UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           Washington D.C. 20549

                                FORM 10-KSB

[ X ]     ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXHANGE ACT OF 1934 For the Fiscal Year ended March 31, 2003

[   ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXHANGE ACT OF 1934 For the transition period from  _____ to _____

                          Commission File Number:
                                 333-75297

                         GLOTECH INDUSTRIES, INC.
        (Name of small business issuer as specified in its charter)

            Nevada                          870616524
(State or other jurisdiction of          (I.R.S. Employer
incorporation or organization)        Identification Number)

               2153 SE Hawthorne Road Gainesville, FL 32641
           (Address and zip code of principal executive offices)

                               973-882-9369
                        (Issuer's telephone number)

                           R & R Ranching, Inc.
                   1065 West 1150 South Provo, UT 84601
                              (801) 377-1758
   (Issuer's former name, address and phone number of principal executive
                                 offices)

                                October 31
                       (Issuer's former fiscal year)

Securities registered under Section 12(b) of the Exchange Act:  None

Securities registered under Section 12(g) of the Exchange Act:  Common
     Stock, $0.001 par value

Check  whether the issuer (1) has filed all reports required to be  filed
by Section 13 or 15(d) of the Exchange Act during the preceding 12 months
(or  for  such shorter period that the issuer was required to  file  such
reports),  and (2) has been subject to such filing requirements  for  the
past 90 days. Yes [ X ] No [   ]

Our common stock is quoted on the Over the Counter Bulletin Board under
the symbol GTHI.  On June 24, 2003 there were 19,200,000 shares of
GloTech Industries common stock outstanding.  The aggregate market value
of the voting stock held by non-affiliates was approximately $9,867,600
based upon the average bid and asked prices on that date as reported by
The National Quotations Bureau, LLC.

The issuer's revenue for the fiscal year ended March 31, 2003 was
$868.00.

Documents Incorporated by Reference: None

Transitional Small Business Disclosure Format:  Yes [   ]  No [ X ]


<PAGE>

                                   INDEX
                                FORM 10-KSB
                         GLOTECH INDUSTRIES, INC.

                                                              Page

PART I   Item 1.  Description of Business                        3

         Item 2.  Description of Property                        7

         Item 3.  Legal Proceedings                              7

         Item 4.  Submission of Matters to a Vote of             7
         Security Holders

PART II  Item 5.  Market for Common Equity and Related           7
         Stockholder Matters

         Item 6.  Management's Discussion and Analysis or
         Plan of Operation                                       9

         Item 7.  Financial Statements                          11

         Item 8.  Changes In and Disagreements with
         Accountants on Accounting and Financial Disclosure     11

PART III Item  9.   Directors, Executive Officers,  Promoters
         and  Control Persons; Compliance with Section  16(a)
         of the Exchange Act                                    11

         Item 10.  Executive Compensation                       11

         Item 11.  Security Ownership of Certain Beneficial
         Owners and Management                                  12

         Item 12.  Certain Relationships and Related
         Transactions                                           12

         Item 13.  Exhibits and Reports on Form 8-K             13

         Item 14.  Controls and Procedures                      13

         Signatures                                             14

(Inapplicable items have been omitted)

                                     2
<PAGE>


                                  PART I

Item 1. Description of Business

Forward Looking Statements

This report contains certain forward-looking statements as defined by the
Securities Act of 1933 and the Securities Exchange Act of 1934.  GloTech
Industries, Inc. cautions readers that expressions of future goals and
similar expressions reflecting something other than historical fact are
intended to identify forward-looking statements, but are not the exclusive
means of identifying such statements.  These forward-looking statements
involve a number of risks and uncertainties that could cause actual
results to differ materially from those currently anticipated or discussed
in this report.  Factors that may affect our results include, but are not
limited to, market acceptance of our products and technologies, our
ability to secure financing, potential competition from other companies
with greater technical and marketing resources, and other factors
described in our filings with the Securities and Exchange Commission.

General

Our company incorporated in Nevada on August 3, 1998 under the name R & R
Ranching, Inc. to breed and raise bison.  From December 1998 through March
26, 2003, R & R Ranching continued to breed and raise bison under a
management agreement with Blue Sky Bison Ranch, Ltd., of Carvel, Alberta,
Canada.

In 1999, R & R Ranching filed a registration statement on Form SB-2 with
the Securities and Exchange Commission.  The registration was declared
effective on September 1, 1999 and the offering closed on February 11,
2000.  During the offering, R & R Ranching sold 100,000 units consisting
of common stock and warrants, raising $125,000.

R & R effected a two-for-one forward split of its $.001 par value common
stock on March 21, 2003.  Shortly thereafter, on March 26, 2003, R & R
entered an agreement and plan of reorganization with GloTech Industries,
Inc as reported on Form 8-K.  The agreement was finalized on March 31,
2003.  Under the agreement, R & R Ranching acquired 100 % of the
outstanding shares of GloTech in exchange for approximately 82 % of R & R
Ranching's outstanding common stock making GloTech a wholly owned
subsidiary of R & R Ranching.  Pursuant to the agreement, the company's
name was changed to GloTech Industries, Inc. and Heinz Fraunhoffer was
named as sole director and executive officer.

GloTech Industries, Inc. was incorporated in Delaware on July 18, 2002 to
design and market products using a proprietary technology developed in
conjunction with the University of Florida.  The technology uses battery-
powered electroluminescent panels and strips that emit a high-intensity
light but are cool to the touch.  Applications for this technology include
products designed to enhance the safety of bicyclists, construction
workers and emergency service personnel.  GloTech holds the worldwide
license to the patents-pending and intellectual property rights for these
electroluminescent applications.

Our Company

GloTech Industries, Inc. is a technology-based company that was founded to
design and market safety products using electroluminescent (EL)
technology.  United States and international patents on the EL technology
are currently pending.  We incorporated in the State of Delaware on July
18, 2002.  Our corporate headquarters are located at 2153 SE Hawthorne
Road, Suite 112 in Gainesville, Florida 32641.  Our common stock is quoted
on the Over the Counter Bulletin Board under the symbol GTHI.

                                     3
<PAGE>


Electroluminescent Technology

According to the National Safety Council, approximately 95,000 pedestrians
and bicyclists are injured by motor vehicles each year and accidents
involving bicycles and automobiles result in approximately 1,000
fatalities.  According to the U.S. Consumer Products Safety Commission,
nighttime riding is 7.5 times more risky than daylight riding and the U.S.
Department of Transportation reports that these accidents and deaths
account for an astonishing $8 billion in medical and related costs each
year.

In response to these startling statistics, Dr. Christopher Niezrecki, an
assistant professor of mechanical engineering at the University of
Florida, and his engineering students were looking for way to make bicycle
riding safer at night.  Their research resulted in the development of our
electroluminescent, or EL technology for use on bicycles.

EL technology works by encasing phosphor powder in a polyester film.  When
an electrical current is applied to the film, the phosphor molecules emit
a light that is brighter than neon but generates virtually no heat.  By
adding pigments to the phosphor powder, different colors of light can be
created.  The resulting lamp is flexible and thin as paper and can be made
in virtually any size or shape, making it adaptable to a wide variety of
applications.  Because of its bright, cool light, EL is ideal for
applications where other light sources might create a fire hazard such as
backlighting wristwatches and automobile instrument panels.

Our Target Markets

We have identified four markets that can readily utilize our technology:
Vehicle Safety, Safety Apparel, Novelty, and Visual Enhancement/Emergency
Lighting.  GloTech intends to initially focus on the Vehicle Safety and
Safety Apparel Markets, while expanding into the Novelty and Emergency
Lighting markets.

The Vehicle Safety Market includes applications for bicycles, motorcycles,
scooters, wheelchairs, boats, and private aircraft.  Our products for
automobiles fall into the novelty market.  We have also been approached by
pilots to install our technology as a back up lighting system for their
gauges.

The Safety Apparel market targets people in the following areas: traffic
safety, highway personnel, fire and rescue workers and other people who
need to be highly visible at dawn, dusk or at night.  The Safety Apparel
market includes consumers who purchase exercise safety equipment such as
joggers and walkers.

We also believe we can target our technology for use as a novelty to
capitalize on the general public's fascination with products that "light
up," for example, children's shoes and concert glow jewelry.  Applications
for novelty products include the following potential venues: specialty
advertisers, colleges, high schools and universities, professional sports,
and concerts.

The U.S. and European markets collectively represent 200 million existing
bicycles and annual sales of over 20 million new bicycles each.  The
global bicycle industry including bicycles, parts, and accessories, is
estimated to have total retail sales in excess of $20 billion.  The U.S.
bicycle market generated sales in 2000 of $5.7 billion, with the specialty
retail channel (bicycle shops and sporting goods stores) accounting for
sales of 3.9 million bicycles with a value of $1.47 billion. The U.S. had
total sales of 20.9 million bicycles in 2001.  (Source: Bicycle Retailer
and Industry News, 2002).  Worldwide, approximately 500 million people
jog, walk and purchase accessories regularly; and apparel worth $50
billion is bought annually by sports fans.  We believe these statistics
indicate an enormous potential market for our Vehicle Safety and Safety
Apparel products.

                                     4
<PAGE>


Our Products

Our initial focus has been on developing an EL product designed to enhance
bicycle safety.  In recent months, we have expanded our product line to
target the safety apparel and novelty markets.  Most of our products use
our standard compact battery pack and are available for purchase on our
website: www.glowbike.com.  We currently offer the following products,
ranging in price from $29.95 to $49.95:

     GlowBikeT is a set of four EL lamps that can be affixed to bicycle
     frame to illuminate the rider at night.  The GlowBike panels are available
     in green or aqua and provide continuous light for up to 8 hours or
     blinking light for up to 48 hours.

     GlowVestT is a mesh vest available in lime green or orange that
     incorporates three one inch by twelve inch EL lamps.  The GloVest is
     designed for joggers, construction workers, emergency personnel, law
     enforcement, or anyone else who needs to be highly visible.  The GlowVest
     emits an aqua or green light that is much brighter than reflective vests
     traditionally worn by public safety workers.  The GlowVest provides
     continuous light for up to 12 hours or blinking light for up to 48 hours.

     GlowVest ProT  is similar to the GloVest, however, the EL strips can
     be custom ordered with a specific legend such as "Police" or "EMS", or
     with a particular logo.  The GlowVest Pro lamps are available in a variety
     of colors and provide continuous light for up to 30 hours or blinking
     light for up to 100 hours.

     GlowWedgeT consists of two EL lamp strips that can be applied to
     virtually any item.  Uses for the GlowWedge include illuminating bicycle
     helmets, wheelchairs, strollers, scooters and backpacks.  The GlowWedge
     provides continuous light for up to 16 hours or blinking light for up to
     80 hours.

     GlowLogoT is a luminescent strip designed for use in the rear window
     of motor vehicles.  The GlowLogo can be ordered with any inscription or
     message and is suitable for promoting sports teams, advertising a
     business, or for any other promotional use.  The GlowLogo comes with an
     adapter that plugs into the vehicle's cigarette lighter and an eight-foot
     extension cord, eliminating the need for our battery pack.

Market Response

The GlowBikeT concept has received many favorable reviews from news media,
bicycle retailers, and consumers.   Articles concerning the initial
invention and application for bicycles have appeared on ABC.com, in
BusinessWeek, on USAToday.com, in Engineering Times, in the Tampa Tribune,
in Yes Mag (Canada), in Bild der Wissenschaft (Germany), and in Current
Science magazine.

In addition to these responses, we have received several communications
from parties interested in producing and distributing various GloTech
technologies.  These responses have come from the U.S., China, Taiwan, the
Netherlands, Germany, and the U.K.  GloTech is presently negotiating
distribution agreements with parties in Germany, Italy, the Netherlands
and France.  We are also working closely with law enforcement, safety and
rescue personnel in the United States.

                                     5
<PAGE>


Future Product Development

We are continuously developing additional products using our EL technology
for both the safety and novelty markets.  Products currently under
development include the GlowDash, which is designed to backlight the
instrument panels of aircraft, boats or motor vehicles.  The GlowDash will
be configured to run from a battery pack, a cigarette lighter, or from a
rechargeable solar-powered cell.  We are also developing an extended life
battery pack and a rechargable battery pack.

Production

Our manufacturing is currently outsourced with final assembly and
customization done in-house for initial quality control.  We have built
our products with a modular design that can be readily adapted to
different applications without affecting production rates.  Production
capacity can be easily and dramatically increased as manufacturing and
final assembly can be fully outsourced overseas where the EL lamps are
currently being manufactured and labor costs are low.  Current suppliers
include multiple sources for EL lamps within the US and Asia and an
alliance with a power pack design company, which provides power supply
technology.

Our Licensing Agreement

We have an exclusive license agreement with the University of Florida
Research Foundation to market their EL technology.  The license became
effective on May 30, 2002 and was as assigned to us in November of 2002 in
exchange for 200,000 shares of common stock valued at $10,000 or $.05.  In
exchange for the marketing rights to the University's EL patents, we will
pay a royalty of 2% of the selling price of any products using their
technology.  There is no minimum royalty for the first year, however, an
increasing annual minimum royalty begins at $5,000 during the second year
and increases annually to an $8,000 annual minimum royalty for the fifth
year and years thereafter.

Proprietary Rights

The University of Florida Research Foundation has applied for patents on
their EL technology and applications in both the United States and
international markets.  At the date of this report, the patents are still
pending.  We have agreed to reimburse the University for any costs related
to preparing, filing and maintaining all trademarks and patents.  At March
31, 2003 these costs amounted to $11,511.  We intend to protect our
proprietary rights to the full extent permissible by law.

Competition

There are a number of companies that manufacture EL lamp devices.
Although we have applied for a patent for the bicycle market, if the
patent is not granted, other participants may enter the bicycle market.
We believe that we have a significant lead-time on potential competitors,
however, there can be no assurance of a sustainable advantage.  Potential
competitors with established sales, marketing and distribution networks,
such as established bicycle and sporting goods dealers, manufacturers and
distributors could challenge our market position.  In addition, these
potential competitors could develop EL devices that may be less expensive,
more attractive, or have wider distribution than the GloTech products.

Employees

Our only full-time employee is Mr. Heinz Fraunhoffer, our sole executive
officer and director.  We do not have a formal employment agreement with
Mr. Fraunhoffer, however, we have agreed to pay him a salary of $96,000

                                     6
<PAGE>

during the next year as compensation for operating our business.  During
the year ended March 31, 2003, we paid Mr. Fraunhoffer consulting fees of
$12,500 and salary of $35,000.

We have entered into an independent contractor agreement with Product
Design Solutions, Inc. wherein PDS will provide product design,
development, and prototyping services.  The agreement has a term of one
year and provides for an hourly rate of $70 for any services that are
rendered.

We have agreed to pay Mr. Gregory Yoder $20,000 per year as a part-time
engineer.  We also employ an accountant and administrative assistant on an
as-needed, part-time hourly basis.  The bulk of our manufacturing and
production is outsourced to independent contractors.  We plan to employ
sales agents to market our products and have agreed to provide 10%
commissions on all sales made by sales agents.  We do not anticipate
hiring additional employees at the present time.

Item 2.  Description of Property

Our corporate headquarters are located in Gainesville, Florida.  We lease
approximately 450 square feet of office space at the Gainesville
Technology Enterprise Center on a month-to-month basis.  Our lease began
on September 1, 2002 and extends for 36 Months through August of 2005.
Our current payments are $350 per month.  The rent increases to $413 per
month during the second year of the lease and $450 per month during the
third year.  These facilities are sufficient for our current needs.  If
our operations expand significantly, up to 10,000 square feet of
additional office and warehouse space is available on short notice.

Item 3.  Legal Proceedings

Management is not aware of any other current or pending legal proceedings
involving GloTech or any of our officers.

Item 4.  Submission of Matters to a Vote of Securities Holders

On March 21, 2003 our shareholders approved a two for one forward split of
our common stock.  Of the 22,200,000 eligible voting shares, 18,000,000
shares voted in favor of the split which is sufficient under our bylaws.
There were no votes opposing, none abstaining and no broker non-votes.

On March 25, 2003 our shareholders voted to amend our Article of
Incorporation, changing the company's name from R & R Ranching, Inc. to
GloTech Inductries, Inc.  Of the 22,200,000 eligible voting shares,
18,000,000 shares voted in favor of the amendment which is sufficient
under our bylaws.  There were no vote opposing, none abstaining and no
broker non-votes.

On March 26, 2003 our shareholders approved the Agreement and Plan of
Reorganization between GloTech and R & R Ranching.  Of the 22,200,000
eligible voting shares, 18,000,000 shares voted in favor of the agreement
which is sufficient under our bylaws.  There were no votes opposing, none
abstaining and no broker non-votes.


                                  PART II

Item 5.  Market for Common Equity and Related Stockholder Matters

Our common stock is currently quoted on the Over the Counter Bulletin
Board under the symbol GTHI.

                                     7
<PAGE>


At June 14, 2003 the number of record holders of our common stock was 103.
Total shares issued and outstanding were 19,200,000.  The number of record
holders was determined from our shareholder list, and does not include
beneficial owners whose shares are held in nominee accounts with brokers,
dealers, banks and clearing agents.  The following table lists the average
bid and ask prices on our common stock from October 1, 2001 through March
31, 2003.

                                      CLOSING BID       CLOSING ASK

2003                                 High      Low     High      Low

March 21 through
March 31 (after 2 for 1 split)       2.25      .20     2.75     2.75

Jan 2 through March 31                .25      .15     none     none

2002                                 High      Low     High      Low

October 1 through December 31         .50      .15     none     none

July 1 through September 30           .55      .50     none     none

April 1 through June 28               .55      .55     none     none

January 1 through March 28            .55      .50     none     none

2001                                 High      Low     High      Low

October 1 through December 31         .51      .50     none     none

The above quotations, as provided by the National Quotation Bureau, LLC,
represent prices between dealers and do not include retail markup,
markdown or commission.  In addition, these quotations do not represent
actual transactions.

We have not paid, nor declared, any dividends since inception and do not
intend to declare any such dividends in the foreseeable future. Our
ability to pay dividends is subject to limitations imposed by Nevada law.
Under Nevada law, dividends may be paid to the extent that a corporation's
assets exceed its liabilities and it is able to pay its debts as they
become due in the usual course of business.

Recent Sales of Unregistered Securities of R & R Ranching and GloTech
Industries.

In June of 2001, R & R Ranching issued 10,000,000 shares of previously
authorized but unissued common stock to the former president, Fred Hall in
exchange for $10,000 or $.0001 per share.  Because Mr. Hall was our sole
director and executive officer at the time the shares were issued,
management believes that Mr. Hall was an accredited investor.  The shares
were issued without registration in reliance of the exemption provided by
Section 4(2) of the Securities Act.  No broker was involved and no
commissions were paid in the transaction.

In November 2002, GloTech Industries issued 200,000 shares of our
previously authorized but unissued common stock to the University of
Florida Research Foundation in exchange for the license agreement to
market products using their EL technology.  The shares were valued at
$10,000 or $.05 per share.  The shares were issued without registration in
reliance of the exemption provided by Section 4(2) of the Securities Act.

                                     8
<PAGE>

The University had a pre-existing relationship with GloTech and had access
to our financial information.  Accordingly, management believes that the
University is an accredited investor.  No broker was involved and no
commissions were paid in the transaction.

In December 2002, GloTech Industries issued a total of 100,000 shares of
previously authorized but unissued common stock to two consultants for
services rendered.  The shares were valued at $5,000 or $.05 per share.
The consultants were familiar with our operations and had access to all
financial information pertaining to our activities.  Accordingly,
management believes the consultants are accredited investors.  The shares
were issued without registration in reliance of the exemption provided by
Section 4(2) of the Securities Act.  No broker was involved and no
commissions were paid in the transaction.

In December 2002, GloTech Industries issued 500,000 shares of previously
authorized but unissued common stock to an individual investor for cash of
$50,000 or $.10 per share.  The investor had a preexisting relationship
with GloTech, was familiar with our operations and had access to all
financial information pertaining to our activities.  Accordingly,
management believes that he is an accredited investors.  The shares were
issued without registration in reliance of the exemption provided by
Section 4(2) of the Securities Act.  No broker was involved and no
commissions were paid in the transaction.

In March 2003, we finalized and Agreement and Plan of Reorganization
between R & R Ranching, Inc. and GloTech Industries Inc. whereby we
acquired GloTech as a wholly-owned subsidiary.   Pursuant to the
Agreement, R & R Ranching issued 22,200,000 shares of previously
authorized but unissued common stock to the former shareholders of GloTech
and repurchased 18,800,000 shares of R & R Ranching common stock from our
former sole director and executive officer for cash of $200,000.  The
18,800,000 shares of R & R Ranching stock were then cancelled.  We had
preexisting relationships with the former shareholders, officers and
directors, and they had access to all financial information pertaining to
our activities.  Accordingly, management believes they are accredited
investors.  The shares were issued without registration in reliance of the
exemption provided by Section 4(2) of the Securities Act.  No broker was
involved and no commissions were paid in the transaction.

Concurrent with the change in control of R & R Ranching, in March 2003,
GloTech issued 5,000,000 shares of previously authorized but unissued
common stock to nine accredited investors pursuant to a private offering
at $.10 per share.  The investors had preexisting relationships with our
company, were familiar with our operations, and had access to all
financial information pertaining to our activities.  Accordingly,
management believes they are accredited investors.  The shares were issued
without registration in reliance of the exemption provided by Section 4(2)
of the Securities Act.  No broker was involved and no commissions were
paid in the transaction.

Other Recent Changes in Securities

On March 21, 2003, R & R Ranching effected a 2-for-1 forward split of
their $.001 par value common stock.  The split was authorized and approved
by the shareholders and board of directors.

Item 6.  Management's Discussion and Analysis or Plan of Operation

The following discussion and analysis should be read in conjunction with
the audited financial statements and the notes included thereto beginning
on page 15 of this report.  On March 26, 2003, we entered an agreement and
plan of reorganization with GloTech Industries and changed our fiscal year
to March 31 to correspond with the fiscal year of our subsidiary.  Our
former fiscal year end was October 31.  The audited consolidated financial
statements for the year ended March 31, 2003 reflect our operations from
GloTech's inception in July of 2002 through March 31, 2003.  Financial
information for 2002 is derived from the audited financial statements of R

                                     9
<PAGE>

& R Ranching appearing in Form 10-KSB for the fiscal year ended October
31, 2002.

Results of Operations for the Year ended March 31, 2003

We generated $868 in revenue from the sale of our EL products in fiscal
2003.  Manufacturing and production costs were $413 resulting in gross
profit of $455.  However, our general and administrative expenses were
$154,746.  We also had interest expense of $1,583.  General and
administrative expenses were largely the result of salaries and marketing
costs associated with implementing our business plan.  We also had legal,
auditing and other professional fees related to preparing and filing our
public reports.  As a result of the foregoing, we realized a net loss from
operations of $155,874 for the year ended March 31, 2003.

Liquidity and Capital Resources

At March 31, 2003 we had total assets of $208,588.  Current assets were
$166,189 consisting of $133,595 in cash, $30,859 in inventory and $1,735
in employee advances.  Property and equipment consisting of office
equipment, furniture and website costs were $5,114 after depreciation.
Other assets at March 31, 2003 consisted of intangible assets of $22,772
relating to our license agreement and patent applications, a $500 security
deposit on our office and $14,013 in assets from our discontinued ranching
operations.

Total liabilities at March 31, 2003 were $153,462.  Current liabilities
were $139,449 consisting mainly of $81,750 in loans payable to a related
party.  Subsequent to the date of this report, in April of 2003, we repaid
these loans along with interest of $1,750.  Other current liabilities were
$36,000 in accounts payable to a shareholder for consulting services,
$17,434 in miscellaneous accounts payable and $4,265 in accrued expenses.
We also had liabilities of $14,013 relating to our discontinued ranching
operations.

Because we are a recently formed company that has not achieved profitable
operations, our auditors have expressed raise substantial doubt about our
ability to continue as a going concern.  Management believes we have
sufficient cash on hand to meet our liquidity need for the coming year,
however, we will likely require additional funds to fully implement our
business plan.  To generate capital, we may sell common stock or seek
loans from officers, directors or shareholders.  However, there is no
assurance that we will be successful in raising additional capital or
achieving profitable operations.  Other than as discussed in this report,
we do not have any material commitments for capital expenditures during
the next twelve months.

Results of Operations for the Year ended October 31, 2002

R & R Ranching generated no revenues during the year ended October 31,
2002 and had expenses of $20,218.  As a result, R & R Ranching had an
operating loss of $20,218 for the year ended October 31, 2002.  Expenses
primarily consisted of bison operating costs and general and
administrative expenses.  During the year ended October 31, 2002, the
Company capitalized $5,795 for twenty bison calves born less $2,715 twelve
bison calves transferred to Blue Sky Bison Ranch LTD. in accordance with
our prior management agreement.

The total assets of R & R Ranching at October 31, 2002 consisted of $510
in cash.

Plan of Operation

We intend to continue operating under our license agreement with the
University of Florida Research Foundation.  During the next twelve months
we will be actively marketing our existing products while developing or

                                     10
<PAGE>

acquiring new products and technologies.  At the date of this report, we
are negotiating to acquire Advanced Illumination Technologies, Inc., a
Florida corporation held by UTEK Corporation of Delaware.  AITI has filed
United States patent application 10/086,773 on a lighted rope technology.
We will also be working to develop a broader distribution network with
sporting goods retailers.

Item 7.  Financial Statements

The response to this item is incorporated by reference to the audited
consolidated financial statements beginning at page 15.

Item 8.  Changes In and Disagreements with Accountants on Accounting and
Financial Disclosure.

None

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
Compliance With Section 16(a) of the Exchange Act

The following table sets forth the name, age, position and office term of
each executive officer and director of the Company at March 31, 2003.

Name                Age   Position                              Since

Heinz Fraunhoffer    41   Sole Executive Officer and director   March 26, 2003


Set forth below is certain biographical information about Mr. Fraunhoffer.

From 2002 to present, Heinz Fraunhoffer has served as President and CEO of
GloTech Industries, Inc.; from 2000 to 2003 he served as US representative
for the German State of Baden-Wurttemberg, Ministry of Economics,
Gainesville, Florida representing Baden-Wurttemberg as a high-tech region
to investors in the Southeastern US; from 1998 to 2000 he served as
Managing Director of Hormann Production Co. Ltd., Bielefeld, Germany and
Beijing, China; from 1996 to 1997 he served as Sales & Marketing Manager,
Controller for Kommerling PVC Profile Extrusion Co. Ltd. Pirmasens,
Germany and Tianjin, China; and from 1992 to 1996 as an Analyst and Senior
Consultant for market entry strategies for FCI Consulting Ltd., Hong Kong
and Germany. Mr. Fraunhoffer holds a Master of Arts in Asian Studies and
Economics, August 1991, from Johannes Gutenberg University, Mainz, Germany
and a Master of Business Administration, April 2003, from University of
Florida, Gainesville, FL.

Other Reporting Company Activities

Mr. Fraunhoffer is not an officer, director or affiliate of any other
publicly traded company.

Item 10.  Executive Compensation

A summary compensation table for the previous three years is provided
below.

                        SUMMARY COMPENSATION TABLE

Name and Principal Position   Year   Salary ($)   Bonus ($)     Other Annual
                                                                Compensation
Heinz Fraunhoffer             2003   47,500 (1)      -0-            -0-

                                     11
<PAGE>

  Executive Officer And
  Director

Fred L. Hall                  2003      -0-          -0-            (2)
  Former President and        2002      -0-          -0-            -0-
  Director                    2001      -0-          -0-


  (1)  Compensation to Mr. Fraunhoffer during 2003 consisted of $12,500 in
     consulting fees and $35,000 in salary.

  (2)  At March 31, 2003 we owed our former director, Mr. Hall, $14,013 in
     fees for prior consulting services.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

The following table sets forth as of June 24, 2003 the number and
percentage of the 19,200,000 shares of outstanding common stock, par
value $0.01 which, according to the information supplied to GloTech, were
beneficially owned by (i) each person who is currently a director of
GloTech, (ii) each executive officer, (iii) all current directors and
executive officers of GloTech as a group and (iv) each person who, to our
knowledge, is the beneficial owner of more than 5% of our outstanding
common stock.  Except as otherwise indicated, the persons named in the
table have sole voting and dispositive power with respect to all shares
beneficially owned, subject to community property laws where applicable.

Name and Address                    Number of Shares      Percentage of Shares
                                   Beneficially Owned      Beneficially Owned

Heinz Fraunhoffer, (1)                  2,700,000                14.06 %
2153 SE Hawthorne Road, Suite 11
Gainesville, FL 32641

First Zamora Corporation                1,595,000                 8.31 %
9025 Oakwood Place
West Jordan, UT 84088

FullCircle Registry                     1,000,000                 5.20 %
500 West Jefferson
Street, Suite 2310
Louisville, KY 40202

Officers and Directors as a Group:      2,700,000                14.06 %
1 Person

(1) Officer and Director

Item 12.  Certain Relationships and Related Transactions

In March 2003, R & R Ranching sold all of its bison to Blue Sky Bison
Ranch, Ltd., an entity owned by the father of our former sole director and
executive officer for cash of $25,000 and debt relief of $2,400.

As of March 31, 2003, we had accrued consulting fees of $36,000 payable to
Technology Management Group, LLC for management services.   Technology
Management Group LLC is one of our shareholders.

                                     12
<PAGE>


As of March 31, 2003, we had accrued consulting fees of $14,013 payable to
Mr. Fred Hall, our former sole director and executive officer for services
rendered related to our discontinued bison breeding business.

From inception through March 25, 2003, we had received various loans from
an entity related to shareholders of the company.  At March 31, 2003, a
total of $116,750 had been loaned and the unpaid balance was $81,750.
Accrued interest at March 31, 2003 amounted to $1,583.  Subsequent to the
date of this report, in April of 2003, the loan was paid in full with
interest at approximately 3.8% per annum.

Item 13.  Exhibits and Reports on Form 8-K

Exhibit      Title                                           Location
Number
10.1         Equity Agreement, GloTech Industries,           Attached
             Inc./University of Florida Research
             Foundation, November 2, 2002

99.1         Certification of Chief Executive Officer        Attached
             and Chief Financial Officer pursuant to
             Section 906 of the Sarbanes-Oxley Act of
             2002

99.2         Certification of Chief Executive Officer        Attached
             and Chief Financial Officer pursuant to
             Section 302 of the Sarbanes-Oxley Act of
             2002

99.3         GloTech Industries, Inc. Code of Business       Attached
             Ethics and Corporate Conduct

Reports on Form 8-K:

During the most recent 90 period covered by this report, GloTech filed the
following reports on Form 8-K relating to the agreement and plan of
reorganization between R & R Ranching and GloTech:

Filing Date    Title of Report    Item(s) Reported

April 7, 2003  Form 8-K           Item 1. Change in Control of Registrant
                                  Item 2.  Acquisition or Disposition of Assets
                                  Item 5.  Other Events, 2 for 1 forward stock
                                             split
                                  Item 6.  Resignation of Directors
                                  Item 7.  Financial Statements

June 13, 2003  Form 8-K/A         Item 1.  Change in Control of the Registrant
                                  Item 7.  Financial Statements
                                  Item 8.  Change in Fiscal Year

Item 14.  Disclosure Controls and Procedures

Our management is responsible for maintaining and reviewing the
effectiveness of our disclosure controls and reporting procedures.  Within
the 90-day period prior to the date of this report, we evaluated the
effectiveness and operation of our disclosure controls and procedures
pursuant to Rule 13a-14 of the Securities Exchange Act of 1934.  Based on
that evaluation, our Chief Executive Officer and Chief Financial Officer
have concluded that our disclosure controls and procedures are effective.
There have been no significant changes in internal controls or other
factors that could significantly affect internal controls subsequent to
the date we carried out our evaluation.

                                     13
<PAGE>


To help ensure the effectiveness of our disclosure controls and
procedures, we have recently adopted a corporate Code of Ethics and
Business Conduct.  In pertinent part, the Code authorizes the
establishment of an audit committee to oversee the effectiveness of our
disclosure and reporting procedures.  A copy of the Code is attached as an
exhibit to this report.



                                SIGNATURES

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

                                   GloTech Industries, Inc.




Date: June 30, 2003                By:  /s/ Heinz Fraunhoffer
                                       _______________________
                                   Heinz Frauhoffer
                                   Chief Executive Officer
                                   Chief Financial Officer


In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the registrant and in the capacities
and on the dates indicated.


Date: June 30, 2003                By:  /s/ Heinz Fraunhoffer
                                       _______________________
                                   Heinz Fraunhoffer
                                   Director




                                     14


<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]




                                 CONTENTS

                                                                PAGE

        -  Independent Auditors' Report                           16


        -  Consolidated Balance Sheet, March 31, 2003           17 - 18


        -  Consolidated Statement of Operations, for the
            period from inception on July 18, 2002
            through March 31, 2003                                19


        -  Consolidated Statement of Stockholders' Equity,
            for the period from inception on July 18, 2002
            through March 31, 2003                                20


        -  Consolidated Statement of Cash Flows, for the
            period from inception on July 18, 2002
            through March 31, 2003                              21 - 22


        -  Notes to Consolidated Financial Statements           23 - 32






<PAGE>




                       INDEPENDENT AUDITORS' REPORT



Board of Directors
GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
(Formerly R & R Ranching, Inc.)
Gainsville, Florida

We  have  audited the accompanying consolidated balance sheet  of  GloTech
Industries,  Inc.  and  Subsidiary (formerly R  &  R  Ranching,  Inc.)  [a
development stage company] at March 31, 2003, and the related consolidated
statements  of  operations, stockholders' equity and cash  flows  for  the
period  from  inception on July 18, 2002 through March  31,  2003.   These
financial  statements are the responsibility of the Company's  management.
Our  responsibility is to express an opinion on these financial statements
based on our audit.

We  conducted  our  audit in accordance with generally  accepted  auditing
standards  in the United States of America.  Those standards require  that
we plan and perform the audit to obtain reasonable assurance about whether
the  financial  statements are free of material  misstatement.   An  audit
includes  examining, on a test basis, evidence supporting the amounts  and
disclosures in the financial statements.  An audit also includes assessing
the   accounting  principles  used  and  significant  estimates  made   by
management,  as  well  as  evaluating  the  overall  financial   statement
presentation.  We believe that our audit provides a reasonable  basis  for
our opinion.

In  our  opinion,  the  consolidated financial statements  audited  by  us
present  fairly,  in  all  material respects, the  financial  position  of
GloTech Industries, Inc. and Subsidiary (formerly R & R Ranching, Inc.) [a
development stage company] as of March 31, 2003, and the results of  their
operations and their cash flows for the period from inception on July  18,
2002  through  March  31,  2003,  in conformity  with  generally  accepted
accounting principles in the United States of America.

The  accompanying  financial statements have been  prepared  assuming  the
Company will continue as a going concern.  As discussed in Note 10 to  the
financial statements, the Company was only recently formed and has not yet
been  successful  in  establishing profitable operations.   These  factors
raise substantial doubt about the ability of the Company to continue as  a
going  concern.  Management's plans in regards to these matters  are  also
described  in  Note  10.   The financial statements  do  not  include  any
adjustments that might result from the outcome of these uncertainties.



/s/ PRITCHETT, SILER & HARDY, P.C.

PRITCHETT, SILER & HARDY, P.C.

May 14, 2003
Salt Lake City, Utah


<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                        CONSOLIDATED BALANCE SHEET


                                  ASSETS

                                                       March 31,
                                                         2003
                                                      ___________
CURRENT ASSETS:
  Cash                                                $   133,595
  Employee advances                                         1,735
  Inventory                                                30,859
                                                      ___________
        Total Current Assets                              166,189
                                                      ___________

PROPERTY AND EQUIPMENT, net                                 5,114
                                                      ___________

OTHER ASSETS:
  Definite-life intangible assets, net                     22,772
  Security deposit                                            500
                                                      ___________
        Total Other Assets                                 23,272
                                                      ___________

ASSETS OF DISCONTINUED OPERATIONS                          14,013
                                                      ___________

                                                      $   208,588
                                                      ___________





















                                [Continued]

                                     17
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                        CONSOLIDATED BALANCE SHEET

                                [Continued]


                   LIABILITIES AND STOCKHOLDERS' EQUITY

                                                       March 31,
                                                         2003
                                                      ___________
CURRENT LIABILITIES:
  Accounts payable                                    $    17,434
  Accounts payable - related party                         36,000
  Accrued expenses                                          4,265
  Loans payable - related party                            81,750
                                                      ___________
        Total Current Liabilities                         139,449
                                                      ___________

LIABILITIES OF DISCONTINUED OPERATIONS                     14,013
                                                      ___________

        Total Liabilities                                 153,462
                                                      ___________

STOCKHOLDERS' EQUITY [Restated]:
  Preferred stock, $.001 par value,
   10,000,000 shares authorized,
   no shares issued and outstanding                             -
  Common stock, $.001 par value,
   50,000,000 shares authorized,
   19,200,000 shares issued and
   outstanding                                             19,200
  Capital in excess of par value                          291,800
  Deficit accumulated during the
   development stage                                     (155,874)
                                                      ___________
                                                          155,126
  Less: Subscription receivable                          (100,000)
                                                      ___________

        Total Stockholders' Equity                         55,126
                                                      ___________
                                                      $   208,588
                                                      ___________







The accompanying notes are an integral part of this consolidated financial
                                statement.

                                     18
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                   CONSOLIDATED STATEMENT OF OPERATIONS



                                                     From Inception
                                                       on July 18,
                                                      2002 Through
                                                     March 31, 2003
                                                     ______________
REVENUE                                              $          868

COST OF GOODS SOLD                                              413
                                                     ______________
GROSS PROFIT                                                    455

EXPENSES:
  General and administrative                                154,746
                                                     ______________

LOSS FROM OPERATIONS                                       (154,291)

OTHER INCOME (EXPENSE):
  Interest expense                                           (1,583)
                                                     ______________

LOSS BEFORE INCOME TAXES                                   (155,874)


CURRENT TAX EXPENSE                                               -

DEFERRED TAX EXPENSE                                              -
                                                     ______________

NET LOSS                                             $     (155,874)
                                                     ______________

LOSS PER COMMON SHARE                                $         (.02)
                                                     ______________














The accompanying notes are an integral part of this consolidated financial
                                statement.

                                     19
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

              CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

                FROM THE DATE OF INCEPTION ON JULY 18, 2002

                          THROUGH MARCH 31, 2003

                                [Restated]


                                                           Deficit
                                                           Accumu-
                                                            lated
                                                           During
                                                             the
               Preferred Stock   Common Stock   Capital in Develop-
                _____________ __________________ Excess of   ment   Subscription
                Shares Amount   Shares   Amount  Par Value  Stage    Receivable
                ______ ______ __________ _______ ________ _________  __________
BALANCE, July
 18, 2002            - $    -          - $     - $      - $       -  $        -

Common stock
 issued for cash
 at $.0001 per
 share, July
 2002                -      - 10,000,000  10,000   (9,000)        -           -

Common stock
 issued for
 license
 agreement
 valued at $.05
 per share,
 November 2002       -      -    200,000     200    9,800         -           -

Common stock
 issued for
 services
 rendered valued
 at $.05 per
 share, December
 2002                -      -    100,000     100    4,900         -           -

Common stock
 issued for cash
 at $.10 per
 share, December
 2002                -      -    500,000     500   49,500         -           -

Common stock
 issued for cash
 at $.10 per
 share, March
 2003                -      -  4,000,000   4,000  396,000         -           -

Common stock
 issued for
 subscription
 receivable at
 $.10 per share,
 March 2003          -      -  1,000,000   1,000   99,000         -    (100,000)

Common stock
 issued in
 reorganization
 with R & R
 Ranching, Inc.,
 net of stock
 offering costs
 of $55,000,
 March 2003          -      - 22,200,000  22,200  (77,200)        -           -

Repurchased and
 cancelled
 common stock at
 $.01064 per
 share, March
 2003                -      -(18,800,000)(18,800)(181,200)        -           -

Net loss for the
 period ended
 March 31, 2003      -      -          -       -        -  (155,874)          -
                ______ ______ __________ _______ ________ _________  __________
BALANCE, March
 31, 2003            - $    - 19,200,000 $19,200 $291,800 $(155,874) $ (100,000)
                ______ ______ __________ _______ ________ _________  __________

The accompanying notes are an integral part of this consolidated financial
                                statement.

                                     20
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                   CONSOLIDATED STATEMENT OF CASH FLOWS


                                                     From Inception
                                                       on July 18,
                                                      2002 Through
                                                     March 31, 2003
                                                     ______________
Cash Flows from Operating Activities:
 Net loss                                            $     (155,874)
 Adjustments to reconcile net loss to net cash used
   by operating activities:
  Depreciation and amortization                                 580
  Non-cash services for stock                                 5,000
  Changes in assets and liabilities:
   (Increase) in employee advances                           (1,735)
   (Increase) in inventory                                  (30,859)
   Increase in accounts payable                              17,434
   Increase in accounts payable - related party              36,000
   Increase in accrued expenses                               4,265
                                                     ______________
        Net Cash (Used) by Operating Activities            (125,189)
                                                     ______________
Cash Flows from Investing Activities:
 Purchase of property and equipment                          (5,649)
 Payments for license agreement                             (12,817)
 Payment of security deposit                                   (500)
                                                     ______________
        Net Cash (Used) by Investing Activities             (18,966)
                                                     ______________
Cash Flows from Financing Activities:
 Proceeds from loans payable - related party                116,750
 Repayment of loans payable - related party                (35,000)
 Proceeds from issuance of common stock                     451,000
 Payment of stock offering costs                           (55,000)
 Payments to repurchase common stock                      (200,000)
                                                     ______________
        Net Cash Provided by Financing Activities           277,750
                                                     ______________

Net Increase in Cash                                        133,595

Cash at Beginning of Period                                       -
                                                     ______________
Cash at End of Period                                $      133,595
                                                     ______________

Supplemental Disclosures of Cash Flow Information:
 Cash paid during the period for:
   Interest                                          $            -
   Income taxes                                      $            -

                                [Continued]

                                     21
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                   CONSOLIDATED STATEMENT OF CASH FLOWS

                                [Continued]


Supplemental Schedule of Non-cash Investing and Financing Activities:

  For the period from inception on July 18, 2002 through March 31, 2003:

     In  November 2002, the Company issued 200,000 shares of common  stock
     in  exchange  for a license agreement valued at $10,000 or  $.05  per
     share.

     In  December 2002, the Company issued 100,000 shares of common  stock
     in exchange for services rendered valued at $5,000 or $.05 per share.

     In  March  2003, the Company issued 1,000,000 shares of common  stock
     for a subscription receivable of $100,000 or $.10 per share.

     In  March 2003, the Company issued 22,200,000 shares of common  stock
     as  part  of an agreement and plan of reorganization which  has  been
     accounted for as a recapitalization of Subsidiary in a manner similar
     to  a  reverse purchase.  At the time of the reorganization, Parent's
     assets  and  liabilities  consisted only  of  $14,013  of  assets  of
     discontinued  operations and $14,013 of liabilities  of  discontinued
     operations.





























The accompanying notes are an integral part of this consolidated financial
                                statement.

                                     22
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization - GloTech Industries, Inc. ("Parent") was organized under the
  laws  of  the  State of Nevada on August 3, 1998 as R & R  Ranching,  Inc.
  Parent  was  previously  engaged in breeding and  raising  bison.   Parent
  discontinued  its bison breeding business effective March  25,  2003  [See
  Note  3].   In  March 2003, Parent changed its name to GloTech Industries,
  Inc.

  GloTech  Industries, Inc. ("Subsidiary") was organized under the  laws  of
  the State of Delaware on July 18, 2002.

  On March 31, 2003, Parent acquired Subsidiary pursuant to an Agreement and
  Plan  of  Reorganization signed March 26, 2003.  The agreement called  for
  Parent  to  issue up to 15,800,000 shares of common stock  to  the  former
  shareholders  of  Subsidiary for at least  80%  and  up  to  100%  of  the
  outstanding shares of Subsidiary's common stock wherein Subsidiary  became
  a  wholly-owned subsidiary of Parent [See Note 2].  The merger  of  Parent
  and  Subsidiary has been accounted for as a recapitalization of Subsidiary
  in  a  manner  similar  to  a reverse purchase.  Accordingly,  the  equity
  transactions  have  been  restated  to  reflect  the  recapitalization  of
  Subsidiary  and the operations of Parent prior to the date of  acquisition
  have been eliminated.  The financial statements reflect the operations  of
  Subsidiary from its inception.

  GloTech  Industries, Inc. and Subsidiary ("the Company") plans to  produce
  products based on electroluminescent technology.  The Company has not  yet
  generated  significant revenues from planned principal operations  and  is
  considered  a  development  stage  company  as  defined  in  Statement  of
  Financial  Accounting Standards No. 7.  The Company has,  at  the  present
  time,  not  paid any dividends and any dividends that may be paid  in  the
  future  will  depend upon the financial requirements of  the  Company  and
  other relevant factors.

  Consolidation - The consolidated financial statements include the accounts
  of  Parent  and its wholly owned Subsidiary.  All significant intercompany
  transactions have been eliminated in consolidation.

  Fiscal  Year  -  Parent's  fiscal  year-end  was  October  31st,  but  was
  subsequently  changed  to March 31st [See Note 14].   Subsidiary's  fiscal
  year-end is March 31st.

  Discontinued  Operations - The Company has adopted Statement of  Financial
  Accounting  Standards No. 144, "Accounting for the Impairment or  Disposal
  of  Long-Lived  Assets".  SFAS No. 144 modifies previous  disclosures  and
  requires additional disclosures for discontinued operations and the assets
  and liabilities associated with discontinued operations.

  Cash  and Cash Equivalents - The Company considers all highly liquid  debt
  investments purchased with a maturity of three months or less to  be  cash
  equivalents.

  Concentration of Credit Risk - As of March 31, 2003, the Company has  cash
  balances in excess of federally insured amounts of approximately $34,000.

                                     23
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

  Accounts  and  Loans Receivable - The Company records accounts  and  loans
  receivable at the lower of cost or fair value.  The Company determines the
  lower  of  cost or fair value of nonmortgage loans on an individual  asset
  basis.   The  Company recognizes interest income on an account  receivable
  based  on  the stated interest rate for past-due accounts over the  period
  that the account is past due.  The Company recognizes interest income on a
  loan  receivable based on the stated interest rate over the  term  of  the
  loan.   The Company accumulates and defers fees and costs associated  with
  establishing a receivable to be amortized over the estimated life  of  the
  related   receivable.   The  Company  estimates  allowances  for  doubtful
  accounts  and  loan  losses  based  on the  aged  receivable  balance  and
  historical  losses.   The Company records interest  income  on  delinquent
  accounts and loans receivable only when payment is received.  The  Company
  first   applies  payments  received  on  delinquent  accounts  and   loans
  receivable  to  eliminate the outstanding principal.  The Company  charges
  off  uncollectible accounts and loans receivable when management estimates
  no   possibility  of  collecting  the  related  receivable.   The  Company
  considers accounts and loans receivable to be past due or delinquent based
  on contractual terms.

  Inventory  - Inventory is stated at the lower of cost or market using  the
  first-in, first-out method [See Note 4].

  Property  and  Equipment  - Property and equipment  are  stated  at  cost.
  Expenditures  for  major renewals and betterments that extend  the  useful
  lives  of  property and equipment are capitalized, upon  being  placed  in
  service.  Expenditures for maintenance and repairs are charged to  expense
  as incurred.  Depreciation is computed using the straight-line method over
  the estimated useful lives of the assets of three to five years.

  Website Costs - The Company has adopted the provisions of Emerging  Issues
  Task  Force  00-2,  "Accounting for Web Site  Development  Costs."   Costs
  incurred  in the planning stage of a website are expensed as research  and
  development  while costs incurred in the development stage are capitalized
  and amortized over the life of the asset, estimated to be five years.   As
  of  March  31,  2003,  the Company has capitalized a total  of  $2,270  of
  website  costs.  The Company did not incur any planning costs and did  not
  record any research and development costs for the period from inception on
  July 18, 2002 through March 31, 2003.

  Intangible  Assets - The Company accounts for their intangible  assets  in
  accordance  with  Statement  of Financial Accounting  Standards  No.  142,
  "Goodwill and Other Intangible Assets".

  Stock  Offering  Costs  - Costs related to proposed  stock  offerings  are
  deferred and will be offset against the proceeds of the offering.  In  the
  event  a stock offering is unsuccessful, the costs related to the offering
  will be written off to expense.

  Revenue  Recognition  -  The Company's revenue  comes  from  the  sale  of
  products  based on electroluminescent technology.  The Company  recognizes
  revenue upon delivery of the product.

                                     24
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

  Advertising  Costs - Advertising costs, except for costs  associated  with
  direct-response advertising, are charged to operations when incurred.  The
  costs  of  direct-response advertising are capitalized and amortized  over
  the  period during which future benefits are expected to be received.  The
  Company  expensed  $26,227 in advertising costs  during  the  period  from
  inception on July 18, 2002 through March 31, 2003.

  Research and Development - Research and development costs are expensed  as
  incurred.   The Company expensed $5,790 in research and development  costs
  during the period from inception on July 18, 2002 through March 31, 2003.

  Loss  Per  Share  -  The computation of loss per share  is  based  on  the
  weighted  average number of shares outstanding during the period presented
  in  accordance with Statement of Financial Accounting Standards  No.  128,
  "Earnings Per Share" [See Note 12].

  Stock  Based  Compensation - The Company accounts for  their  stock  based
  compensation   in  accordance  with  Statement  of  Financial   Accounting
  Standards  No.  123  "Accounting  for  Stock-Based  Compensation."    This
  statement  establishes an accounting method based on  the  fair  value  of
  equity   instruments  awarded  to  employees  as  compensation.   However,
  companies are permitted to continue applying previous accounting standards
  in  the  determination of net income with disclosure in the notes  to  the
  financial  statements  of  the  differences  between  previous  accounting
  measurements  and  those formulated by the new accounting  standard.   The
  Company  has  adopted  the disclosure only provisions  of  SFAS  No.  123.
  Accordingly,  the  Company  has  elected to  determine  net  income  using
  previous accounting standards.

  Accounting  Estimates  -  The  preparation  of  financial  statements   in
  conformity  with generally accepted accounting principles  in  the  United
  States  of  America requires management to make estimates and  assumptions
  that   affect  the  reported  amounts  of  assets  and  liabilities,   the
  disclosures  of  contingent assets and liabilities  at  the  date  of  the
  financial  statements,  and the reported amount of revenues  and  expenses
  during  the  reported  period.  Actual results  could  differ  from  those
  estimated.

  Recently  Enacted Accounting Standards - Statement of Financial Accounting
  Standards  ("SFAS")  No.  141,  "Business  Combinations",  SFAS  No.  142,
  "Goodwill  and  Other  Intangible Assets", SFAS No. 143,  "Accounting  for
  Asset   Retirement  Obligations",  SFAS  No.  144,  "Accounting  for   the
  Impairment or Disposal of Long-Lived Assets", SFAS No. 145, "Rescission of
  FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and
  Technical  Corrections", SFAS No. 146, "Accounting  for  Costs  Associated
  with  Exit or Disposal Activities", SFAS No. 147, "Acquisitions of Certain
  Financial  Institutions - an Amendment of FASB Statements No. 72  and  144
  and  FASB Interpretation No. 9", and SFAS No. 148, "Accounting for  Stock-
  Based  Compensation  - Transition and Disclosure - an  Amendment  of  FASB
  Statement  No. 123", were recently issued.  SFAS No. 141, 143,  145,  146,
  147  and 148 have no current applicability to the Company or their  effect
  on  the financial statements would not have been significant.  The Company
  has  adopted SFAS No. 142 and 144 and has applied them to the  year  ended
  March 31, 2003.


                                     25
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

  Reclassification - The financial statements for periods prior to March 31,
  2003 have been reclassified to conform to the headings and classifications
  used in the March 31, 2003 financial statements.

  Restatement - The financial statements have been restated for all  periods
  presented to reflect the recapitalization of Subsidiary [See Note  2]  and
  to reflect a 2-for-1 forward stock split that Parent effected on March 21,
  2003 [See Note 8].

NOTE 2 - AGREEMENT AND PLAN OF REORGANIZATION

  On  March  26,  2003, Parent and Subsidiary entered into an agreement  and
  plan  of  reorganization whereby Parent agreed to acquire up  to  100%  of
  Subsidiary in a stock for stock exchange.  The agreement called for Parent
  to   issue  up  to  15,800,000  shares  of  common  stock  to  the  former
  shareholders  of  Subsidiary for at least  80%  and  up  to  100%  of  the
  outstanding  shares  of  Subsidiary's common stock.   The  agreement  also
  called  for  Parent to effect a 2-for-1 forward stock split  (effected  by
  dividend).  The agreement also provided that 18,800,000 shares of Parent's
  common stock would be acquired and cancelled.  Subsidiary was required  to
  raise  a minimum of $500,000 in a private offering to accredited investors
  prior  to  closing.   The  Company has accounted for  the  acquisition  as
  closing  after the close of business on March 31, 2003.  The  Company  has
  accounted  for  the acquisition as a recapitalization of Subsidiary  in  a
  manner   similar   to  a  reverse  purchase.   Accordingly,   the   equity
  transactions  have  been  restated  to  reflect  the  recapitalization  of
  Subsidiary  and the operations of Parent prior to the date of  acquisition
  have been eliminated.  The financial statements reflect the operations  of
  Subsidiary from its inception.

NOTE 3 - DISCONTINUED OPERATIONS

  On  March  25,  2003,  Parent discontinued its  bison  breeding  business.
  Parent  has  accounted for this disposal in accordance with  Statement  of
  Financial Accounting Standards No. 144, "Accounting for the Impairment  or
  Disposal  of  Long-Lived Assets".  In accordance  with  Parent's  plan  of
  disposal,  the  carrying  amount of the  bison  was  reduced  to  the  net
  realizable value.  In March 2003, Parent recognized an impairment loss  of
  $59,173 to reduce the carrying amount of the bison to their net realizable
  value.   In  March 2003, Parent sold all of its bison to  Blue  Sky  Bison
  Ranch,  Ltd., an entity owned by the father of a former officer of Parent,
  for cash of $25,000 and debt relief of $2,400.

  The assets of the bison breeding business held for disposal consist of the
  following at:

                                                       March 31,
                                                         2003
                                                      ___________
         Cash                                         $    14,013
                                                      ___________
         Total Assets of Discontinued Operations      $    14,013
                                                      ___________


                                     26
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 - DISCONTINUED OPERATIONS [Continued]

  The  liabilities of the bison breeding business held for disposal  consist
  of the following at:

                                                       March 31,
                                                         2003
                                                      ___________
         Accounts payable - related party             $    14,013
                                                      ___________
         Total Liabilities of Discontinued Operations $    14,013
                                                      ___________

  The  following  is  a  summary of the results of  operations  of  Parent's
  discontinued bison breeding business:

                                                             From Parent's
                                                               Inception
                                               For the Five   on August 3,
                                               Months Ended   1998 through
                                                March 31,      March 31,
                                                   2003          2003
                                               ____________  _____________
    Revenue                                    $          -  $      14,450
    Bison operating expenses                              -        (35,961)
    General and administrative                      (20,375)       (59,183)
    Impairment loss                                 (59,173)       (59,173)
    Interest expense                                    (57)        (7,803)
    Income tax expense                                    -              -
                                               ____________  _____________
    Net loss                                   $    (79,605) $    (147,670)
                                               ____________  _____________

NOTE 4 - INVENTORY

  Inventory consists of the following at:
                                                       March 31,
                                                         2003
                                                      ___________
         Finished goods                               $     4,278
         Raw materials                                     26,581
                                                      ___________
            Total Inventory                           $    30,859
                                                      ___________

  The  Company  has estimated that no allowance for slow moving or  obsolete
  inventory was necessary at March 31, 2003.


                                     27
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5 - PROPERTY AND EQUIPMENT

  Property and equipment consist of the following at:

                                                       March 31,
                                                         2003
                                                      ___________
         Office furniture and equipment               $     3,379
         Website costs                                      2,270
                                                      ___________
                                                            5,649

         Less:  Accumulated depreciation                    (535)
                                                      ___________
            Net Property and Equipment                $     5,114
                                                      ___________

  Depreciation  expense  for  the period from inception  on  July  18,  2002
  through March 31, 2003 was $535.

NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS

  Definite-life intangible assets consist of the following at:

                                                       March 31,
                                                         2003
                                                      ___________
         License agreement with University
            of Florida Research Foundation            $    21,511
         Patent application in process                      1,306
                                                      ___________
                                                           22,817

         Less: Accumulated amortization                       (45)
                                                      ___________
            Net Definite-life Intangible Assets       $    22,772
                                                      ___________

  The Company's definite-life intangible assets are being amortized over  20
  years  with  no residual value.  Amortization expense for the period  from
  inception  on July 18, 2002 through March 31, 2003 was $45.   The  Company
  estimates that their amortization expense for each of the next five  years
  will be approximately $1,150 per year.


                                     28
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6 - DEFINITE-LIFE INTANGIBLE ASSETS [Continued]

  The  Company  has  an exclusive license agreement with sublicensing  terms
  with  the University of Florida Research Foundation ("UFRF").  The license
  became  effective  on  May  30,  2002 and was  previously  held  by  other
  unrelated  entities  but  has since been assigned  to  the  Company.   The
  Company  issued 200,000 shares of common stock valued at $10,000  or  $.05
  per share to UFRF as consideration for the license agreement.  The license
  relates  to certain patents, pending patents and trademarks for inventions
  owned  by UFRF.  The license provides that a royalty be paid to UFRF based
  on  2%  of  the selling price.  There is no minimum royalty for the  first
  year  but there will be an increasing annual minimum royalty beginning  at
  $5,000  for  the second year and increasing annually to an  $8,000  annual
  minimum royalty for the fifth year and years thereafter.  The Company will
  also  reimburse  UFRF  for any costs related to the  preparation,  filing,
  maintenance,  etc. of the trademarks and patents, which as  of  March  31,
  2003 amounted to an additional $11,511.

NOTE 7 - RELATED PARTY TRANSACTIONS

  Asset Sale - In March 2003, Parent sold all of its bison to Blue Sky Bison
  Ranch,  Ltd., an entity owned by the father of a former officer of  Parent
  for cash of $25,000 and debt relief of $2,400.

  Accounts  Payable  -  As  of  March 31,  2003,  the  Company  has  accrued
  consulting  fees  of $36,000 payable to a shareholder of the  Company  for
  management consultation services.

  As  of  March 31, 2003, the Company has accrued consulting fees of $14,013
  payable  to  a  former  officer/director of Parent for  services  rendered
  related to Parent's discontinued bison breeding business.

  Loans  Payable  - The Company has received various loans  from  an  entity
  related  to  shareholders of the Company.  At March 31, 2003, a  total  of
  $116,750  had  been  loaned and the unpaid balance was  $81,750.   Accrued
  interest  at March 31, 2003 amounted to $1,583.  The loan was subsequently
  paid in full with interest at approximately 3.8% per annum [See Note 14].

  Management  Compensation  - As of March 31, 2003,  the  Company  has  paid
  consulting fees of $12,500 and salary of $35,000 to an officer/director of
  the Company.

NOTE 8 - CAPITAL STOCK

  Preferred  Stock  -  The  Company  has  authorized  10,000,000  shares  of
  preferred  stock,  $.001  par  value, with such  rights,  preferences  and
  designations and to be issued in such series as determined by the Board of
  Directors.  No shares are issued and outstanding at March 31, 2003.

  Common  Stock - The Company has authorized 50,000,000 shares of $.001  par
  value  common stock.  In July 2002, in connection with their organization,
  the  Company  issued 10,000,000 shares of their previously authorized  but
  unissued common stock.  The shares were issued for $1,000 cash (or  $.0001
  per share).

                                    29
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8 - CAPITAL STOCK [Continued]

  In  November  2002, the Company issued 200,000 shares of their  previously
  authorized  but unissued common stock to UFRF in exchange  for  a  license
  agreement  to use certain patents, pending patents, trademarks, etc.  that
  are  related  to  inventions owned by UFRF.  The  shares  were  valued  at
  $10,000 (or $.05 per share).

  In  December 2002, the Company issued a total of 100,000 shares  of  their
  previously  authorized but unissued common stock to  two  consultants  for
  services rendered.  The shares were valued at $5,000 (or $.05 per share).

  In  December  2002, the Company issued 500,000 shares of their  previously
  authorized  but  unissued common stock for cash of $50,000  (or  $.10  per
  share).

  In  March  2003,  the Company issued 5,000,000 shares of their  previously
  authorized  but  unissued common stock pursuant to a private  offering  at
  $.10  per share.  At March 31, 2003, the Company had received proceeds  of
  $400,000  and  had  recorded a subscription receivable for  the  remaining
  $100,000.

  In  March  2003, the Company issued 22,200,000 shares of their  previously
  authorized  but unissued common stock to former shareholders of Subsidiary
  as part of an Agreement and Plan of Reorganization [See Note 2].

  In  March 2003, the Company repurchased and cancelled 18,800,000 shares of
  their  issued  and  outstanding common stock  for  cash  of  $200,000  (or
  approximately $.01064 per share)

  Stock  Split - On March 21, 2003, Parent effected a 2-for-1 forward  stock
  split.   The  financial  statements for all periods  presented  have  been
  restated to reflect this stock split.

  Stock Warrants - In December 1999 and February 2000, Parent issued 200,000
  Class  A  warrants to purchase common stock at $1.25 per share and 200,000
  Class B warrants to purchase common stock at $2.50 per share as part of  a
  public  stock  offering  which  was  registered  with  the  United  States
  Securities  and  Exchange  Commission on  Form  SB-2.   The  warrants  are
  exercisable  for five years and are callable by the Company  at  $.01  per
  warrant.   At  March 31, 2003, none of these warrants had been  exercised,
  forfeited or cancelled.

  Stock  Option Plan - On August 10, 1998, the Board of Directors of  Parent
  adopted  and the stockholders at that time approved the 1998 Stock  Option
  Plan ("the Plan").  The Plan provides for the granting of awards of up  to
  2,000,000  shares  of  common  stock to sales  representatives,  officers,
  directors,  consultants and employees.  The awards can  consist  of  stock
  options,   restricted   stock  awards,  deferred   stock   awards,   stock
  appreciation rights and other stock-based awards as described in the Plan.
  Awards  under  the  plan will be granted as determined  by  the  Board  of
  Directors.   At March 31, 2003, total awards available to be granted  from
  the Plan amounted to 2,000,000 shares.

                                     30
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9 - OPERATING LEASE

  The  Company  has  entered  into a lease agreement  with  the  Gainesville
  Technology  Enterprise Center ("GTEC") for office space  of  approximately
  450 square feet and for the use of certain common areas.  The lease has an
  initial  term of twelve months commencing on September 1, 2002.  Following
  the  initial term, the lease will continue on a month-to-month basis.  The
  lease  will  extend  no longer than 36 months from the  commencement  date
  unless  GTEC, at its sole discretion, chooses to extend the lease  for  an
  additional 12-month period.  Rent payments for the first year will be $350
  per  month increasing to $413 for the second year and increasing  to  $450
  for  the  third year.  The Company will also be billed separately for  the
  use  of  certain office services based upon usage.  The Company also  paid
  $500 as a refundable security deposit.  The total lease expense under this
  agreement for the period from inception on July 18, 2002 through March 31,
  2003 amounted to $3,195.

NOTE 10 - GOING CONCERN

  The  accompanying  financial statements have been prepared  in  conformity
  with  generally  accepted accounting principles in the  United  States  of
  America, which contemplate continuation of the Company as a going concern.
  However,  the  Company  was only recently formed  and  has  not  yet  been
  successful  in  establishing profitable operations.  These  factors  raise
  substantial doubt about the ability of the Company to continue as a  going
  concern.   In this regard, management is proposing to raise any  necessary
  additional  funds  not  provided by operations through  loans  or  through
  additional  sales of their common stock.  There is no assurance  that  the
  Company  will  be  successful in raising this  additional  capital  or  in
  achieving profitable operations.  The financial statements do not  include
  any adjustments that might result from the outcome of these uncertainties.

NOTE 11 - INCOME TAXES

  The  Company  accounts for income taxes in accordance  with  Statement  of
  Financial  Accounting Standards No. 109, "Accounting  for  Income  Taxes".
  SFAS  No.  109  requires  the  Company  to  provide  a  net  deferred  tax
  asset/liability  equal  to  the  expected future  tax  benefit/expense  of
  temporary  reporting differences between book and tax  accounting  methods
  and any available operating loss or tax credit carryforwards.

  The  Company  has  available at March 31, 2003 an  unused  operating  loss
  carryforward of approximately $160,000 which may be applied against future
  taxable  income  and which expires in 2023.  The amount  of  and  ultimate
  realization  of  the  benefits from the operating loss  carryforwards  for
  income  tax  purposes is dependent, in part, upon the tax laws in  effect,
  the  future earnings of the Company, and other future events, the  effects
  of which cannot be determined.  Because of the uncertainty surrounding the
  realization of the net deferred tax assets, the Company has established  a
  valuation allowance equal to their tax effect and, therefore, no  deferred
  tax asset has been recognized.  The net deferred tax assets, which consist
  of  deferred  compensation  and  net  operating  loss  carryforwards,  are
  approximately  $33,400 as of March 31, 2003, with an offsetting  valuation
  allowance  of  the  same amount, resulting in a change  in  the  valuation
  allowance of approximately $33,400 for the period from inception  on  July
  18, 2002 through March 31, 2003.

                                     31
<PAGE>

                  GLOTECH INDUSTRIES, INC. AND SUBSIDIARY
                      (Formerly R & R Ranching, Inc.)
                       [A Development Stage Company]

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12 - LOSS PER SHARE

  The following data shows the amounts used in computing loss per share:

                                                     From Inception
                                                       on July 18,
                                                      2002 Through
                                                     March 31, 2003
                                                     ______________
    Loss from operations available to
    common shareholders (numerator)                  $     (155,874)
                                                     ______________
    Weighted average number of
    common shares outstanding used
    in loss per share for the period
    (denominator)                                        10,481,250
                                                     ______________

  At March 31, 2003, the Company had 400,000 outstanding warrants which were
  not  used in the computation of loss per share because their effect  would
  be  anti-dilutive.   Dilutive loss per share was  not  presented,  as  the
  Company  had  no common stock equivalent shares for all periods  presented
  that would affect the computation of diluted loss per share.

NOTE 13 - COMMITMENTS

  Sales  Agent  Agreements - The Company has entered  into  agreements  with
  their  sales agents wherein the Company agrees to pay commissions  to  the
  sales agents.  The agreements provide for commissions of 10% of sales made
  by the agents.

  Independent  Contractor  Agreement -  The  Company  has  entered  into  an
  independent  contractor  agreement with  Product  Design  Solutions,  Inc.
  ("PDS")  wherein  PDS  would  provide  product  design,  development,  and
  prototyping  services.  The agreement has a term of one year and  provides
  for an hourly rate for any services that are rendered.

NOTE 14 - SUBSEQUENT EVENTS

  Fiscal  Year-End Change - Subsequently, Parent changed its fiscal year-end
  to March 31st.

  Related  Party  Loan Repayment - In April 2003, the Company  repaid  loans
  from related parties totaling $81,750 along with interest of $1,750.



                                     32
<PAGE>