----

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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

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**FORM      10-QSB**

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| **[                X ]** | **QUARTERLY                REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934** |
|--------------------------|---------------------------------------------------------------------------------------------------------------------|

**September 30,      2007**

| **[                  ]** | **TRANSITION                REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934** |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------|

**Commission      file number**

**000-33309**

| **GLOBETRAC                INC.**                                                               |
|-------------------------------------------------------------------------------------------------|
| (Exact                name of small business issuer as specified in its                charter) |

| **Delaware** (State                or other jurisdiction ofincorporation                or organization)                                                                      | **33-0953557**(I.R.S.                EmployerIdentification                No.) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|  **1100                Melville Street, Suite 600, Vancouver, British Columbia, V6E                4A6**(Address                of principal executive offices)               |
|  **1-800-648-4287**(Issuer’s                telephone number)                                                                                                           |
|  ____________________________________________________________(Former                name, former address and former fiscal year, if changed since last                report) |

**[      X ] Yes [  ] No**

**[       ] Yes [ X ] No**

**APPLICABLE      ONLY TO CORPORATE ISSUERS**

| **Class**                                      |   | **Outstanding                at November 13, 2007** |
|------------------------------------------------|--------|-----------------------------------------------------|
| Common                Stock - $0.001 par value |   | 22,190,000                                          |

**Yes [  ] No [ X      ]**

----

**PART        I - FINANCIAL INFORMATION**

**Item        1.**
**Financial Statements.**

| **GLOBETRAC                  INC.**                                               |
|-----------------------------------------------------------------------------------------------------------------|
| **CONDENSED                  CONSOLIDATED BALANCE                  SHEETS**       |
| **UNAUDITED**                                                                     |
|                                                                                                            |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |
|                                                                                                            |   | **September                  30,** |   |   | **December                  31,** |   |
|                                                                                                            |   | **2007** |   |   | **2006** |   |
|                                                                                                            |   | **(Unaudited)** |   |   |   |   |
| **ASSETS**                                                                                                      |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |
| Current                  assets                                                                                 |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |
| Cash                                                                                                            |   | $ | 1,010 |   |   | $ | 44,175 |   |
| Accounts                  receivable,                  net                                                      |   |   | 78,533 |   |   |   | 45,676 |   |
| Prepaids                                                                                                        |   |   | 5,307 |   |   |   | - |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| **TOTAL                  ASSETS**                                                                               |   | $ | 84,850 |   |   | $ | 89,851 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS'                  DEFICIT**                                     |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Current                  liabilities                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Accounts                  payable and accrued                  liabilities                                      |   | $ | 140,125 |   |   | $ | 159,383 |   |
| Convertible                  notes payable,                  including accrued interest                         |   |   | 1,980,919 |   |   |   | 1,880,727 |   |
| Advances                  payable                                                                               |   |   | 16,385 |   |   |   | 16,385 |   |
| Due                  to related                  parties                                                        |   |   | 678,306 |   |   |   | 634,961 |   |
| Note                  payable to related                  party                                                 |   |   | 500,000 |   |   |   | 500,000 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   | 3,315,735 |   |   |   | 3,191,456 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Commitment                  and                  Contingencies                                                  |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Stockholders'                  deficit                                                                          |   |   |   |   |   |   |   |   |
| Preferred                  stock $0.001 par value,                  5,000,000 authorized, none issued           |   |   |   |   |   |   |   |   |
| and                  outstanding at September 30,                  2007 and Decemebr 31, 2006                   |   |   |   |   |   |   |   |   |
| Common                  stock $0.001 par value,                  200,000,000 common shares                      |   |   |   |   |   |   |   |   |
| authorized,                  22,190,000 issued and                  outstanding at September 30, 2007           |   |   |   |   |   |   |   |   |
| and                  December 31,                  2006                                                         |   |   | 22,190 |   |   |   | 22,190 |   |
| Additional                  paid in                  capital                                                    |   |   | 1,167,085 |   |   |   | 1,167,085 |   |
| Accumulated                  deficit                                                                            |   |   | (4,431,724 | ) |   |   | (4,310,003 | ) |
| Accumulated                  other comprehensive                  income                                        |   |   | 11,564 |   |   |   | 19,123 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Total                  stockholders'                  deficit                                                   |   |   | (3,230,885 | ) |   |   | (3,101,605 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Total                  liabilities and                  stockholders' deficit                                   |   | $ | 84,850 |   |   | $ | 89,851 |   |

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

----

| **GLOBETRAC                  INC.**                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **CONDENSED                  CONSOLIDATED STATEMENTS                  OF OPERATIONS**             |
| **(UNAUDITED)**                                                                                   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   | **Three                  Months                  Ended** |   |   | **Nine                  Months                  Ended** |   |
|                                                                                                                                                          |   | **September                  30,** |   |   | **September                  30,** |   |
|                                                                                                                                                          |   | **2007** |   |   | **2006** |   |   | **2007** |   |   | **2006** |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Royalty                  income                                                                                                                               |   | $ | 68,933 |   |   | $ | 16,305 |   |   | $ | 105,271 |   |   | $ | 107,013 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses:                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General                  and                  administrative                                                                                                  |   |   | 21,945 |   |   |   | 27,342 |   |   |   | 78,863 |   |   |   | 86,632 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income (loss) from continuing                  operations before interest expense,                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| franchise                  tax and discontinued                  operations                                                                                   |   |   | 46,988 |   |   |   | (11,037 | ) |   |   | 26,408 |   |   |   | 20,381 |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                  expense                                                                                                                             |   |   | (47,260 | ) |   |   | (37,109 | ) |   |   | (140,239 | ) |   |   | (110,380 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss from continuing                  operations before franchise tax and                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| discontinued                  operations                                                                                                                      |   |   | (272 | ) |   |   | (48,146 | ) |   |   | (113,831 | ) |   |   | (89,999 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Franchise                  tax                                                                                                                                |   |   | (1,701 | ) |   |   | - |   |   |   | (7,890 | ) |   |   | - |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss from continuing                  operations before discontinued operations                                                          |   |   | (1,973 | ) |   |   | (48,146 | ) |   |   | (121,721 | ) |   |   | (89,999 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss                  from discontinued                  operations                                                                                           |   |   | - |   |   |   | (9,925 | ) |   |   | - |   |   |   | (30,292 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                                     |   | $ | (1,973 | ) |   | $ | (58,071 | ) |   | $ | (121,721 | ) |   | $ | (120,291 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss per share - basic and                  diluted                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Continuing                  operations                                                                                                                        |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   | $ | (0.01 | ) |   | $ | (0.01 | ) |
| Discontinued                  operations                                                                                                                      |   |   | (0.00 | ) |   |   | (0.00 | ) |   |   | (0.00 | ) |   |   | (0.00 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   | $ | (0.01 | ) |   | $ | (0.01 | ) |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                  average number of shares                  outstanding - basic and diluted                                                           |   |   | 22,190,000 |   |   |   | 22,190,000 |   |   |   | 22,190,000 |   |   |   | 22,190,000 |   |

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

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| **GLOBETRAC                  INC.**                                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **CONDENSED                  CONSOLIDATED STATEMENT                  OF STOCKHOLDERS' DEFICIT AND COMPREHENSIVE                  INCOME**     |
| **FOR                  THE NINE MONTHS ENDED                  SEPTEMBER 30, 2007 AND 2006**                     |
| **(UNAUDITED)**                                                         |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   | **Common                  Stock                  Issued**    |   |   |   |   |   | **Accumulated** |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   | **Additional** |   |   |   |   |   | **Other** |   |   |   |   |
|                                                                                                                                                              |   | **Number                  of** |   |   |   |   |   | **Paid-in** |   |   | **Accumulated** |   |   | **Comprehensive** |   |   |   |   |
|                                                                                                                                                              |   | **Shares** |   |   | **Amount** |   |   | **Capital** |   |   | **Deficit** |   |   | **Income** |   |   | **Total** |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  January 1,                  2006                                                                                                        |   |   | 22,190,000 |   |   | $ | 22,190 |   |   | $ | 1,167,085 |   |   | $ | (4,124,249 | ) |   | $ | 27,379 |   |   | $ | (2,907,595 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss for the nine months                  ended,                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| September                  30,                  2006                                                                                                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (120,291 | ) |   |   | - |   |   |   | (120,291 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign                  curency exchange                  loss                                                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5,251 | ) |   |   | (5,251 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  loss                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (125,542 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  September 30,                  2006                                                                                                     |   |   | 22,190,000 |   |   |   | 22,190 |   |   |   | 1,167,085 |   |   |   | (4,244,540 | ) |   |   | 22,128 |   |   |   | (3,033,137 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss for the three months                  ended,                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December                  31,                  2006                                                                                                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (65,463 | ) |   |   | - |   |   |   | (65,463 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign                  curency exchange                  loss                                                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,005 | ) |   |   | (3,005 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  loss                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (68,468 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  December 31,                  2006                                                                                                      |   |   | 22,190,000 |   |   |   | 22,190 |   |   |   | 1,167,085 |   |   |   | (4,310,003 | ) |   |   | 19,123 |   |   |   | (3,101,605 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  loss for the nine month period                  ended,                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| September                  30,                  2007                                                                                                              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (121,721 | ) |   |   | - |   |   |   | (121,721 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign                  curency exchange                  loss                                                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (7,559 | ) |   |   | (7,559 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  loss                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (129,280 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                  September 30,                  2007                                                                                                     |   |   | 22,190,000 |   |   | $ | 22,190 |   |   | $ | 1,167,085 |   |   | $ | (4,431,724 | ) |   | $ | 11,564 |   |   | $ | (3,230,885 | ) |

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

----

| **GLOBETRAC                  INC.**                                                         |
|---------------------------------------------------------------------------------------------------------------------------|
| **CONDENSED                  CONSOLIDATED STATEMENTS                  OF CASH FLOWS**       |
| **(UNAUDITED)**                                                                             |
|                                                                                                                      |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |
|                                                                                                                      |   | **Nine                  Months                  Ended** |   |
|                                                                                                                      |   | **September                  30,**    |   |
|                                                                                                                      |   | **2007** |   |   | **2006** |   |
|                                                                                                                      |   |   |   |   |   |   |
| Cash                  flows from operating                  activities:                                                   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |
| Net                  loss                                                                                                 |   | $ | (121,721 | ) |   | $ | (120,291 | ) |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Adjustments                  to reconcile net loss                  to net cash used in operating activities:             |   |   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Changes                  in operating assets and                  liabilities:                                            |   |   |   |   |   |   |   |   |
| Accounts                  receivable                                                                                      |   |   | (32,857 | ) |   |   | (17,298 | ) |
| Prepaids                                                                                                                  |   |   | (5,307 | ) |   |   | - |   |
| Accounts                  payable and accrued                  liabilities                                                |   |   | (21,908 | ) |   |   | 4,598 |   |
| Accrued                  interest payable on                  convertible notes                                           |   |   | 102,842 |   |   |   | 102,903 |   |
| Due                  to related parties, including                  accrued interest on note payable                      |   |   | 43,345 |   |   |   | 27,145 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Net                  cash used in operating                  activities                                                   |   |   | (35,606 | ) |   |   | (2,943 | ) |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Effects                  of foreign currency                  exchange rate                                               |   |   | (7,559 | ) |   |   | (5,251 | ) |
|                                                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Net                  decrease in                  cash                                                                    |   |   | (43,165 | ) |   |   | (8,194 | ) |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Cash,                  beginning of                  period                                                               |   |   | 44,175 |   |   |   | 51,756 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Cash,                  end of                  period                                                                     |   | $ | 1,010 |   |   | $ | 43,562 |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Supplemental                  disclosure of cash                  flow information:                                       |   |   |   |   |   |   |   |   |
| Cash                  paid during the period                  for:                                                        |   |   |   |   |   |   |   |   |
| Income                  taxes                                                                                             |   | $ | 7,890 |   |   | $ | - |   |
| Interest                                                                                                                  |   | $ | 2,650 |   |   | $ | - |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                                                      |   |   |   |   |   |   |   |   |
| Non-cash                  changes in operating                  assets and liabilities:                                   |   |   |   |   |   |   |   |   |
| Advance                  receivable offset against                  accounts payable                                      |   | $ | 5,000 |   |   | $ | - |   |

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

----

**GLOBETRAC      INC.**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER      30, 2007**

**(UNAUDITED)**

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

**Nature        of Operations**

**Basis        of Presentation**

**NOTE        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Reclassifications**

----

**GLOBETRAC          INC.**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER          30, 2007**

**(UNAUDITED)**

**NOTE        3 - GOING CONCERN**

**NOTE        4 - CONVERTIBLE NOTES PAYABLE, INCLUDING ACCRUED INTEREST**

|                                                                                                         |   | **September                  30,****2007** |      |   | **December                  31,****2006** |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|-----------|--------|-------------------------------------------|--------|
|                                                                                                         |   |                                       |      |   |                                      |   |
| Notes                  payable due on demand, unsecured, bearing interest at 8% per                  annum,  |   |                                       |      |   |                                      |   |
| convertible                  into common shares of the Company at $0.50 per share at                  the    |   |                                       |      |   |                                      |   |
| option                  of the Company                                                                       |   | $                                          | 673,809   |   |                                      | $      | 673,809 |   |
|                                                                                                         |   |                                       |      |   |                                      |   |   |   |
| Notes                  payable due on demand, unsecured, bearing interest at 10% per                  annum, |   |                                       |      |   |                                      |   |   |   |
| convertible                  into common shares of the Company at the option of the                  Company |   |                                       |      |   |                                      |   |   |   |
| or                  the lender at market price less 20%, with a minimum conversion                  price    |   |                                       |      |   |                                      |   |   |   |
| of                  $0.15 per share                                                                          |   |                                       | 835,940   |   |                                      |   | 835,940 |   |
|                                                                                                         |   |                                       |      |   |                                      |   |   |   |
| Accrued                  interest due on demand                                                              |   |                                       | 471,170   |   |                                      |   | 370,978 |   |
|                                                                                                         |   |                                       |      |   |                                      |   |   |   |
| Total                  convertible notes payable and related accrued interest due on                  demand |   | $                                          | 1,980,919 |   |                                      | $      | 1,880,727 |   |

**NOTE        5 - ADVANCES PAYABLE**

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**GLOBETRAC          INC.**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER          30, 2007**

**(UNAUDITED)**

**NOTE        6 - DUE TO RELATED PARTIES**

|                                                                                                  |   | **September                  30,****2007** |    |   | **December                  31,****2006** |   |
|-------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|---------|--------|-------------------------------------------|--------|
|                                                                                                  |   |                                       |    |   |                                      |   |
| Due                  to companies sharing controlled by a common officer or                  director |   | $                                          | 183,258 |   |                                      | $      | 177,310 |   |
| Due                  to a director                                                                    |   |                                       | 13,766  |   |                                      |   | 13,766 |   |
| Due                  to a director                                                                    |   |                                       | 239,090 |   |                                      |   | 239,090 |   |
| Interest                  on note payable to a director (Note 7)                                      |   |                                       | 242,192 |   |                                      |   | 204,795 |   |
|                                                                                                  |   |                                       |    |   |                                      |   |   |   |
| Due                  to related parties                                                               |   | $                                          | 678,306 |   |                                      | $      | 634,961 |   |

**NOTE        7 - NOTE PAYABLE TO RELATED PARTY**

|                                                                                                       |   | **September                  30,****2007** |    |   | **December                  31,****2006** |   |
|------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|---------|--------|-------------------------------------------|--------|
|                                                                                                       |   |                                       |    |   |                                      |   |
| Note                  payable, unsecured, bears interest at 10% per annum, originally                  due |   |                                       |    |   |                                      |   |
| November                  27, 2004, now due on demand (Note 6)                                             |   | $                                          | 500,000 |   |                                      | $      | 500,000 |   |

**NOTE        8 - DISCONTINUED OPERATIONS**

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**Item        2.  Management’s Discussion and Analysis or Plan of        Operation**

**Forward-Looking        Statements**

**General**

**Our        Objectives and Areas of Focus**

----

**Challenges        and Risks**

**Critical        Accounting Policies and Estimates**

***Reclassifications***

***Accounts        Receivable***

----

***Revenue        Recognition***

**Financial        Condition**

**Related-Party        Transactions**

**COMPARISON        OF THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND        2006**

***Overall        Results of Operations***

----

* *

***Revenues***

***Operating        Expenses***

***Interest        Expense***

----

***Loss        from Discontinued Operations***

**Off-Balance-Sheet        Arrangements**

**Liquidity        and Capital Resources**

**Net        Cash Used In Operating Activities**

**Net        Cash Provided By Financing Activities**

**Net        Cash Used In Investing Activities**

**Contingencies        and Commitments**

----

**Contractual        Obligations**

**Contractual        Payment Due by Period**

|                                           |   | **2007** |    |
|------------------------------------------------|--------|----------|---------|
| Note                  Payable to Related Party |   | $        | 742,192 |   |

**Internal        and External Sources of Liquidity**

**Inflation**

**Item        3. Controls and Procedures.**

**Disclosure      Controls and Procedures**

**Exchange Act**
**Evaluation      Date**

**Changes      in Internal Controls**

**PART      II - OTHER INFORMATION**

**Item      1. Legal Proceedings.**

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**Item      2. Unregistered Sale of Equity Securities and Use of      Proceeds.**

**Item      3. Defaults Upon Senior Securities.**

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

**Item      5. Other Information.**

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**Item      6. Exhibits.**

| **(a)**     | **Index                to and Description of Exhibits**                                                                                                                                                                                                                                                                                                                                                                                                       |   |        |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| **Exhibit** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **Status**  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 3.1    | Articles                of Incorporation filed as an Exhibit to GlobeTrac’s registration statement                on Form SB-2 filed on August 2, 2001, and incorporated herein by                reference.                                                                                                                                                                                                                                            |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 3.2         | Bylaws                filed as an Exhibit to GlobeTrac’s registration statement on Form SB-2                filed on August 2, 2001, and incorporated herein by                reference.                                                                                                                                                                                                                                                               |   | Filed       |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 3.3    | Certificate                of Amendment to Articles of Incorporation changing the Issuer’s name to                GlobeTrac Inc. filed as an exhibit to GlobeTrac’s Form 10-KSB filed on                April 15, 2003, and incorporated herein by reference.                                                                                                                                                                                     |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 3.4    | Notification                of Dissolution for Globetrac Limited dated March 14, 2007, filed                as an                exhibit to GlobeTrac’s Form 10-KSB filed on April 16, 2007, and                incorporated herein by reference.                                                                                                                                                                                                       |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 10.1   | Master                Distributorship Agreement dated June 19, 2002 among WebTech Wireless                International, WebTech Wireless Inc. and Global Axxess Corporation                Limited                filed as an attached exhibit to GlobeTrac’s Form 8-K (Current Report)                filed on September 11, 2002, and incorporated herein by                reference.                                                               |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 10.2   | Loan                Agreement dated November 27, 2002 between GlobeTrac Inc. and David                Patriquin with attached promissory note dated November 27, 2002 filed                as                an exhibit to GlobeTrac’s Form 10-KSB (Annual Report) filed on April 15,                2003, and incorporated herein by reference.                                                                                                        |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 10.3   | Amendment                Letter Agreement dated June 4, 2003, between WebTech Wireless                International Inc. and Globetrac Limited for the purpose of amending                terms                of the Master Distributorship Agreement filed as an exhibit to GlobeTrac’s                Form 10-KSB (Annual Report) filed on April 7, 2004, and incorporated                herein by reference.                                       |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 10.4   | Amendment                Letter Agreement dated March 8, 2004 between WebTech Wireless                International Inc. and Globetrac Limited for the purpose of amending                terms                of the Master Distributorship Agreement filed as an exhibit to GlobeTrac’s                Form 10-KSB (Annual Report) filed on April 7, 2004, and incorporated                herein by reference.                                       |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 10.5   | Letter                Agreement dated November 26, 2004 among Global Axxess Corporation                Limited,                WebTech Wireless International and WebTech Wireless Inc., filed as                an                exhibit to GlobeTrac’s Form 8-K (Current Report) filed on December 22,                2004, and incorporated herein by reference.                                                                                    |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 10.6   | Termination                and Transfer Agreement dated November 1, 2004 among GlobeTrac Inc.,                Global                Axxess Corporation Limited, Globetrac Limited, WebTech Wireless Inc.,                and                WebTech Wireless International, filed as an exhibit to GlobeTrac’s Form                8-K (Current Report) filed on November 14, 2005, and incorporated                herein                by reference. |   | Filed  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 14          | Code                of Ethics filed as an exhibit to GlobeTrac’s Form 10-KSB filed on April                15, 2003, and incorporated herein by reference.                                                                                                                                                                                                                                                                                              |   | Filed       |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 31          | Certifications                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                      |   | Included    |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |        |
| 32          | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                          |   | Included    |

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**SIGNATURES**

|                                   | **GLOBETRAC                INC.** |                                                                                                                                   |
|----------------------------------------|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                                   |                              |                                                                                                                                   |   |
| Date:                November 13, 2007 | By:                               | /s/ John                daCosta                                                                                                   |   |
|                                   |                              | John                daCosta                                                                                        |   |
|                                   |                              | CEO                and CFO, (Principal                Executive Officer and                Principal                Financial Officer) |   |