**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**





**FORM
      10-QSB**





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





For
      the
      quarterly period ended  **March
      31, 2006**





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





For
      the
      transition period from __________________ to
      __________________








**Commission
      file number** **000-33309**








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








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





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.


**[
      X ] Yes [   ] No**





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act).


**[  
      ] Yes [ X ] No**








**APPLICABLE
      ONLY TO CORPORATE ISSUERS**





State
      the
      number of shares outstanding of each of the issuer’s classes of common equity,
      as of the latest practicable date.





**Class**
            **Outstanding
                at May 15, 2006**Common
                Stock - $0.001 par value
            22,190,000





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





***Page
          - 1***


**PART
      I - FINANCIAL INFORMATION**





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







**GLOBETRAC
      INC.**





**CONSOLIDATED
      FINANCIAL STATEMENTS**








**AS
      AT MARCH 31, 2006 AND DECEMBER 31, 2005**


**AND**


**FOR
      THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005**





**(UNAUDITED)**















**CONSOLIDATED
      BALANCE SHEETS**





**CONSOLIDATED
      STATEMENTS OF OPERATIONS****AND
      COMPREHENSIVE LOSS**





**CONSOLIDATED
      STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT AND
      COMPREHENSIVE INCOME**





**CONSOLIDATED
      STATEMENTS OF CASH FLOWS**





**NOTES
      TO CONSOLIDATED FINANCIAL
      STATEMENTS**





***Page
          - 2***




**GLOBETRAC
        INC.**
 **CONSOLIDATED
        BALANCE SHEETS**
 **UNAUDITED**
   **March
                  31,**
              
              **December
                  31,****2006**
              
              
              **2005****ASSETS****CURRENT
                  ASSETS**Cash
              $
              37,691
              
              $
              51,756Accounts
                  receivableNet
                  of allowance for doubtful accounts of $1,011 and $999
              
              27,896
              
              
              28,825**TOTAL
                  ASSETS**
              $
              65,587
              
              $
              80,581**LIABILITIES
                  AND STOCKHOLDERS' DEFICIT****CURRENT
                  LIABILITIES**Accounts
                  payable and accrued liabilities
              $
              117,723
              
              $
              115,616Convertible
                  notes payable on demand
              
              1,777,133
              
              
              1,743,167Advances
                  payable
              
              16,385
              
              
              16,385Due
                  to related parties
              
              612,692
              
              
              613,008Note
                  payable to related party
              
              500,000
              
              
              500,0003,023,933
              
              
              2,988,176Commitment
                  and Contingencies**STOCKHOLDERS'
                  DEFICIT**Share
                  capitalAuthorized200,000,000
                  common shares, $0.001 par value5,000,000
                  preferred shares, $0.001 par valueIssued
                  and outstanding:22,190,000
                  common shares
              
              22,190
              
              
              22,190Additional
                  paid in capital
              
              1,167,085
              
              
              1,167,085Accumulated
                  deficit
              
              (4,174,067
              )
              
              (4,124,249
              )Other
                  comprehensive income:Foreign
                  currency translation adjustment
              
              26,446
              
              
              27,379**Total
                  Stockholders' Deficit**
              
              (2,958,346
              )
              
              (2,907,595
              )**TOTAL
                  LIABILITIES AND STOCKHOLDERS' DEFICIT**
              $
              65,587
              
              $
              80,581




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






***Page
          - 3***


**GLOBETRAC
        INC.**
 CONSOLIDATED
          STATEMENTS OF OPERATIONS AND
          COMPREHENSIVE LOSS
 **UNAUDITED**
   **Three
                  Months Ended March 31,****2006**
              
              **2005****REVENUE**Royalty
                  income
              $
              29,791
              
              $
              12,341**OPERATING
                  EXPENSES**Administrative
                  expenses
              
              33,069
              
              
              11,245Selling
                  expenses
              
              -
              
              
              6,843Total
                  Operating Expenses
              
              33,069
              
              
              18,088Loss
                  from operations
              
              (3,278
              )
              
              (5,747
              )**OTHER
                  EXPENSES**Foreign
                  exchange (loss) gain
              
              (338
              )
              
              67Interest
                  expense
              
              (46,202
              )
              
              (47,233
              )Total
                  Other Expenses
              
              (46,540
              )
              
              (47,166
              )**NET
                  LOSS FOR THE PERIOD**
              $
              (49,818
              )
              $
              (52,913
              )**OTHER
                  COMPREHENSIVE LOSS**Foreign
                  currency translation adjustments
              
              (933
              )
              
              1,513**COMPREHENSIVE
                  LOSS**
              $
              (50,751
              )
              $
              (51,400
              )**Basic
                  and diluted loss per share:**
              $
              (0.01
              )
              $
              (0.01
              )**WEIGHTED
                  AVERAGE****SHARES
                  OUTSTANDING**
              
              22,190,000
              
              
              22,190,000




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






***Page
          - 4***




**GLOBETRAC
        INC.**
 **CONSOLIDATED
        STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT AND
        COMPREHENSIVE INCOME**
 **FOR
        THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005**
 **UNAUDITED**
   **Common
                  Stock Issued****Accumulated****Additional**
              
              
              
              
              
              **Other****Number
                  of**
              
              
              
              
              
              **Paid-in**
              
              
              **Accumulated**
              
              
              **Comprehensive****Shares**
              
              
              **Amount**
              
              
              **Capital**
              
              
              **Deficit**
              
              
              **Income**
              
              
              **Total****Balance,
                  January 1, 2005**
              
              **22,190,000**
              
              **$**
              **22,190**
              
              **$**
              **1,167,085**
              
              **$**
              **(3,963,224**
              **)**
              **$**
              **19,830**
              
              **$**
              **(2,754,119**
              **)**Net
                  loss for the three month period ended,March
                  31, 2005
              
              -
              
              
              -
              
              
              -
              
              
              (52,913
              )
              
              -
              
              
              (52,913
              )Foreign
                  currency translation adjustments
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              1,513
              
              
              1,513**Balance,
                  March 31, 2005**
              
              **22,190,000**
              
              **$**
              **22,190**
              
              **$**
              **1,167,085**
              
              **$**
              **(4,016,137**
              **)**
              **$**
              **21,343**
              
              **$**
              **(2,805,519**
              **)**Net
                  loss for the nine month period ended,December
                  31, 2005
              
              -
              
              
              -
              
              
              -
              
              
              (108,112
              )
              
              **-**
              
              
              (108,112
              )Foreign
                  currency translation adjustments
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              6,036
              
              
              6,036**Balance,
                  December 31, 2005**
              
              **22,190,000**
              
              **$**
              **22,190**
              
              **$**
              **1,167,085**
              
              **$**
              **(4,124,249**
              **)**
              **$**
              **27,379**
              
              **$**
              **(2,907,595**
              **)**Net
                  loss for the three month period ended,March
                  31, 2006
              
              -
              
              
              -
              
              
              -
              
              
              (49,818
              )
              
              
              
              
              (49,818
              )Foreign
                  currency translation adjustments
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              (933
              )
              
              (933
              )**Balance,
                  March 31, 2006**
              
              **22,190,000**
              
              **$**
              **22,190**
              
              **$**
              **1,167,085**
              
              **$**
              **(4,174,067**
              **)**
              **$**
              **26,446**
              
              **$**
              **(2,958,346**
              **)**




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










***Page
          - 5***




**GLOBETRAC
        INC.**
 **CONSOLIDATED
        STATEMENTS OF CASH FLOWS**
 **UNAUDITED**
   **Three
                    Months Ended March 31,****2006**
                
                
                **2005****CASH
                    FLOWS FROM OPERATING ACTIVITIES**Net
                    loss for the period
                $
                (49,818
                )
                $
                (52,913
                )Adjustment
                    to reconcile net loss to net cashused
                    in operating activities:Changes
                    in operating assets and liabilities:Decrease
                    in accounts receivable
                
                929
                
                
                20,517Increase
                    (Decrease) in accounts payable and accrued liabilities
                
                2,107
                
                
                (6,224
                )Increase
                    in accrued interest payable to related party
                
                12,329
                
                
                12,328Decrease
                    in accounts payable to related parties
                
                (12,645
                )
                
                (1,772
                )Increase
                    in accrued interest payable on convertible notes
                
                33,966
                
                
                34,307**NET
                    CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES**
                
                (13,132
                )
                
                6,243Effect
                    of exchange rate changes on cash
                
                (933
                )
                
                1,512**(DECREASE)
                    INCREASE IN CASH**
                
                **(14,065**
                **)**
                
                **7,755****CASH,
                    BEGINNING OF PERIOD**
                
                51,756
                
                
                1,342**CASH,
                    END OF PERIOD**
                **$**
                **37,691**
                
                **$**
                **9,097**Supplemental
                    disclosure of cash flow information:Cash
                    paid during the period for:Income
                    taxes
                $
                -
                
                $
                -Interest
                    on debt
                $
                -
                
                $
                -


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


***Page
            - 6***




**GLOBETRAC
        INC.**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **March
        31, 2006**
 **(Unaudited)**
  
 
 **NOTE
        1 - ORGANIZATION AND NATURE OF OPERATIONS**
 
 **Nature
        of Operations**
 GlobeTrac
        Inc. (the “Company”) was incorporated in the state of Delaware on March 2, 2000
        as 411 Place.com Inc. On February 28, 2001, the Company changed its name
        to
        Artescope, Inc. and on July 29, 2002 changed its name to GlobeTrac Inc. The
        Company’s principal executive offices are headquartered in Canada. On August 27,
        2002 the Company acquired 100% of the shares of Global Axxess Corporation
        Limited (“Global Axxess”), a company incorporated in Ireland. Global Axxess owns
        100% of the issued and outstanding shares of Globetrac Limited, a company
        incorporated in the United Kingdom.
 
 On
        May 6,
        2002, all of the directors and officers of the Company resigned and a new
        director and officer was appointed. On August 27, 2002, all of the directors
        of
        Global Axxess, and its wholly owned subsidiary Globetrac Limited, resigned
        and
        two new directors were appointed.
 
 The
        Company was in the business of selling, marketing, distributing and installing
        global wireless tracking and telematics equipment in Europe until November
        1,
        2004 when they exchanged certain of their assets and certain liabilities
        in
        Globetrac Limited and their rights to the global wireless tracking and
        telematics business in Europe for a six percent royalty on gross sales of
        all
        existing and qualified potential customers that the Company has in Europe.
        As a
        result of terminating its operations in Europe, the Company is seeking new
        business opportunities.
 
 **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
 **Principles
        of Consolidation**
 The
        consolidated financial statements include the accounts of the Company and
        the
        consolidated accounts of its subsidiary. All significant intercompany balances
        and transactions have been eliminated.
 
 **Accounting
        Estimates**
 The
        preparation of financial statements in conformity with accounting principles
        generally accepted in the United States of America requires management to
        make
        estimates and assumptions that affect the reported amounts of assets and
        liabilities and 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.
 
 **Accounts
        Receivable**
 Receivables
        represent valid claims against debtors for sales or royalties arising on
        or
        before the balance sheet date and are reduced to their estimated net realizable
        value. An allowance for doubtful accounts is based on an assessment of the
        collectibility of all past due accounts.
 
 **Revenue
        Recognition**
 Royalty
        revenue is recognized when it is received or when the royalty income is
        determinable and collectability is reasonably assured.
 
 **Comprehensive
        Income**
 Comprehensive
        income reflects changes in equity that result from transactions and economic
        events from non-owner sources. Comprehensive income for the current period
        represents foreign currency translation items associated with the Company’s
        English and Irish operations.
 
 ***Page
            - 7***
 
 **GLOBETRAC
        INC.**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 
 **(Unaudited)**
  
 **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued**
 **Foreign
        Currency**
 The
        financial statements of the Company’s English and Irish subsidiaries are
        measured using the British Pound and the Euro as the functional currencies.
        Assets and liabilities of these subsidiaries are translated at exchange rates
        as
        of the balance sheet date. Revenues and expenses are translated at average
        exchange rates for the year. The resulting cumulative translation adjustments
        have been recorded as a separate component of stockholders’ equity. Foreign
        currency transaction gains and losses are included in consolidated net income.
 
 **New
        Accounting Pronouncements**
 
 In
        May
        2005, the FASB issued SFAS No. 154 (“SFAS 154”), Accounting Changes and Error
        Corrections. This statement, which replaces APB Opinion No. 20, Accounting
        Changes, and FASB Statement No. 3, Reporting Accounting Changes in Interim
        Financial Statements, requires that a voluntary change in accounting principle
        be applied retrospectively to all prior period financial statements presented,
        unless it is impracticable to do so. SFAS 154 also provides that a change
        in
        method of depreciating or amortizing a long-lived non-financial asset be
        accounted for as a change in estimate effected by a change in accounting
        principle, and also provides that correction of errors in previously issued
        financial statements should be termed a “restatement”. SFAS 154 is effective for
        fiscal years beginning after December 15, 2005. Adoption of SFAS 154 did
        not
        have a material impact on the Company’s financial condition or results of
        operations.
 
 In
        February 2006, the FASB issued SFAS No. 155 “Accounting for Certain Hybrid
        Financial Instruments - an amendment of FASB Statements No. 133 and 140’. This
        Statement amends FASB Statements No. 133, Accounting for Derivative Instruments
        and Hedging Activities, and No. 140, Accounting for Transfers and Servicing
        of
        Financial Assets and Extinguishments of Liabilities. This Statement resolves
        issues addressed in Statement 133 Implementation Issue No. D1, “Application of
        Statement 133 to Beneficial Interests in Securitized Financial Assets.” This
        statement is effective for all financial instruments acquired or issued after
        the beginning of an entities first fiscal year that begins after September
        15,
        2006.
 
 **NOTE
        3 - CONVERTIBLE NOTES PAYABLE**
 At
        March 31, 2006 and December 31, 2005 the Company had a note payable in the
        amount of $162,149 plus accrued interest of $29,160 and $25,962. This note
        is
        unsecured, bears interest at 8%, is payable on demand and, at the option
        of the
        Company, is convertible into common shares of the Company at $0.50 per share.
 
 At
        March
        31, 2006 and December 31, 2005, the Company had notes payable totaling $511,660
        plus accrued interest of $91,959 and $81,804. These notes are unsecured,
        bear
        interest at 8%, are payable on demand and, at the option of the Company,
        are
        convertible into common shares of the Company at $0.50 per share.
 
 At
        March
        31, 2006 and December 31, 2005, the Company has notes payable totaling $835,940
        plus accrued interest of $146,264 and $125,652. These notes are unsecured,
        bear
        interest at 10% are payable on demand and at the option of either the Company
        or
        the lender are convertible into common shares of the Company at market price
        less 20%, with a minimum conversion price of $0.15 per share.
 
 ***Page
            - 8***
 
 **GLOBETRAC
        INC.**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 
 **(Unaudited)**
  
 **NOTE
        4 - DUE TO RELATED PARTIES**
 At
        March 31, 2006 and December 31, 2005, the Company was indebted to a company
        sharing a common officer with the Company in the amount of $4,755. This debt
        is
        unsecured, non-interest bearing and has no fixed terms of repayment.
 
 At
        March
        31, 2006 and December 31, 2005, the Company was indebted to a company controlled
        by an officer of the Company in the amount of $156,528 and $169,547. This
        debt
        is unsecured, non-interest bearing and has no fixed terms of repayment. During
        the three month period ended March 31, 2006 and 2005, this same company was
        paid
        $16,050 and $nil for administrative services.
  At
        March
        31, 2006 and December 31, 2005, the Company was indebted to a company sharing
        a
        common officer in the amounts of $13,995 and $13,828. This debt is unsecured,
        non-interest bearing and has no fixed terms of repayment.
 
 At
        March
        31, 2006 and December 31, 2005, the Company was indebted to a company controlled
        by a former officer of the Company in the amounts of $17,434 and $17,226.
        This
        debt is unsecured, non-interest bearing and has no fixed terms of repayment.
 
 At
        March
        31, 2006 and December 31, 2005, the Company was indebted to a former director
        in
        the amount of $239,090. This debt is unsecured, non-interest bearing and
        has no
        fixed terms of repayment.
  At
        March
        31, 2006 and December 31, 2005, the Company had advances payable to a related
        party in the amount of $13,766. These advances are non-interest bearing,
        have no
        fixed terms of repayment and are unsecured.
 
 **NOTE
        5 - NOTE PAYABLE RELATED PARTY**
 At
        March 31, 2006 and December 31, 2005, the Company had a note payable to a
        director of the Company in the amount of $500,000, plus accrued interest
        of
        $167,124 and $154,795. This note is unsecured, bears interest at 10% and
        was due
        November 27, 2004.
 
 **NOTE
        6 - ADVANCES PAYABLE**
 At
        March 31, 2006 and December 31, 2005, the Company had advances payable of
        $16,385, these advances are unsecured, are non-interest bearing and have
        no
        fixed terms of repayment
 
 **NOTE
        8 - GOING CONCERN**
 The
        Company was in the business of selling, marketing, distributing and installing
        global wireless tracking and telematics equipment in Europe until November
        1,
        2004 when they exchanged their rights to sell, market, distribute and install
        global wireless tracking and telematics equipment in Europe as well as specific
        assets and liabilities, for a royalty of 6% on future gross sales to current
        customers and qualified potential customers in Europe. There is no cap on
        the
        royalties and royalties are to be paid for the duration of 11 years, ending
        October 31, 2015. The Company has accumulated a deficit of $4,174,067 since
        inception and additional financing will be required by the Company to fund
        and
        support its operations. Management plans to mitigate its losses in future
        years
        by significantly reducing its operating expenses and seeking out new business
        opportunities. However, there is no assurance that the Company will be able
        to
        obtain additional financing, reduce their operating expenses or be successful
        in
        locating or acquiring a viable business. The financial statements do not
        include
        any adjustments that might result from the outcome of those uncertainties.










***Page
          - 9***





**Item
      2.**  **Management’s Discussion and Analysis of Financial Condition and Results of
      Operations**





THE
      FOLLOWING IS A DISCUSSION AND ANALYSIS THAT MANAGEMENT BELIEVES IS RELEVANT
      TO
      AN ASSESSMENT AND UNDERSTANDING OF THE CONSOLIDATED RESULTS OF OPERATIONS AND
      FINANCIAL CONDITION OF GLOBETRAC AND ITS SUBSIDIARY (COLLECTIVELY, “GLOBETRAC”
OR THE “COMPANY”) FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2006 AND 2005. THE
      FOLLOWING SHOULD BE READ IN CONJUNCTION WITH THE CONSOLIDATED FINANCIAL
      STATEMENTS AND RELATED NOTES APPEARING ELSEWHERE HEREIN AND MANAGEMENT’S
      DISCUSSION AND ANALYSIS INCLUDED IN GLOBETRAC’S ANNUAL REPORT ON FORM 10-KSB FOR
      THE YEAR ENDED DECEMBER 31, 2005.





**Overview**





At
      March
      31, 2006, our only source of income is a six percent commission/royalty that
      we
      receive from WebTech Wireless Inc. (“WebTech”), based on all qualified sales of
      any product or service offered by WebTech. A qualified sale means all of
      WebTech’s invoiced sales of products or services to a customer that has ordered
      at least one product or service before November 26, 2005, whether sold by
      WebTech or by a licensee, affiliate or agent of WebTech. A customer is a list
      of
      customers that was provided to WebTech by GlobeTrac. There is no cap on the
      royalty receivable and royalties are to be paid by WebTech for 11 years,
      beginning November 1, 2004 and ending October 31, 2015.





Due
      to
      limited operations, we are presently seeking new business
      opportunities.





We
      have
      accumulated a deficit of approximately $4.2 million to date and will require
      additional financing to continue operations and to seek out new business
      opportunities. We plan to mitigate our losses in future years through the
      receipt of the royalty payments from WebTech and locating a viable business.





There
      is
      no assurance that we will be able to obtain additional financing, be successful
      in seeking new business opportunities, receive any royalties from WebTech or
      that we will be able to reduce operating expenses. Our consolidated financial
      statements do not include any adjustments that might result from the outcome
      of
      these uncertainties.





**Financial
      Condition**





During
      the three months ended March 31, 2006, we had a net loss of $49,818. As of
      March
      31, 2006, we had a cash balance of $37,691 and accounts receivable of $27,896.
      When these current assets are offset against our current obligations of $117,723
      in accounts payable and accrued liabilities, $1,777,133 in convertible notes
      payable on demand, $16,385 in advances payable, $612,692 in amounts due to
      related parties and a $500,000 note payable to a related party, we are left
      with
      a working capital deficit of $2,958,346.





We
      believe that our cash and cash equivalents as of the date of this filing are
      not
      sufficient to satisfy our working capital needs for the next year. Over the
      next
      nine months we plan to seek new business opportunities and collect royalty
      payments from WebTech. We anticipate funding our working capital needs for
      the
      next nine months through the royalty payments from WebTech, the equity capital
      markets, private advances and loans. Although the foregoing actions are expected
      to cover our anticipated cash needs for working capital and capital expenditures
      for at least the next nine months, no assurance can be given that we will be
      able collect any royalty payments or raise sufficient cash to meet our cash
      requirements.





We
      plan
      to cover operating costs until such time as a new business opportunity is
      located, by receiving royalty payments from WebTech, raising additional capital
      through the private placement of shares, private advances and loans.





We
      are
      not currently conducting any research and development activities. We do not
      anticipate conducting such activities in the near future. If we enter into
      a new
      business opportunity, we may be required to hire additional employees,
      independent contractors as well as purchase or lease additional
      equipment.





We
      anticipate continuing to rely on equity sales of common shares or the issuance
      of convertible debt to fund our operations and to seek out or enter into new
      business opportunities. The issuance of any additional shares will result in
      dilution to existing shareholders of the Company.





***Page
          - 10***








**Related-Party
      Transactions**





Included
      in the $612,692 that is due to related parties at March 31, 2006 are $413,052
      in
      professional, consulting and management fees that were accrued prior to 2006,
      $32,516 in advances and $167,124 in interest on the $500,000 note payable to
      a
      related party. None of the amounts due to related parties bear interest, have
      any fixed terms of repayment or are secured. The $500,000 note payable to a
      related party bears interest at 10%, is unsecured and was payable November
      27,
      2004. We do not anticipate paying this note unless we achieve profitable
      operations, raise sufficient working capital, or issue shares for debt to cover
      this obligation.





**COMPARISON
      OF THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005**





Overall
      Results of Operations





For
      the
      three months ended March 31, 2006, we had a net loss of $49,818 or a $(0.01)
      net
      loss per share, which was a decrease of $3,095 in net loss from our net loss
      of
      $52,913 or a $(0.01) net loss per share for the three months ended March 31,
      2005. The decrease in net loss for the three months ended March 31, 2006 as
      compared to the three months ended March 31, 2005 was the result of an increase
      in operating costs offset by an increase in revenue.  If we are not
      successful in acquiring a viable business during 2006, we expect our net loss
      to
      increase by approximately $60,000 due to an anticipated increase in our
      operating costs. We expect our revenue and interest costs to remain the same.





Revenues





Our
      revenue increased by $17,450 or 141% from $12,341 for the three months ended
      March 31, 2005 to $29,791 for the three months ended March 31, 2006. All of
      the
      revenue was the result of a 6% royalty which relates to the Termination and
      Transfer Agreement signed on October 18, 2005. We expect our royalty income
      to
      remain the same during 2006. We do not expect revenue to increase, unless we
      locate a new revenue generating business opportunity.





Operating
      Expenses





Our
      operating expenses increased by $14,981 or 83% from $18,088 for three months
      ended March 31, 2005 to $33,069 for the three months ended March 31, 2006.
      The
      increase in operating expenses was due to primarily to an increase in
      professional fees. We expect our operating costs to increase during 2006 by
      approximately $60,000, due to higher professional fees.





Interest
      Expense





Our
      interest expense decreased by $1,031 or 2% from $47,233 for the three months
      ended March 31, 2005 to $46,202 for the three months ended March 31, 2006.
      We
      expect interest expense to remain the same during 2006 unless some of the
      convertible notes are converted into common shares of the Company.





**Off-Balance-Sheet
      Arrangements**





We
      have
      no off-balance sheet arrangements that have or are reasonably likely to have
      a
      current or future effect on our financial condition, changes in financial
      condition, revenue or expenses, results of operations, liquidity, capital
      expenditures or capital resources that we expect to be material to investors.
      We
      do not have any non-consolidated, special-purpose entities.





**Liquidity
      and Capital Resources**





As
      of
      March 31, 2006, we had a cash balance of $37,691 and negative cash flows from
      operations of $13,132 for the three months then ended. During the three months
      ended March 31, 2006, we funded our operations through revenue from royalty
      revenue we received from WebTech of $29,791.





The
      notes
      to our consolidated financial statements as of March 31, 2006, contain footnote
      disclosure regarding our uncertain ability to continue as a going concern.
      We
      have not generated sufficient revenues to cover our expenses, and we have
      accumulated a deficit of $4,174,067. As of March 31, 2006, we had $3,023,933
      in
      current liabilities, when this is offset against our current assets of $65,587
      we are left with a working capital deficit of $2,958,346 and as such we cannot
      assure that we will succeed in locating a viable business opportunity or
      achieving a profitable level of operations sufficient to meet our ongoing cash
      needs. We have, however, successfully generated sufficient working capital
      and
      liquidity through royalty revenues and advances of cash until the date of this
      filing, and believe that we can continue to do so for the next nine months.




***Page
          - 11***





Below
      is
      a discussion of our sources and uses of funds for the three months ended March
      31, 2006.





**Net
      Cash Used In Operating Activities**





Net
      cash
      used in operating activities during the three months ended March 31, 2006 was
      $13,132, this cash was primarily provided by the collection of accounts
      receivable of $929, an increase in accounts payable and accrued liabilities
      of
      $2,107, an increase in accrued interest payable to a related party of $12,329
      and an increase in accrued interest on convertible notes of $33,966, offset
      by a
      net loss of $49,818, and a decrease in amounts due to related parties of
      $12,645.





**Net
      Cash Provided By Financing Activities**





We
      did
      not have any financing activities during the three months ended March 31,
      2006.





**Net
      Cash Used In Investing Activities**





We
      did
      not have any investing activities during the three months ended March 31, 2006.





**Contingencies
      and Commitments**





We
      had no
      contingencies or long-term commitments at March 31, 2006.





**CRITICAL
      ACCOUNTING ESTIMATES**





An
      appreciation of our critical accounting policies is necessary to understand
      our
      financial results. These policies may require management to make difficult
      and
      subjective judgments regarding uncertainties, and as a result, such estimates
      may significantly impact our financial results. The precision of these estimates
      and the likelihood of future changes depend on a number of underlying variables
      and a range of possible outcomes. Other than our accounting for our royalty
      revenue, our critical accounting policies do not involve the choice between
      alternative methods of accounting. We applied our critical accounting policies
      and estimation methods consistently.





**Accounts
      Receivable**





At
      March
      31, 2006, accounts receivable consists of estimated royalty revenue for the
      months of February and March 2006. Our estimate was based on a verbal estimate
      we received from WebTech which amount is consistent with the amounts we have
      received from WebTech since November 2004. As of the date of filing we had
      not
      received payment of the accrued royalty revenue and thus our estimated accrual
      could vary materially from the amount we accrued at March 31, 2006.





**Revenue
      Recognition**





We
      recognized our royalty revenue when it was received and accrue for royalty
      revenues that we believe to be reasonably collectable.





**Contractual
      Obligations**





The
      following table provides a summary of our debt obligation as of March 31, 2006.
      We have not included repayment of our convertible notes payable because these
      notes are repayable on demand and we do not know when or if payment will be
      demanded.





Contractual
      Payment Due by Period


2006





Note
      Payable to Related Party   $667,123








***Page
          - 12***







**Internal
      and External Sources of Liquidity**





We
      have
      funded our operations principally from royalty revenue and advances from related
      and other parties.





**Inflation**





We
      do not
      believe that inflation will have a material impact on our future
      operations.





**Uncertainties
      relating to Forward Looking Statements**





This
      Form
      10-QSB Quarterly Report contains “forward-looking statements” within the meaning
      of the Private Securities Litigation Reform Act of 1995. These statements may
      be
      identified by their use of words like “plan”, “expect”, “aim”, “believe”,
“project”, “anticipate”, “intend”, “estimate”, “will”, “should”, “could” and
      other expressions that indicate future events and trends. All statements that
      address expectations or projections about the future, including statements
      about
      our royalty revenue, about locating a viable business, about expenditures and
      about financial results are forward-looking statements.





All
      forward-looking statements are made as of the date of filing of this Form 10-QSB
      and we disclaim any duty to update such statements.





Certain
      parts of this Form 10-QSB may contain “forward-looking statements” within the
      meaning of the Securities Exchange Act of 1934 based on current managements
      expectations. Actual results could differ materially from those in the forward
      looking statements due to a number of uncertainties including, but not limited
      to, those discussed in this section. Factors that could cause future results
      to
      differ from these expectations include general economic conditions, particularly
      related to our royalty revenue; changes in business direction including locating
      or acquiring a viable business. As a result, the identification and
      interpretation of data and other information and their use in developing and
      selecting assumptions from and among reasonable alternatives requires the
      exercise of judgment. To the extent that the assumed events do not occur, our
      outcome may vary substantially from our anticipated or projected results, and
      accordingly, we express no opinion on the achievability of those forward-looking
      statements and give no assurance that any of the assumptions relating to the
      forward-looking statements are accurate.





We
      may,
      from time to time, make oral forward-looking statements. We strongly advise
      you
      to read the foregoing paragraphs and the risk factors described in our annual
      report and in our other documents filed with the United States Securities and
      Exchange Commission for a description of certain factors that could cause our
      actual results to differ materially from those in the oral forward-looking
      statements. We disclaim any intention or obligation to update or revise any
      oral
      or written forward-looking statements whether as a result of new information,
      future events or otherwise.





**Item
      3. Controls and Procedures.**





**Disclosure
      Controls and Procedures**





John
      daCosta, GlobeTrac’s Chief Executive Officer and Chief Financial Officer, has
      evaluated the effectiveness of GlobeTrac’s disclosure controls and procedures
      (as such term is defined in Rules 13a-15 and 15d-15 under the Securities
      Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered
      by this quarterly report (the “Evaluation Date”). Based on such evaluation, Mr.
      daCosta has concluded that, as of the Evaluation Date, GlobeTrac’s disclosure
      controls and procedures are effective in alerting GlobeTrac on a timely basis
      to
      material information required to be included in its reports filed or submitted
      under the Exchange Act.





**Changes
      in Internal Controls**





During
      the quarter of the fiscal year covered by this report, there were no changes
      in
      GlobeTrac’s internal controls or, to the GlobeTrac’s knowledge, in other factors
      that have materially affected, or are reasonably likely to materially affect,
      these controls and procedures subsequent to the date GlobeTrac carried out
      this
      evaluation.




***Page
          - 13***





**PART
      II - OTHER INFORMATION**





**Item
      1. Legal Proceedings.**





GlobeTrac
      is not a party to any pending legal proceedings and, to the best of GlobeTrac’s
      knowledge, none of GlobeTrac’s assets are the subject of any pending legal
      proceedings.





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





During
      the quarter of the fiscal year covered by this report, (i) GlobeTrac did not
      modify the instruments defining the rights of its shareholders, (ii) no rights
      of any shareholders were limited or qualified by any other class of securities,
      and (iii) GlobeTrac did not sell any unregistered equity securities.





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





During
      the quarter of the fiscal year covered by this report, no material default
      has
      occurred with respect to any indebtedness of GlobeTrac. Also, during this
      quarter, no material arrearage in the payment of dividends has
      occurred.





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





No
      matter
      was submitted to a vote of security holders through the solicitation of proxies
      or otherwise, during the quarter of the fiscal year covered by this
      report.





**Item
      5. Other Information.**





During
      the quarter of the fiscal year covered by this report, no information was
      required to disclosed in a report on Form 8-K, which was not
      reported.





**Item
      6. Exhibits.**





**(a)**
            **Index
                to and Description of
                Exhibits**





All
      Exhibits required to be filed with the Form 10-QSB are incorporated by reference
      to GlobeTrac’s previously filed Form SB-2 and Form 10-KSB.





**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**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




***Page
          - 14***








**Exhibit**
            **Description**
            **Status**


**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**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**99.1**
            Code
                of Ethics filed as an exhibit to GlobeTrac’s Form 10-KSB filed on April
                15, 2003, and incorporated herein by reference.
            Filed














**SIGNATURES**





In
      accordance with the requirements of the Securities Exchange Act of 1934,
      GlobeTrac has caused this report to be signed on its behalf by the undersigned
      duly authorized person.








**GLOBETRAC
      INC.**










By:
      */s/ John daCosta* ******





Name: **John
      daCosta**


Title **:** **CEO
      and CFO**


Dated: **May
      15, 2006**





***Page
          - 15***












**Exhibit
      31**















***Page
          - 16***




**GLOBETRAC
      INC.**


**CERTIFICATIONS
      PURSUANT TO**


**SECTION
      302 OF THE SARBANES-OXLEY ACT OF 2002**






**CERTIFICATION**






I,
      John
      daCosta, certify that:




1.
 
      I have reviewed this quarterly report on Form 10-QSB of GlobeTrac Inc.;




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




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




4.
      The
      small business issuer’s other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as defined
      in
      Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
      reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
      small business issuer and have:




(a)
      Designed such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure that
      material information relating to the small business issuer, including its
      consolidated subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being prepared;




(b)
      Designed such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision, to
      provide reasonable assurance regarding the reliability of financial reporting
      and the preparation of financial statements for external purposes in accordance
      with generally accepted accounting principles;




(c)
      Evaluated the effectiveness of the small business issuer’s disclosure controls
      and procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of the
      period covered by this report based on such evaluation; and




(d)
      Disclosed in this report any change in the small business issuer’s internal
      control over financial reporting that occurred during the small business
      issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal
      quarter in the case of an annual report) that has materially affected, or is
      reasonably likely to materially affect, the small business issuer’s internal
      control over financial reporting; and




5.
      The
      small business issuer’s other certifying officer(s) and I have disclosed, based
      on our most recent evaluation of internal control over financial reporting,
      to
      the small business issuer’s auditors and the audit committee of the small
      business issuer’s board of directors (or persons performing the equivalent
      functions):




(a)
      All
      significant deficiencies and material weaknesses in the design or operation
      of
      internal control over financial reporting which are reasonably likely to
      adversely affect the small business issuer’s ability to record, process,
      summarize and report financial information; and




(b)
      Any
      fraud, whether or not material, that involves management or other employees
      who
      have a significant role in the small business issuer’s internal control over
      financial reporting.






Date:
      May
      15, 2006




*/s/
      John daCosta*


John
      daCosta


Chief
      Executive Officer




***Page
          - 17***




**GLOBETRAC
      INC.**


**CERTIFICATIONS
      PURSUANT TO**


**SECTION
      302 OF THE SARBANES-OXLEY ACT OF 2002**






**CERTIFICATION**






I,
      John
      daCosta, certify that:




1.
 
      I have reviewed this quarterly report on Form 10-QSB of GlobeTrac Inc.;




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




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




4.
      The
      small business issuer’s other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as defined
      in
      Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
      reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
      small business issuer and have:




(a)
      Designed such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure that
      material information relating to the small business issuer, including its
      consolidated subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being prepared;




(b)
      Designed such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision, to
      provide reasonable assurance regarding the reliability of financial reporting
      and the preparation of financial statements for external purposes in accordance
      with generally accepted accounting principles;




(c)
      Evaluated the effectiveness of the small business issuer’s disclosure controls
      and procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of the
      period covered by this report based on such evaluation; and




(d)
      Disclosed in this report any change in the small business issuer’s internal
      control over financial reporting that occurred during the small business
      issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal
      quarter in the case of an annual report) that has materially affected, or is
      reasonably likely to materially affect, the small business issuer’s internal
      control over financial reporting; and




5.
      The
      small business issuer’s other certifying officer(s) and I have disclosed, based
      on our most recent evaluation of internal control over financial reporting,
      to
      the small business issuer’s auditors and the audit committee of the small
      business issuer’s board of directors (or persons performing the equivalent
      functions):




(a)
      All
      significant deficiencies and material weaknesses in the design or operation
      of
      internal control over financial reporting which are reasonably likely to
      adversely affect the small business issuer’s ability to record, process,
      summarize and report financial information; and




(b)
      Any
      fraud, whether or not material, that involves management or other employees
      who
      have a significant role in the small business issuer’s internal control over
      financial reporting.






Date:
      May
      15, 2006




*/s/
      John daCosta*


John
      daCosta


Chief
      Financial Officer




***Page
          - 18***












**Exhibit
      32**











***Page
          - 19***







**CERTIFICATION
      PURSUANT TO**


**18
      U.S.C. SECTION 1350,**


**AS
      ADOPTED PURSUANT TO**


**SECTION
      906 OF THE SARBANES-OXLEY ACT OF 2002**






In
      connection with the Quarterly Report of GlobeTrac Inc. (“GlobeTrac”) on Form
      10-QSB for the period ending March 31, 2006 as filed with the Securities and
      Exchange Commission on the date hereof (the “Report”), I, John daCosta,
      President and Chief Executive Officer of GlobeTrac, certify, pursuant to s.906
      of the Sarbanes-Oxley Act of 2002, that:




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




(2)
        The information contained in the Report fairly represents, the financial
      condition and result of operations of GlobeTrac.








*/s/
      John daCosta*


John
      daCosta


Chief
      Executive Officer






May
      15,
      2006




***Page
          - 20***






**CERTIFICATION
      PURSUANT TO**


**18
      U.S.C. SECTION 1350,**


**AS
      ADOPTED PURSUANT TO**


**SECTION
      906 OF THE SARBANES-OXLEY ACT OF 2002**






In
      connection with the Quarterly Report of GlobeTrac Inc. (“GlobeTrac”) on Form
      10-QSB for the period ending March 31, 2006 as filed with the Securities and
      Exchange Commission on the date hereof (the “Report”), I, John daCosta,
      Secretary, Treasurer, and Chief Financial Officer of GlobeTrac, certify,
      pursuant to s.906 of the Sarbanes-Oxley Act of 2002, that:




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




(2)
        The information contained in the Report fairly represents, the financial
      condition and result of operations of GlobeTrac.











*/s/
      John daCosta*


John
      daCosta


Chief
      Financial Officer




May
      15,
      2006







***Page
          - 21***