SECURITIES
      AND EXCHANGE COMMISSION


WASHINGTON,
      D.C. 20549





FORM
      10-KSB





(Mark
      One)





X
            Annual
                report under section 13 or 15(d) of the Securities Exchange Act of
                1934
                for the fiscal year ended May 31,
                2007.





___
            Transition
                report under section 13 or 15(d) of the Securities Exchange Act of
                1934
                for the transition period from ___________ to
                ___________.





Commission
      File Number:  **000-52630**








**GLOBAL
      INK SUPPLY COMPANY**


(Exact
      Name of Issuer as Specified in Its Charter)





**Delaware**
            **4813**
            **------**State
                of Incorporation
            Primary
                Standard Industrial
              Classification
                Code Number
            I.R.S.
                Employer Identification
              No.





**346
      East 8th
      Street**


**North
      Vancouver, BC**


**Canada,
      V7L1Z3**


**(604)990-9924**


(Address
      and Telephone Number of Issuer's Principal Executive Offices)





**American
      Incorporators, LTD**


**Suite
      606, 1220 North Market Street**


**Wilmington,
      DE 19801**


**(302)
      421-5752**


(Name,
      Address, and Telephone Number of Agent for Service)





Securities
      registered under Section 12(b) of the Exchange Act:





Securities
      registered under Section 12(g) of the Exchange Act:





$0.0001


(Title
      of
      Class)





Check
      whether the issuer is not required to file reports pursuant to Section 13 or
      15(d) of the Exchange Act. ___





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 12 months (or for such shorter period that the registrant was required
      to file such reports), and (2) has been subject to such filing requirements
      for
      the past 90 days.    Yes  X    No ___.














Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this form, and no disclosure will be contained,
      to
      the best of the 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





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange).  YESX   NO
      ___





Issuer’s
      revenues for fiscal year 2007 -- $5,486





The
      estimated aggregate market values of the voting and non-voting common equity
      held by non-affiliates computed by reference to the most recent sale of the
      Company’s common stock sold via the Company’s Registration Statement filed on
      Form SB-2 deemed effective October 12, 2006 offering of the common equity was
      $57,000 on August 28, 2007.





Indicate
      the number of shares outstanding of each of the issuer's classes of common
      stock
      at the latest practicable date. As of August 28, 2007 the registrant had
      7,850,000 shares of common stock, $0.0001 par value, issued and
      outstanding.





Transitional
      Small Business Disclosure Format (Check one):   YES
      __   NO  X.






























































ii





**TABLE
      OF CONTENTS**








Statement
                Regarding Forward-Looking Information
            1**PART
                I**
            1Item
                1.
            Description
                of Business
            1Item
                2.
            Description
                of Property
            5Item
                3.
            Legal
                Proceedings
            5Item
                4.
            Submission
                of Matters to a Vote of Security Holders
            6**PART
                II**
            6Item
                5.
            Market
                for the Registrant's Common Equity And Related Stockholder
                Matters
            6Item
                6.
            Management's
                Discussion and Analysis of Financial Condition and Results of
                Operations
            7Item
                7.
            Financial
                Statements
            F-1Item
                8.
            Changes
                in and Disagreements on Accounting and Financial
                Disclosures
            10Item
                8A.
            Controls
                and Procedures
            10Item
                8B.
            Other
                Information
            11**PART
                III**
            11Item
                9.
            Directors
                and Executive Officers of the Registrant
            11Item
                10.
            Executive
                Compensation
            12Item
                11.
            Security
                Ownership of Certain Beneficial Owners and Management
            13Item
                12.
            Certain
                Relationships and Related Transactions
            13Item
                13.
            Exhibits
                and Reports on Form 8K
            13Item
                14.
            Principal
                Accounting Fees and Services
            14

















iii





**THIS
      REPORT CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES
      SUCH AS THE DEPENDENCE OF THE COMPANY ON AND THE ADEQUACY OF CASH FLOWS. THESE
      FORWARD-LOOKING STATEMENTS AND OTHER STATEMENTS MADE ELSEWHERE IN THIS REPORT
      ARE MADE IN RELIANCE ON THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
      1995.**





**PART
      I**





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





**General**





Global
      Ink Supply Company was incorporated on November 4, 2004 in the State of
      Delaware. GISC is a development stage company that plans to sell generic printer
      cartridges and other consumables directly to the commercial marketplace,
      individual consumers. The Company plans to develop and market an e-commerce
      enabled website which will attract prospective clientele and distribution
      partners. The Company’s mailing address is 346 East 8th Street,
      North
      Vancouver, BC Canada V7L 1Z3. The telephone number of our principal executive
      office is (604) 990-9924.




**Overview
      - Ink Printer Cartridge and Toner Market**




Management
      believes the ink printer cartridge and toner market is synonymous to the
      personal hygiene shaving products market. For example, a razor manufacturer’s
      primary profits come from the sale of replacement blades for the specific razor
      product; whereas printer manufacturers make their primary profit on ink and
      toner cartridge replacements for the specific printer they generally sell at
      very narrow profit margins. Generally replacement ink cartridges and toners
      are
      expensive no matter the manufacturer of the printer; as such management has
      identified a potential market opportunity to offer replacement cartridges and
      toners through the Internet medium at discount prices to the
      consumer.




Current
      market estimates put the consumables business at 90 percent of the more than
      $31
      billion annual global printer market. With shipments of digital copiers and
      printers projected to reach 4.31 million units in 2006, management believes
      the
      installed base is swelling at a tremendous rate, thereby creating a potential
      huge and growing market for consumable ink printer cartridges and
      toners.




The
      ink
      printer cartridge and toner market is well established with two primary segments
      in the marketplace (corporate and individual consumer). Within those two markets
      there are two tiers of organizations, name brand and generic manufacturers.
      GISC
      plans to market generic products to both of these primary segments within the
      industry. Name-brand companies such as Hewlett Packard, Canon, Epson and others
      dominate the name brand marketplace sales of ink cartridges and toners. However,
      according to Lyra Research, in the past five years the share of
      generic/remanufactured printer cartridges in the cartridge market rose from
      14%
      to 17%. Lyra expects the share of remanufactured printer cartridges to rise
      to
      24% by 2008 and that by 2008, 24% of consumables will be generic. Based upon
      the
      current pricing structure within the name brand ink cartridges and toners
      management believes that the offering of inexpensive and reliable generic
      cartridges and toners will be increasingly popular. The Company plans to profit
      by selling generic printer cartridges and toners through its website
      (www.globalinksupply.com). Through the use of our proposed website and a
      targeted approach, GISC feels that an opportunity exists to create a sizeable
      business.





GISC
      has
      not incurred any significant research and development costs, and therefore
      does
      not expect to pass any such costs on to our prospective customers. At this
      time
      government approval is not necessary for our business, and GISC is unaware
      of
      any significant government regulations that may impact its proposed business
      within the e-commerce marketplace.








1





**Internet
      Industry**





The
      distribution of products over the Internet is one of the fastest growing
      business segments in the world. Management believes that with the proper
      marketing campaign, GISC’s e-commerce enabled website can develop into a
      profitable business selling generic ink printer cartridges and
      toners.





**Marketing
      and Strategy**





**Target
      Market**





While
      the
      market for generic ink printer cartridges and toners is large and competitive,
      management believes it has identified potential target market for its product
      offering. The primary target market identified is the individual consumer and
      businesses as well as membership bases of computer user groups and other
      associations globally.




Specifically,
      various computer user groups and associations in North America alone number
      in
      excess of 45,000 clubs with a combined membership base of more than 1,000,000
      people. Lists of these members that can be easily targeted have been identified
      at (www.marketingsource.com.)





Management
      believes this group of individuals is ideal targets to not only purchase its
      products, but to successfully market its products for a variety of
      reasons:





1.
            As
                members of a user group or association they are often provided attractive
                offers for their members. As such, the offer we are able to provide
                reliable and cost competitive printer cartridges and
                accessories;





2.
            A
                large percentage have a need for the products since many are active
                computer users/owners and know other users/owners as well;
                and








3.
            Association
                members and user group members by definition are happy to assist
                and
                inform other people (and not necessarily user group members) of valuable
                products and services.





Based
      upon these factors management believes that computer user groups and
      associations would be a valuable and cost effective method for the distribution
      and sales of generic ink cartridges and toners. Through this wholesale type
      approach, the user group members will be able to purchase bulk packages of
      cartridges and accessories that they can sell to both their friends and
      corporate contacts that they may have. In effect, becoming independent sales
      agents and creating a network of customers, of who if interested that can also
      become sales agents as well. This model has seen great success with companies
      such as Amway, Qixtar, Regal and others.





Furthermore,
      as part of the expansion plan, GISC has plans to develop a volume based,
      decreasing pricing model to incentive to customers who buy large wholesale
      amounts for resale to their network of friends and associates. Management
      believes by taking this approach it will minimize the costs associated with
      marketing, specifically expenses related to sales personnel.











2





**Marketing**





GISC
      is
      currently in the process of developing an Internet website with full electronic
      commerce capabilities and functionality to assist the network of independent
      sales agents. The website’s address is www.globalinksupply.com. GISC plans to
      market its website by developing a network of independent sales representatives,
      which will primarily be reliant upon “word of mouth” and referral dynamics of
      the user group and association members. GISC cannot provide any assurance that
      association membership marketing will be effective for its proposed business
      operations.





It
      is
      important to note that GISC has not yet fully developed its website and there
      can be no assurance that GISC will be able to implement any marketing campaigns
      and strategies successfully if and when the website becomes
      functional.





The
      Company also anticipates listing its website with search engines (target lists)
      in order to expose its site to individuals and business that may become
      potential customers for the Company as well as to individuals whom may be
      interested in becoming an affiliate sales representative for GISC.





In
      addition to targeted lists, management plans to utilize targeted e-mail
      announcements, industry forums and corporate blogs with information about GISC
      products that can be sent to individual association members who have expressed
      an interest in receiving information regarding our generic printer cartridges
      and accessories. The advantage of this method is that individuals have
      voluntarily signed up to receive e-mail messages about specific topics and
      are
      thereby more likely to read them. Response rates ranging from 1% to 5% are
      expected with targeted e-mails. GISC plans to strive to maintain a clean
      corporate image by practicing proper “etiquette” when sending e-mail messages.
      In order to differentiate between e-mail messages that are voluntarily requested
      and true “spamming” from unwelcome sources, GISC plans to only send targeted
      e-mail to those individuals who have voluntarily requested to receive such
      announcements, and always give the participants the option to remove themselves
      from the e-mail lists obtained from a third party source or compiled internally
      through GISC proposed website.





**Products**





GISC
      does
      not manufacture or design any products. Rather GISC plans to distribute products
      via its proposed internet site and in turn develop a network of independent
      sales agents from user groups and associations to sell its ink printer
      cartridges and toners. The website itself will be structured to host a
      comprehensive catalog from which these individuals can research, place orders
      and talk with others about the various ink printer cartridges and
      toners.





GISC
      has
      secured the domain name www.globalinksupply.com and has begun to plan the
      initial development of its website. Investors must be aware that as of the
      date
      of this annual report the website is not complete and is not capable of
      generating any revenues or acting as a tool for any affiliate sales
      agent.





Global
      Ink plans the completed website to have multiple product lines that the
      independent agents can readily navigate through and provide them with
      appropriate product information, sales support and service. Each of the product
      lines will display specific products such as cartridges for different printers
      and ink for different recycled cartridges.





Global
      Ink can make no guarantees or assurances that it will accomplish its goals
      within the dates specified. Moreover, management has no current plan to
      substitute any additional products or services except those described herein
      (generic printer cartridges and accessories). No guarantee or assurance can
      be
      made that GISC’s proposed business model will be effective in distributing these
      products.







3





The
      website will be designed to meet Global Inks’ strategy of providing a broad
      selection of generic printer cartridges and accessories from multiple
      manufactures and distributors giving independent agents the following
      benefits:





ü
            Compelling
                Merchandise. A large selection of desirable products,
                within


the
      generic printer cartridge and accessory industry.





ü
            Competitive
                Pricing. By providing a broad selection of generic printer cartridges
                and accessories for bulk purchase, the site will provide interested
                parties with relevant information and competitive pricing. In order
                to
                maintain competitive pricing, Global Ink plans to monitor the
                competition’s pricing schemes and respond quickly to any changes by the
                competition by adjusting it’s pricing to be competitive within the
                marketplace. Global Ink will have to apportion time to accomplish
                this
                while attempting to keep costs of doing business at a
                minimum.  There can be no assurance Global Ink will be able to
                maintain it goal of competitive pricing; if it fails to do so the
                proposed
                business would suffer materially.





ü
            Business.
                With very little money and flexible terms, GISC is providing independent
                sales representatives the ability to create a business with a recurring
                revenue stream (as sales representatives customers use the products,
                they
                will require more)





ü
            Convenience.
                Through the website, Global Ink will be able to supply generic printer
                cartridges and accessories to the buyer in a convenient
                way.





ü
            Buyers
                will not need not travel to fixed locations during limited hours
                to
                purchase items. The website will enable them to browse, order, and
                purchase 24 hours a day and 7 days a
                week.





ü
            Customer
                Service.On the website, GISC plans to have links labeled
                as “Customer Service” or “Questions about this Product?” where buyers can
                e-mail any question that they may have. GISC plans to readily respond
                to
                the questions via e-mail and if necessary follow-up with a telephone
                call.
                As the business develops GISC will be required to hire additional
                personal
                to ensure quick response to customers. If GISC is unable top provide
                quality customer service it would materially impair the growth of
                the
                business.





GISC
      believes it will have an advantage with the current competition by developing
      effective relationships with its clientele. Management believes this can be
      accomplished by combining the above benefits with consistently quality customer
      service. However, competitors may prove to be too dominating and prevent Global
      Ink from ever establishing these relationships, as Global Ink is currently
      a
      development stage business with no proven track record.





Potential
      investors should realize that as of the date of this annual report, GISC is
      currently in the process of developing the Internet website and at this time
      it
      is not fully operational.





Even
      if
      GISC is successful in developing and ultimately launching its proposed website
      (www.globalinksupply.com)**,** its future success will be dependent
      on several critical factors including, but not limited to, successfully raising
      of capital, market acceptance, and management’s continued focus on the
      development of the business.





Once
      the
      website is fully operational, GISC plans to obtain a small amount of inventory
      for the cartridges and accessories displayed on the website. In order to do
      so
      the Company will have to apply for credit status with the suppliers of the
      generic printer cartridges and accessories. At this time no credit status
      application has been filed with any supplier. Management believes that once
      the
      website is operational, suppliers will be willing to provide credit status
      to
      GISC; however, there can be no assurance or guarantee that this will be the
      case.








4





If
      GISC
      is successfully in obtaining inventory, commercial space will be required to
      store the products (see “Description of Property below.) GISC plans to provide
      various options for shipping the product to customers including FEDEX and the
      traditional Postal Service. Global Ink anticipates passing the cost of shipping
      directly to the customer.





GISC
      believes by providing a broad selection of quality products along with detailed
      information about the products through its proposed website, it will be able
      to
      compete within the growing marketplace for generic printer cartridges and
      accessories.





**Current
      Market Conditions**





Management
      believes that the Internet as a medium for conducting business will continue
      to
      grow and will have a positive impact on its offerings. Management believes
      that
      the significant growth of companies already selling cartridges and accessories
      is a strong indication of the current and future demand. However, There can
      be
      no assurance that the Company is correct in its diagnosis of the future market
      of generic printer cartridges and accessories and as such each potential
      investor should conduct his/her own research of this marketplace.





GISC
      has
      no employees. Presently, David Wolstenholme, officer/director, plans to devote
      approximately a minimum of 12 -15 hours per month, on the business.





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





GISC’s
      principle address is 346 East 8th Street,
      North
      Vancouver BC V7L1Z3 Canada. Mr. Wolstenholme, Officer/Director, is currently
      providing his home office for GISC’s office and mailing address. Mr.
      Wolstenholme plans to continue to contribute this office space at no cost to
      the
      Company until such a time that the Company begins operations. The telephone
      number is 604-990-9924.





GISC
      believes the property arrangement satisfies the Company’s current needs and will
      be adequate up to the point that GISC begins operations, which is currently
      estimated to be at the end of the second quarter of 2006 at which point it
      may
      be required to rent or lease commercial property that is capable of providing
      adequate storage and office space. Management anticipates rent on a per month
      basis for adequate commercial space will cost GISC approximately $1,500. This
      estimate is based upon local commercial spaces with approximately 2,000 -3,000
      square feet of storage capability and 500 to 1,000 square feet of office space.
      However, management plans to continue to utilize Mr. Wolstenholme’s home office
      until that space is no longer adequate. At this time no commercial property
      has
      been secured by GISC and there can be no assurance that an adequate space will
      be found by GISC when needed; or if adequate space can be found at the price
      currently estimated by management.





**Item
                3.**
            **Legal
                Proceedings.**





The
      Company is not a party to any pending legal proceedings, and no such proceedings
      are known to be contemplated.





No
      director, officer, or affiliate of the Company and no owner of record or
      beneficial owner of more than 5.0% of the securities of the Company, or any
      associate of any such director, officer or security holder is a party adverse
      to
      the Company or has a material interest adverse to the Company in reference
      to
      pending litigation.








5





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





There
      have been no matters submitted to the security holders for a vote.





**PART
      II**





**Item
                5.**
            **Market
                for the Registrant’s Common Equity And Related Stockholder Matters And
                Small Business Issuer Purchase of Equity
                Securities.**





Currently
      the Company’s common shares are listed on the Over-the-Counter Bulletin Board
      (OTCBB) under the ticker symbol “GINK.”  However, as of the date of
      this annual report there have been no trading activities in the Company’s common
      stock.  There is a current bid range from $0.01 to $0.30 with no ask
      price as of August 27, 2007.  There can be no assurance that a market
      will ever develop in the Company’s common stock in the future.  If a
      market does not develop then investors would be unable to sell any of the
      Company’s common stock likely resulting in a complete loss of any funds therein
      invested.





SHAREHOLDERS





As
      of May
      31, 2007, there were approximately 34 holders of record of our common
      stock.





DIVIDEND
      POLICY





We
      have
      never declared a cash dividend on our common stock and our Board of Directors
      does not anticipate that we will pay cash dividends in the foreseeable future.
      Any future determination to pay cash dividends will be at the discretion of
      our
      board of directors and will depend upon our financial condition, operating
      results, capital requirements, restrictions contained in our agreements and
      other factors which our Board of Directors deems relevant.





SECURITIES
      AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS





The
      following table summarizes securities authorized for issuance under equity
      compensation plans:





**Equity
                Compensation Plan Information**Number
                of shares of securities to be issued upon exercise of outstanding
                options,
                warrants and rights
            
            Weighted-average
                exercise price of outstanding options, warrants and rights
            
            Number
                of securities remaining available for future issuance under equity
                compensation plans (excluding securities reflected in column
                (a))Plan
                  Category
            
            (a)
            
            (b)
            
            (c
                )Equity
                compensation plans approved by security holders
            
            0
            
            0
            
            0Equity
                compensation plans not approved by security holders
            
            0
            
            0
            
            0Total
            
            0
            
            0
            
            0







6





RECENT
      SALES OF UNREGISTERED SECURITIES





We
      did
      not sell any unregistered securities in the year ended May 31 2007.





In
      2006
      Global Ink pursuant to a Registration Statement filed on Form SB-2 that was
      deemed effective on October 17, 2006 sold $15,000 of common stock through the
      Registration Statement.





PURCHASES
      OF EQUITY SECURITIES BY THE SMALL BUSINESS ISSUER AND AFFILIATED
      PURCHASERS





As
      of the
      date of this annual report the Company nor any affiliated purchaser have
      purchased any equity securities in any other entity and neither has not
      repurchased any Global Ink equity securities.





**Item
                6.**
            **Plan
                of Operation.**





The
      following discussion should be read in conjunction with GISC’s audited financial
      statements, including the notes thereto, appearing elsewhere in this annual
      report.





**Company
      Overview**





GISC
      was
      organized on November 4, 2004 and has not yet commenced any significant
      revenue-generating operations. As of the date of this annual report GISC has
      generated two transactions from the sale of toners/ink cartridges generating
      approximately a pre-tax net profit of 20%. All additional proceeds received
      by
      GISC were a result of the sale of its common stock through it’s prospectus filed
      on Form SB-2 in 2006, which amounted to approximately $15,000.





**Plan
      of Operations – General**





Our
      plan
      of operations is to sell generic printer cartridges and accessories to
      businesses and individual consumers through our website at
      www.globalinksupply.com.





As
      of May
      31, 2007 GISC had $ 9,776 of cash on hand and available for expenses. The
      Company had $5,486 of accounts receivable and accounts payable of
      $6,072.  Management believes this amount will satisfy the cash
      requirements of GISC for the next six months to maintain the reporting company
      status as defined under the 1934 Act.  However, additional funds will
      be required to continue the proposed business plan described above and maintain
      its reporting status beyond the six months.





GISC
      will
      be required to raise additional proceeds within this timeframe in order to
      maintain as a going concern.  There is no additional offering in the
      works at present. There can be no assurance that GISC will be successful in
      raising additional equity financing, and, thus, be able to satisfy our future
      cash requirements, which primarily consist of working capital directed towards
      the development of the website and marketing campaigns, as well as legal and
      accounting fees. GISC will be dependent upon capital to be derived from future
      financing activities such as subsequent offerings of our stock. There can be
      no
      assurance that GISC will be successful in raising the capital the company
      requires. Management believes that if subsequent private placements are
      successful, GISC will be able to generate revenue from online sales of generic
      printer cartridges and accessories and achieve liquidity within the following
      twelve to fourteen months thereof.





If
      GISC
      is unable to satisfy its capital requirements through its revenue production
      or
      if the Company is unable to raise additional capital through the sale of its
      common stock it may have to borrow funds in order to sustain its
      business.  There can be no assurance or guarantee given that GISC will
      be able to borrow funds because it is a new business and the future success
      of
      the Company is highly speculative. Investors should be aware that if the GISC
      is
      unable to raise additional proceeds its business will fail and any investment
      made into the Company would be completely lost.








7





Over
      the
      next three months management anticipates to begin the process of seeking out
      a
      strategy for raising additional proceeds in order to continue its proposed
      business plan.  Management estimates it will cost approximately
      $35,000 in order develop its business in a manner where it can generate
      revenues.  Below is a summary of the estimated events and costs that
      will be required over the course of the next twelve months in order for the
      Company to continue as a going concern:





1.)
            Complete
                the development of the website. Management has estimated the time
                frame to
                accomplish this to be the Fourth Quarter of 2007 and cost approximately
                $10,000.





2.)
            In
                addition, GISC plans to allocate approximately $15,000 towards the
                initial
                phases of the marketing plan described
                herein.





3.)
            GISC
                has allocated $10,000 towards administrative expenses, which the
                Company
                plans to direct towards:  Any deficiencies, if any, in the
                estimated expenses anticipated for maintaining reporting status with
                the
                Securities and Exchange Commission and the completion of the website
                as
                described herein.  Any additional funds allocated as
                administrative expenses will be designated as working capital and
                used for
                miscellaneous corporate expenses including but not limited to office
                supplies, postage, etc.





The
      specific steps anticipated over the next twelve months involve continuing to
      develop the website by adding product lines to the site. The product line will
      represent major manufacturers of generic printer cartridges, including but
      not
      limited those cartridges that work on Epson, Canon and other manufacturer’s
      printers. The cartridges represented from each product line will include
      specific cartridges for the specific manufacturers GISC hopes to accomplish
      this
      by the end of the second quarter of 2008.





Each
      of
      the product lines will display specific cartridges and
      accessories.  GISC plans to provide the following links with each
      specific product:





1.)
            Comparative
                cartridges– other cartridges/colors that may suit the customers
                needs; and





2.)
            Accessories–
                Provide the customer with additional printing accessory
                options.





If
      and
      when the website is completed, over the subsequent twelve months, GISC plans
      to
      allocate proceeds towards it marketing campaign directed specifically at
      building traffic “potential buyers” to its website.  For this purpose
      management anticipates employing a third party who specializes in increasing
      web
      traffic to websites, such as PerfectTraffic.com, WebSiteTraffic.com and/or
      HitWise.com.  Management anticipates the cost for such a service who
      can guarantee visitors to its website will cost approximately $ 200.00 per
      month
      for every 50,000 visitors.  However, even if GISC is successful in
      developing its proposed website and contracting a third party to increase web
      traffic there can be no guarantee or assurance that individuals will buy any
      of
      the products listed on GISC’s website.





As
      GISC
      expands its business, it will likely incur losses. Management plans on funding
      these losses through revenues generated through its proposed
      website.


Although
      management believes the above timeframes for the related business steps are
      conservative and can likely be accomplished by GISC, potential investors should
      be aware that several unforeseen or unanticipated delays may impede GISC from
      accomplishing the above-described steps such as:








8





ü
            Problems
                may arise during the development of the Internet website with the
                programming and testing that management cannot overcome, creating
                a time
                delay and additional costs;





ü
            GISC
                may find that potential financiers are unreceptive to its business
                plan
                and provide no options to raise the additional capital required to
                funds
                its marketing campaign.








If
      either
      of these events should occur GISC would not be able to continue as a going
      concern and investors would lose all of their investment.





GISC
      does
      not anticipate any significant research of any products. The Company does not
      expect the purchase or sale of plant or any significant equipment, and GISC
      does
      not anticipate any change in the number of employees. GISC has no current
      material commitments.





GISC
      has
      no current plans, preliminary or otherwise, to merge with any other
      entity.





At
      this
      time, management does not plan to commit any of their own funds towards the
      company’s development.  If and when this changes, management will file
      the appropriate disclosures in a timely manner.





Off-Balance
      Sheet Arrangements





As
      of the
      date of this Annual Report, the current funds available to the Company will
      only
      be sufficient to continue maintaining a reporting status for the next six
      months. The estimated cost to maintain the reporting status of the Company
      for
      the next twelve months has been estimated at $18,000. The officer and director,
      David Wolstenholme, has indicated to the Company that he may be willing to
      provide the funds required to maintain the reporting status in the form of
      a
      non-secured loan if required over the next twelve months as the expenses are
      incurred, if no other proceeds are obtained by the Company. However, there
      is no
      contract in place or written agreement securing this
      agreement.  Management believes if the Company cannot maintain its
      reporting status with the SEC it will have to cease all efforts directed towards
      the Company.  As such, any investment previously made would be lost in
      its entirety.





Other
      than the above described situation the Company does not have any off-balance
      sheet arrangements that have or are reasonably likely to have a current or
      future effect on the Company's financial condition, changes in financial
      condition, revenues or expenses, results of operations, liquidity, capital
      expenditures or capital resources that are material to investors. The term
      "off-balance sheet arrangement" generally means any transaction, agreement
      or
      other contractual arrangement to which an entity unconsolidated with the Company
      is a party, under which the Company has (i) any obligation arising under a
      guarantee contract, derivative instrument or variable interest; or (ii) a
      retained or contingent interest in assets transferred to such entity or similar
      arrangement that serves as credit, liquidity or market risk support for such
      assets.

















9




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

































**GLOBAL
      INK SUPPLY COMPANY**


(A
      Development Stage Enterprise)





**FINANCIAL
      REPORTS**





**MAY
      31, 2007**











































**REPORT
                OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
            F-2**BALANCE
                SHEETS**
            F-3**STATEMENTS
                OF OPERATIONS**
            F-4**STATEMENTS
                OF STOCKHOLDERS’ EQUITY**
            F-5**STATEMENTS
                OF CASH FLOWS**
            F-6**NOTES
                TO FINANCIAL STATEMENTS**
            F-7






F-1




**Report
        of Independent Registered Public Accounting Firm**
 
 
 To
        the
        Board of Directors
 Global
        Ink Supply Company
 Spokane
        Washington
 
 
 We
        have
        audited the accompanying balance sheet of Global Ink Supply Company, (A
        Development Stage Enterprise) as of May 31, 2007 the related statements of
        operations, stockholders’ deficit, and cash flows for the period November 4,
        2004 (inception) through May 31, 2007.  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 the standards of the Public Company
        Accounting Oversight Board (United States). Those standards require that
        we plan
        and perform the audit to obtain reasonable assurance about whether the financial
        statements are free of material misstatement. The Company was not required
        to
        have, nor were we engaged to perform, an audit of its internal control over
        financial reporting.  Our audit included consideration of internal
        control over financial reporting as a basis for designing audit procedures
        that
        are appropriate in the circumstances, but not for the purpose of expressing
        an
        opinion on the effectiveness of the Company’s internal control over financial
        reporting.  Accordingly, we express no such opinion.  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 financial position of Global Ink Supply Company (A
        Development Stage Enterprise) as of May 31, 2007 and the results of its
        operations and cash flows for period November 4, 2007 (inception) through
        May
        31, 2007, in conformity with U.S. generally accepted accounting
        principles.
 
 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 limited operations and has no established source
        of
        revenue.  This raises substantial doubt about its ability to continue
        as a going concern. Management’s plan in regard to these matters is also
        described in Note 1.  The financial statements do not include any
        adjustments that might result from the outcome of this uncertainty.
 
 
 
 
 Kyle
        L.
        Tingle, CPA, LLC
 
 
 September
        10, 2007
 Las
        Vegas, Nevada






F-2




**GLOBAL
      INK SUPPLY COMPANY**


(A
      Development Stage Enterprise)


**BALANCE
      SHEETS**





May
                31,
              2007
            
            
            May
                31,
              2006**ASSETS****CURRENT
                ASSETS**Cash
            
            $
            9,776
            
            
            $
            17,808Accounts
                receivable
            
            
            5,486
            
            
            
            -**Total
                Assets**
            
            $
            15,262
            
            
            $
            17,808**LIABILITIES
                AND STOCKHOLDERS’ EQUITY****CURRENT
                LIABILITIES**Accounts
                payable and accrued liabilities
            
            $
            6,072
            
            
            $
            1,101**Total
                Liabilities**
            
            $
            6,072
            
            
            $
            1,101**STOCKHOLDERS’
                EQUITY**Common
                stock, 25,000,000 shares authorized with $0.0001 par
                valueIssued
                and outstanding7,850,000
                common shares at May 31, 2007; 7,100,000 shares at May 31,
                2006
            
            $
            785
            
            
            $
            710Additional
                paid-in capital
            
            
            35,015
            
            
            
            20,090Accumulated
                deficit during development stage
            
            
            (26,610
            )
            
            
            (4,093
            )Total
                stockholders’ equity
            
            $
            9,190
            
            
            $
            16,707Total
                liabilities and stockholders’ equity
            
            $
            15,262
            
            
            $
            17,808




























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








F-3





**GLOBAL
      INK SUPPLY COMPANY**


(A
      Development Stage Enterprise)


**STATEMENTS
      OF OPERATIONS**





For
                year ended
              May
                31, 2007
            
            
            For
                year ended
              May
                31, 2006
            
            
            November
                4, 2004 (inception) to
              May
                31, 2007**REVENUES**
            
            $
            914
            
            
            $
            9,216
            
            
            $
            10,130**Cost
                of Goods**
            
            
            -
            
            
            
            7,556
            
            
            
            7,556Gross
                Profit
            
            $
            914
            
            
            $
            1,660
            
            
            $
            2,574**SELLING  AND
                ADMINISTRATIVE EXPENSES**General
                and administrative
            
            $
            485
            
            
            $
            1,179
            
            
            $
            2,864Professional
                fees
            
            
            22,946
            
            
            
            3,374
            
            
            
            26,320**NET
                LOSS**
            
            $
            (22,517
            )
            
            $
            (2,893
            )
            
            $
            (26,610
            )**BASIC
                AND DILUTED LOSS PER COMMON SHARE**
            
            $
            (0.00
            )
            
            $
            (0.00
            )**WEIGHTED
                AVERAGE NUMBER OF COMMON SHARES OUTSTANDING**
            
            
            7,504,795
            
            
            
            7,100,000
























































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








F-4





**GLOBAL
      INK SUPPLY COMPANY**


(A
      Development Stage Enterprise)


**STATEMENT
      OF STOCKHOLDERS’ EQUITY**





**FOR
      THE PERIOD FROM NOVEMBER 4, 2004 (INCEPTION) TO MAY 31,
      2007**








Common
                Stock
            
            
            Additional
            
            
            Deficit
              Accumulated
              During
                theNumber
                of
              shares
            
            
            Amount
            
            
            Paid-in
              Capital
            
            
            Development
              Stage
            
            
            TotalBalance,
                November 4, 2004
            
            
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -
            
            
            $
            -Common
                stock issued for cash at $0.0008 per share May 31, 2005
            
            
            5,000,000
            
            
            
            500
            
            
            
            3,500
            
            
            
            -
            
            
            
            4,000Net
                loss for the year ended May 31, 2005
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (1,200
            )
            
            
            (1,200
            )Balance,
                May 31, 2005
            
            
            5,000,000
            
            
            
            500
            
            
            
            3,500
            
            
            
            (1,200
            )
            
            
            2,800Common
                stock issued for cash at $0.008 per share June 28, 2005
            
            
            2,100,000
            
            
            
            210
            
            
            
            16,590
            
            
            
            -
            
            
            
            16,800Net
                loss
                for the year ended May 31, 2006
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (2,893
            )
            
            
            (2,893
            )Balance,
                May 31, 2006
            
            
            7,100,000
            
            
            $
            710
            
            
            $
            20,090
            
            
            $
            (4,093
            )
            
            $
            16,707Common
                stock issued for cash at $0.02 per share November 15, 2006
            
            
            750,000
            
            
            
            75
            
            
            
            14,925
            
            
            
            -
            
            
            
            15,000Net
                loss for the year ended May 31, 2007
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (22,517
            )
            
            
            (22,517
            )Balance,
                May 31, 2007
            
            
            7,850,000
            
            
            $
            785
            
            
            $
            35,015
            
            
            $
            (26,610
            )
            
            $
            9,190






































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








F-5





**GLOBAL
      INK SUPPLY COMPANY**


(A
      Development Stage Enterprise)


**STATEMENTS
      OF CASH FLOWS**





For
                year ended May 31,
              2007
            
            
            For
                year ended
              May
                31,
              2006
            
            
            November
                4, 2004 (inception) to
              May
                31,
              2007**CASH
                FLOWS USED IN OPERATING ACTIVITIES**Net  profit
                (loss) for the period
            
            $
            (22,517
            )
            
            $
            (2,893
            )
            
            $
            (26,610
            )Adjustment
                to reconcile net loss to net cash from operating
                activitiesAccounts
                receivable
            
            
            (5,486
            )
            
            
            -
            
            
            
            (5,486
            )Inventory
            
            
            -
            
            
            
            7,556
            
            
            
            -Accounts
                payable
            
            
            4,971
            
            
            
            (99
            )
            
            
            6,072**NET
                CASH (USED IN) PROVIDED BY OPERATING
                ACTIVITIES**
            
            $
            (23,032
            )
            
            $
            4,564
            
            
            $
            (26,024
            )**CASH
                FLOWS FROM FINANCING ACTIVITIES**Proceeds
                on sale of common stock
            
            $
            15,000
            
            
            $
            16,800
            
            
            $
            35,800Related
                party advances
            
            
            -
            
            
            
            (8,000
            )
            
            
            -**NET
                CASH PROVIDED BY FINANCING ACTIVITIES**
            
            $
            15,000
            
            
            $
            8,800
            
            
            $
            35,800**INCREASE
                (DECREASE) IN CASH**
            
            $
            (8,032
            )
            
            $
            13,364
            
            
            $
            9,776**CASH,
                BEGINNING OF PERIOD**
            
            
            17,808
            
            
            
            4,444
            
            
            
            -**CASH,
                END OF PERIOD**
            
            $
            9,776
            
            
            $
            17,808
            
            
            $
            9,776Supplemental
                InformationInterest
                paid
            
            $
            -
            
            
            $
            -
            
            
            $
            -Income
                taxes paid
            
            $
            -
            
            
            $
            -
            
            
            $
            -





















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








F-6





**GLOBAL
      INK SUPPLY COMPANY**


**(A
      Development Stage Enterprise)**


**NOTES
      TO FINANCIAL STATEMENTS**





**NOTE
        1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION**


Global
        Ink Supply Company (the “Company”) is in the initial development stage and has
        incurred losses since inception totalling $26,610.  The Company was
        incorporated on November 4, 2004 in the State of Delaware.  The
        Company’s fiscal year end is May 31.  The Company currently has
        minimal operations and, in accordance with Statement of Financial Accounting
        Standard (SFAS) No. 7, “*Accounting and Reporting by Development Stage
        Enterprises*,” is considered a Development Stage Enterprise. The Company is
        implementing a business plan to sell generic printer cartridges and other
        consumables directly to the commercial marketplace and to an Internet based
        reseller network.
 
 **Going
        Concern**
 The
        ability of the Company to continue as a going concern is dependent on raising
        capital to fund its business plan and ultimately to attain profitable
        operations.  Accordingly, these factors raise substantial doubt as to
        the Company’s ability to continue as a going concern.  The Company is
        funding its initial operations by way of issuing Founders’ shares and a Private
        Placement Offering for 7,000,000 shares at $.008 and $0.02 per
        share.  As of May 31, 2007, the Company had sold 7,850,000 shares and
        had received $35,800 in proceeds from the sale of the Company’s common stock of
        which 5,000,000 Founders’ shares were issued at $.0008 per share for net
        proceeds of $4,000 and 2,100,000 shares were issued at $.008 per share for
        net
        proceeds of $16,800 and 750,000 shares were issued at $0.02 per share for
        net
        proceeds of $15,000 pursuant to the Private Placement Offering
        Memorandum.
 
 The
        Company’s financial statements are prepared in accordance with generally
        accepted accounting principles applicable to a going concern.  This
        contemplates the realization of assets and the liquidation of liabilities
        in the
        normal course of business.  Currently, the Company does not have cash
        or other material assets, nor does it have operations or a source of revenue
        sufficient to cover its operation costs which raises substantial doubt about
        its
        ability to continue as a going concern.  The Company will be dependent
        upon the raising of additional capital through the placement of our common
        stock
        in order to continue with the business plan. There can be no assurance that
        the
        Company will be successful in raising the capital it requires through the
        sale
        of its common stock in order to continue as a going concern.  The
        Officers and Directors have committed to advance certain operating costs
        of the
        Company.


**NOTE
        2 – A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**


**Basis
        of Presentation**
 These
        financial statements are presented in United States dollars and have been
        prepared in accordance with accounting principles generally accepted in the
        United States.
 
 **Use
        of Estimates and Assumptions**
 The
        preparation of financial statements in conformity with generally accepted
        accounting principles requires management to make estimates and assumptions
        that
        affect the reported amounts of assets and liabilities and disclosure of
        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.
 
 **Income
        taxes**
 Income
        taxes are provided for using the liability method of accounting in accordance
        with SFAS No. 109 *“Accounting for Income Taxes.”*A deferred tax asset
        or liability is recorded for all temporary differences between
        financial and tax reporting.  Temporary differences are the
        differences between the reported amounts of assets and liabilities and their
        tax
        basis.  Deferred tax assets are reduced by a valuation allowance when,
        in the opinion of management, it is more likely than not that some portion
        or
        all of the deferred tax assets will not be realized.  Deferred tax
        assets and liabilities are adjusted for the effect of changes in tax laws
        and
        rates on the date of enactment.








F-7




**GLOBAL
      INK SUPPLY COMPANY**


**(A
      Development Stage Enterprise)**


**NOTES
      TO FINANCIAL STATEMENTS**





**NOTE
      2 – A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**





**Stock-based
        Compensation**
 The
        Company has not adopted a stock option plan and has not granted any stock
        options.  Accordingly no stock-based compensation has been recorded to
        date.
 
 **Revenue
        Recognition**
 The
        Company is engaged in the sale of generic toner cartridges for printers through
        a website on the internet.  The Company recognizes the revenue at the
        time of shipping the product when responsibility of the product is transferred
        to the purchaser and payment has been accepted or assured.  The
        Company carries inventory at the lower of cost or market for the cartridges
        on
        hand.  In certain transactions, the product sold is drop shipped
        directly from the supplier to the customer.  In this capacity, the
        Company is acting as an agent for the supplier and under EITF 99-19 recognizes
        these transactions on the net basis.  The Company acted as an agent
        for sales in 2007 and only the net profit of the transactions are recognized
        as
        revenue.
 
 **Recent
        Accounting Pronouncements**
 In
        February 2006, the Financial Accounting Standards Board (“FASB”) issued SFAS
        No. 155, “Accounting for Certain Hybrid Financial Instruments—an Amendment
        of FASB Statements No. 133 and 140” (“SFAS No. 155”). SFAS
        No. 155 allows financial instruments that contain an embedded derivative
        and that otherwise would require bifurcation to be accounted for as a whole
        on a
        fair value basis, at the holders’ election. SFAS No. 155 also clarifies and
        amends certain other provisions of SFAS No. 133 and SFAS No. 140. This
        statement is effective for all financial instruments acquired or issued in
        fiscal years beginning after September 15, 2006. We do not expect that the
        adoption of SFAS No. 155 will have a material impact on our financial
        condition or results of operations.
 
 In
        March
        2006, the FASB issued SFAS No. 156, “Accounting for Servicing of Financial
        Assets—an Amendment of FASB Statement No. 140” (“SFAS No. 156”). SFAS
        No. 156 provides guidance on the accounting for servicing assets and
        liabilities when an entity undertakes an obligation to service a financial
        asset
        by entering into a servicing contract. This statement is effective for all
        transactions in fiscal years beginning after September 15, 2006. We do not
        expect that the adoption of SFAS No. 156 will have a material impact on our
        financial condition or results of operations.
  In
        July 2006, the FASB issued FIN 48,
“Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement
        No. 109” (“FIN 48”). FIN 48 clarifies the recognition threshold and
        measurement of a tax position taken on a tax return. FIN 48 is effective
        for
        fiscal years beginning after December 15, 2006. FIN 48 also requires
        expanded disclosure with respect to the uncertainty in income taxes. We are
        currently evaluating the requirements of FIN 48 and the impact this
        interpretation may have on our financial statements.
  In
        September 2006, the SEC Staff issued SEC Staff Accounting Bulletin 107,
“Implementation Guidance for FASB 123 (R).”  The
        staff  believes the guidance in the SAB will assist issuers in their
        initial implementation  of  Statement  123R
        and  enhance  the  information  received  by
        investors and other users of
        financial  statements,  thereby  assisting  them
        in making investment and other decisions.  This SAB
        includes  interpretive guidance related to share-based payment
        transactions with non-employees,  the transition from non public to public
        entity status, valuation methods (including assumptions such as
        expected  volatility  and
        expected  term),  the  accounting  for
        certain redeemable financials instruments issued under share-based payment
        arrangements,
        the  classification  of  compensation  expense,   non-GAAP  financial  measures,
        first-time  adoption of Statement 123R in an interim
        period,  capitalization  of compensation cost related to
        share-based  payment arrangements,  the accounting for
        income tax effects
        of  share-based  payment  arrangements  upon  adoption
        of Statement 123R and disclosures of MD&A subsequent to adoption of
        Statement 123R.





F-8


**GLOBAL
        INK SUPPLY COMPANY**
 **(A
        Development Stage Enterprise)**
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 
 **NOTE
          2 – A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**
  In
        September 2006, the SEC Staff issued SEC Staff Accounting Bulletin 107,
“Implementation Guidance for FASB 123 (R).”  The
        staff  believes the guidance in the SAB will assist issuers in their
        initial implementation  of  Statement  123R
        and  enhance  the  information  received  by
        investors and other users of
        financial  statements,  thereby  assisting  them
        in making investment and other decisions.  This SAB
        includes  interpretive guidance related to share-based payment
        transactions with non-employees,  the transition from non public to
        public entity status, valuation methods (including assumptions such as
        expected  volatility  and
        expected  term),  the  accounting  for
        certain redeemable financials instruments issued under share-based payment
        arrangements,
        the  classification  of  compensation  expense,
        non-GAAP  financial  measures,
        first-time  adoption of Statement 123R in an interim
        period,  capitalization  of compensation cost related to
        share-based  payment arrangements,  the accounting for
        income tax effects
        of  share-based  payment  arrangements  upon  adoption
        of Statement 123R and disclosures of MD&A subsequent to adoption of
        Statement 123R.
  In
        September 2006, the SEC Staff issued
        Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year
        Misstatements when Quantifying Misstatements in the Current Year Financial
        Statements” (“SAB No. 108”). SAB No. 108 requires the use of two
        alternative approaches in quantitatively evaluating materiality of
        misstatements. If the misstatement as quantified under either approach is
        material to the current year financial statements, the misstatement must
        be
        corrected. If the effect of correcting the prior year misstatements, if any,
        in
        the current year income statement is material, the prior year financial
        statements should be corrected. In the year of adoption (fiscal years ending
        after November 15, 2006 or calendar year 2006 for us), the misstatements
        may be corrected as an accounting change by adjusting opening retained earnings
        rather than being included in the current year income statement. We do not
        expect that the adoption of SAB No. 108 will have a material impact on our
        financial condition or results of operations.
  In
        September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements" (SFAS
        157). SFAS 157 provides guidance for using fair value to measure assets and
        liabilities. SFAS 157 addresses the requests from investors for expanded
        disclosure about the extent to which Companies measure assets and liabilities
        at
        fair value, the information used to measure fair value and the effect of
        fair
        value measurements on earnings. SFAS 157 applies whenever other standards
        require (or permit) assets or liabilities to be measured at fair value, and
        does
        not expand the use of fair value in any new circumstances. SFAS 157 is effective
        for financial statements issued for fiscal years beginning after November
        15,
        2007 and will be adopted by the Company in the first quarter of fiscal year
        2009.  We do not expect that the adoption of SFAS 157 will have a
        material impact on our financial condition or results of
        operations.
  In
        September 2006, the FASB issued SFAS
        No. 158, “Employers’ Accounting for Defined Benefit Pension and Other
        Postretirement Plans” (“SFAS No. 158”). SFAS No. 158 requires
        companies to recognize in their statement of financial position an asset
        for a
        plan’s overfunded
        status or a liability for a
        plan’s underfunded
        status and to measure a plan’s
        assets and its obligations that determine its funded status as of the end
        of the
        company’s fiscal year. Additionally, SFAS No. 158 requires companies to
        recognize changes in the funded status of a defined benefit postretirement
        plan
        in the year that the changes occur and those changes will be reported in
        comprehensive income. The provision of SFAS No. 158 that will require us to
        recognize the fundedstatus
        of our postretirement plans, and
        the disclosure requirements, will be effective for us as of December 31,
        2006.  We do not expect that the adoption of SFAS No. 158 will
        have a material impact on our consolidated financial
        statements.
  
  F-9
  **GLOBAL
        INK SUPPLY COMPANY**
 **(A
        Development Stage Enterprise)**
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 
 **NOTE
          2 – A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**
 
 FAS
        123(R)-5  was  issued  on  October  10,  2006.  The
        FSP  provides  that instruments  that
        were  originally  issued  as  employee  compensation  and
        then modified, and that modification is made to the terms of the instrument
        solely to reflect an
        equity  restructuring  that  occurs  when
        the  holders  are no longer employees, then no change in the
        recognition or the measurement (due to a change
        in  classification)  of
        those  instruments  will result if both of the following
        conditions are met: (a). There is no increase in fair value of the award
        (or the
        ratio of intrinsic  value to the exercise price of the award is
        preserved,  that is, the holder is made whole), or the anti-dilution
        provision is not added to the terms of the award
        in  contemplation  of an
        equity  restructuring;  and (b). All holders of the same
        class of equity instruments (for example, stock options) are treated in the
        same
        manner.  The provisions in this FSP shall be applied in the first
        reporting period beginning after the date the FSP is posted to the FASB
        website.  We will evaluate whether the adoption will have any impact
        on your financial statements.
 
 In
        February 2007, the Financial Accounting Standards Board issued Statement
        of
        Financial Accounting Standards No. 159, “The Fair Value Option for Financial
        Assets and Financial Liabilities - Including an amendment of FASB Statement
        No.
        115” (hereinafter “SFAS No. 159”). This statement permits entities to choose to
        measure many financial instruments and certain other items at fair value.
        The
        objective is to improve financial reporting by providing entities with the
        opportunity to mitigate volatility in reported earnings caused by measuring
        related assets and liabilities differently without having to apply complex
        hedge
        accounting provisions. This statement is expected to expand the use of fair
        value measurement, which is consistent with the Board’s long-term measurement
        objectives for accounting for financial instruments. This statement is effective
        as of the beginning of an entity’s first fiscal year that begins after November
        15, 2007, although earlier adoption is permitted. Management has not determined
        the effect that adopting this statement would have on the Company’s financial
        condition or results of operations.
 
 **NOTE
          3 – FAIR VALUE OF FINANCIAL INSTRUMENTS**
 
 In
        accordance with the requirements of SFAS No. 107, the Company has determined
        the
        estimated fair value of financial instruments using available market information
        and appropriate valuation methodologies.  The fair value of financial
        instruments classified as current assets or liabilities approximate their
        carrying value due to the short-term maturity of the instruments.
 **NOTE
          4 – STOCKHOLDERS’ EQUITY**
 The
        Company’s capitalization is 25,000,000 common shares with a par value of $0.0001
        per share.  No preferred shares have been authorized or
        issued.
 
 As
        of May
        31, 2007, the Company has not granted any stock options and has not recorded
        any
        stock-based compensation.
 
 During
        the period ended May 31, 2005, a director purchased 5,000,000 shares of common
        stock in the Company at $0.0008 per share with proceeds to the Company totalling
        $4,000.
 
 On
        February 22, 2005, the Company authorized a Private Placement Offering to
        sell
        up to 7,000,000 shares at $0.008 per share. During June and July of 2005
        the
        total amount raised in this financing was $16,800 through the issuance of
        2,100,000 shares in the Company’s common stock.
 
 On
        November 15, 2006, the Company authorized a Private Placement Offering to
        sell
        up to 750,000 shares at $0.02 per share. During the period ended November
        30,
        2006 the total amount raised in the financing was $15,000 for 750,000
        shares.
 
  F-10
  **GLOBAL
        INK SUPPLY COMPANY**
 **(A
        Development Stage Enterprise)**
 **NOTES
        TO FINANCIAL STATEMENTS**
 
 **NOTE
          5 – INCOME TAXES**
 The
        Company accounts for its income taxes in accordance with FASB No. 109,
“Accounting for Income Taxes.”  As of May 31, 2007 the Company had net
        operating loss carry forwards of approximately $26,610 that may be available
        to
        reduce future years’ taxable income and will expire commencing in 2025 through
        2027.  Availability of loss usage is subject to change of ownership
        limitations under Internal Revenue Code 382.  Future tax benefits
        which may arise as a result of these losses have not been recognized in these
        financial statements, as their realization is determined not likely to occur
        and
        accordingly, the Company has recorded a valuation allowance for the deferred
        tax
        asset relating to these tax loss carryforwards.
  We
        did
        not provide any current or deferred U.S. federal income tax provision or
        benefit
        for any of the periods presented because we have experienced operating losses
        since inception. We provided a full valuation allowance on the net deferred
        tax
        asset, consisting of net operating loss carryforwards, because management
        has
        determined that it is more likely than not that we will not earn income
        sufficient to realize the deferred tax assets during the carryforward
        period.
  The
        components of the Company’s deferred tax asset as of May 31, 2007 and 2006 are
        as follows:
  2007
              
              
              2006Net
                  operating loss carryforward
              
              $
              9,314
              
              
              $
              1,433Valuation
                  allowance
              
              
              (9,314
              )
              
              
              (1,433
              )Net
                  deferred tax asset
              
              $
              0
              
              
              $
              0
  A
        reconciliation of income taxes
        computed at the statutory rate to the income tax amount recorded is as follows:
  2007
              
              
              2006
              
              
              Since
                  InceptionTax
                  at statutory rate (35%)
              
              $
              7,881
              
              
              $
              1,013
              
              
              $
              9,314Increase
                  in valuation allowance
              
              
              (7,881
              )
              
              
              (1,013
              )
              
              
              (9,314
              )Net
                  deferred tax asset
              
              $
              0
              
              
              $
              0
              
              
              $
              0
  **NOTE
          6 – RELATED PARTY TRANSACTION**
 The
        Company neither owns nor leases any real or personal property.  An
        officer of the corporation provides office services without
        charge.  Such costs are immaterial to the financial statements and
        accordingly, have not been reflected therein.  The officers and
        directors for the Company are involved in other business activities and may,
        in
        the future, become involved in other business opportunities.  If a
        specific business opportunity becomes available, such persons may face a
        conflict in selecting between the Company and their other business
        interest.  The Company has not formulated a policy for the resolution
        of such conflicts.
 
 
  F-11




**Item
                8.**
            **Changes
                in and Disagreements on Accounting and Financial
                Disclosures.**





None.





**Item
                8A.**
            **Controls
                and Procedures.**





Evaluation
      of Disclosure Controls and Procedures




Global
      Ink Supply Company’s chief executive officer and chief financial officer
      conducted an evaluation of the effectiveness of the design and operation of
      the
      Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and
      Rule 15d-15(e) under the Exchange Act.  Based upon his evaluation as of May
      31, 2007, he concluded that those disclosure controls and procedures are
      effective.




Changes
      in Internal Control over Financial Reporting




There
      have been no changes in GISC’s internal control over financial reporting during
      the quarter ended May 31, 2007 that have materially affected, or are reasonably
      likely to affect, the Company’s internal control over financial
      reporting.





Management’s
      Report on Internal Control over Financial Reporting




The
      management of GISC is responsible for establishing and maintaining adequate
      internal control over financial reporting as defined in Rule 13a-15(f) under
      the
      Exchange Act.  Our internal control over financial reporting is a process
      designed to provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external purposes
      in
      accordance with accounting principles generally accepted in the United States
      of
      America.  Because of its inherent limitations, internal control over
      financial reporting may not prevent or detect misstatements.  Also,
      projections of any evaluation of effectiveness to future periods are subject
      to
      the risk that controls may become inadequate because of changes in conditions,
      or that the degree of compliance with the policies or procedures may
      deteriorate.




GISC’s
      management assessed the effectiveness of the Company’s internal control over
      financial reporting as of May 31, 2007.  In making the assessment, it used
      the criteria set forth by the Committee of Sponsoring Organizations of the
      Treadway Commission (COSO) in “*Internal Control-Integrated
      Framework*.”  Based on that assessment, management concluded that, as
      of May 31, 2007, The Company’s internal control over financial reporting is
      effective based on those criteria.





Our
      management, including our Chief Executive Officer, does not expect that our
      disclosure controls or our internal controls will prevent all error and all
      fraud. A control system, no matter how well conceived and operated, can provide
      only reasonable, not absolute, assurance that the objectives of the control
      system are met.  Further, the design of a control system must reflect
      the fact that there are resource constraints, and the benefits of controls
      must
      be considered relative to their costs.  Because of the inherent
      limitations in all control systems, no evaluation of controls can provide
      absolute assurance that all control issues and instances of fraud, if any,
      within our company have been detected.  These inherent limitations
      include the realities that judgments in decision-making can be faulty and that
      breakdowns can occur because of simple errors or mistakes. Additionally,
      controls can be circumvented by the individual acts of some persons, by
      collusion of two or more people or by management override of the
      control.  The design of any system of controls also is partially based
      on certain assumptions about the likelihood of future events, and we cannot
      assure you hat any design will succeed in achieving its stated goals under
      all
      potential future conditions. Over time, controls may become inadequate because
      of changes in conditions, or the degree of compliance with the policies or
      procedures may deteriorate.  Because of the inherent limitations in a
      cost-effective control system, misstatements due to error or fraud may occur
      and
      not be detected.







10





GISC’s
      assessment of the effectiveness of it’s internal control over financial
      reporting as of May 31, 2007 has been audited by Kyle L. Tingle, CPA LLC, an
      independent registered accounting firm, as stated in their report, which is
      included herein.





**Item
                8B.**
            **Other
                Information**





None





**PART
      III**





**Item
                9.**
            **Directors,
                Executive Officers, Promoters, and Control
                Persons.**





The
      following table and subsequent discussion contains information concerning our
      directors and executive officers, their ages, term served and all of our
      officers and their positions, who will serve in the same capacity with Global
      Ink Supply Company upon completion of the offering.





**Name**
            
            **Age**
            
            **Term
                Served**
            
            **Title**David
                Wolstenholme
            
            36
            
            Since
                inception
            
            President,
                Director andChief
                Financial Officer





Mr.
      Wolstenholme may be deemed a “promoter” of GISC as that term is defined in the
      rules and regulations promulgated under the Securities and Exchange Act of
      1933.





There
      are
      no other persons nominated or chosen to become directors or executive officers,
      nor do we have any employees other than above mentioned officer and director.
      The By-laws of GISC require no less than one member on the board of directors
      and no more than ten.





GISC
      is a
      development stage corporation, and is not a successor of any predecessor company
      or business.





**Officer
      and Director Background:**





David
      Wolstenholme:  Mr. Wolstenholme has been a technology
      entrepreneur for the past 12 years having been involved in the startup and
      growth of a number of firms. In 1994 he co-founded the first "flat rate"
      Internet provider in Canada. "Internet Direct" grew from an
      initial startup of 2 people with zero revenue to more than
      $10,000,000 in less than three years. The company was ultimately acquired and
      became the basis for publicly traded, Look Communications on the TSX. In 1997,
      Mr. Wolstenholme continued in the technology sector and raised in excess of
      $5,000,000 for another firm called MediaDepot which focused on web based file
      management. In 2000 he then joined another Canadian publicly
      traded firm, Appareo Software as the Chief Operating Officer. Both the
      Canadian and American components of Appareo Software were sold to US
      and Canadian interests with profitable shareholder returns.
      Education:  Mr. Wolstenholme holds an Arts degree from Simon Fraser
      University with a major in Communications.  He also is involved with a
      continuing education program from the Business School at Harvard University
      in
      "Launching New Ventures and Innovation in the Enterprise".








11





Currently
      GISC has no employees other than the current officer and director, David
      Wolstenholme, which may create potential conflicts of interest. The Officer
      anticipates devoting, at a, minimum twelve to fifteen hours per month to the
      furtherance of GISC over the next twelve months.  However, there is no
      guarantee that we will be successful in developing the business.





Our
      director holds office until the next annual meeting of shareholders and the
      election and qualification of their successors. The next such meeting is
      scheduled for November 2007. Directors receive no compensation for serving
      on
      the board of directors other than reimbursement of reasonable expenses incurred
      in attending meetings. Officers are appointed by the board of directors and
      serve at the discretion of the board.





We
      have
      not entered into any employment agreements with any of our employees, and
      employment arrangements are all subject to the discretion of our board of
      directors.





No
      executive Officer or Director of GISC has been convicted in any criminal
      proceeding (excluding traffic violations) or is the subject of a criminal
      proceeding that is currently pending.





No
      executive Officer or Director of GISC is the subject of any pending legal
      proceedings.





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





Summary
      Compensation Table




Name
                and principal position
            
            Fiscal
                Year
            
            Salary
            
            Bonus
            
            Other
                annual compensation
            
            Restricted
                stock award(s)
            
            Securities
                underlying options/ SARs
            
            LTIP
                payouts
            
            All
                other compensationDavid
                Wolstenholme
              Director,
                President
            
            2007
            
            0
            
            0
            
            0
            
            0
            
            0
            
            0
            
            0





There
      has
      been no cash payment paid to the executive officer for services rendered in
      all
      capacities to us for the period ended May 31, 2007. There has been no
      compensation awarded to, earned by, or paid to the executive officer by any
      person for services rendered in all capacities to us for the fiscal period
      ended
      May 31, 2007.  No compensation is anticipated within the next six
      months to any officer or director of the Company.




Stock
      Option Grants




GISC
      did
      not grant any stock options to the executive officer during the most recent
      fiscal period ended May 31, 2007. GISC has also not granted any stock options
      to
      the executive officer at any time.





There
      are
      no annuity, pension or retirement benefits proposed to be paid to officers,
      directors or employees of the corporation in the event of retirement at normal
      retirement date pursuant to any presently existing plan provided or contributed
      to by the corporation or any of its subsidiaries, if any.








12





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





The
      following table sets forth certain information with respect to the beneficial
      ownership of our common stock as it relates to our named Director and executive
      Officer, and each person known to GISC to be the beneficial owner of more than
      five percent (5%) of said securities, and all of our directors and executive
      officers as a group:





**Name
                and Position**
            
            **Shares**
            
            **Percent**
            
            **Security**David
                Wolstenholme
              President
                and Director
            
            5,000,000
            
            70%
            
            CommonOfficers
                and Directors as a Group
            
            5,000,000
            
            70%
            
            Common





David
      Wolstenholme address is 346 East 8th Street,
      North
      Vancouver, BC V7L1Z3 Canada





The
      above
      referenced common shares were paid for and issued in February 2005, for
      consideration of $0.0008 per share and total consideration of
      $4,000.





**Item
                12.**
            **Certain
                Relationships and Related Transactions, and Director
                Independence.**





Currently,
      there are no contemplated transactions that GISC may enter into with our
      officers, directors or affiliates. If any such transactions are contemplated
      we
      will file such disclosure in a timely manner with the SEC on the proper form
      making such transaction available for the public to view.





GISC
      has
      no formal written employment agreement or other contracts with our current
      officer, and there is no assurance that the services to be provided by him
      will
      be available for any specific length of time in the future.  David
      Wolstenholme anticipates devoting at a minimum of twelve to fifteen hours per
      month of his available time to GISC’s affairs.  The amounts of
      compensation and other terms of any full time employment arrangements would
      be
      determined, if and when, such arrangements become necessary.





**DIRECTOR
      INDEPENDENCE.**





The
      Company has one member of the Board of Directors, David Wolstenholme, whom
      is
      also the sole officer of the Company.





At
      this
      present time the sole Director, David Wolstenholme represents the sole member
      of
      the Audit Committee. The Company has no other committees of the
      Board.





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





The
      following exhibits are incorporated into this Form 10-KSB Annual
      Report:





EXHIBIT
                NO.
            DESCRIPTION


23.1
            Consent
                of Independent Registered Public Accounting
                Firm





31.1
            Certification
                pursuant to Section 13a-14 of CEO/CFO David
                Wolstenholme


32.1
            Certification
                pursuant to Section 1350 of CEO/CFO David
                Wolstenholme








13





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





**OUR
      INDEPENDENT ACCOUNTANT**





In
      2005,
      the Board of Directors selected as our independent accountant the CPA firm
      of
      Kyle Tingle, CPA- Las Vegas Nevada whom audited our financial statements for
      the
      years ended May 31, 2006 and 2007.





1.
      AUDIT
      FEES.





Our
      audit
      fees for the years ended May 31, 2006 and 2007 were as follows:





2006
            
            2007$
            1,500
            
            $
            3,000





2.
      TAX
      FEES.





Our
      tax
      return fees for the years ended December 31, 2006 and 2007 were as
      follows:





2006
            
            2007$
            -
            
            $
            -





3.
      *ALL
      OTHER FEES.





2006
            
            2007$
            7,844
            
            $
            10,271





*
      Includes bookkeeping services, EDGAR filing fees and legal services relating
      to
      SEC filings including the Company’s Registration Statement on Form SB-2 in
      2006.





5
      (I).
      PRE-APPROVAL POLICIES.





Our
      Audit
      Committee does not pre-approve any work of our independent auditor, but rather
      approves independent auditor engagements before each engagement.





5
      (II).
      PERCENTAGE OF SERVICES APPROVED BY OUR AUDIT COMMITTEE.





There
      were no services performed by our independent auditor of the type described
      in
      Item 9(e)(2) of Schedule 14A. Our Audit Committee considers that the work done
      for us by Kyle Tingle, CPA is compatible with maintaining Kyle Tingle CPA's
      independence.





In
      accordance with the requirements of the Exchange Act, the registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.





GLOBAL
      INK SUPPLY COMPANY





Dated:
                September 13, 2007
            /s/
                David
                Wolstenholme


David
      Wolstenholme


Chief
      Executive Officer and


Chief
      Financial Officer and


Director














14