 Net operating loss carryforward  $ 4,400,000
                 Valuation allowance               (4,400,000)
                                                  ------------
                 Net deferred tax asset           $         -
                                                  ============
</TABLE>


NOTE 11 - RELATED PARTY TRANSACTIONS

During  2004  the Company had the following related party transactions.  In 2002
the  Company's  current  CEO  loaned  the Company monies as described in Note 8.
This  promissory  note  plus  accrued interest was paid in its entirety in 2004.
Also  in  2003 the Company's current CEO loaned the Company monies in the amount
of  $307,438  as described in Note 8.  This loan payable to officer plus accrued
interest  was  outstanding  as  of  December  31,  2004.


                                       37
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003


Also  during the second quarter, 2003  the Company moved its offices to premises
owned and controlled by the Company's current President.    That arrangement was
terminated  in  the second quarter, 2004 when the Company moved to its operating
headquarters  in  San  Antonio,  Texas

NOTE 12 - CAPITAL STOCK AND WARRANTS

The Company is authorized to issue 800,000,000 shares of common stock with a par
value  of  $.001  per  share. As of December 31, 2004 the Company has issued and
outstanding  208,516,804  shares of common stock. The Company is also authorized
to  issue  100,000,000  shares  of preferred stock with a par value of $1.00 per
share.  There  are  no  preferred  shares  are outstanding at December 31, 2004.

Common stock transactions during the year ended December 31, 2003:

Common Stock issued to Officers, Directors and Employees
--------------------------------------------------------


In  2003  The Company issued 25,025,000 shares valued at $387,000 to its current
CEO  in  repayment  of  monies  he  had loaned to the Company.  The Company also
issued  3,071,438  shares  of  stock  to  a director for past services valued at
$43,001.

Company Stock Sold for Cash
---------------------------

In 2003 the Company sold 16,649,400 shares of common stock for $45,280.

Common stock transaction during the year ended December 31, 2004:

Common Stock issued to Officers, Directors and Employees
--------------------------------------------------------

During  the  year  ended  December 31, 2004 the Company issued 300,346 shares of
common stock valued at $9,250 to Board members in exchange for their services at
Company  Board  meetings.   In  September,  2004 the Company also issued 600,000
shares  of  restricted  common  stock  valued  at $18,600 to its chief executive
officer  for  his  services  in  lieu  of  a  bonus.

In  September, 2004 the Company issued 825,000 shares of restricted common stock
valued  at  $25,575  to  employees  as  a  bonus.


Common Stock and Common Stock Purchase Warrants Issued for Services
-------------------------------------------------------------------

In  exchange  for  compensation  consisting of 3,500,000 shares of the Company's
common  stock  valued  at $24,000 the Company entered into a one-year consulting
agreement  for  services  provided  during  2004.

In  June,  2004  the  company  issued 2,000,000 shares of common stock valued at
$96,000  to  the placement agent in connection with the sales of its convertible
debentures.


                                       38
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

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
non-employees  of  the  Company.  These  warrants  were  granted in lieu of cash
compensation  for  services  performed  or  financing  expenses.

<TABLE>
<CAPTION>
                       Warrants  Outstanding                      Warrants Exercisable
                       ---------------------                      --------------------
                                             Weighted
                                              Average
                              Number        Contractual          Number       Weighted Average
     Exercise              Outstanding      Life (Years)       Exercisable     Exercise Price
     --------              -----------      ------------       -----------     --------------
     prices:
     ------
<S>                     <C>               <C>               <C>                <C>
           $      .020         2,000,000               1.0          2,000,000  $            .020
           $      .015         1,000,000               1.0          1,000,000               .015
                        ----------------
                               3,000,000              12.0          3,000,000  $           .0175
                        ================  ================  =================  =================
</TABLE>

Transactions involving the Company's warrant issuance are summarized as follows:

<TABLE>
<CAPTION>
                                                            Weighted
                                          Number of         Average
                                            shares      Exercise Price
                                       ---------------  ---------------
<S>                                    <C>              <C>
     Outstanding at January 1, 2003                  -  $             -
     Granted                                         -                -
     Exercised                                       -                -
     Cancelled                                       -                -
                                       ---------------  ---------------
     Outstanding at December 31, 2003                -                -
     Granted                                 3,000,000            .0175
     Exercised                                       -                -
     Cancelled                                       -                -
                                       ---------------  ---------------
     Outstanding at December 31, 2004        3,000,000  $         .0175
                                       ===============  ===============
</TABLE>

The  estimated  value  of  the compensatory warrants granted to non-employees in
exchange  for  services  and  financing  expenses  was  determined  using  the
Black-Scholes  pricing  model  and the following assumptions: expected term of 1
year, a risk free interest rate of 1.875%, a dividend yield of 0% and volatility
of  40%.  The  amount  of  the  expense  charged  to operations for compensatory
warrants  granted  in  exchange for services was $ 35,000 and $0 during the year
ended  December  31,  2004  and  2003,  respectively

All  valuations  of  common stock and equity issued for services were based upon
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.


NOTE  13  -  DISCONTINUED  OPERATIONS

As  of  December  31,  2003  the  Company phased out of the satellite television
services  business.  Accordingly  the  satellite  television  service  segment's
results  have  been  accounted  for  as a discontinued operation and all periods
shown  have  been  restated  to  reflect  discontinued  operations  accounting.


                                       39
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

The  financial  statements reflect the operating results and balance sheet items
of  the  discontinued  operations  separately from continuing operations.  Prior
years have been restated.  Operating results for the discontinued operations for
the years ended December 31, 2004 and 2003 were:

<TABLE>
<CAPTION>
                                             2003
                                 2004     (Restated)
                              -----------  -----------
<S>                           <C>          <C>
                               ($908,963)   ($908,963)
               Revenues                -   $  451,675
               Expenses                -    1,360,638
                              ------------------------
                 Net (Loss)            -    ($908,963)
                              ===========  ===========
</TABLE>


NOTE 14 - EMPLOYEE STOCK INCENTIVE PLAN

In May, 2003 the Company established an employee stock incentive plan ("the 2003
Plan").  In  January,  2004 the Company established an additional employee stock
incentive  Plan  (the  "2004 Plan"). The Plans are intended to provide employees
who  make  significant contributions to the long-term growth of the Company with
equity-based compensation incentives. The 2004 Plan provisions are substantially
the  same  as  the  2003  Plan provisions except that the 2003 plan provided for
options  to  be  issued  to  officers.  The Company did not grant any options to
officers  in  2003.  In  2004  this  provision  was removed from the Plan. Stock
options  granted  to  employees under the Plans have exercise prices of not less
than  85% of the fair market value of the underlying common stock on the date of
grant.

The Company applies APB No. 25 and related interpretations in accounting for its
plans  and  options  granted  under  stock  option  agreements.  Accordingly,
compensation cost for options issued to employees is recognized for options that
are granted with exercise prices that are less than the fair market value of the
underlying  stock  at  the  date  of  grant.

During  the  year  ended  December 31, 2004, the Company granted an aggregate of
83,833,350  stock  options to employees with exercise prices ranging from 90% to
95%  of  the  fair  market  value of the underlying common stock.  The intrinsic
value  of these options, which amounted to $247,854, is included in compensatory
element of stock based compensation in the Company's statement of operations for
the  year ended December 31, 2004.  All employees who were granted stock options
under  the employee stock incentive plan elected to immediately exercise them in
cashless  exercise  transactions.    In  2003,  61,284,637  stock  options  were
granted  to employees with an exercise price ranging from 85% to 95% of the fair
market value of the stock.  The intrinsic value of these options, which amounted
to  $99,889,  is included in compensatory element of stock based compensation in
the  Company's  statement  of  operations  for the year ended December 31, 2003.

NOTE 15 - LOSSES  PER SHARE

Securities that could potentially dilute basic earnings per share ("EPS") in the
future that are not included in the computation of diluted EPS because to do so
would have been anti-dilutive for the periods presented consist of:

<TABLE>
<CAPTION>
<S>                                                       <C>
     Warrants to purchase common stock                     3,000,000
     Shares issuable upon conversion of 6%
           convertible debentures due December 31, 2007   46,818,966
                                                          ----------
           Total as of December 31, 2004                  49,818,966
                                                          ==========
</TABLE>


                                       40
<PAGE>
                 PLANETLINK COMMUNICATIONS, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           December 31, 2004 and 2003

NOTE 16 - COMMITMENTS, CONTINGENCIES AND OTHER MATTERS

Dispute with Former Chief Executive Officer
-------------------------------------------

     In  early 2004, we were notified by Kayode Aladesuyi ("Mr. Aladesuyi"), our
former  Chief Executive Officer and certain of his family members (collectively,
the  "Aladesuyi  Family"),  of  Mr.  Aladesuyi's  demand  for  payment of unpaid
salaries,  bonuses  and  unpaid  loans,  and interest thereon.  In addition, Mr.
Aladesuyi and his family demanded that we remove restrictive legends from shares
of  our  common  stock  previously  issued  to  them.

     We  responded to the Aladesuyi Family denying that we were indebted to them
for  any  amount,  and questioning the propriety and validity of their claims to
unrestricted  shares  and  compensation.  We  raised  the defenses of offset and
recoupment,  and  asserted  that certain actions and inactions by the Aladesuyis
caused  substantial  damage  to  us.

     On  October,  7,  2004, we filed a civil suit against the Aladesuyi family.
On December 29, 2004 a Final General Release and Settlement Agreement was signed
by  us  and  the  Aladesuyi  family, resolving the matter amicably to the mutual
satisfaction  of all parties.  The settlement did not involve the payment of any
money  or  other  compensation by us to the Aladesuyi family but includes mutual
confidentiality  covenants.  The  terms  of the settlement allowed the Aladesuyi
family  to sell their shares.  Each party was responsible for its own attorneys'
fees.

     As  of  this  report,  there are no other known threatened or pending legal
proceedings  against  us.

Office Rental
-------------

The  Company leases office space on a short term basis for its cooperate offices
in  San  Antonio,  Texas

Rental  expense  charged  to operations amounted to $11,517 and $0 for the years
ended  December  31,  2004  and  2003,  respectively.

NOTE  17  -  RESTATEMENT FROM 2003

As  noted  by  the Company's former certified public accountant in their opinion
letter  regarding  the  Company's 2003 financial statements (see page 19 of this
report),  the  Company's  financial  statements  were  restated  in 2003 for the
following  reasons:

Restatement of 2003 Financial Statements
----------------------------------------

In  conjunction  with reconciling the amount due to the current President of the
Company, as an officer for loans advanced by him to the Company, in anticipation
of  the  Company  paying  off  the  obligation  to him, as well as the Company's
preparation  for  the  issuance  of  the financial statements for the year ended
December  31,  2004,  management  discovered that loans received from him during
2003  were erroneously classified as revenue for that year. There was a total of
$307,  438 of such advances misclassified to revenue during the first and second
quarter  of the year ended December 31, 2003.  The Company also failed to accrue
interest  due  the  President on the above advances in the amount of $26,668 and
did  not  recognize  unreimbursed expenses paid directly by the President to its
vendors  in  the  amount  of  $22,375.

These  errors resulted in an understatement of the Company's previously reported
net  loss for the year ended December 31, 2003 of $356,481, of which $307,438 is
attributed to the previously reported revenue for that year being overstated and
operating  expenses  and  interest  expense  being  understated  by  $22,375 and
$26,668,  respectively.  In  addition,  these  errors  also  resulted  in  an
understatement  of previously reported total liabilities at December 31, 2003 by
$356,481  and  an  understatement  of accumulated deficit in the same amount. As
such,  the  officer's  loan  payable  as  now  reflected,  based  on this second
restatement of the financial statements for the year ended December 31, 2003, is
$307,438  higher  than  previously  reported,  and  accounts payable and accrued
expenses  are  $49,043  higher  than  previously  reported.


                                       41
<PAGE>
ITEM  8.     CHANGES  IN  AND  DISAGREEMENTS  WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL  DISCLOSURE.

     On  June 2, 2004, as reported on Form 8-K filed with the Commission on June
9, 2004, we dismissed our independent certifying accountant, Kahn Boyd Levychin,
LLP  ("Kahn  Boyd").

     Kahn Boyd's report on our financial statements for the year ended  December
31  2003 did not contain an adverse opinion or a disclaimer  of opinion, and was
not  qualified  or  modified  as  to  uncertainty,  audit  scope,  or accounting
principles,  except  that  Kahn  Boyd's report on Form 10-KSB for the year ended
December  31,  2003,  and Form 10-QSB for the period ended March 31, 2004 raised
substantial  doubt  about  our  ability  to  continue  as  a  going  concern.

     The  decision  to  change  accountants  was  recommended  by  our  board of
directors.

     During  the  two most recent fiscal years and any subsequent interim period
through  June  2, 2004 there have not been any disagreements between us and Kahn
Boyd  on  any  matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements, if not resolved
to  the satisfaction of Kahn Boyd, would have caused it to make reference to the
subject  matter  of  the  disagreements  in  connection  with its reports on the
financial  statements  for  such  periods.

     We  provided Kahn Boyd with a copy of our current report on Form 8-K before
its  filing  with  the  Commission  on  June  9, 2004. We requested Kahn Boyd to
furnish  us  with a letter addressed to the Commission stating whether it agreed
with  the  statements made by us in the June 9, 2004 current report and, if not,
stating  the  respects in which they did not agree. We filed Kahn Boyd 's letter
as  an  exhibit  to  our current report on Form 8-K filed with the Commission on
June  9,  2004.

     On  June  25,  2004  we  engaged  Marcum  &  Kliegman LLP, certified public
accountants,  ("Marcum  & Kliegman") as our independent accountants to report on
our  balance  sheet  as  of  December  31,  2004 and subsequent periods, and the
related  combined  statements of income, stockholders' equity and cash flows for
the years then ended.  The decision to appoint Marcum & Kliegman was approved by
our  board  of  directors.

     During  our  two most recent fiscal years and any subsequent interim period
prior  to the engagement of Marcum & Kliegman, neither the registrant nor anyone
on  our  behalf  consulted  with  Marcum  &  Kliegman  regarding  either (i) the
application  of  accounting  principles  to  a  specified  transaction,  either
contemplated or proposed, or the type of audit opinion that might be rendered on
our  financial  statements  or  (ii) any matter that was either the subject of a
"disagreement"  or  a  "reportable  event."

     On  February  2,  2005 Marcum & Kliegman resigned as our auditor of record.

     During  the  period  beginning  on  June  25,  2004,  the  date of Marcum &
Kliegman's  engagement  through  February  2,  2005  there  have  not  been  any
disagreements  between  us  and  Marcum  &  Kliegman on any matter of accounting
principles  or  practices,  financial statement disclosure, or auditing scope or
procedure,  which disagreements, if not resolved to the satisfaction of Marcum &
Kliegman,  would  have caused Marcum & Kliegman to make reference to the subject
matter  of  the  disagreements in connection with their reports on our financial
statements  for  such  periods.

     We  provided  Marcum  & Kliegman with a copy of our disclosures on Form 8-K
before its filing with the Commission on February 17, 2005.  We requested Marcum
&  Kliegman to furnish us with a letter stating whether Marcum & Kliegman agreed
with  the statements made by us in the June 9, 2004 current report.  We included
Kahn  Boyd's  letter  as an exhibit to our current report on Form 8-K filed with
the  Commission  on  February  17,  2005.

     Effective  February  22,  2005,  we  engaged  Russell  Bedford  Stefanou
Mirchandani, LLP ("Russell Bedford") as our independent accountants to report on
our  balance  sheet as of December 31, 2004, and the related combined statements
of  income,  stockholders'  equity  and cash flows for the years then ended. The
decision  to  appoint  Russell  Bedford  was approved by our Board of Directors.

     During  our  two most recent fiscal years and any subsequent interim period
prior  to the engagement of Russell Bedford, neither we nor anyone on our behalf
consulted  with  Russell  Bedford  regarding  either  (i)  the  application  of
accounting  principles  to  a  specified  transaction,  either  contemplated  or
proposed,  or  the  type  of  audit  opinion  that  might  be



                                       42
<PAGE>
rendered  on  our  financial  statements  or (ii) any matter that was either the
subject  of  a  "disagreement"  or  a  "reportable  event."

ITEM  8A.     CONTROLS AND PROCEDURES.

     Disclosure  controls  and procedures are controls and other procedures that
are  designed  to  ensure that information required to be disclosed by us in the
reports  that  we  file or submit under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities and
Exchange  Commission's  rules  and  forms.  Disclosure  controls  and procedures
include,  without  limitation,  controls  and procedures designed to ensure that
information required to be disclosed by us in the reports that we file under the
Exchange  Act  is  accumulated and communicated to our management, including our
principal  executive  and  financial  officers,  as  appropriate to allow timely
decisions  regarding  required  disclosure.

     Evaluation of disclosure and controls and procedures.  As of the end of the
period  covered  by  this  Annual  Report, we conducted an evaluation, under the
supervision  and with the participation of our chief executive officer and chief
financial  officer,  of  our  disclosure  controls and procedures (as defined in
Rules  13a-15(e)  of  the  Exchange  Act).  Based  on this evaluation, our chief
executive  officer  and  chief  financial  officer concluded that our disclosure
controls  and procedures are effective to ensure that information required to be
disclosed  by  us  in  reports  that we file or submit under the Exchange Act is
recorded,  processed,  summarized and reported within the time periods specified
in  Securities  and  Exchange  Commission  rules  and  forms.

     Changes in internal controls over financial reporting.  There was no change
in  our  internal  controls,  which  are included within disclosure controls and
procedures,  during  our  most  recently  completed  fiscal  quarter  that  has
materially  affected, or is reasonably likely to materially affect, our internal
controls.

ITEM  8B     OTHER INFORMATION.

     None.


                                    PART III

ITEM  9.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

     Our directors and executive officers are:

<TABLE>
<CAPTION>
NAME                         AGE                   POSITION                    DIRECTOR SINCE
----------------------       ---   -----------------------------------------   --------------
<S>                     <C>        <C>                                        <C>
M. Dewey Bain                54    president, director, treasurer, and chief       2002
                                                 executive officer

Harold Jackson, M.D.         43                      chairman                      2001

Melvin Williams, Ph.D.       51                      director                      2001

Darrell Carver               41                      director                      2001
</TABLE>

     Our  executive  officers  are  elected  annually by our board of directors.
There  are  no  family relationships among our directors and executive officers.

     M.  Dewey  Bain  was  elected  to our board of directors in August 2002 and
appointed president in October 2002.  In March 2003, Mr. Bain also was appointed
treasurer.  Prior  to  joining Planetlink, Mr. Bain was the principal partner of
Independent  Trust  Administrators.  Mr. Bain was a trial attorney for the Texas
Department  of Public Welfare and the City of San Antonio, Texas.  Mr. Bain also
served  in  the  Judge Advocate General Corps (J.A.G.) of the United States Army
Reserves  for  10 years.  Mr. Bain graduated from David Lipscomb College in 1971
with  a  Bachelor  of  Arts  degree  and earned his Juris Doctor degree from the
University  of  Texas in 1975.  Other than as noted above, Mr. Bain has not held
any  position  in  a  reporting  public  company  during  the  last  five years.


                                       43
<PAGE>
     Harold  Jackson,  M.D.  became  chairman  of Planetlink in March 2003.  Dr.
Jackson is a pulmonary and critical care physician.  During the past five years,
he  has been a partner with Southeastern Lung Care P. C. in Decatur and Conyers,
Georgia,  where  he  treats  patients suffering from asthma, emphysema and other
respiratory  ailments.  He has hospital affiliations with Dekalb Medical Center,
Rockdale Hospital, Decatur Hospital, Newton General Hospital and Emory Northlake
Regional  Medical  Center.  He  is  an independent speaker for Glaxo and various
other  pharmaceutical companies.  Other than as noted above, Mr. Jackson has not
held  any  position  in  a  reporting public company during the last five years.

     Melvin  Williams,  Ph.D.  graduated  with  a B.A. degree in psychology from
Emory  University  in 1975 and a M.S.W. degree from Atlanta University School of
Social  Work  in  1979.  In  1987,  Dr. Williams received his Ph.D. from Florida
State University.  At present, Dr. Williams serves as the Practice Administrator
and Chief Financial Officer for Greater Atlanta Women's Healthcare Associates, a
private  OB/GYN  group  practice  in  Atlanta.  Prior to joining Greater Atlanta
Women's  Healthcare  Associates,  Dr.  Williams served as practice consultant to
several  private  medical  practices.  He  is  a faculty member at Clark Atlanta
University.  He  has  published several professional articles and holds the rank
of Associate Professor at Moore House School of Business.  He is the director of
the  Undergraduate  Program  in  Social  Work  at Clark Atlanta University.  Dr.
Williams  has  and  is  currently  serving on several professional and community
advisory  boards  and is a member of numerous professional organizations.  Other
than  as  noted  above,  Dr.  Williams  has not held any position in a reporting
public  company  during  the  last  five  years.

     Darrell  Carver  graduated with a B.B.A. from Tennessee State University in
1985 and a J.D. from Howard University School of Law in 1990.  He is currently a
trial  attorney  with  Thomas, Means, Gillis & Seay.  His areas of concentration
are  medical  malpractice; catastrophic personal injury; nursing home negligence
and  abuse; class action and mass tort litigation; and general civil litigation.
In  1998, he formed Darrell T. Carver, P.C., Stone Mountain, Georgia.  His focus
areas  were civil and criminal litigation, personal injury, medical malpractice,
and  negligence.  He  was  previously employed as a trial attorney for Sharon W.
Ware  &  Associates.  He has served as an Assistant District Attorney for Fulton
County,  Georgia  and an associate attorney with Alston & Bird, LLP.  Mr. Carver
was  admitted  to  the  Georgia Bar, the U.S.  Court of Appeals for the Eleventh
Circuit,  the United States District Court for the Northern District of Georgia,
the  Georgia  Supreme  Court,  and  the Georgia Court of Appeals in 1991.  He is
currently  a member of the American Trial Lawyers Association, the Georgia Trial
Lawyers Association, the American Bar Association, the National Bar Association,
the  DeKalb  Bar  Association and the DeKalb Lawyers Association.  Other than as
noted  above, Mr. Carver has not held any position in a reporting public company
during  the  last  five  years.

SECTION  16(a)  BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

     Section  16(a)  of  the  Exchange  Act  requires  our  directors, executive
officers  and  persons who own more than 10 percent of a registered class of our
equity securities, file with the SEC initial reports of ownership and reports of
changes  in ownership of our equity securities.  Officers, directors and greater
than  10  percent stockholders are required by SEC regulation to furnish us with
copies  of  all  Section  16(a)  forms  they  file.

     Based solely upon a review of copies of such forms filed on Forms 3, 4, and
5,  we  are  aware  of  six persons who during the year ended December 31, 2004,
were  directors,  officers, or beneficial owners of more than ten percent of our
common  stock,  and  who  failed to file, on a timely basis, reports required by
Section 16(a) of the Securities Exchange Act of 1934 during such fiscal  year as
follows:

-    M.  Dewey Bain. Mr. Bain was an officer and director during the entire year
     2004.  Mr.  Bain failed to timely file a Form 4 for the year ended December
     31,  2004.

-    Darrell  Carver.  Mr.  Carver was an officer and director during the entire
     year  2004.  Mr.  Carver  failed to timely file a Form 4 for the year ended
     December  31,  2004.

-    Sharon  Cooper.  Ms.  Cooper  was  an officer since May 1, 2004. Ms. Cooper
     failed  to  timely  file  a  Form  4  for the year ended December 31, 2004.

-    Melvin Williams. Mr. Williams was an officer and director during the entire
     year  2004.  Mr. Williams failed to timely file a Form 4 for the year ended
     December  31,  2004.


                                       44
<PAGE>
COMMITTEES OF THE BOARD OF DIRECTORS

     Compensation  Committee.  Our  board  of  directors  has recently created a
compensation committee. However, no members to the committee have been appointed
and  the  committee  has not been formally organized. The compensation committee
will  make  recommendations  to  the  board of directors concerning salaries and
compensation  for  our  executive  officers  and employees.  Our board adopted a
written charter for the compensation committee. Since the compensation committee
has  been formed recently, there have been no meetings held or members appointed
at  the  time  of  this  Annual  Report.

     Audit  Committee.  Our  board  of  directors  has recently created an audit
committee  which will be directly responsible for the appointment, compensation,
and  oversight  of the work of any registered public accounting firm employed by
us (including resolution of disagreements between our management and the auditor
regarding financial disclosure) for the purpose of preparing or issuing an audit
report  or  related work.  The audit committee is comprised of the three outside
directors.  Our  board  adopted  a written charter for the audit committee.  The
audit  committee will review and evaluate our internal control functions.  Since
the  audit  committee has been formed recently, there have been no meetings held
or  members  appointed  at  the  time  of  this  Annual  Report.

     The  members  of  the  audit committee will be independent as defined under
Rule  4200(a)(15)  of  the  NASD's  listing  standards.

     Executive  Committee.  We  do not have an executive committee, although our
board  of  directors  is  authorized  to  create  one.

     Nominating  Committee.  Our  board  of  directors  has  recently  created a
nominating  committee.  No  meetings  have  been held or members appointed.  The
functions  to  be  performed  by  the  nominating  committee  include  selecting
candidates  to fill vacancies on the board of directors, reviewing the structure
and  composition  of  the  board,  and  considering qualifications requisite for
continuing  board  service.  The  nominating  committee will consider candidates
recommended  by  any  of our stockholders.  Any such recommendation for the 2005
Annual  Meeting of Shareholders should be provided to our corporate secretary by
March  31,  2005.

     The  policies  and  procedures  with  respect  to the consideration of such
candidates  are  set  forth  below.

     The  recommended candidate is to be submitted to us in writing addressed to
our principal offices in Rancho Cucamonga, California.  The recommendation is to
be  submitted by the date specified in Rule 14a-8 of the Securities Exchange Act
of  1934,  as amended for submitting shareholder proposals to be included in the
Company's  annual  shareholders'  meeting  proxy  statement.

     The  recommendation  shall  be  in  writing and shall include the following
information:  name  of candidate; address, phone, and fax number of candidate; a
statement  signed  by  the  candidate certifying that the candidate wishes to be
considered  for nomination to our board of directors; and information responsive
to  the  requirements of Regulation S-K, Item 401 with respect to the candidate;
and state the number of shares of our stock beneficially owned by the candidate.
The  recommendation shall include a written statement of the candidate as to why
the  candidate  believes  that  he meets the director qualification criteria and
would  otherwise  be  a  valuable  addition  to  our  board  of  directors.

     The  nominating  committee  shall  evaluate  the  recommended candidate and
shall, after consideration of the candidate after taking account of the director
qualification criteria set forth below, determine whether or not to proceed with
the  candidate  in  accordance  with  the procedures outlined under "Process for
Identifying  Candidates"  below.

     These  procedures do not create a contract between us, on the one hand, and
our  security holder(s) or a candidate recommended by our security holder(s), on
the  other  hand.  We  reserve the right to change these procedures at any time,
consistent  with  the  requirements of applicable law and rules and regulations.

     Director Qualifications Criteria. A majority of the board of directors must
be  "independent"  in accordance with NASDAQ, the Exchange Act and SEC rules and
regulations.  As  minimum qualifications, all candidates must have the following
characteristics:

-    The  highest  personal  and  professional  ethics,  integrity  and  values;


                                       45
<PAGE>
-    Broad-based  skills  and experience at an executive, policy-making level in
     business,  academia,  government  or  technology  areas  relevant  to  our
     activities;

-    A  willingness  to devote sufficient time to become knowledgeable about our
     business  and  to  carry  out  his duties and responsibilities effectively;

-    A commitment to serve on the board for two years or more at the time of his
     initial  election;  and

-    Be  between  the  ages  of  30 and 70, at the time of his initial election.

     Process  for  Identifying  and  Evaluating  Candidates.  The  nominating
committee's  process  for  identifying  and  evaluating  candidates  is:

-    The chairman of the board, the nominating committee, or other board members
     identify the need to add new members to the board with specific criteria or
     to  fill  a  vacancy  on  the  board;

-    The  chair  of  the  nominating  committee initiates a search, working with
     staff  support  and  seeking input from the members of the board and senior
     management,  and  hiring  a  search  firm,  if  necessary;

-    The  nominating  committee  identifies  an  initial  slate  of  candidates,
     including  any  recommended  by  security  holders  and  accepted  by  the
     nominating  committee,  after taking account of the director qualifications
     criteria  set  forth  above;

-    The nominating committee determines if any board members have contacts with
     identified  candidates  and  if  necessary,  uses  a  search  firm;

-    The  chairman  of  the  board, the chief executive officer and at least one
     member  of  the  nominating  committee  interview prospective candidate(s);

-    The  nominating  committee  keeps  the  board  informed  of  the  selection
     progress;

-    The  nominating committee meets to consider and approve final candidate(s);
     and

     The  nominating  committee  presents selected candidate(s) to the board and
seeks  full  board  endorsement  of  such  candidate(s).

COMPENSATION OF DIRECTORS

     We  pay  directors who are not also our employees a fee of $250 per regular
board  meeting,  $250  per  emergency  board  meeting, $250 per telephonic board
meeting  with  quorum,  $250  per  committee meeting, and $250 per stockholders'
meeting.  We  reimburse  all of our directors for expenses incurred in attending
board  meetings

     At  the Board of Directors meeting held on January 6, 2005 a resolution was
passed  stating that outside directors will be paid for attendance to each Board
meeting  whether  in  person  or by teleconference $1,000.00.  Each director may
elect to receive payment in the form of stock at the closing price for the Board
meeting  date,  money  or  a  combination  of  both.

CODE OF ETHICS

     We  have  adopted  a code of ethics that applies to our principal executive
officer,  principal  financial  officer,  principal  accounting  officer  or
controller,  or  persons  performing  similar  functions.  The code of ethics is
designed  to  deter  wrongdoing  and  to  promote:

-    Honest  and  ethical  conduct,  including the ethical handling of actual or
     apparent  conflicts  of  interest  between  personal  and  professional
     relationships;


                                       46
<PAGE>
-    Full,  fair, accurate, timely, and understandable disclosure in reports and
     documents  that  we  file  with, or submits to, the SEC and in other public
     communications  made  by  us;

-    Compliance  with  applicable  governmental  laws,  rules  and  regulations;

-    The  prompt  internal reporting of violations of the code to an appropriate
     person  or  persons  identified  in  the  code;  and

-    Accountability  for  adherence  to  the  code.

     A  copy  of  our  code  of  ethics  that applies to our principal executive
officer,  principal  financial  officer,  principal  accounting  officer  or
controller,  or  persons performing similar functions was attached as an exhibit
to  our amended Annual Report for the fiscal year ended December 31, 2003, filed
with  the  Commission on February 28, 2005. We have posted a copy of the code of
ethics  on  our  website  at  www.planettraks.com

     We  will  provide to any person without charge, upon request, a copy of our
code  of ethics.  Any such request should be directed to our corporate secretary
at  1415  Bookhout  Drive,  Cumming,  Georgia  30041,  telephone (678) 455-7075.

ITEM 10.     EXECUTIVE COMPENSATION.

SUMMARY OF CASH AND CERTAIN OTHER COMPENSATION

     The  compensation  program for executives at the Company can consist of the
following  three  elements:

-    A base salary,

-    A performance bonus, and

-    Periodic grants and/or options of our common stock.

     BASE  SALARY.  THE  CHIEF  EXECUTIVE OFFICER AND ALL OTHER SENIOR EXECUTIVE
OFFICERS  RECEIVE  A  BASE  SALARY BASED ON SUCH FACTORS AS COMPETITIVE INDUSTRY
SALARIES,  A  SUBJECTIVE  ASSESSMENT  OF  THE CONTRIBUTION AND EXPERIENCE OF THE
OFFICER,  AND  THE  SPECIFIC  RECOMMENDATION  BY THE CHIEF EXECUTIVE OFFICER The
following table provides certain summary information concerning the compensation
earned  by  the  named  executive officers (determined as of the end of the last
fiscal  year)  for  services  rendered  in  all  capacities  to  Planetlink
Communications,  Inc.  for  the  fiscal  years ended December 31, 2002, 2003 and
2004.

<TABLE>
<CAPTION>
                                                           ANNUAL COMPENSATION
                                              -------------------------------------------------
                                                                                 OTHER ANNUAL
NAME AND PRINCIPAL POSITION        YEAR          SALARY ($)       BONUS ($)     COMPENSATION($)
-----------------------------------------------------------------------------------------------
<S>                          <C>              <C>              <C>              <C>
Harold D. Jackson,                      2002              -0-              -0-              -0-

Chairman                                2003           12,000              -0-              -0-

                                        2004           12,000              -0-              -0-

-----------------------------------------------------------------------------------------------
M. Dewey Bain,                          2002              -0-              -0-              -0-

President                               2003           80,106              -0-              -0-

                                        2004          240,000              -0-           18,600
-----------------------------------------------------------------------------------------------
</TABLE>

     The  president of the company was awarded 600,000 shares of stock valued at
$18,600  for  his  service  to  the  company.


                                       47
<PAGE>
     Performance  Bonus.  A  portion of each officer's total annual compensation
is  in  the form of a bonus.  All bonus payments to officers must be approved by
the  compensation  committee  based  on the individual officer's performance and
company  performance.  For  fiscal 2004 no bonus compensation was paid to any of
our  executive  officers.

     Stock  Incentive.  Stock options are granted to executive officers based on
their positions and individual performance.  Stock options provide incentive for
the  creation  of  stockholder value over the long term and aid significantly in
the recruitment and retention of executive officers.  The compensation committee
considers  the  recommendations  of the chief executive officer for stock option
grants  to  executive  officers  (other  than  the  chief executive officer) and
approves, disapproves or modifies such recommendation.  For fiscal 2004 no stock
option  grants  were  granted   to  any  of  our  executive  officers.

EMPLOYMENT AGREEMENTS

     We do not have employment agreements with any of our employees.

ITEM  11.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED  STOCKHOLDER  MATTERS.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The  following  table  sets  forth,  as  of December 31,, 2004, information
concerning  ownership  of  our  securities  by:

-    Each person who owns beneficially more than five percent of the outstanding
     shares  of  our  common  stock;

-    Each  director;

-    Each  named  executive  officer;  and

-    All  directors  and  officers  as  a  group.

<TABLE>
<CAPTION>
                                               SHARES BENEFICIALLY OWNED (2)
                                               -----------------------------
           NAME OF BENEFICIAL OWNER (1)            NUMBER         PERCENT
           ----------------------------        --------------  -------------
<S>                                            <C>             <C>
     Harold D. Jackson                              5,423,655          2.28%
     M. Dewey Bain                                 25,922,393         10.91%
     Darrell Carver                                 1,064,393          0.03%
     Sharon Cooper                                    310,000          0.13%
     Melvin Williams                                  140,408          0.06%
     TOTALS                                        32,860,849         13.41%
</TABLE>

________
*     Less  than  one  percent.
(1)  Unless  otherwise  indicated, the address for each of these stockholders is
     c/o  Planetlink Communications, Inc., 1415 Bookhout Drive, Cumming, Georgia
     30041Also, unless otherwise indicated, each person named in the table above
     has  the sole voting and investment power with respect to his shares of our
     common  stock  beneficially  owned.
(2)  Beneficial ownership is determined in accordance with the rules of the SEC.

     There  are no arrangements, known to us, including any pledge by any person
of  our  securities, the operation of which may at a subsequent date result in a
change  in  control  of  Planetlink  Communications,  Inc.

     There  are  no  arrangements  or  understandings  among members of both the
former  and the new control groups and their associates with respect to election
of  directors  or  other  matters.

ITEM  12.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     The  Company,  during 2003, awarded  25 million shares of stock to M. Dewey
Bain,  President  and  Treasurer,  to  reduce the amount of the note owed by the
Company  to  M.  Dewey  BainAs  of December 31, 2004, the Company owes M. Dewey
Bain,  President  and  Treasurer,  $364,850 including accrued interest as a note
payable.  The  terms  and  analysis  of  the note are discussed in NOTE 9 of the
financial  statements  which  are  made  a  part  of  this  document.


                                       48
<PAGE>
     In  2003  the  Company's  principal  office was moved to premises owned and
controlled  by  its current CEO.  In 2004 the Company moved its principal office
to  10715  Gulfdale  Suite  285,  San Antonio, Texas, a leased space.  This move
concluded  the  use  of  office  space  owned and controlled by the current CEO

     There are no other related party transactions

ITEM 13.     EXHIBITS.

<TABLE>
<CAPTION>
EXHIBIT                 IDENTIFICATION OF EXHIBIT
-------                 -------------------------
  NO.
  ---
<S>      <C>
  3.1*   Articles  of  Incorporation  (filed as Exhibit 3(ii) to the Registration Statement on Form 10-SB/12g,  filed
         on October 12, 2000 and incorporated herein by reference)
  3.2*   Articles of Amendment to the Articles of Incorporation
  3.3*   By-laws  (filed  as  Exhibit  3(i)  to  the  Registration  Statement on Form 10-SB/12g, filed on October 12,
         2000 and incorporated herein by reference)
   14*   Code of Ethics
 31.1**  Certification  of  M. Dewey Bain, Chief Executive Officer and Chief Financial Officer of Planetlink
         Communications, Inc., pursuant to 18 U.S.C.  1350, as adopted pursuant to  302 of the Sarbanes-Oxley
         Act of 2002.
 32.1**  Certification of M. Dewey Bain, Chief Executive Officer and Chief Financial Officer of Planetlink
         Communications, Inc., pursuant to 18 U.S.C.  1350, as adopted pursuant to  906 of the Sarbanes-Oxley
         Act of 2002.
</TABLE>
----------
*    Previously Filed
**   Filed Herewith

ITEM 14.     PRINCIPAL ACCOUNTANT FEES AND SERVICES.

AUDIT FEES

     The  aggregate fees billed by Russell Bedford Stefanou Mirchandani, LLP for
professional  services rendered for the audit of our annual financial statements
for  fiscal  year  ended  December  31,  2004  were  $$37,500

     The  aggregate  fees  billed  by  Kahn  Boyd Levychin, LLP for professional
services  rendered  for  the audit of our annual financial statements for fiscal
year  ended  December 31, 2003 were $19,610.  In 2004 the company also paid Kahn
Boyd  Levychin,  LLP  $22,575  for  the restatement of  the certified audits for
December  31, 2003, 2002 and 2001 and the restatement of the quarter ended March
31,  2004  which  were  filed  in  2004.

     The  aggregate  fees  billed  by  Marcum  &  Kliegman, LLP for professional
services  rendered  in  connection  with  the  review of the quarterly financial
statements  for  the  quarters  ended  June  30, 2004 and September 30, 2004 was
$50,000.

AUDIT-RELATED FEES

     There  were  no  aggregate audit-related fees billed by Kahn Boyd Levychin,
LLP,  Marcum  &  Kliegman  or  Russell  Bedford  Stefanou  Mirchandani,, LLP for
professional  services rendered for the audit of our annual financial statements
for  fiscal  years  ended  December  31,  2004  and  2003.

ALL OTHER FEES

     There  were  no  other  fees  billed  by  Kahn Boyd Levychin, LLP, Marcum &
Kliegman  or Russell Bedford Stefanou Mirchandani, LLP for professional services
rendered,  other  than  as  stated  under the captions Audit Fees, Audit-Related
Fees,  and  Tax  Fees.


                                       49
<PAGE>
                                   SIGNATURES

     In  accordance  with  Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this Annual Report to be signed
on  its  behalf  by  the  undersigned,  thereunto  duly  authorized.

                                            PLANETLINK COMMUNICATIONS, INC.

Date: March 31, 2005.
                                            By /s/ M. Dewey Bain
                                               --------------------------
                                               M.  Dewey  Bain,
                                               Chief Executive Officer and
                                               Chief Financial Officer


                                       50
<PAGE>