U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB



(Mark One)
 [X]      ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
             EXCHANGE ACT OF 1934

                    For Fiscal Year Ended: December 31, 2003

                                       or

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

                        For the transition period from To


                         Commission file number 0-27737

                          Canglobe International, Inc.
                 (Name of small business issuer in its charter)

                Nevada                                          77-0454856
 ---------------------------------------                   --------------------
    State or other jurisdiction of                          (I.R.S. Employer
    incorporation or organization                          Identification No.)

             #206, 10458 Mayfield Road, Edmonton, AB, Canada T5P 4P4
              (Address of principal executive offices) (Zip code)


Issuer's telephone number                      (604) 461-4946
                                              ---------------

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

             Securities registered under Section 12(g) of the Act:

                          Common Stock, par value $.001
                                (Title of class)




<PAGE>



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

         Check if there is no disclosure of delinquent  filers  pursuant to Item
405 of Regulation S-B is not contained in this form,  and no disclosure  will be
contained,  to the  best of  registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this form 10-KSB. [ ]

         State issuer's revenues for its most recent fiscal year. $ 0

         As of March 25, 2004,  there were 3,050,577  shares of the Registrant's
common stock,  par value $0.001,  issued and  outstanding.  The aggregate market
value of the Registrant's  voting stock held by non-affiliates of the Registrant
as of March 25, 2004 was $742,506.

                       DOCUMENTS INCORPORATED BY REFERENCE

         If the following  documents  are  incorporated  by  reference,  briefly
describe them and identify the part of the Form 10-KSB  (e.g.,  Part I, Part II,
etc.) into which the document is incorporated: (1) any annual report to security
holders;  (2) any proxy or information  statement;  and (3) any prospectus filed
pursuant to Rule 424(b) or (c) of the Securities Act of 1933 ("Securities Act"):
NONE

         Transitional Small Business Disclosure Format (check one): Yes ; NO X




















                                        2

<PAGE>



                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
Item Number and Caption                                                                                          Page

PART I

<S>  <C>                                                                                                         <C>
Item 1.           Description of Business.........................................................................4

Item 2.           Description of Property.........................................................................7

Item 3.           Legal Proceedings...............................................................................7

Item 4.           Submission of Matters to a Vote of Security Holders.............................................8


PART II

Item 5.           Market for Common Equity and Related Stockholder Matters........................................8

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

Item 7.           Financial Statements...........................................................................11

Item 8.           Changes in and Disagreements With Accountants on Accounting and
                  Financial Disclosure...........................................................................12

PART III

Item 9.           Directors, Executive Officers, Promoters and Control Persons;
                  Compliance with Section 16(a) of the Exchange Act..............................................12

Item 10.          Executive Compensation.........................................................................15

Item 11.          Security Ownership of Certain Beneficial Owners and Management.................................15

Item 12.          Certain Relationships and Related Transactions.................................................15

Item 13.          Exhibits and Reports on Form 8-K...............................................................16

Item 14.          Controls and Procedures........................................................................17

Item 15.          Principal Accountant Fees and Services.........................................................17
</TABLE>

                                        3

<PAGE>



                                     PART I

                         ITEM 1. DESCRIPTION OF BUSINESS


General

         Beginning in late 2001 and  continuing  through  early 2002, we entered
into a series of transactions  culminating into the natural  resources  business
environment.  As well on the same date the Company changed its name to Red Butte
Energy,  Inc.  The  Company  formerly  was  an  Internet  destination  providing
community, content and commerce for the sportbike and motorcycle enthusiast. The
eSportbike.com website was a location where individuals,  could create their own
websites, publish pictures of their bikes, share information,  communicate, shop
and discover meaningful,  relevant content targeted to their specific interests.
The Company discontinued this activity during the fourth quarter of 2001.

         On April  18,  2002,  the  Company  entered  into a letter of intent to
acquire  an  undivided  50%  interest  in the  Coal  Creek  Basin  and  adjacent
properties in McBrien Twp.,  Ontario,  Canada. The Company ultimately  abandoned
that project when the claims did not contain the estimated resources.

         The Company  has  subsequently  determined  that it will enter into the
tire recycling and rubber reclamation  industry,  based upon licensed technology
available from its largest  shareholder,  Canglobe  Development,  Inc.  Canglobe
Development has a patented process of devulcanizing  rubber and reactivating the
crumb rubber resulting from the majority of tire shredding activities.

         On March 19, 2002, we amended our Articles of  Incorporation  to change
our name from "eSportbike.com,  Inc." to "Red Butte Energy, Inc." The purpose of
this amendment was to reflect the scope and type of our business activities.  At
the same time,  we effected a reduction  in our  outstanding  capitalization  by
effecting a "reverse  split" pursuant to which we issued one share of our common
stock in exchange for every eight (8) outstanding shares of our common stock. As
a result of the reverse split,  the number of issued and  outstanding  shares of
our common stock was reduced from  16,400,000  shares to 2,050,000  shares.  The
rights and  preferences  of our common  stock  were not  modified  or amended in
connection  with the reverse split and the Company's  trading symbol was changed
to "RDBT." On January  16,  2003,  the Company  again  changed its name from Red
Butte to Canglobe International, Inc. and the trading symbol changed to "CGLB."

         During the period  covered by this report,  we  conducted  only minimal
business  operations,  we engaged in no mineral  research  activities or related
development  and did not expend any amounts on mineral  research or exploration.
We currently have no employees.  Certain administrative services relating to our
minimal  maintenance  operations  were  provided by  employees  of our  majority
shareholders.




                                        4

<PAGE>



History

         Company was organized as Morenci Corp., a Nevada  Corporation,  for the
purpose  of  creating  a  corporate  vehicle  to seek,  investigate  and,  where
appropriate, acquire an interest in one or more business opportunities presented
to it by persons or firms who or which desire to seek perceived  advantages of a
publicly held corporation.

         Morenci was  incorporated on April 7, 1997 and was formed  specifically
to be a  "clean  public  shell."  for the  purpose  of  either  merging  with or
acquiring an operating  company.  The Company ceased all activities from October
29,  1996 to July 9,  1999 and was  considered  dormant.  On July 9,  1999,  the
Company obtained a certificate of renewal from the State of Nevada.  On March 2,
2000 the Company  entered  into an agreement  whereby the Company,  in a reverse
merger,  purchased the assets of  eSportbike.com,  Inc. The Company also changed
its name to eSportbike.com,  Inc. From March 2, 2000 to October 2001 the Company
operated an internet web site in the sport bike industry.  On March 19, 2002 the
Company changed its name to Red Butte Energy, Inc.

         The Company's authorized capital is 100,000,000 shares of common stock,
par value  $0.001  per share.  It is quoted and traded  from time to time on the
National Association of Security Dealers, Inc. (the "NASD's") OTC Bulletin Board
Under the symbol "ESPB."

         The  executive  offices  of the  Company  are  located  at #206,  10458
Mayfield  Road,  Edmonton,  AB,  Canada T5P 4P4. Its  telephone  number is (604)
461-4946.

Operating Losses

         The  Company  has  incurred  net losses of  approximately  $48,000  and
$228,000  for the fiscal  years ended  December  31, 2003 and December 31, 2002,
respectively.  Such operating  losses reflect  developmental  and other start-up
activities.  The  Company  expects  to  incur  losses  in the near  future.  The
Company's  operations are subject to numerous risks associated with establishing
any new business, including unforeseen expenses, delays and complications. There
can be no  assurance  that  the  Company  will  achieve  or  sustain  profitable
operations or that it will be able to remain in business.

Future Capital Needs and Uncertainty of Additional Funding

         The Company was not in full operations  during 2003 and 2002, and thus,
the revenues  generated are not  representative  of those that will be generated
once the Company becomes fully  operational.  Revenues are not yet sufficient to
support the  Company's  operating  expenses  and are not  expected to reach such
levels during 2004. Since the Company's formation,  it has funded its operations
and capital expenditures primarily through private placements of debt and equity
securities.  See "Recent Sales of Unregistered  Securities." The Company expects
that it will be required to seek additional  financing in the future.  There can
be no  assurance  that such  financing  will be available at all or available on
terms acceptable to the Company.


                                        5

<PAGE>



Government Regulation

         The Company is subject to all pertinent Federal,  State, and Local laws
governing its business.  The Company is subject to licensing and regulation by a
number of authorities in its Province (State) or municipality. These may include
health, safety, and fire regulations.  The Company's operations are also subject
to  Federal  and State  minimum  wage laws  governing  such  matters  as working
conditions and overtime.

Risk of Low Priced Stocks

         Rules 15g-1 through 15g-9 promulgated under the Securities Exchange Act
of 1934 (the "Exchange  Act") impose sales practice and disclosure  requirements
on certain brokers and dealers who engage in certain  transactions  involving "a
penny stock."

         Currently,  the Company's  Common Stock is considered a penny stock for
purposes of the  Exchange  Act. The  additional  sales  practice and  disclosure
requirements imposed on certain brokers and dealers could impede the sale of the
Company's  Common  Stock  in the  secondary  market.  In  addition,  the  market
liquidity for the Company's securities may be severely adversely affected,  with
concomitant adverse effects on the price of the Company's securities.

         Under the penny stock  regulations,  a broker or dealer  selling  penny
stock to anyone  other than an  established  customer or  "accredited  investor"
(generally,  an  individual  with net worth in excess  of  $1,000,000  or annual
incomes  exceeding  $200,000,  or $300,000 together with his or her spouse) must
make a special suitability  determination for the purchaser and must receive the
purchaser's  written consent to the transaction prior to sale, unless the broker
or dealer or the transaction is otherwise exempt.  In addition,  the penny stock
regulations  require the broker or dealer to deliver,  prior to any  transaction
involving a penny stock,  a disclosure  schedule  prepared by the Securities and
Exchange  Commission (the "SEC") relating to the penny stock market,  unless the
broker or dealer or the transaction is otherwise  exempt.  A broker or dealer is
also  required to disclose  commissions  payable to the broker or dealer and the
registered   representative  and  current  quotations  for  the  Securities.  In
addition,  a broker or dealer is required to send monthly statements  disclosing
recent  price  information  with respect to the penny stock held in a customer's
account and information with respect to the limited market in penny stocks.

The Volatility of Our Stock Price

         Our quarterly operating results may fluctuate significantly as a result
of a variety of factors, many of which are outside of our control. These factors
include:

o        The amount and timing of orders for our services or products;

o        Disruptions in the supply of delivering services or products;

o        Seasonal variations in the sale of our services or products; and

                                        6

<PAGE>



o        General economic conditions.

Lack of Trademark and Patent Protection

         The Company  relies on a  combination  of trade  secret,  copyright and
trademark  law,  nondisclosure  agreements  and technical  security  measures to
protect its  products.  Notwithstanding  these  safeguards,  it is possible  for
competitors  of the  company to obtain  its trade  secrets  and to  imitate  its
products.  Furthermore,  others may  independently  develop  products similar or
superior to those developed or planned by the Company.

Competition

         The Company faces  competition from a wide variety of rubber recyclers,
tire shredders and waste processors,  many of which have  substantially  greater
financial,  marketing  and  technological  resources  than we have.  We  believe
however,   numerous   opportunities   for  development  and   participation   in
devulcanized, reactivated rubber abound, and are virtually unlimited in the near
term, as the only known patent for the Company's devulcanization process is held
by our majority shareholder, Canglobe Development, Inc.

Employees

         As of December 31, 2003, the Company had no employees.


                         ITEM 2. DESCRIPTION OF PROPERTY


         Since 1997,  all  administrative  activities  of the Company  have been
conducted by  corporate  officers  from either  their home or business  offices.
Currently,  there are no  outstanding  debts owed by the  Company for the use of
these facilities and there are no commitments for future use of the facilities.

         Since March 2001,  the Company has been using office space  provided by
Public Idea Capital Ltd., on a gratis basis.  Charles  Spooner  shareholder  and
director  of the  Company is also a  shareholder  and  director  of Public  Idea
Capital Ltd.

                            ITEM 3. LEGAL PROCEEDINGS


         Not Applicable.





                                        7

<PAGE>




                       ITEM 4. SUBMISSION OF MATTERS TO A
                            VOTE OF SECURITY HOLDERS


         No matters were subject to a vote of security  holders  during the year
2003.

                                     PART II

                      ITEM 5. MARKET FOR COMMON EQUITY AND
                           RELATED STOCKHOLDER MATTERS


MARKET INFORMATION

         The  Company's  Common  Stock is traded from time to time on the NASD's
OTC Bulletin  Board under the symbol  "CGLB." The following  table  presents the
high and low bid  quotations  for the Common  Stock as  reported by the NASD for
each  quarter  during  the last two  years.  Such  prices  reflect  inter-dealer
quotations without adjustments for retail markup, markdown or commission, and do
not necessarily represent actual transactions.


                  2003                           High                 Low
----------------------------------------   -----------------   -----------------
First Quarter                              $          0.80$               0.21
Second Quarter                             $          0.45$               0.15
Third Quarter                              $          0.80$               0.31
Fourth Quarter                             $          0.80$               0.60

                  2002
----------------------------------------
First Quarter                              $          0.15$               0.10
Second Quarter                             $          0.70$               0.13
Third Quarter                              $          1.22$               0.48
Fourth Quarter                             $          1.12$               0.30

Dividends

         The Company has never  declared or paid any cash  dividends.  It is the
present  policy of the  Company to retain  earnings  to  finance  the growth and
development  of the business  and,  therefore,  the Company does not  anticipate
paying dividends on its Common Stock in the foreseeable future.

         The number of shareholders  of record of the Company's  Common Stock as
of December 31, 2003 was approximately 15.



                                       8

<PAGE>



Recent Sales of Unregistered Securities

         In  connection  with  organizing  the  Company,   on  April  18,  1997,
twenty-eight   persons  consisting  of  its  officers,   directors,   and  other
individuals  were issued a total of 1,000  shares of Common  Stock at a value of
$.001 per share.  On May 6, 1999,  those  outstanding  shares were forward split
1,000 to 1, resulting in a total of 1,000,000 shares outstanding.

         On February 23, 2000, Mr. Daniel L. Hodges  returned  800,000 shares to
the treasury and the shares were canceled, resulting in 200,000 remaining shares
outstanding.

         On February 23,  2000,  the Company  declared a forward  split 27 to 1,
resulting in a total of 5,400,000 shares outstanding.

         On March 20, 2000, the Company issued 5,000,000 shares of the Company's
common stock to each of Robert E.  McLachlan  and Kent  Courtice  and  1,000,000
shares to M.  Gregg  Marshall  for  services  to the  Company  as  officers  and
directors.

         On March 13, 2001, Robert Mclauchlan and Kent Courtice each transferred
5,000,000 shares of the Company's common stock to Sinoray. In exchange, Xue Ming
Liang and Public Idea  Capital  Ltd.  assumed  two  hundred and twenty  thousand
dollars in debt that the Company owed to McLauchlan and Courtice.

         On March 5,  2003,  the  Company  issued  150,000  shares  to each of 2
consultants,  Ian Stuart and Chris Stewart,  in exchange for services  rendered,
and subsequently registered these shares on Form S-8 on June 18, 2002.

         On October 31, 2003,  the board of directors  approved a debt to equity
transaction,  where  $280,228  in debt was  converted  into  700,570  shares  of
restricted common stock.


                       ITEM 6. MANAGEMENT'S DISCUSSION AND
                         ANALYSIS OR PLAN OF OPERATIONS


         The  following  information  should  be read in  conjunction  with  the
information in Item 7, Financial Statements, and other information regarding our
financials  performance for the period covered by this report included elsewhere
in this report.  The  following  discussions  and other parts of this report may
contain  forward-looking  statements that involve risks and  uncertainties.  Our
actual  results may differ  significantly  from the results  discussed  in those
forward-looking  statements.  Factors that might cause such differences include,
but are not limited to, our history of  unprofitability  and the  uncertainty of
our  profitability,  our  ability to develop  and  introduce  new  services  and
products,  the  uncertainty of market  acceptance of those services or products,
our  potential  reliance  on  collaborative  partners,  our  limited  sales  and
marketing experience, the highly competitive

                                        9

<PAGE>



industries  in which we operate and general  economic and  business  conditions,
some or all of which may be beyond our ability to control.

Plan of Operations

          The  Company  was  organized  for the  purpose of creating a corporate
vehicle to seek,  investigate and, if such  investigation  warrants,  acquire an
interest in one or more  business  opportunities  presented  to it by persons or
firms who or which  desire  to seek  perceived  advantages  of a  publicly  held
corporation.

         The  Company  may  incur   significant   post-merger   or   acquisition
registration costs in the event management wishes to register a portion of their
shares for subsequent  sale. The Company will also incur  significant  legal and
accounting  costs in  connection  with the  acquisition  including  the costs of
preparing post- effective amendments,  Forms 8-K, agreements and related reports
and documents.

         The Company will not have sufficient  funds (unless it is able to raise
funds  in  a  private  placement)  to  undertake  any  significant  development,
marketing and manufacturing of the products acquired. Accordingly, following the
acquisition,  the Company  will, in all  likelihood,  be required to either seek
debt or equity  financing or obtain funding from third parties,  in exchange for
which the  Company  may be  required  to give up a  substantial  portion  of its
interest in the acquired product. There is no assurance that the Company will be
able  either to  obtain  additional  financing  or  interest  third  parties  in
providing  funding for the further  development,  marketing and manufacturing of
any products acquired.

         On March 19, 2002,  the Board of  Directors  approved a 1 for 8 reverse
stock split.  As well on the same date the Company changed its name to Red Butte
Energy,  Inc. On January  16,  2003,  the  Company  changed its name to Canglobe
International, Inc. and the direction the Company is going. The Company will not
proceed with the development of any software business in Asia.  Similarity,  the
Company has decided not to operate any web based business  related to sportbikes
or any other products. The Company will concentrate on opportunities in the tire
reclamation and rubber recycling industries.

Results of Operations

         The Company  reported net losses of $48,658 and  $228,459for  the years
ended  December  31, 2003 and 2002,  respectively,  which was due to general and
administrative expenses incurred by Canglobe  International,  Inc. From December
1, 2001, the Company was a development stage company and had not begun principal
operations. Accordingly, comparisons with prior periods are not meaningful.

Liquidity and Capital Resources

         The Company has met its  capital  requirements  through the sale of its
common stock .

                                       10

<PAGE>



         Since  the  Company's  re-activation  in July 9,  1999,  the  Company's
principal  capital  requirements have been the funding of the development of the
Company.

         The Company  expects future  development and expansion will be financed
through cash flow from  operations and other forms of financing such as the sale
of  additional  equity and debt  securities,  capital  leases  and other  credit
facilities.  There are no assurances  that such  financing  will be available on
terms acceptable or favorable to the Company.

Government Regulations

         The Company is subject to all pertinent Federal,  State, and Local laws
governing its business.  The Company is subject to licensing and regulation by a
number of authorities in its Province (State) or municipality. These may include
health, safety, and fire regulations.  The Company's operations are also subject
to  Federal  and State  minimum  wage laws  governing  such  matters  as working
conditions and overtime.

Forward Looking Statement

         This  Management's  Discussion and Analysis of Financial  Condition and
Results of  Operations  includes  a number of  forward-looking  statements  that
reflect  Management's  current views with respect to future events and financial
performance. Those statements include statements regarding the intent, belief or
current  expectations  of the Company and members of its management team as well
as the assumptions on which such statements are based. Prospective investors are
cautioned that any such forward-looking  statements are not guarantees of future
performance  and involve  risk and  uncertainties,  and that actual  results may
differ materially from those  contemplated by such  forward-looking  statements.
Readers are urged to carefully review and consider the various  disclosures made
by the Company in this report and in the Company's  other reports filed with the
Securities  and  Exchange  Commission.  Important  factors  currently  known  to
Management  could  cause  actual  results  to differ  materially  from  those in
forward-looking  statements.  The Company  undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated  events or changes in the future  operating  results over time.
The Company believes that its assumptions are based upon reasonable data derived
from and known about its business and operations and the business and operations
of the Company.  No assurances are made that actual results of operations or the
results of the Company's future  activities will not differ  materially from its
assumptions.


                          ITEM 7. FINANCIAL STATEMENTS


         The  financial  statements  of the Company and  supplementary  data are
included beginning  immediately following the signature page to this report. See
Item  13.  for a list  of  the  financial  statements  and  financial  statement
schedules included.

                                       11

<PAGE>




              ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
                     ON ACCOUNTING AND FINANCIAL DISCLOSURE


         None.


                                    PART III

               ITEM 9. DIRECTORS EXECUTIVE OFFICERS, PROMOTERS AND
                CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF
                                THE EXCHANGE ACT


Executive Officers and Directors

         The members of the Board of  Directors  of the Company  serve until the
next  annual  meeting  of  stockholders,  or until  their  successors  have been
elected.  The  officers  serve at the  pleasure  of the Board of  Directors.  On
October 22, 2002, when Canglobe  Development  acquired  1,250,000  shares of the
Company's common stock from Sinoray  Technology,  Chris Stewart was appointed to
the Board of Directors,  and Xue Ming Liang resigned. On January 30, 2003, three
additional  directors were  appointed;  Veronica  Norris,  Dr. Willi Neumann and
Harry McKiners.  Chris Stewart resigned on March 3, 2002, leaving the board with
four members until March 2003,  when Heinz  Leuders was appointed  President and
Director of the  Company.  The  following  table sets forth the name,  age,  and
position of each executive officer and director of the Company:
<TABLE>
<CAPTION>

Director's   Name                  Age                    Office                           Term Expires
<S>                                <C>         <C>                                      <C>
Heinz Leuders                      66               President/Director                  next annual meeting
Veronica Norris                    38                    Director                       next annual meeting
Dr. Willi Neumann                  63                    Director                       next annual meeting
Harry McKinders                    67                    Director                       next annual meeting
Charles Spooner                    52          Secretary/Treasurer/Director             next annual meeting
</TABLE>

         Set forth below is certain biographical information, present occupation
and business  experience  for the past five years of each director and executive
officer of the  Company.  Officers  of the  Company  are elected by the Board of
Directors and hold office until their successors are chosen and qualified, until
their death or until they resign or have been removed from office. All corporate
officers serve at the discretion of the Board of Directors.

         Heinz Leuders - Mr. Leuders was appointed the President and Director of
the Company in March 2003. Since 1996, he has been President and CEO of Canglobe
Development,  Inc. in Edmonton,  AB, Canada.  Canglobe Development,  Inc. is the
Company's   majority   shareholder   and  owns  the  patented   technology   for
de-vaulcanizing rubber powder produced from recycling of used tires.

                                       12

<PAGE>



         Veronica  Norris - Joined  the  Company  as a  member  of the  Board of
Directors in January 2003.  She has been the  owner/operator  of Norris  Outdoor
Advertising, Ltd. since 2001. This company specialized in outdoor advertising in
300 locations for  approximately 50 clients.  Prior to purchasing this business,
she was a  Senior  Consultant  for the  Children's  Services  Department  of the
Government  of  Alberta.  Veronica  Norris is the  spouse of Hon.  Mark  Norris,
Minister of Economic Development, Government of Alberta.

         Harry  McKinders  - Joined  the  Company  as a member  of the  Board of
Directors on January 2003.  He has broad  experience  in the  investment  field,
providing  consulting services to numerous public and private companies over the
past 35 years.  Prior to this business  experience,  he was an account executive
with Burns Brothers and Denton Ltd.  (currently BMO Nesbitt  Burns.) Since 1995,
he has been President of McKinders Financial Corporation,  and he is the general
manger of  Rembrandt  Enterprises,  Ltd.  Also,  since 1995,  ha has served as a
Director of Solid Resources,  Ltd. and Luxor  Developments,  Inc. both listed on
the TSX exchange.

         Dr.  Willi  Neumann - Joined  the  Company  as a member of the Board of
Directors in January  2003.  Since 1999,  he has been  Director of Research with
Canglobe  Development  Europe GnbH, in Berlin,  Germany.  From 1994 to 1999, Dr.
Neumann was Director of Research for Holzmann  System-und  Umwelttechnik GmbH in
Rain/Lech  Germany.  Dr. Neumann headed the team of scientists who developed and
patented the  technology  for  de-vulacanizing  rubber powder  produced from the
recycling of used tires.

         Charles  Spooner  - Joined  the  Company  as a member  of the  Board of
Directors  in  March  2000.  He  has  been  President  and  Director  of  Sonrae
Corporation since 1982. Sonrae  Corporation is a private investment company with
interests  in  consulting,  hospitality,  oil and gas and  real  estate.  Since,
October 2000, he has also been a shareholder and director of Public Idea Capital
Ltd.,  a  private  management   consulting  company  and  subsidiary  of  Sonrae
Corporation.

Conflicts of Interest

         Certain  conflicts  of interest  existed at  December  31, 2003 and may
continue to exist  between the Company and its officers and directors due to the
fact that each has other  business  interests to which they devote their primary
attention.  Each officer and director may continue to do so notwithstanding  the
fact that management time should be devoted to the business of the Company.

         Certain  conflicts  of interest  may exist  between the Company and its
management,  and  conflicts  may  develop in the  future.  The  Company  has not
established  policies or procedures  for the  resolution of current or potential
conflicts of  interests  between the  Company,  its  officers  and  directors or
affiliated entities.  There can be no assurance that management will resolve all
conflicts  of interest in favor of the  Company,  and failure by  management  to
conduct the  Company's  business in the  Company's  best  interest may result in
liability to the  management.  The officers and directors are accountable to the
Company as  fiduciaries,  which means that they are  required  to exercise  good
faith and integrity in handling the Company's affairs.  Shareholders who believe
that the  Company  has been  harmed by  failure of an  officer  or  director  to
appropriately  resolve any conflict of interest may,  subject to applicable rule
of civil procedure, be able to bring a class action or derivative suit

                                       13

<PAGE>



to enforce their rights and the Company's rights.

Board Meetings and Committees

         The  Directors  and  Officers  will not receive  remuneration  from the
Company until a subsequent  offering has been  successfully  completed,  or cash
flow from  operating  permits,  all in the discretion of the Board of Directors.
Directors may be paid their  expenses,  if any, of attendance at such meeting of
the  Board of  Directors,  and may be paid a fixed  sum for  attendance  at each
meeting  of the  Board of  Directors  or a stated  salary as  Director.  No such
payment shall  preclude any Director from serving the  Corporation  in any other
capacity and receiving  compensation  therefor. No compensation has been paid to
the  Directors.  The Board of Directors may designate  from among its members an
executive  committee and one or more other  committees.  No such committees have
been appointed.

Compliance with Section 16(a) of the Exchange Act

         Based solely upon a review of forms 3, 4, and 5 and amendments thereto,
furnished to the Company during or respecting its last fiscal year, no director,
officer,  beneficial owner of more than 10% of any class of equity securities of
the  Company  or any other  person  known to be  subject  to  Section  16 of the
Exchange  Act of 1934,  as  amended,  failed to file on a timely  basis  reports
required by Section 16(a) of the Exchange Act for the last fiscal year.

Audit Committee Financial Expert

         The  Company's  board of  directors  does not have an "audit  committee
financial   expert,"  within  the  meaning  of  such  phrase  under   applicable
regulations  of the  Securities  and Exchange  Commission,  serving on its audit
committee.  The  board of  directors  believes  that all  members  of its  audit
committee are financially literate and experienced in business matters, and that
one or more  members of the audit  committee  are  capable of (i)  understanding
generally accepted accounting principles ("GAAP") and financial statements, (ii)
assessing the general  application  of GAAP  principles  in connection  with our
accounting for estimates,  accruals and reserves, (iii) analyzing and evaluating
our  financial   statements,   (iv)  understanding  our  internal  controls  and
procedures  for  financial  reporting;  and (v)  understanding  audit  committee
functions,  all of which are attributes of an audit committee  financial expert.
However,  the board of directors  believes that there is not any audit committee
member who has obtained these attributes through the experience specified in the
SEC's definition of "audit committee financial expert." Further, like many small
companies,  it is difficult  for the Company to attract and retain board members
who qualify as "audit  committee  financial  experts," and competition for these
individuals is significant.  The board believes that its current audit committee
is able to  fulfill  its  role  under  SEC  regulations  despite  not  having  a
designated "audit committee financial expert."




                                       14

<PAGE>




                         ITEM 10. EXECUTIVE COMPENSATION


         None of the  executive  officer's  salary and bonus  exceeded  $100,000
during any of the Company's last two fiscal years.


                ITEM 11. SECURITY OWNERSHIP OF BENEFICIAL OWNERS
                                 AND MANAGEMENT


Principal Shareholders

         The table  below sets forth  information  as to each  person  owning of
record or who was known by the Company to own  beneficially  more than 5% of the
3,050,577  shares of issued and  outstanding  common  stock of the Company as of
December 31, 2003 and  information as to the ownership of the Company's Stock by
each of its directors and executive  officers and by the directors and executive
officers  as a group.  Except  as  otherwise  indicated,  all  shares  are owned
directly,  and the persons  named in the table have sole  voting and  investment
power with respect to shares shown as beneficially owned by them.
<TABLE>
<CAPTION>
Name and Address
of Beneficial Owners /                           Nature of                Shares
Directors                                        Ownership                Owned               Percent
------------------------------------------------------------------------------------------------------------

<S>                                                                     <C>                   <C>
Canglobe Development, Inc.                       common stock           1,950,570             63.94%
10458 Mayfield Road, Suite 206
Edmonton, Alberta
Canada T5P 4P4
</TABLE>



             ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS


         Shareholders of the Company have advanced the Company money in order to
pay general and administrative  expenses.  As of December 31, 2003 and 2002, the
Company owed $2,537 and $249,418, respectively, relating to these notes.





                                       15

<PAGE>




                   ITEM 13. EXHIBITS, AND REPORTS ON FORM 8-K


(a)      Exhibits

         The following exhibits are included as part of this report:

Exhibit
Number            Title of Document

2.1      Change in Control Agreement dated January 15, 2001 (1)

3.1      Articles of Incorporation (2)

3.2      Amended Articles of Incorporation (2)

3.3      Bylaws (2)

31.1     Certification  of  Principal  Executive  Officer  Pursuant  to 18 U.S.C
         Section 1350 as Adopted  Pursuant to Section 302 of the  Sarbanes-Oxley
         Act of 2002.

31.2     Certification  of  Principal  Financial  Officer  Pursuant  to 18 U.S.C
         Section 1350 as Adopted  Pursuant to Section 302 of the  Sarbanes-Oxley
         Act of 2002.

32.1     Certification  of  Principal  Executive  Officer  Pursuant  to 18 U.S.C
         Section 1350 as Adopted  Pursuant to Section 302 of the  Sarbanes-Oxley
         Act of 2002.

32.2     Certification  of  Principal  Financial  Officer  Pursuant  to 18 U.S.C
         Section 1350 as Adopted  Pursuant to Section 302 of the  Sarbanes-Oxley
         Act of 2002.

(1)      Incorporated by reference to the Registrant's  quarterly report on Form
         10-QSB filed on May 21, 2001.

(2)      Incorporated by reference to the Registrant's registration statement on
         Form 10-SB filed on October 20, 1999.

(b)      Reports on Form 8-K filed

         No reports on Form 8-K were filed during the prior quarter.







                                       16

<PAGE>




                        ITEM 14. CONTROLS AND PROCEDURES


         We have established  disclosure  controls and procedures to ensure that
material  information  relating  to  the  Company,  including  its  consolidated
subsidiaries,  is made known to the officers who certify the Company's financial
reports and to other members of senior management and the Board of Directors.

         Based on their evaluation,  as of the end of the period covered by this
Annual  Report on Form 10-KSB,  the  principal  executive  officer and principal
financial officer of Canglobe  International,  Inc. have concluded that Canglobe
International  Inc.'s  disclosure  controls and  procedures (as defined in Rules
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective
in ensuring  that the  information  required to be  disclosed  by the Company in
reports that it files or submits  under the  Securities  Exchange Act of 1934 is
recorded,  processed,  summarized and reported within the time periods specified
in the SEC's rules and forms.

         There were no  significant  changes  in  Canglobe  International,  Inc.
internal  control over financial  reporting  during the Company's  fourth fiscal
quarter that has  materially  affected,  or is  reasonably  likely to materially
affect, the Company's internal control over financial reporting.


                 ITEM 15. PRINCIPAL ACCOUNTANT FEES AND SERVICES


         The following is a summary of the fees billed to us by Robison,  Hill &
Company for professional services rendered for the years ended December 31, 2003
and 2002:
<TABLE>
<CAPTION>
                          Service                               2003                      2002
               ------------------------------          ----------------------     ---------------------
<S>                                                    <C>                        <C>
               Audit Fees                              $                3,532     $              10,595
               Audit-Related Fees                                           -                         -
               Tax Fees                                                   143                       235
               All Other Fees                                               -                         -
                                                       ----------------------     ---------------------
               Total                                   $                3,675     $              10,830
                                                       ======================     =====================
</TABLE>

Audit Fees - Consists of fees billed for professional  services rendered for the
audits of our financial statements,  reviews of our interim financial statements
included in quarterly  reports,  services  performed in connection  with filings
with the Securities & Exchange  Commission and related comfort letters and other
services  that are normally  provided by Robison,  Hill & Company in  connection
with statutory and regulatory filings or engagements.


                                       17

<PAGE>



Tax Fees - Consists of fees billed for professional services for tax compliance,
tax  advice  and tax  planning.  These  services  include  assistance  regarding
federal,  state and local tax compliance  and  consultation  in connection  with
various transactions and acquisitions.

Audit  Committee  Pre-Approval of Audit and  Permissible  Non-Audit  Services of
Independent Auditors

         The Audit Committee, is to pre-approve all audit and non-audit services
provided ny the independent auditors. These services may include audit services,
audit  related  services,  tax services and other  services as allowed by law or
regulation.  Pre-approval  is  generally  provided  for up to one  year  and any
pre-approval  is detailed as to the  particular  service or category of services
and is generally  subject to a specifically  approved  amount.  The  independent
auditors  and  management  are  required  to  periodically  report  to the Audit
Committee  regarding the extent of services provided bythe independent  auditors
in accordance  with this  pre-approval  and the fees incurred to date. The Audit
Committee may also pre-approve particular services on a case-by-case basis.





























                                       18

<PAGE>




                                   SIGNATURES


         Pursuant to the  requirements  of section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended,  the Registrant has duly caused this report to
be signed on it behalf by the undersigned, thereunto duly authorized.

                                            Canglobe International, Inc.



Dated: March 30, 2004                       By  /S/     Heinz Leuders
                                            -----------------------------------
                                            Heinz Leuders
                                            President and Director

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities indicated on this 30th day of March 2004.

Signatures                                  Title

/S/     Heinz Leuders
Heinz Leuders                               President and Director
                                           (Principal Executive Officer)


/S/     Charles Spooner
Charles Spooner                             Director, Treasurer, Secretary
                                    (Principal Financial and Accounting Officer)


/S/     Veronica Norris
Veronica Norris                             Director



/S/     Willi Neumann
Willi Neumann                               Director



/S/     Harry McKinders
Harry McKinders                             Director


                                       19


<PAGE>
                          CANGLOBE INTERNATIONAL, INC.

                          (A Development Stage Company)

                                       -:-

                         INDEPENDENT ACCOUNTANTS' REPORT


                           DECEMBER 31, 2003 AND 2002







<PAGE>






                                    CONTENTS
<TABLE>
<CAPTION>
                                                                                                          Page

<S>                                                                                                       <C>
Independent Auditor's Report...............................................................................F - 1

Balance Sheets
  December 31, 2003 and 2002...............................................................................F - 2

Statements of Operations for the
  Years Ended December 31, 2003 and 2002...................................................................F - 3

Statement of Stockholders' Equity
  Since April 7, 1997 (inception) to December 31, 2003.....................................................F - 4

Statements of Cash Flows for the
  Years Ended December 31, 2003 and 2002...................................................................F - 5

Notes to Financial Statements..............................................................................F - 6
</TABLE>

























<PAGE>



                          INDEPENDENT AUDITOR'S REPORT


Canglobe International, Inc.
(A Development Stage Company)

         We  have   audited   the   accompanying   balance   sheet  of  Canglobe
International,  Inc. (a  development  stage company) as of December 31, 2003 and
2002 and the related  statements of operations  and cash flows for the two years
then ended and the  cumulative  since  December 1, 2001 to December 31, 2003 and
the statement of stockholders' equity from April 7, 1997 (inception) to December
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 auditing standards  generally
accepted 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  audits  provide  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in  all  material   respects,   the  financial   position  of  Canglobe
International,  Inc. (a  development  stage company) as of December 31, 2003 and
2002 and the  results of its  operations  and its cash flows for the years ended
December 31, 2003 and 2002 and the cumulative since December 1, 2001 to December
31, 2003 in conformity  with  accounting  principles  generally  accepted in the
United States of America.

         The accompanying  financial statements have been prepared assuming that
the Company  will  continue as a going  concern.  As  discussed in Note 1 to the
financial  statements,  the Company has suffered recurring losses from operation
and has a deficit in stockholders'  equity as of December 31, 2003 that together
raise  substantial  doubt  about its  ability to  continue  as a going  concern.
Management's  plans in regard to these matters also are described in Note 1. The
financial   statements   do  not  include  any   adjustments   relating  to  the
recoverability  and  classification  of asset carrying amounts or the amount and
classification  of  liabilities  that  might  result  from the  outcome  of this
uncertainty.

                                                    Respectfully submitted,


                                                    /s/ Robison, Hill & Co.
                                                    Certified Public Accountants

Salt Lake City, Utah
March 29, 2004

                                      F - 1

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                                 BALANCE SHEETS
<TABLE>
<CAPTION>



                                                                        December 31,
                                                            -------------------------------------
                                                                  2003                2002
                                                            -----------------   -----------------
Assets:
<S>                                                         <C>                 <C>
   Cash and cash equivalents                                $               -   $               -
                                                            -----------------   -----------------
      Total Current Assets                                                  -                   -
                                                            -----------------   -----------------

Property and Equipment:
   Computer equipment                                                   4,664               4,664
   Furniture and equipment                                                417                 417
                                                            -----------------   -----------------
                                                                        5,081               5,081
   Less accumulated depreciation                                       (5,081)             (4,905)
                                                            -----------------   -----------------
      Net Property and Equipment                                            -                 176
                                                            -----------------   -----------------

      Total Assets                                          $                  -$             176
                                                            =================   =================

Liabilities and Shareholders' Equity
Liabilities:
   Accounts payable and accrued liabilities                 $          25,626   $          10,491
                                                            -----------------   -----------------
      Total current liabilities                                        25,626              10,491
Due to shareholders                                                     2,537             249,418
                                                            -----------------   -----------------
      Total liabilities                                                28,163             259,909
                                                            -----------------   -----------------

Stockholders' Equity:
  Common Stock, Par value $.001, Authorized
    100,000,000 shares, Issued 3,050,577 and
    2,350,007 at December 31, 2003 and 2002                             3,051               2,350
  Paid-In Capital                                                     523,648             244,121
  Retained Deficit                                                   (273,432)           (273,432)
  Deficit Accumulated During the
     Development Stage                                               (281,430)           (232,772)
                                                            -----------------   -----------------
     Total Stockholders' Equity                                       (28,163)           (259,733)
                                                            -----------------   -----------------
       Total Liabilities and Stockholders' Equity           $               -   $             176
                                                            =================   =================
</TABLE>


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

                                      F - 2

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>


                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                    For the Year Ended              Inception of
                                                                       December 31,                 Development
                                                          --------------------------------------
                                                                 2003               2002               Stage
                                                          ------------------ ------------------- ------------------
<S>                                                       <C>                <C>                 <C>
Revenues                                                  $                - $                 - $                -

Expenses:
   General and administrative                                         48,658             228,459            281,430
                                                          ------------------ ------------------- ------------------
      Total expenses                                                  48,658             228,459            281,430
                                                          ------------------ ------------------- ------------------

     Net Loss                                             $          (48,658)$          (228,459)$         (281,430)
                                                          ================== =================== ==================

Earnings per Share, Basic & Diluted
Loss Per Share                                            $           (0.02) $            (0.10)
                                                          ================== ===================

Weighted Average Shares Outstanding                                2,467,089           2,206,004
                                                          ================== ===================
</TABLE>



















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

                                      F - 3

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
              SINCE APRIL 7, 1997 (INCEPTION) TO DECEMBER 31, 2003
<TABLE>
<CAPTION>

                                                                                                               Deficit
                                                                                                             Accumulated
                                                                                                           Since April 7,
                                                    Common Stock              Paid-In        Retained           1997
                                                Shares        Par Value       Capital        Deficit          Inception
                                           ---------------- -------------- ------------- ---------------- -----------------
<S>                                        <C>              <C>            <C>           <C>              <C>
Balance at April 7, 1997(inception)                       - $            - $           - $              - $               -

April 18, 1997 Issuance of  Stock
  for payment of accounts payable                   675,000            675         8,537                -                 -
Net Loss                                                  -              -             -           (1,100)                -
                                           ---------------- -------------- ------------- ---------------- -----------------

Balance at December 31, 1997                        675,000            675         8,537           (1,100)                -

Net Loss                                                  -              -             -             (100)                -
                                           ---------------- -------------- ------------- ---------------- -----------------

Balance at December 31, 1998                        675,000            675         8,537           (1,200)                -

Net Loss                                                  -              -             -           (4,086)                -
                                           ---------------- -------------- ------------- ---------------- -----------------

Balance at December 31, 1999                        675,000            675         8,537           (5,286)                -

March 31, 2000 Issuance of Stock
  for payment of accounts payable                 1,375,000          1,375         9,625                -                 -
Net Loss                                                  -              -             -         (252,026)
                                           ---------------- -------------- ------------- ---------------- -----------------

Balance at December 31, 2000                      2,050,000          2,050        18,162         (257,312)                -

Net Loss                                                  -              -             -          (16,120)           (4,313)
                                           ---------------- -------------- ------------- ---------------- -----------------

Balance at December 31, 2001                      2,050,000          2,050        18,162         (273,432)           (4,313)

June 24, 2002, Shares Issued for
   Services                                         300,007            300       225,959                -                 -

Net Loss                                                  -              -             -                -          (228,459)
                                           ---------------- -------------- ------------- ---------------- -----------------

Balance at December 31, 2002                      2,350,007          2,350       244,121         (273,432)         (232,772)
                                           ---------------- -------------- ------------- ---------------- -----------------
</TABLE>




                                      F - 4

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
              SINCE APRIL 7, 1997 (INCEPTION) TO DECEMBER 31, 2003
                                   (Continued)
<TABLE>
<CAPTION>
                                                                                                               Deficit
                                                                                                             Accumulated
                                                                                                           Since April 7,
                                                    Common Stock              Paid-In        Retained           1997
                                                Shares        Par Value       Capital        Deficit          Inception
                                           ---------------- -------------- ------------- ---------------- -----------------
<S>                                        <C>              <C>            <C>           <C>              <C>
October 31, 2003, Stock issued for                  700,570 $          701 $     279,527 $              - $               -
   Conversion of debt

Net Loss                                                  -              -             -                -           (48,658)
                                           ---------------- -------------- ------------- ---------------- -----------------

Balance at December 31, 2003                      3,050,577 $        3,051 $     523,648 $       (273,432)$        (281,430)
                                           ================ ============== ============= ================ =================
</TABLE>




























    The accompanying notes are an integral part of these financial statements


                                      F - 5

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                     For the Years Ended            Inception of
                                                                        December 31,                Development
                                                             -----------------------------------
                                                                   2003               2002             Stage
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
<S>                                                          <C>                <C>              <C>
Net Loss for the period                                      $         (48,658) $       (228,459)$         (281,430)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
      Depreciation and amortization                                        176             1,640              3,088
      Common Stock Issued for Services                                       -           226,259            226,259
Changes in Operating Assets and Liabilities
   Increase (Decrease) in Accounts Payable                              15,135            (6,908)             8,227
                                                             -----------------  ---------------- ------------------
  Net Cash Used in operating activities                                (33,347)           (7,468)           (43,856)
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
   Purchase of property and equipment                                        -                 -                  -
                                                             -----------------  ---------------- ------------------
Net cash provided by investing activities                                    -                 -                  -
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
   Proceeds from shareholders                                           33,347             5,382             43,115
                                                             -----------------  ---------------- ------------------
Net Cash Provided by Financing Activities                               33,347             5,382             43,115
                                                             -----------------  ---------------- ------------------
Net (Decrease) Increase in
  Cash and Cash Equivalents                                                  -            (2,086)              (741)
Cash and Cash Equivalents
  at Beginning of Period                                                     -             2,086                741
                                                             -----------------  ---------------- ------------------
Cash and Cash Equivalents
  at End of Period                                           $               -  $              - $                -
                                                             =================  ================ ==================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
  Interest                                                   $               -  $              - $                -
  Franchise and income taxes                                 $               -  $              - $                -


SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Note Payable Converted to Stock                              $        280,228  $               - $          280,228
</TABLE>



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

                                      F - 6

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

         The accompanying  financial  statements have been prepared on the basis
of accounting principles applicable to a "going concern",  which assume that the
Company  will  continue in  operation  for at least one year and will be able to
realize  its assets  and  discharge  its  liabilities  in the  normal  course of
operations.

         Several conditions and events cast doubt about the Company's ability to
continue  as  a  "going  concern".  The  Company  has  incurred  net  losses  of
approximately $555,000 for the period from April 7, 1997 (inception) to December
31, 2003, has a liquidity problem, and requires additional financing in order to
finance its business  activities  on an ongoing  basis.  The Company is actively
pursuing  alternative  financing  and has had  discussions  with  various  third
parties, although no firm commitments have been obtained.

         The  Company's  ability  to survive  will  depend on  numerous  factors
including,  but not  limited to, the  Company's  receiving  continued  financial
support, completing public equity financing, or generating profitable operations
in the future.

         These  financial  statements do not reflect  adjustments  that would be
necessary  if the Company  were unable to continue as a "going  concern".  While
management believes that the actions already taken or planned, will mitigate the
adverse conditions and events which raise doubt about the validity of the "going
concern" assumption used in preparing these financial  statements,  there can be
no assurance that these actions will be successful.

         If the  Company  were unable to  continue  as a "going  concern",  then
substantial adjustments would be necessary to the carrying values of assets, the
reported amounts of its liabilities, the reported revenues and expenses, and the
balance sheet classifications used.

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         This summary of accounting policies for Canglobe International, Inc. is
presented to assist in understanding  the Company's  financial  statements.  The
accounting policies conform to generally accepted accounting principles and have
been consistently applied in the preparation of the financial statements.

Organization and Basis of Presentation

         The Company was  incorporated  under the laws of the State of Nevada on
April 7, 1997.  The Company  ceased all operating  activities  during the period
from April 7, 1997 to July 9, 1999 and was considered  dormant. On July 9, 1999,
the Company obtained a Certificate of renewal from the




                                      F - 7

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Organization and Basis of Presentation (continued)

State of Nevada.  During 2000, the Company  developed an Internet  website which
provided  community,  content and  commerce  for the  sportbike  and  motorcycle
enthusiast.  During November 2001, the Company  abandoned the internet  business
and since December 2001, the Company is in the  development  stage,  and has not
commenced  planned principal  operations.  On March 19, 2002, the Company's name
was changed from  eSportbike.com,  Inc. to Red Butte Energy, Inc. to reflect the
new focus of the Company.  On January 16, 2003, the Company  changed its name to
Canglobe International, Inc.

Nature of Business

         The company has no products or services as of December  31,  2003.  The
Company was organized as a vehicle to seek merger or acquisition candidates. The
Company intends to acquire interests in various business opportunities, which in
the opinion of management will provide a profit to the Company.

         Subsequent  to the name change and change of  direction of the Company,
it has been pursuing  opportunities in the tire recycling and rubber reclamation
industry, based upon licensed technology available from its largest shareholder,
Canglobe  Development,  Inc.  Canglobe  Development  has a  patented  process of
devulcanizing  rubber  and  reactivating  the crumb  rubber  resulting  from the
majority of tire shredding activities.

Cash and Cash Equivalents

         For purposes of the statement of cash flows, the Company  considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Pervasiveness of Estimates

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  required  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.



                                      F - 8

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Revenue Recognition

         Revenue is recognized as services are performed.

Loss per Share

         Basic loss per share has been  computed  by  dividing  the loss for the
year  applicable to the common  stockholders  by the weighted  average number of
common  shares  outstanding  during the years.  There were no common  equivalent
shares outstanding at December 31, 2003 and 2002.

Foreign Currency Translation

         The Company's primary functional currency is the U.S. dollar.  Monetary
assets and liabilities  resulting from  transactions  with foreign suppliers and
customers  are  translated  at year end exchange  rates while income and expense
accounts are  translated at average  rates in effect during the year.  Gains and
losses on translations are included in income.

Reclassifications

         Certain   reclassifications  have  been  made  in  the  2002  financial
statements to conform with the 2003 presentation.

Advertising Expense

         Advertising costs are expensed when the services are provided.

Income Taxes

         The  Company  has a net  operating  loss for income  taxes.  Due to the
regulatory  limitations  in  utilizing  the loss,  it is  uncertain  whether the
Company  will be able to  realize a benefit  from  these  losses.  Therefore,  a
deferred  tax  asset  has  not  been  recorded.  There  are no  significant  tax
differences requiring deferral.

Concentrations of Credit Risk

         The  Company has no  significant  off-balance-sheet  concentrations  of
credit  risk such as foreign  exchange  contracts,  options  contracts  or other
foreign hedging arrangements.

                                      F - 9

<PAGE>



                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                                   (Continued)

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Depreciation

         Fixed  assets  are stated at cost.  Depreciation  and  amortization  is
calculated  on a  straight-line  basis over the  estimated  useful  lives of the
assets as follows:


                     Asset                              Rate
------------------------------------------------  -----------------

Computer equipment                                          3 years
Furniture and equipment                                     5 years

         Maintenance  and  repairs are charged to  operations;  betterments  are
capitalized.  The  cost  of  property  sold  or  otherwise  disposed  of and the
accumulated  depreciation  thereon are eliminated  from the property and related
accumulated depreciation accounts, and any resulting gain or loss is credited or
charged to income.

NOTE 3 - COMMITMENTS

         As of December  31,  2003,  all  activities  of the  Company  have been
conducted by  corporate  officers  from either their homes or business  offices.
Currently,  there are no  outstanding  debts owed by the  company for the use of
these facilities and there are no commitments for future use of the facilities.

NOTE 4 - SHAREHOLDER ADVANCES

         Shareholders of the Company have advanced the Company money in order to
pay general and administrative  expenses.  As of December 31, 2003 and 2002, the
Company owed $2,537 and $249,418, respectively, relating to these notes.

NOTE 5 - STOCK SPLIT

         On May 6,  1999,  the Board of  Directors  authorized  1,000 to 1 stock
split, changed the authorized number of shares to 100,000,000 shares and the par
value to $.001 for the Company's common stock. As a result of the split, 999,000
shares were issued.

         On February 23, 2000, the Board of Directors  authorized the acceptance
of 800,000  shares of restricted  common stock returned to the Company by and on
behalf of Mr. Daniel L. Hodges,

                                     F - 10

<PAGE>


                          CANGLOBE INTERNATIONAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                                   (Continued)

NOTE 5 - STOCK SPLIT (Continued)

formerly the sole Officer and Director of the Company.  The 800,000  shares were
canceled  immediately  upon  receipt.  Also on  February  23,  2000 the Board of
Directors  authorized  a 27 to 1 stock  split.  As a result  of this  split  the
Company issued 5,200,000 shares of common stock.

         On March 19, 2002,  the Board of  Directors  approved a 1 for 8 reverse
stock split.  All  references in the  accompanying  financial  statements to the
number of common shares and per-share  amounts have been restated to reflect the
stock split and cancellation of shares.

NOTE 6 - COMMON STOCK TRANSACTIONS

         On June 24, 2002, the Company issued 300,000 shares of common stock for
$198,000 in consulting services to be performed over a six month period.

         On October 31, 2003,  the board of directors  approved a debt to equity
transaction,  where  $280,228  in debt was  converted  into  700,570  shares  of
restricted common stock.





                                     F - 11