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 June 30, 2002
                                                                   -------------

[ ] 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)

<TABLE>
<CAPTION>
Incorporated in the State of Delaware                                                 33-0953557
-------------------------------------------------------------           ------------------------------------
<S>                                                                     <C>
(State or other jurisdiction of incorporation or organization)          (I.R.S. Employer Identification No.)
</TABLE>

              29 Abingdon Road, Kensington, London, W86AH, England
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 44-20-7938-5409
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

                                 Artescope, Inc.
           18335 Mt. Langley Street, Fountain Valley, California 92708
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

                      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 AUGUST 13, 2002
             -----                         ------------------------------
Common Stock - $0.001 par value                      21,040,000

Transitional Small Business Disclosure Format (Check one): YES [ ]   NO [X]
<PAGE>


GLOBETRAC INC.                     FORM 10-QSB                       PAGE 2 OF 2

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

See financial statements for the period ended June 30, 2002, attached to this
Form 10-QSB.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

THE FOLLOWING PRESENTATION OF MANAGEMENT'S DISCUSSION AND ANALYSIS OF GLOBETRAC
INC. SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND OTHER
FINANCIAL INFORMATION INCLUDED HEREIN.

GlobeTrac is a start-up business that has generated only minimal revenues to
date. GlobeTrac began its current operations in February 2001, of providing
graphic design services to various commercial and corporate entities.
GlobeTrac's services primarily include commercial digital graphics design and
production services related to digitally created print, graphics and multimedia
services. These services include the production and distribution of marketing
materials and providing on-demand printing services.

GlobeTrac's graphic design services range from print media, catalogues on
CD-ROM, trade show graphics and web page design and development. The design and
production of GlobeTrac's products involve a wide range of marketing,
advertising and media imaging and digital printing using software and digital
printing equipment. GlobeTrac's primary focus is on design, however, GlobeTrac
works closely with various third parties to meet its client's needs for graphic
design and production.

On May 6, 2002 the previous directors and officers of GlobeTrac resigned and a
new, sole director and officer was appointed.

On June 28, 2002, GlobeTrac reached a verbal, conditional agreement with the
shareholders of Global Axxess Corporation Limited to acquire all of their
shares. Global Axxess Corporation Limited is a private Irish company that is a
global wireless tracking and telematics distributor. Global Axxess has the
exclusive right to distribute global wireless tracking and telematics products
in Europe pursuant to a master distributorship agreement between Global Axxess
Corporation Limited and WebTech Wireless Inc. dated June 19, 2002. Subject to
certain conditions, GlobeTrac has agreed to acquire all of the shares of Global
Axxess. The conditions for closing the share acquisition agreement include (1)
the completion of GlobeTrac's due diligence on Global Axxess and WebTech to its
satisfaction, (2) the appointment of new management of Global Axxess that is
acceptable to GlobeTrac and that have the requisite experience and skill for the
business of Global Axxess, (3) the signing of the master distributorship
agreement, (4) the initial minimum order required under the master
distributorship agreement to be filled and fully paid for, and (5) obtaining
sufficient working capital for the next 12 months.

Also, on July 29, 2002, GlobeTrac changed its name from "Artescope, Inc." to
"GlobeTrac Inc." and increased its authorized capital to 205 million shares.

The accompanying unaudited financial statements have been compiled from
information provided by management assuming that GlobeTrac will continue as a
going concern, which contemplates the realization of the assets and the
satisfaction of liabilities in the normal course of business. The carrying
amounts of assets and liabilities presented in the financial statements do not
purport to represent realizable or settlement values. However, GlobeTrac has had
operating losses and limited operating history resulting in an accumulated
deficit of $48,638 since inception, negative working capital and a stockholder's
deficit of $9,363 at June 30, 2002. The financial statements do not include any
adjustments that might result from the outcome of those uncertainties.

RESULTS OF OPERATIONS

Revenues
--------

Revenue decreased $1,495 for the three-month period ended June 30, 2001, as
compared to June 30, 2002, when GlobeTrac had no revenue. The decrease in
revenue was caused by the change in management. GlobeTrac hopes to
<PAGE>


GLOBETRAC INC.                     FORM 10-QSB                       PAGE 3 OF 3

generate additional revenues as it expands its product lines and increases its
customer base.

Revenue decreased $865 from $1,495 for the six month period ended June 30, 2001
to $630 for the same period ended June 30, 2002 primarily due to the change and
transfer to the new management. GlobeTrac hopes to generate additional revenues
as it expands its product lines and increases its customer base.

Operating Expenses
------------------

Operating expenses increased for the three month period ended June 30, 2002,
compared to the three month period ended June 30, 2001, by $2,481, due primarily
to an increase of $5,039 in filing and transfer fees and $3,000 in management
fees offset by decreases of $1,000 in consulting fees, $4,094 in professional
fees and $464 in office expenses. The increase in operating costs was caused by
the change in management. GlobeTrac expects future operating expenses to
increase primarily due to increases in wages, marketing and promotional costs
related to expansion of its customer base and product lines.

Operating expenses increased for the six month period ended June 30, 2002
compared to the six month period ended June 30, 2001, by $4,757, due primarily
to an increase of $5,039 in filing and transfer fees, $3,000 in management fees,
$500 in rent and $462 in office expenses, offset by a decrease of $3,244 in
professional fees. The increase in operating expenses was due to the change in
management. GlobeTrac anticipates future operating expenses to increase
primarily due to an increase in wages, marketing and promotional costs related
to expansion of its customer base and product lines.

LIQUIDITY AND CAPITAL RESOURCES

GlobeTrac had cash of $18,790 and a working capital deficiency of $9,363 at June
30, 2002. During the six month period ended June 30, 2002, cash used in
operations increased by $9,256, primarily due to a loan received by GlobeTrac
for $25,000 offset by an operating loss of $14,591, a decrease in accounts
payable of $3,335, a decrease in accounts receivable of $1,682 and an occupancy
cost contribution, by an officer, of $500. A decrease in working capital of
$14,091 was primarily due to a loan for $25,000 offset by an increase in cash of
$9,256. GlobeTrac has accumulated a deficit of $48,638 since inception and has a
stockholders deficiency of $9,363. GlobeTrac has no long-term commitments or
contingencies.

Plan of Operation for the Next Twelve Months
--------------------------------------------

GlobeTrac anticipates that it may not be able to satisfy its working capital
requirements for the next twelve months. Accordingly, it will need to raise
additional working capital to continue its operations. GlobeTrac anticipates
funding its working capital needs for the next twelve months through the equity
capital markets and private financings. Although the foregoing actions are
expected to cover its anticipated cash needs for working capital and capital
expenditures for at least the next twelve months, no assurance can be given that
GlobeTrac will be able to raise sufficient cash to meet these cash requirements.

Management plans to improve GlobeTrac's cash flows and operating results by
raising additional capital through private placements of stock and private
loans. Therefore, GlobeTrac has not contemplated any plan of liquidation if it
does not generate revenues. GlobeTrac cannot ensure, however, that these plans
will be successful.

GlobeTrac is not currently conducting any research and development activities
other than the development of its website. It does not anticipate conducting
such activities in the near future. If GlobeTrac expands its customer base and
product lines, then it may need to hire additional employees or independent
contractors as well as purchase or lease additional equipment.
<PAGE>


GLOBETRAC INC.                     FORM 10-QSB                       PAGE 4 OF 4

DEFERRED TAX ASSETS

GlobeTrac had deferred tax assets of approximately $7,350 at June 30, 2002.
Management has established a valuation allowance equal to the full amount of the
deferred tax assets because GlobeTrac's ability to use these losses is
uncertain.

INTERNAL AND EXTERNAL SOURCES OF LIQUIDITY

GlobeTrac has funded its operations principally from borrowings in the form of a
note payable.

INFLATION

GlobeTrac does not believe that inflation will have a material impact on its
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 "plans", "expect",
"aim", "believe", "projects", "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 GlobeTrac's strategy for growth, product development,
market position, expenditures and financial results are forward-looking
statements.

Forward-looking statements in this Form 10-QSB include statements regarding (1)
expectation that the agreement with Global Axxess Corporation Limited will close
during fiscal 2002 (2) expectation that revenue will increase during fiscal 2002
(3) expectation of product lines and the customer base increasing (4)
expectation of future operating expenses increasing (5) expectation that the
expansion of the customer base and product lines will cause wages, marketing and
promotional costs to increase (6) expectation that working capital needs for
fiscal 2002 will be funded through the equity capital markets and private
financings (7) expectation that an increase in customers and product lines will
lead to hiring of additional employees or independent contractors (8)
expectation that an increase in customer and product lines will lead to the
purchase or lease of additional equipment (9) uncertainty of utilizing deferred
tax assets (10) expectation that inflation will not have a material impact on
future operations. All forward-looking statements are made as of the date of
filing of this Form 10 QSB and GlobeTrac disclaims any duty to update such
statements.

Forward-looking statements are based on certain assumptions and expectations of
future events that are subject to risks and uncertainties. Actual future results
and trends may differ materially from historical results or those projected in
any such forward-looking statements depending on a variety of factors, including
but not limited to, general economic conditions; changes in business strategy;
competitive factors (including the introduction or enhancement of competitive
products); pricing pressures; changes in customer requirements; the growth rate
of electronic commerce; constantly changing technology; market acceptance of the
Company's products and/or evolving industry standards. Additional information
concerning factors that could cause actual results to differ from those in the
forward-looking statements is contained in GlobeTrac's annual reports on Form
10-KSB.

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
management 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 the failure to close the agreement with Global Axxess
Corporation Limited, general economic conditions, particularly related to demand
for GlobeTrac's products and services; changes in business direction or
strategy; competitive factors (including competitors introducing superior
products); pricing pressures (including competitors offering similar products at
lower prices); inability to attract develop or retain technical, consulting,
managerial or sales personnel; changes in consumer tastes and evolving industry
products and standards.
<PAGE>


GLOBETRAC INC.                     FORM 10-QSB                       PAGE 5 OF 5

                           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.  CHANGES IN SECURITIES.

During the second 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 second 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 second quarter of the fiscal year covered by
this report, except for (1) the name change and (2) the increase in the
authorized capital. See our Schedule 14C - Definitive Information Statement
filed with the SEC on July 8, 2002 at www.freeedgar.com. The amendments were
approved by 70.45% of the shares being voted in favor of the amendments.

ITEM 5.  OTHER INFORMATION

The Company has moved its principal executive office to 29 Abingdon Road,
Kensington, London, W86AH, England.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(A)      EXHIBITS

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

(B)      REPORTS ON FORM 8-K.

On May 21, 2002, GlobeTrac filed a Form 8-K - Current Report reporting on the
change in control and the change in our management.


                                   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: SOLE DIRECTOR AND PRESIDENT, SECRETARY AND TREASURER
                     Dated: AUGUST 13, 2002
<PAGE>


GLOBETRAC INC.                     FORM 10-QSB                       PAGE 6 OF 6

                                 CERTIFICATIONS

I, John daCosta, certify that:

1.   I have read this quarterly report on Form 10-QSB of Globetrac Inc.;

2.   To my knowledge, the information in this report is true in all important
     respects as of June 30, 2002; and

3.   This report contains all information about GlobeTrac of which I am aware
     that I believe is important to a reasonable investor, in light of the
     subjects required to be addressed in this report, as of June 30, 2002.

For purposes of this certification, the information is "important to a
reasonable investor" if:

(a)  There is substantial likelihood that a reasonable investor would view the
     information as significantly altering the total mix of information in the
     report; and

(b)  The report would be misleading to a reasonable investor if the information
     was omitted from the report.


Date: August 13, 2002


                                                 By:       /s/ John daCosta
                                                      --------------------------
                                                             John daCosta
                                                 Its: Chief Executive Officer
<PAGE>


                                 GLOBETRAC INC.
                           (FORMERLY ARTESCOPE, INC.)


                              FINANCIAL STATEMENTS

                  AS AT JUNE 30, 2002 AND DECEMBER 31, 2001 AND
        FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 31, 2002 AND 2001
                                  (unaudited)



BALANCE SHEETS

STATEMENTS OF OPERATIONS

STATEMENT OF STOCKHOLDERS' EQUITY

STATEMENTS OF CASH FLOWS

NOTES TO FINANCIAL STATEMENTS
                                       1
<PAGE>


                                 GLOBETRAC INC.
                           (FORMERLY ARTESCOPE, INC.)

                                 BALANCE SHEETS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                     June 30,     December 31,
                                                                                       2002           2001
--------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>            <C>
                                                    ASSETS

CURRENT ASSETS
   Cash                                                                              $ 18,790       $  9,534
     Accounts receivable, net allowance for doubtful accounts of $0 and $35                --          1,682
--------------------------------------------------------------------------------------------------------------

TOTAL ASSETS                                                                         $ 18,790       $ 11,216
==============================================================================================================

                                     LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Accounts payable and accrued liabilities                                          $  3,153       $  6,488
   Advance payable (Note 2)                                                            25,000             --
--------------------------------------------------------------------------------------------------------------
                                                                                       28,153          6,488
--------------------------------------------------------------------------------------------------------------

STOCKHOLDERS' EQUITY

   Share capital (Note 3)
   Authorized:
        50,000,000 common shares, $0.001 par value
          5,000,000 preferred shares, $0.001 par value
   Issued and outstanding:
        21,040,000 and 6,210,000 common shares, respectively                           21,040          6,210
   Additional paid in capital                                                          18,235         32,565
   Accumulated deficit                                                                (48,638)       (34,047)
--------------------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY                                                   (9,363)         4,728
--------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                           $ 18,790       $ 11,216
==============================================================================================================
</TABLE>

    The accompanying notes are an integral part of these financial statements


                                       2
<PAGE>


                                 GLOBETRAC INC.
                           (FORMERLY ARTESCOPE, INC.)

                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                             Three Months Ended                 Six Months Ended
                                                  June 30,                          June 30,
------------------------------------------------------------------------------------------------------
                                           2002             2001             2002             2001
------------------------------------------------------------------------------------------------------
<S>                                     <C>              <C>              <C>              <C>
REVENUES                                $        --      $     1,495      $       630      $     1,495
------------------------------------------------------------------------------------------------------

EXPENSES

  Operating expenses                         12,945           10,464           15,221           10,464
------------------------------------------------------------------------------------------------------
NET LOSS FROM OPERATIONS                     12,945            8,969           14,591            8,969

  Provision for income tax expense               --               --               --               --

NET LOSS FOR THE PERIOD                 $    12,945      $     8,969      $    14,591      $     8,969
======================================================================================================

BASIC AND DILUTED LOSS PER SHARE        $        --      $        --      $        --      $        --
======================================================================================================

WEIGHTED AVERAGE SHARES
  OUTSTANDING                            12,794,835        5,221,813        9,520,608        4,411,243
======================================================================================================
</TABLE>

    The accompanying notes are an integral part of these financial statements


                                       3
<PAGE>


                                 GLOBETRAC INC.
                           (FORMERLY ARTESCOPE, INC.)

                        STATEMENT OF STOCKHOLDERS' EQUITY
                                   (UNAUDITED)

     FOR THE PERIOD FROM MARCH 2, 2000 (DATE OF INCEPTION) TO JUNE 30, 2002

<TABLE>
<CAPTION>
                                                                                         Additional
                                                          Number of                      paid-in      Accumulated
                                                           shares          Amount        capital        Deficit          Total
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>          <C>            <C>            <C>             <C>
Common stock, issued for consulting and legal
  services, March 2, 2000                                  3,075,000    $     3,075    $        --    $        --     $     3,075

Net loss for the period ended December 31, 2000                   --             --             --         (5,575)         (5,575)
---------------------------------------------------------------------------------------------------------------------------------

BALANCE, DECEMBER 31, 2000                                 3,075,000          3,075             --         (5,575)         (2,500)

Common stock, issued for consulting services,
  February 28, 2001                                          500,000            500            500             --           1,000
Common stock, issued for cash, February 28, 2001           1,000,000          1,000          1,000             --           2,000
Common stock, issued for cash, Regulation D
  financing,  May 25, 2001                                 1,635,000          1,635         31,065             --          32,700

Net loss for the year ended December 31, 2001                     --             --             --        (28,472)        (28,472)
---------------------------------------------------------------------------------------------------------------------------------

BALANCE, DECEMBER 31, 2001                                 6,210,000          6,210         32,565        (34,047)          4,728

Cost of occupancy contributed by officer                          --             --            500             --             500
Issuance of three for one forward common stock split,
  May 27, 2002                                            18,630,000         18,630        (18,630)            --              --
Common shares cancelled, June 21, 2002                    (3,800,000)        (3,800)         3,800

Net loss for the period ended June 30, 2002                       --             --             --        (14,591)        (14,591)
---------------------------------------------------------------------------------------------------------------------------------

BALANCE, JUNE 30, 2002                                    21,040,000    $    21,040    $    18,235    $   (48,638)    $    (9,363)
=================================================================================================================================
</TABLE>

    The accompanying notes are an integral part of these financial statements


                                        4
<PAGE>


                                 GLOBETRAC INC.
                           (FORMERLY ARTESCOPE, INC.)

                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                         Six Months Ended
                                                                             June 30,
---------------------------------------------------------------------------------------------
                                                                        2002           2001
---------------------------------------------------------------------------------------------
<S>                                                                   <C>            <C>

CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss for the period                                             $(14,591)      $ (8,969)
  Adjustment to reconcile net loss to net cash used in operating
  activities:
    Cost of consulting services paid with common stock                      --          1,000
    Cost of legal services paid with common stock                           --             --
    Occupancy cost contributed by an officer                               500             --

  Changes in:
    Accounts payable                                                    (3,335)            --
    Accounts receivable                                                  1,682           (410)
---------------------------------------------------------------------------------------------

NET CASH USED IN OPERATING ACTIVITIES                                  (15,744)        (8,379)
---------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES

  Advance payable                                                       25,000             --
  Net proceeds from the issuance of Common Stock                            --         34,700
---------------------------------------------------------------------------------------------

NET CASH PROVIDED BY FINANCING ACTIVITIES                               25,000         34,700
---------------------------------------------------------------------------------------------

INCREASE IN CASH                                                         9,256         26,321

CASH, BEGINNING OF PERIOD                                                9,534             --
---------------------------------------------------------------------------------------------

CASH, END OF PERIOD                                                   $ 18,790       $ 26,321
=============================================================================================
</TABLE>


    The accompanying notes are an integral part of these financial statements


                                        5
<PAGE>


                                 GLOBETRAC INC.
                           (FORMERLY ARTESCOPE, INC.)

                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)

                             JUNE 30, 2002 AND 2001

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Nature of Operations

GlobeTrac Inc. (the "Company") provides digital graphics design and production
services for commercial and corporate enterprises. The Company was incorporated
in the state of Delaware on March 2, 2000, and its principal executive offices
are headquartered in London, England.

On May 6, 2002, all of the directors and officers of the Company resigned and a
new director and officer was appointed.

Subsequent to June 30, 2002, on July 29, 2002 the Company changed its name from
Artescope, Inc. to GlobeTrac Inc.

Basis of  Presentation

The unaudited interim 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 six months ended June 30,
2002 and 2001 are not necessarily indicative of the results that may be expected
for any interim period or the entire year. For further information, these
financial statements and the related notes should be read in conjunction with
the Company's audited financial statements for the year ended December 31, 2001
included in the Company's annual report on Form 10-KSB.

NOTE 2 - ADVANCE PAYABLE

During the three months ended June 30, 2002, the Company received a cash advance
from an entity with a similar stockholder. The funds are to be used for working
capital purposes. The advance payable bears no interest, is unsecured and has no
fixed terms of repayment.

NOTE 3 - COMMON STOCK

On March 3, 2000, the Company issued 1,525,000 shares of its common stock to its
former officers and founders for consulting services and 1,550,000 shares of its
common stock to various individuals for legal services rendered in connection
with the initial start-up and organization costs incurred. Since there was no
readily available market value at the time the services were rendered, par value
of $0.001 per share was considered as a reasonable estimate of fair value by all
parties.


                                        6
<PAGE>


                                 GLOBETRAC INC.
                           (FORMERLY ARTESCOPE, INC.)

                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)

                             JUNE 30, 2002 AND 2001

NOTE 3 - COMMON STOCK, CONTINUED

On February 28, 2001, the Company issued 1,500,000 shares of its common stock to
a former officer and director for cash of $2,000 and consulting services. Since
there was no readily available market value at the time the services were
rendered, the value of $0.002 per share was considered as a reasonable estimate
of fair value between the Company and the former officer.

On May 31, 2001, the Company completed a "best efforts" offering of its common
stock pursuant to the provisions of Section 4(2) of the Securities Act of 1933
and Rule 506 of Regulation D promulgated by the Securities and Exchange
Commission. In accordance with the private placement memorandum offering, which
was initiated on March 15, 2001, the Company issued 1,635,000 shares of its
common stock at $0.02 per share for a total of $32,700.

On May 17, 2002, the Company declared a stock dividend of three shares for every
one share issued. The stock dividend was paid out on May 28, 2002. The stock
dividend resulted in an increase of the Company's issued and outstanding share
capital from 6,210,000 shares to 24,840,000 shares.

On June 21, 2002, the Company cancelled 3,800,000 of its issued and outstanding
common shares and returned the shares to treasury.

NOTE 4 - RELATED PARTIES

During the period the Company paid $3,000 in fees to its sole director and
officer.

NOTE 5 - SUBSEQUENT EVENT

On July 29, 2002, the Company's authorized share capital increased from
55,000,000 shares to 205,000,000 shares with a par value of $0.001, consisting
of 200,000,000 common shares and 5,000,000 preferred shares.


                                        7