**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  **September
      30, 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 November 10, 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** **OF
      SEPTEMBER 30, 2006 AND DECEMBER 31, 2005**


**AND**


**FOR
      THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006** **and** **2005**





**(UNAUDITED)**









**CONSOLIDATED
      BALANCE SHEETS**





**CONSOLIDATED
      STATEMENTS OF OPERATIONS**





**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**
    **September
                  30,**
              
              **December
                  31,****2006**
              
              
              **2005****ASSETS****CURRENT
                  ASSETS**Cash
              $
              43,562
              
              $
              51,756Accounts
                  receivableNet
                  of allowance for doubtful accounts of $1,088 and $999
              
              46,123
              
              
              28,825**TOTAL
                  ASSETS**
              $
              89,685
              
              $
              80,581**LIABILITIES
                  AND STOCKHOLDERS' DEFICIT****CURRENT
                  LIABILITIES**Accounts
                  payable and accrued liabilities
              $
              120,214
              
              $
              115,616Convertible
                  notes payable and related accrued interest due on demand
              
              1,846,070
              
              
              1,743,167Advances
                  payable
              
              16,385
              
              
              16,385Due
                  to related parties
              
              640,153
              
              
              613,008Note
                  payable to related party
              
              500,000
              
              
              500,0003,122,822
              
              
              2,988,176Contingency**STOCKHOLDERS'
                  DEFICIT**Preferred
                  stockAuthorized:
                  5,000,000 preferred shares, $0.001 par valueIssued
                  and outstanding: noneCommon
                  stockAuthorized:
                  200,000,000 common 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
              
              (4,244,540
              )
              
              (4,124,249
              )Accumulated
                  other comprehensive income
              
              22,128
              
              
              27,379**Total
                  Stockholders' Deficit**
              
              (3,033,137
              )
              
              (2,907,595
              )**TOTAL
                  LIABILITIES AND STOCKHOLDERS' DEFICIT**
              $
              89,685
              
              $
              80,581


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




**Page
          - 3**




**GLOBETRAC
                  INC.****CONSOLIDATED
                  STATEMENTS OF
                  OPERATIONS****UNAUDITED**
    **Three
                  Months Ended**
              
              **Nine
                  Months Ended****September
                  30,**
              
              
              **September
                  30,****2006**
              
              
              **2005**
              
              
              **2006**
              
              
              **2005****REVENUE**Royalty
                  income
              $
              16,305
              
              $
              -
              
              $
              107,013
              
              $
              94,484**OPERATING
                  EXPENSES**General
                  and administrative
              
              27,359
              
              
              18,048
              
              
              87,586
              
              
              57,094Total
                  Operating Expenses
              
              27,359
              
              
              18,048
              
              
              87,586
              
              
              57,094(Loss)
                  Income From Operations
              
              (11,054
              )
              
              (18,048
              )
              
              19,427
              
              
              37,390**OTHER
                  EXPENSES**Interest
                  expense
              
              (47,017
              )
              
              (43,722
              )
              
              (139,718
              )
              
              (134,976
              )**NET
                  LOSS FOR THE PERIOD**
              $
              (58,071
              )
              $
              (61,770
              )
              $
              (120,291
              )
              $
              (97,586
              )**NET
                  LOSS PER SHARE - BASIC AND DILUTED**
              $
              (0.01
              )
              $
              (0.01
              )
              $
              (0.01
              )
              $
              (0.01
              )**WIEGHTED
                  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
      consolidated financial statements




**Page
          - 4**




**GLOBETRAC
                  INC.****CONSOLIDATED
                  STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT AND
                  COMPREHENSIVE INCOME****FOR
                  THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005 AND THE THREE
                  MONTHS
                  ENDED DECEMBER 31, 2005****UNAUDITED**
    **Common
                  Stock Issued****Accumulated****Additional**
              
              
              
              
              
              **Other****Number
                  of**
              
              
              
              
              
              **Paid-in**
              
              
              **Accumulated**
              
              
              **Comprehensive****Shares**
              
              
              **Amount**
              
              
              **Capital**
              
              
              **Deficit**
              
              
              **Income**
              
              
              **Total****Balance
                  at January 1, 2005**
              
              **22,190,000**
              
              **$**
              **22,190**
              
              **$**
              **1,167,085**
              
              **$**
              **(3,963,224**
              **)**
              **$**
              **19,830**
              
              **$**
              **(2,754,119**
              **)**Net
                  loss for the nine month period ended,September
                  30, 2005
              
              -
              
              
              -
              
              
              -
              
              
              (97,586
              )
              
              -
              
              
              (97,586
              )Foreign
                  currency exchange
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              5,738
              
              
              5,738Comprehensive
                  loss
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              (91,848
              )**Balance,
                  September 30, 2005**
              
              **22,190,000**
              
              
              **22,190**
              
              
              **1,167,085**
              
              
              **(4,060,810**
              **)**
              
              **25,568**
              
              
              **(2,845,967**
              **)**Net
                  loss for the three month period ended,December
                  31, 2005
              
              -
              
              
              -
              
              
              -
              
              
              (63,439
              )
              
              **-**
              
              
              (63,439
              )Foreign
                  currency exchange
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              1,811
              
              
              1,811Comprehensive
                  loss
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              (61,628
              )**Balance,
                  December 31, 2005**
              
              **22,190,000**
              
              
              **22,190**
              
              
              **1,167,085**
              
              
              **(4,124,249**
              **)**
              
              **27,379**
              
              
              **(2,907,595**
              **)**Net
                  loss for the nine month period ended,September
                  30, 2006
              
              -
              
              
              -
              
              
              -
              
              
              (120,291
              )
              
              -
              
              
              (120,291
              )Foreign
                  currency exchange
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              (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**
              **)**




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




**Page
          - 5**




**GLOBETRAC
                  INC.****CONSOLIDATED
                  STATEMENTS OF CASH
                  FLOWS****FOR
                  THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2006 AND
                  2005****UNAUDITED**
    **2006**
              
              
              **2005**Cash
                  flows from operating activities:Net
                  loss for the period
              $
              (120,291
              )
              $
              (97,586
              )Changes
                  in operating assets and liabilities:Accounts
                  receivable
              
              (17,298
              )
              
              (59,694
              )Accounts
                  payable and accrued liabilities
              
              4,598
              
              
              (12,975
              )Accrued
                  interest payable to related party
              
              37,397
              
              
              37,398Accounts
                  payable to related parties
              
              (10,252
              )
              
              11,835Accrued
                  interest payable on convertible notes
              
              102,903
              
              
              102,801Net
                  cash used in operating activities
              
              (2,943
              )
              
              (18,221
              )Cash
                  flows from financing activities:Advances
                  payable
              
              -
              
              
              16,385Cash
                  flows from financing acivities
              
              -
              
              
              16,385Effect
                  of foreign currency exhange
              
              (5,251
              )
              
              5,738Net
                  (decrease) increase in cash
              
              (8,194
              )
              
              3,902Cash
                  at the beginning of the period
              
              51,756
              
              
              1,342Cash
                  at the end of the period
              $
              43,562
              
              $
              5,244Supplemental
                  disclosure of non-cash investing and financing activities:Cash
                  paid during the period:Income
                  taxes
              $
              -
              
              $
              -Interest
              $
              -
              
              $
              -






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


**Page
          - 6**




**GLOBETRAC
      INC.**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**SEPTEMBER** **30, 2006 AND 2005**


**(UNAUDITED)**










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





**Nature
      of Operations**


The
      Company was incorporated in the state of Delaware on March 2, 2000, and its
      principal executive offices are headquartered in Vancouver, Canada.





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 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.





**Basis
      of Presentation**


The
      unaudited consolidated financial statements included herein have been prepared
      in accordance with generally accepted accounting principles for interim
      financial information and with the instructions to Form 10-QSB and Item 310(b)
      of Regulation S-B. In the opinion of management, all adjustments (consisting
      of
      normal recurring accruals) considered necessary for a fair presentation have
      been included. Operating results for the three and nine month periods ended
      September 30, 2006 and 2005 are not necessarily indicative of the results that
      may be expected for any interim period or the entire year. For further
      information, these consolidated financial statements and the related notes
      should be read in conjunction with the Company’s audited financial statements
      for the year ended December 31, 2005 included in the Company’s annual report on
      Form 10-KSB.





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





A
      summary
      of the Company’s significant accounting policies is included in the Company’s
      2005 Annual Report. Additional significant accounting policies which affect
      the
      Company or which have been developed since December 31, 2005, are summarized
      below:





**Principles
      of Consolidation**


The
      consolidated financial statements include the accounts of the Company and its
      wholly owned subsidiary Global Axxess Corporation Limited (“Global Axxess”).
      Investment in Global Axxess is carried at cost and all intercompany balances
      and
      transactions have been eliminated.





**Foreign
      Currency**


The
      financial statements of the Company’s foreign subsidiary are measured using
      British Pounds 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 the average exchange rates for
      the
      period. The resulting cumulative translation adjustments have been recorded
      as a
      separate component of stockholder’s equity. Foreign currency transaction gains
      and losses are included in consolidated net losses.





**Accumulated
      Other Comprehensive Income**


Accumulated
      other comprehensive income reflects changes in equity that result from
      transactions and economic events from non-owner sources. Accumulated other
      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**


**SEPTEMBER** **30, 2006 AND 2005**


**(UNAUDITED)**










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





**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 collectibility is reasonably assured.





**New
      Accounting Pronouncements**





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. The Company does not expect adoption of SFAS 155 to have a material impact
      on its financial condition or results of operations.





In
      March 2006, the Financial Accounting Standards Board (“FASB”) issued SFAS
      No. 156, “Accounting for Servicing of Financial Assets — an amendment of
      FASB Statement No. 140.” SFAS No. 156 amends SFAS No. 140,
“Accounting for Transfers and Servicing of Financial Assets and Extinguishment
      of Liabilities,” with respect to accounting for separately recognized servicing
      assets and servicing liabilities.  SFAS No. 156 is effective for
      fiscal years that begin after September 15, 2006, with early adoption
      permitted as of the beginning of an entity’s fiscal year. The Company does not
      have any servicing assets or servicing liabilities and, accordingly, the
      adoption of SFAS No. 156 will not have any effect on the results of our
      operations, financial condition or cash flows.




**Reclassifications**





Certain
      prior year amounts in the accompanying consolidated financial statements have
      been reclassified to conform to the current year’s presentation. These
      reclassifications had no effect on the results of operations of financial
      position for any period presented.








**Page
          - 8**





**GLOBETRAC
      INC.**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**SEPTEMBER** **30, 2006 AND 2005**


**(UNAUDITED)**










**NOTE
      3 - 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 $4,244,540 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.





**NOTE
      4 - CONVERTIBLE NOTES PAYABLE AND ACCRUED INTEREST DUE ON
      DEMAND**




At
      September 30, 2006 and December 31, 2005, the Company had a note payable in
      the
      amount of $162,149 plus accrued interest of $35,664 and $25,962, respectively.
      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
      September 30, 2006 and December 31, 2005, the Company had notes payable totaling
      $511,660 plus accrued interest of $112,481 and $81,804, respectively. 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
      September 30, 2006 and December 31, 2005, the Company had notes payable totaling
      $835,940 plus accrued interest of $188,176 and $125,652, respectively. 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.





**NOTE
      5 - ADVANCES PAYABLE**





At
      September 30, 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
      6 - DUE TO RELATED PARTIES**




At
      September 30, 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
      September 30, 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,
      respectively. This debt is unsecured, non-interest bearing and has no fixed
      terms of repayment. During the nine month periods ended September 30, 2006
      and
      2005, $48,050 and $0, respectively, was paid or accrued to this same company
      for
      administrative services.


**Page
          - 9**





**GLOBETRAC
      INC.**


**NOTES
      TO CONSOLIDATED FINANCIAL STATEMENTS**


**SEPTEMBER** **30, 2006 AND 2005**


**(UNAUDITED)**










**NOTE
      6 - DUE TO RELATED PARTIES, continued**




At
      September 30, 2006 and December 31, 2005, the Company was indebted to a company
      sharing a common officer in the amounts of $15,060 and $13,828, respectively.
      This debt is unsecured, non-interest bearing and has no fixed terms of
      repayment.





At
      September 30, 2006 and December 31, 2005, the Company was indebted to a company
      controlled by a former officer of the Company in the amounts of $18,762 and
      $17,226, respectively. This debt is unsecured, non-interest bearing and has
      no
      fixed terms of repayment.





At
      September 30, 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
      September 30, 2006 and December 31, 2005, the Company had advances payable
      to a
      director in the amount of $13,766. These advances are non-interest bearing,
      have
      no fixed terms of repayment and are unsecured. At September 30, 2006 and
      December 31, 2005, the Company was indebted to this same director in the amounts
      of $192,192 and $154,795, respectively, for accrued interest on the note
      payable. (Note 8)





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





At
      September 30, 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. This
      note is unsecured, bears interest at 10% and was due November 27, 2004. (Note
      7)








**Page
          - 10**


**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 AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 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
      September 30, 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 $4.25 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 nine months ended September 30, 2006, we had a net loss of $120,291. As
      of
      September 30, 2006, we had a cash balance of $43,562 and accounts receivable
      of
      $46,123. When these current assets are offset against our current obligations
      of
      $120,214 in accounts payable and accrued liabilities, $1,846,070 in convertible
      notes payable on demand, $16,385 in advances payable, $640,153 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 $3,033,137.





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
      year we plan to seek new business opportunities and collect royalty payments
      from WebTech. We anticipate funding our working capital needs for the next
      year
      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 year, 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
          - 11**


**Related-Party
      Transactions**





Included
      in the $640,153 that is due to related parties at September 30, 2006 are
      $414,380 in professional, consulting and management fees that were accrued
      prior
      to 2006, $33,581 in advances and $192,192 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 & NINE MONTHS ENDED SEPTEMBER 30, 2006 AND
      2005**





Overall
      Results of Operations





For
      the
      three months ended September 30, 2006, we had a net loss of $58,071 or a $(0.01)
      net loss per share, which was a decrease of $3,699 in net loss from our net
      loss
      of $61,770 or a $(0.01) net loss per share for the three months ended September
      30, 2005. The decrease in net loss for the three months ended September 30,
      2006
      as compared to the three months ended September 30, 2005 was primarily the
      result of an increase in revenue and a decrease in filing fees that was
      partially offset by an increase in professional fees.





For
      the
      nine months ended September 30, 2006, we had a net loss of $120,291 or a $(0.01)
      net loss per share, which was an increase of $22,705 in net loss from our net
      loss of $97,586 or a $(0.01) net loss per share for the nine months ended
      September 30, 2005. The increase in net loss for the nine months ended September
      30, 2006 as compared to the nine months ended September 30, 2005 was the result
      of increased professional fees, offset by increased revenues and decreases
      in
      marketing expense and filing fees. If we are not successful in acquiring a
      viable business during 2006, we expect our net losses to increase by
      approximately $60,000 due to anticipated increases in professional fees. Over
      the course of the year we expect our revenue and interest costs to remain the
      same.





Revenues





Our
      revenue increased by $16,305 from $nil for the three months ended September
      30,
      2005 to $16,305 for the three months ended September 30, 2006.





Our
      revenue increased by $12,529 or 13% from $94,484 for the nine months ended
      September 30, 2005 to $107,013 for the nine months ended September 30,
      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 $9,311 or 52% from $18,048 for three months
      ended September 30, 2005 to $27,359 for the three months ended September 30,
      2006.





Our
      operating expenses increased by $30,492 or 53% from $57,094 for nine months
      ended September 30, 2005 to $87,586 for the nine months ended September 30,
      2006.





The
      increase in operating expenses was primarily due 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 increased by $3,295 or 8% from $43,722 for the three months
      ended September 30, 2005 to $47,017 for the three months ended September 30,
      2006.





Our
      interest expense increased by $4,742 or 4% from $134,976 for the nine months
      ended September 30, 2005 to $139,718 for the nine months ended September 30,
      2006.





We
      expect
      interest expense to remain the same during 2006 unless some or all of
      the convertible notes are converted into common shares of the Company.





**Page
          - 12**


**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
        September 30, 2006, we had a cash balance of $43,562 and negative cash flows
        from operations of $2,943 for the nine months
        then ended. During the nine months ended September 30, 2006, we funded our
        operations with cash that we received for royalty payments from WebTech of
        approximately $61,000.





The
      notes
      to our consolidated financial statements as of September 30, 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 $4,244,540. As of September 30, 2006, we had
      $3,122,822 in current liabilities, when this is offset against our current
      assets of $89,685 we are left with a working capital deficit of $3,033,137
      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
      year.





Below
      is
      a discussion of our sources and uses of funds for the nine months ended
      September 30, 2006.





**Net
      Cash Used In Operating Activities**





Net
      cash
      used in operating activities during the nine months ended September 30, 2006
      was
      $2,943. This was primarily due to a net loss of $120,291, an increase in
      accounts receivable of $17,298 and a decrease in accounts payable to related
      parties of $10,252, offset by an increase in accounts payable and accrued
      liabilities of $4,598, an increase in accrued interest payable to a related
      party of $37,397 and an increase in accrued interest on convertible notes of
      $102,903.





**Net
      Cash Used In Investment Activities**





We
      did
      not have any investment activities during the nine months ended September 30,
      2006.





**Net
      Cash From Financing Activities**




We
        did
        not have any financing activities during the nine months ended September
        30,
        2006.





**Contingencies
      and Commitments**





We
      had no
      contingencies or long-term commitments at September 30, 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
      September 30, 2006, accounts receivable consists of estimated royalty revenue
      for the months of August and September 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 September 30,
      2006.





**Page
          - 13**


**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 September 30,
      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 Period2006Note
              Payable to Related Party
            
            $
            692,192





**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; being unable to continue to fund our operations
      with advances or private loans; 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.





**Page
          - 14**


**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 that evaluation, Mr.
      daCosta concluded that our disclosure controls and procedures are effective
      to
      provide reasonable assurance that information we are required to disclose in
      reports that we file or submit under the Exchange Act is recorded, processed,
      summarized and reported within the time periods specified in Securities and
      Exchange Commission rules and forms, and that such information is accumulated
      and communicated to our management, including Mr. daCosta, as appropriate,
      to
      allow timely decisions regarding required disclosure.





**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.





**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.





**Page
          - 15**


**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**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








**Page
          - 16**




**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:  **November
      14, 2006**





**Page
          - 17**









**Exhibit
      31**










**Page
          - 18**




**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 :
      November 14, 2006




*/s/
      John daCosta*


John
      daCosta


Chief
      Executive Officer




**Page
          - 19**




**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 :
      November 14, 2006




*/s/
      John daCosta*


John
      daCosta


Chief
      Financial Officer




**Page
          - 20**







**Exhibit
      32**







**Page
          - 21**







**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 September 30, 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




November
      14, 2006




**Page
            - 22**


**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 September 30, 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






November
      14, 2006







**Page
          - 23**