U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

                 ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                   For the fiscal year ended December 31, 2003
                         Commission file number 0-29247

                           GLOBAL TELEDATA CORPORATION
                           ---------------------------
                 (Name of Small Business Issuer in its Charter)

            Nevada                                               65-0693103
            ------                                               ----------
(State or Other Jurisdiction of                               (I.R.S. Employer
Incorporation or Organization)                               Identification No.)

5030 Champion Boulevard, Suite 6-272, Boca Raton, Florida          33491
---------------------------------------------------------          -----
         (Address of Principal Executive Offices)                (Zip Code)

                                 (954) 994-0744
                                 --------------
                           (Issuer's Telephone Number)

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

         Securities registered under Section 12(g) of the Exchange Act:
                          Common Stock, $.001 par value
                          -----------------------------
                                (Title of Class)

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 in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  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. [X]

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

State the aggregate market value of the voting stock held by non-affiliates
computed by reference to the price at which the stock was sold, or the average
bid and asked prices of such stock, as of a specified date within the past 60
days: No trading market exists and no trading has been effected.

                   (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: February 29, 2004: 9,975,354 shares
of Common Stock.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

    Transitional Small Business Disclosure Format (Check One): _____ Yes X No

<PAGE>

                                    BUSINESS

ITEM 1. DESCRIPTION OF BUSINESS

     Global Teledata Corporation, referred to in this registration statement as
Global, we or us, was incorporated on May 15, 1995 as a Nevada Corporation under
the name Television Networking, Inc. Global was incorporated for the purpose of
entering the video production business. It ceased operations in 1996 and, since
that time, has been inactive. In November 1998, in connection with a merger with
another entity that was later rescinded by both parties, Global amended its
articles of incorporation to change its name to Global Teledata Corporation. We
are authorized to issue 25,000,000 shares of common stock, $0.001 par value, of
which 9,975,354 shares were issued and outstanding as of February 29, 2004.

     We are authorized to issue 10,000,000 shares of preferred stock, $0.001 par
value, none of which are issued and outstanding. Each holder of the common stock
shall be entitled to one vote for each share held. The preferred stock may be
divided into series or classes by us upon the approval of a majority vote of our
directors.

     We have been in the development stage since our merger with Outlaw
Entertainment and have no operations to date. Other than issuing shares to
shareholders, we have not commenced any operational activities. As such, we can
be defined as a "shell" company, whose sole purpose at this time is to locate
and consummate a merger or acquisition with a private entity. Our directors have
elected to commence implementation of our principal business purpose. Our
offices are located at 5030 Champion Boulevard, Suite 6-272, Boca Raton, Florida
33491.

     The proposed business activities described in this report classify us as a
blank check company. Many states have enacted statutes, rules and regulations
limiting the sale of securities of blank check companies in their respective
jurisdictions. We do not intend to undertake any offering of our securities,
either debt or equity, until such time as we have successfully implemented our
business plan.

     In February 2003, Triton Enterprises, Inc., purchased 6,500,000 of our
shares of common stock from Marine Way, Inc. in a private transaction. In
connection with the transaction Dennis Crowley, the principal of Triton
Enterprises, was elected as our President and a Director, and Alan Pavsner and
Mary Fancis Pavsner resigned all positions with the Company. Triton Enterprises
has expressed its intention not to sell its shares of common stock until such
time as we have successfully consummated a merger or acquisition and are no
longer classified as a blank check company. In addition, Triton Enterprises has
also expressed its intention not to sell its shares unless the shares are
subsequently registered or if an exemption from registration is available.

COMPETITION

     We will remain an insignificant participant among the marketplace of firms
that engage in the acquisition of business opportunities. There are many
established venture capital and financial concerns which have significantly
greater financial and personnel resources and technical expertise than us. In
view of our limited financial resources and limited management availability, we
will continue to be at a significant competitive disadvantage to our
competitors.

EMPLOYEES

     We have no full time or part time employees. Mr. Crowley, our President,
has agreed to allocate a limited portion of his time to our business activities,
without compensation. We anticipate that the amount of time devoted by Mr.
Crowley to implement our business plan will be immaterial, and therefore we have
not recorded any expense relating to such service for financial statement
purposes. Consequently, conflicts of interest may arise with respect to the
limited time commitment by him.

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     Mr. Crowley has been involved with other blank check companies, and may, in
the future, become involved with other companies who have a business purpose
similar to ours, although no such activity is currently anticipated. As a
result, additional potential conflicts of interest may arise in the future. If
this type of conflict does arise and an officer or director is presented with
business opportunities under circumstances where there may be a doubt as to
whether the opportunity should belong to us or to another blank check company he
is affiliated with, he will disclose the opportunity to all such companies. If a
situation arises in which more than one company desires to merge with or acquire
that target company has no preference as to which company will merger or acquire
such target company, the company which first filed a registration statement with
the Securities and Exchange Commission will be entitled to proceed with the
proposed transaction.

                                  RISK FACTORS

NO OPERATING HISTORY, REVENUE AND ASSETS.

     We have no operating history or any revenues or earnings from operations.
We have little or no tangible assets or financial resources. We will, in all
likelihood, continue to sustain operating expenses without corresponding
revenues, at least until the consummation of a business combination. This may
result in our incurring a net operating loss which will increase continually
until we consummate a business combination with a profitable business
opportunity. There is no assurance that we can identify such a business
opportunity and consummate such a business combination.

SPECULATIVE NATURE OF COMPANY'S PROPOSED OPERATIONS.

     The success of our proposed plan of operation will depend to a great extent
on the operations, financial condition and management of the identified business
opportunity. While we intend to seek business combination(s) with entities
having established operating histories, there can be no assurance that we will
be successful in locating candidates meeting these criteria. In the event that
we complete a business combination, our success may be dependent upon management
of the successor firm or venture partner firm and numerous other factors beyond
our control.

STATE BLUE SKY REGISTRATION; RESTRICTED RESALES OF THE SECURITIES.

     Transferability of our shares of common stock is limited because a
significant number of states have enacted securities or so-called "blue sky"
laws and regulations restricting or, in many instances, prohibiting, the initial
sale and subsequent resale within that state of securities of "blank check"
companies such as us. In addition, many states, while not specifically
prohibiting or restricting "blank check" companies, would not register our
securities for sale or resale in their states. Because of these regulations, we
have no current plan to register any securities with any state. To ensure that
any state laws are not violated through the resales of our securities, we will
refuse to register the transfer of any securities to residents of any state,
which prohibit such resale or if no exemption is available for such resale. It
is not anticipated that a secondary trading market for our securities will
develop in any state until consummation of a business combination.

SCARCITY OF AND COMPETITION FOR BUSINESS OPPORTUNITIES AND COMBINATIONS.

     We are and will continue to be an insignificant participant in the business
of seeking mergers with, joint ventures with and acquisitions of small private
and public entities. A large number of established and well-financed entities,
including venture capital firms, are active in mergers and acquisitions of
companies which may be desirable target candidates for us. Nearly all of these
entities have significantly greater financial resources, technical expertise and
managerial capabilities than we, and, consequently, we will be at a competitive
disadvantage in identifying possible business opportunities

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<PAGE>

and successfully completing a business combination. In addition, we will also
compete in seeking merger or acquisition candidates with numerous other small
public companies.

NO AGREEMENT FOR BUSINESS COMBINATION OR OTHER TRANSACTION - NO STANDARDS FOR
BUSINESS COMBINATION.

     We have no arrangement, agreement or understanding with respect to engaging
in a merger with, joint venture with or acquisition of, a private or public
entity. There can be no assurance that we will be successful in identifying and
evaluating suitable business opportunities or in concluding a business
combination. We have not identified any particular industry or specific business
within an industry for evaluation by us. There is no assurance we will be able
to negotiate a business combination on favorable terms. We have not established
a specific length of operating history or a specified level of earnings, assets,
net worth or other criteria which we will require a target business opportunity
to have achieved, and without which we would not consider a business combination
in any form with such business opportunity. Accordingly, we may enter into a
business combination with a business opportunity having no significant operating
history, losses, limited or no potential for earnings, limited assets, negative
net worth or other negative characteristics.

CONTINUED MANAGEMENT CONTROL, LIMITED TIME AVAILABILITY.

     While seeking a business combination, Mr. Crowley, our President, has
agreed to allocate a limited portion of his time to our business activities,
without compensation. We anticipate that the amount of time devoted by Mr.
Crowley will be immaterial, and therefore we have not recorded any expense
relating to such service for financial statement purposes. Mr. Crowley will be
the only person responsible in conducting the day to day operations of the
company including searches, evaluations, and negotiations with potential merger
or acquisition candidates. We have not entered into any written employment
agreement with Mr. Crowley and do not anticipate doing so in the foreseeable
future.

CONFLICTS OF INTEREST - GENERAL.

     Mr. Crowley may in the future participate in business ventures that could
be deemed to compete directly with us. Additional conflicts of interest and
non-arms length transactions may also arise in the future in the event that our
current and future officers or directors are involved in the management of any
firm with which we transact business.

LACK OF MARKET RESEARCH OR MARKETING ORGANIZATION.

     We have neither conducted, nor have others made available to us, results of
market research indicating that market demand exists for the transactions
contemplated by us. Moreover, we do not have, and do not plan to establish, a
marketing organization. Even in the event demand is identified for a merger or
acquisition contemplated by us, there is no assurance that we will be successful
in completing any such business combination.

LACK OF DIVERSIFICATION.

     Our proposed operations, even if successful, will in all likelihood result
in our engaging in a business combination with a business opportunity.
Consequently, our activities may be limited to those engaged in by entities with
which we merge or acquire. Our inability to diversify our activities into a
number of areas may subject us to economic fluctuations within a particular
business or industry and therefore increase the risks associated with our
operations.

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<PAGE>

REGULATION.

     Although we will be subject to regulation under the Securities Exchange Act
of 1934, we believe that we will not be subject to regulation under the
Investment Company Act of 1940, insofar as we will not be engaged in the
business of investing or trading in securities. In the event that we engage in
business combinations which result in our holding passive investment interests
in a number of entities, we could become subject to regulation under the
Investment Company Act of 1940. In this event, we would be required to register
as an investment company and could be expected to incur significant registration
and compliance costs. We have not obtained formal determination from the
Securities and Exchange Commission regarding our status under the Investment
Company Act of 1940 and, consequently, any violation of this Act could cause
material adverse consequences to our business.

PROBABLE CHANGE IN CONTROL AND MANAGEMENT.

     A business combination involving the issuance of our common stock will, in
all likelihood, result in shareholders of a private company obtaining a
controlling interest in us. Any similar business combination may require our
management to sell or transfer all or a portion of our common shares held by
them, or resign as members of the board of directors of the Company. The
resulting change in control could result in the removal of Mr. Crowley and a
corresponding reduction in or elimination of his participation in our future
affairs.

POTENTIAL REDUCTION OF PERCENTAGE SHARE OWNERSHIP FOLLOWING BUSINESS
COMBINATION.

     Our primary plan of operation is based upon a business combination with a
private concern which, depending on the terms of merger or acquisition, may
result in our issuing securities to shareholders of a private company. The
issuance of previously authorized and unissued common stock would result in
reduction in percentage of shares owned by our present and prospective
shareholders and may result in a change in control or change in our management.

DISADVANTAGES OF BLANK CHECK OFFERING.

     We may enter into a business combination with an entity that desires to
establish a public trading market for its shares. A business opportunity may
attempt to avoid what it deems to be adverse consequences of undertaking its own
public offering by seeking a business combination with us. These consequences
may include, but are not limited to:

     *    time delays of the registration process;

     *    significant expenses to be incurred in such an offering;

     *    loss of voting control to public shareholders; and

     *    the inability or unwillingness to comply with various federal and
          state laws enacted for the protection of investors.

TAXATION.

     Federal and state tax consequences will, in all likelihood, be major
considerations in any business combination we may undertake. Currently, these
transactions may be structured so as to result in tax-free treatment to both
companies, pursuant to various federal and state tax provisions. We intend to
structure any business combination so as to minimize the federal and state tax
consequences to both us and the target entity; however, we cannot assure you
that such business combination will meet the statutory requirements of a tax-
free reorganization or that the parties will obtain the intended tax-free
treatment upon a transfer of stock or assets. A non-qualifying reorganization
could result in the imposition of both federal and state taxes which may have an
adverse effect on both parties to the transaction.

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REQUIREMENT OF AUDITED FINANCIAL STATEMENTS MAY DISQUALIFY BUSINESS
OPPORTUNITIES.

     Sections 13 and 15(d) of the Securities Exchange Act of 1934 require
companies to provide information about significant acquisitions, including
certified financial statements for the company acquired, covering one, two or
three years, depending on the relative size of the acquisition. The time and
additional costs that may be incurred by some target entities to prepare such
statements may preclude consummation of an otherwise desirable acquisition.
Acquisition prospects that do not have or are unable to obtain the required
audited financial statements may not be appropriate for acquisition so long as
the reporting requirements of the 1934 Act are applicable.

ITEM 2. DESCRIPTION OF PROPERTY

     We currently maintain our offices, rent free, at 5030 Champion Boulevard,
Suite 6-272, Boca Raton, Florida 33491, which is the business address of Mr.
Crowley, our President. We have determined our use of this office space to be of
immaterial value, an therefore we have not recorded any expense relating to such
office use for financial statement purposes. We do not believe that we will need
to maintain an office at any time in the foreseeable future in order to carry
out our plan of operations described herein.

ITEM 3.  LEGAL PROCEEDINGS.

     We are involved in no material legal proceedings that we believe will
result, individually or in the aggregate, in a material adverse effect upon our
financial condition or results of operations.

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

     None.

                                     PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

     On February 5, 2001, we obtained an unpriced quotation for our common stock
on the Over the Counter Bulletin Board (trading symbol GDAC). It is our belief
that maintaining a listing on the Over the Counter Bulletin Board will assist us
in facilitating our business plan. Currently, no trading market exists for our
common stock and no trades have been effected. As of January 30, 2003, there
were approximately 358 holders of record of our common stock. We have never paid
dividends on our Common Stock since our incorporation in 1995. We intend to
retain earnings for use in our business and therefore do not anticipate paying
dividends in the foreseeable future.

ITEM 6.  PLAN OF OPERATION

         For the year ended December 31, 2003, Global had a net operating loss
of $16,081 as compared to a net loss of $10,125 for the year ended December 31,
2002. The cumulative net operating loss from inception through December 31, 2003
was $88,659. The net losses for these periods represent expenses associated with
the ongoing administration of the Company and compliance with self-regulatory
requirements pending development of operations or completion of an appropriate
acquisition. At December 31, 2003, the Company carried no assets. Operations
have been sustained through the contributions of its principal shareholder as
needed. On February 5, 2001, NASD Regulation cleared the Company's Rule 211
application for the listing of its securities on the OTC Bulletin Board subject
to

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clearance of a subsequent quotation. Management believes that clearance for
inclusion on the OTC Bulletin Board represents a significant milestone and will
provide Global with greater opportunities to consummate an appropriate
acquisition.

     We intend to seek to acquire assets or shares of an entity actively engaged
in business which generates revenues, in exchange for our securities. We have no
particular acquisitions in mind and have not entered into any negotiations
regarding such an acquisition. None of our officers, directors, employees or
affiliates has engaged in any preliminary contact or discussions with any
representative of any other company regarding the possibility of an acquisition
or merger between us and any other company as of the date of this registration
statement.

     Our purpose is to seek, investigate and, if such investigation warrants,
acquire an interest in business opportunities presented to it by persons or
firms who or which desire to seek the perceived advantages of an Exchange
Act-registered corporation. We will not restrict our search to any specific
business, industry, or geographical location and we may participate in a
business venture of virtually any kind or nature. This discussion of the
proposed business is purposefully general and is not meant to be restrictive of
our virtually unlimited discretion to search for and enter into potential
business opportunities. Management anticipates that it may be able to
participate in only one potential business venture because we have nominal
assets and limited financial resources. This lack of diversification should be
considered a substantial risk to our shareholders because it will not permit us
to offset potential losses from one venture against gains from another.

     We may seek a business opportunity with entities which have recently
commenced operations, or which wish to utilize the public marketplace in order
to raise additional capital in order to expand into new products or markets, to
develop a new product or service, or for other corporate purposes. We may
acquire assets and establish wholly-owned subsidiaries in various businesses or
acquire existing businesses as subsidiaries.

     We may advertise and promote ourselves in newspaper, magazines and on the
Internet. We have not yet prepared any notices or advertisement.

     We anticipate that the selection of a business opportunity in which to
participate will be complex and extremely risky. Due to general economic
conditions, rapid technological advances being made in some industries and
shortages of available capital, management believes that there are numerous
firms seeking the perceived benefits of a publicly registered corporation. These
perceived benefits may include facilitating or improving the terms on which
additional equity financing may be sought, providing liquidity for incentive
stock options or similar benefits to key employees, providing liquidity (subject
to restrictions of applicable statutes), for all shareholders and other factors.
Potentially, available business opportunities may occur in many different
industries and at various stages of development, all of which will make the task
of comparative investigation and analysis of such business opportunities
extremely difficult and complex.

     We have, and will continue to have, no capital with which to provide the
owners of business opportunities with any significant cash or other assets.
However, we believe that will be able to offer owners of acquisition candidates
the opportunity to acquire a controlling ownership interest in a publicly
registered company without incurring the cost and time required to conduct an
initial public offering. The owners of the business opportunities will, however,
incur significant legal and accounting costs in connection with acquisition of a
business opportunity, including the costs of preparing Form 8-K's, 10-K's or
10-KSB's, agreements and related reports and documents. The Securities Exchange
Act of 1934 specifically requires that any merger or acquisition candidate
comply with all applicable reporting requirements, which include providing
audited financial statements to be included within the numerous filings relevant
to complying with the Exchange Act. Nevertheless, officers and directors have
not

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conducted market research and are not aware of statistical data which would
support the perceived benefits of a merger or acquisition transaction for the
owners of a business opportunity.

     The analysis of new business opportunities will be undertaken by, or under
the supervision of, Mr. Crowley, who may not be considered a professional
business analyst. Mr. Crowley will be the key person in the search, review and
negotiation with potential acquisition or merger candidates. We intend to
concentrate on identifying preliminary prospective business opportunities which
may be brought to our attention through present associations of our officers and
directors, or by our shareholders. In analyzing prospective business
opportunities, we will consider such matters as the available technical,
financial and managerial resources; working capital and other financial
requirements; history of operations, if any; prospects for the future; nature of
present and expected competition; the quality and experience of management
services which may be available and the depth of that management; the potential
for further research, development, or exploration; specific risk factors not now
foreseeable but which then may be anticipated to impact our proposed activities;
the potential for growth or expansion; the potential for profit; the perceived
public recognition of acceptance of products, services, or trades; name
identification; and other relevant factors. We will not acquire or merge with
any company for which audited financial statements cannot be obtained within a
reasonable period of time after closing of the proposed transaction.

     Mr. Crowley has experience in managing companies similar to us and will
rely upon his own efforts and, to a much lesser extent, the efforts of our
shareholders, in accomplishing our business purpose. We do not anticipate using
any outside consultants or advisors to effectuate our business purpose. However,
if we do retain such an outside consultant or advisor, any cash fee earned by
such party will need to be paid by the prospective merger/acquisition candidate,
as we have no cash assets with which to pay such obligation. There have been no
contracts or agreements with any outside consultants and none are anticipated in
the future.

     We will not restrict our search for any specific kind of firm, but may
acquire a venture which is in its preliminary or development stage, which is
already in operation, or in essentially any stage of its corporate life. It is
impossible to predict at this time the status of any business in which we may
become engaged, in that such business may need to seek additional capital, may
desire to have its shares publicly traded, or may seek other perceived
advantages which we may offer. However, we do not intend to obtain funds in one
or more private placements to finance the operation of any acquired business
opportunity until such time as we have successfully consummated such a merger or
acquisition.

     We anticipate that we will incur nominal expenses in the implementation of
our business plan described herein. Because we have no capital with which to pay
these anticipated expenses, these expenses will be paid by either Mr. Crowley
with his personal funds or Triton Enterprises, our majority shareholder, with
its business funds, as interest-free loans. However, the only opportunity to
have these loans repaid will be from a prospective merger or acquisition
candidate. Repayment of any loans made on our behalf will not impede, or be made
conditional in any manner, to consummation of a proposed transaction.

ACQUISITION OF OPPORTUNITIES

     In implementing a structure for a particular business acquisition, we may
become a party to a merger, consolidation, reorganization, joint venture, or
licensing agreement with another corporation or entity. We may also acquire
stock or assets of an existing business. On the consummation of a transaction,
it is probable that our present management and shareholders will no longer be in
control of us. In addition, our directors may, as part of the terms of the
acquisition transaction, resign and be replaced by new directors without a vote
of our shareholders or may sell their stock. Any terms of sale of the shares
presently held by officers and/or directors will be also afforded to all other
shareholders on similar terms and conditions. Any and all such sales will only
be made in compliance with federal and applicable state securities laws.

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     We anticipate that any securities issued in any such reorganization would
be issued in reliance upon exemption from registration under applicable federal
and state securities laws. In some circumstances, however, as a negotiated
element of a transaction, we may agree to register all or a part of such
securities immediately after the transaction is consummated or at specified
times thereafter. If such registration occurs, of which there can be no
assurance, it will be undertaken by the surviving entity after we have
successfully consummated a merger or acquisition and we are no longer considered
a "shell" company. Until such time as this occurs, we will not attempt to
register any additional securities. The issuance of substantial additional
securities and their potential sale into any trading market which may develop in
our securities may have a depressive effect on the value of our securities in
the future, if such a market develops, of which there is no assurance.

     While the actual terms of a transaction to which we may be a party cannot
be predicted, it may be expected that the parties to the business transaction
will find it desirable to avoid the creation of a taxable event and thereby
structure the acquisition in a so-called "tax-free" reorganization under
Sections 368(a)(1) or 351 of the Internal Revenue Code. In order to obtain
tax-free treatment, it may be necessary for the owners of the acquired business
to own 80% or more of the voting stock of the surviving entity. In such event,
our shareholders, would retain less than 20% of the issued and outstanding
shares of the surviving entity, which would result in significant dilution in
the equity of such shareholders.

     As part of our investigation, our officers and directors personally meet
with management and key personnel, may visit and inspect material facilities,
obtain analysis of verification of certain information provided, check
references of management and key personnel, and take other reasonable
investigative measures, to the extent of our limited financial resources and
management expertise. The manner in which we participate in an opportunity will
depend on the nature of the opportunity, our respective needs and desires and
other parties, our management of the opportunity and relative negotiation
strength.

     With respect to any merger or acquisition, negotiations with target company
management is expected to focus on the percentage of our common stock the target
company shareholders would acquire in exchange for all of their shareholdings in
the target company. Depending upon, among other things, the target company's
assets and liabilities, our shareholders will in all likelihood hold a
substantially lesser percentage ownership interest in us following any merger or
acquisition. The percentage ownership may be subject to significant reduction in
the event we acquire a target company with substantial assets. Any merger or
acquisition effected by us can be expected to have a significant dilutive effect
on the percentage of shares held by our shareholders at that time.

     We will participate in a business opportunity only after the negotiation
and execution of appropriate written agreements. Although the terms of such
agreements cannot be predicted, generally such agreements will require some
specific representations and warranties by all of the parties thereto, will
specify certain events of default, will detail the terms of closing and the
conditions which must be satisfied by each of the parties prior to and after
such closing, will outline the manner of bearing costs, including costs
associated with our attorneys and accountants, will set forth remedies on
default and will include miscellaneous other terms.

     As previously stated, we will not acquire or merge with any entity which
cannot provide independent audited financial statements within a reasonable
period of time after closing of the proposed transaction. We will be subject to
all of the reporting requirements included in the 1934 Act. Included in these
requirements is the affirmative duty to file independent audited financial
statements as part of our Form 8-K to be filed with the Securities and Exchange
Commission upon consummation of a merger or acquisition, as well as our audited
financial statements included in its annual report on Form 10-K (or 10-KSB, as
applicable). If such audited financial statements are not available at closing,
or within time parameters necessary to insure our compliance with the
requirements of the 1934 Act, or if the audited financial statements provided do
not conform to the representations made by the candidate to be acquired

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<PAGE>

in the closing documents, the closing documents will provide that the proposed
transaction will be voidable, at the discretion of our present management. If
such a transaction is voided, the agreement will also contain a provision
providing for the acquisition entity to reimburse us for all costs associated
with the proposed transaction.

     We do not intend to make any loans to any prospective acquisition or merger
candidates or to unaffiliated third parties. We may make loans only to
prospective acquisition or merger candidates only when such fund is available,
we have entered into an acquisition or merger agreement and making a loan to the
acquisition or merger candidate is beneficial to us. The considerations to be
used in determining whether to make loans includes the availability and the need
of cash by the acquisition or merger candidate in order to complete the
acquisition or merger. The loan may be either secured or non-secured depending
on the result of negotiation and there is no limitations as to the amounts that
may be loaned.

     We do not intend to provide our shareholders with any complete disclosure
documents, including audited financial statements, concerning an acquisition or
merger candidate and its business prior to the consummation of any acquisition
or merger transaction.

ITEM 7. FINANCIAL STATEMENTS.

     The financial statements required by this report are appended hereto
commencing on F-1.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

     None.

ITEM 8A. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

     Within the 90 days prior to the filing date of this report, the Company
carried out an evaluation of the effectiveness of the design and operation of
its disclosure controls and procedures pursuant to Exchange Act rule 12a-14.
This evaluation was done under the supervision and with the participation of the
Company's Principal Executive Officer and Principal Accounting Officer. Based
upon that evaluation, he concluded that the Company's disclosure controls and
procedures are effective in gathering, analyzing and disclosing information
needed to satisfy the Company's disclosure obligations under the Exchange Act.

CHANGES IN INTERNAL CONTROLS

     There were no significant changes in the Company's internal controls or in
other factors that could significantly affect those controls since the most
recent evaluation of such controls.

                                    PART III

ITEM 9.  DIRECTORS AND EXECUTIVE OFFICERS

     The following table sets forth certain information concerning each of the
Company's directors and executive officers:

         Name                       Age                Position
         ----                       ---                --------
         Dennis Crowley             42                 President and Director

                                       9
<PAGE>

     Mr. Dennis Crowley is our President and Director. Mr. Crowley was appointed
in February 2003. Mr. Crowley has served as the principal owner of PNC
Investments Ltd., a private merchant banking firm since 1994. Mr. Crowley is
CEO, President, and a director of Spear & Jackson, Inc. (OTCBB: "SJCK.OB").

TERM OF OFFICE

     Our Directors are appointed for terms of one year to hold office until the
next annual general meeting of the holders of our common stock, as provided by
the Nevada Revised Statutes, or until removed from office in accordance with our
bylaws. Our officers are appointed by our board of directors and hold office
until removed by the board.

COMMITTEES

     The Company presently has no committees of its Board of Directors.

COMPLIANCE WITH SECTION 16(a) OF THE SECURITIES EXCHANGE ACT

     Section 16(a) of the Securities Exchange Act requires our executive
officers and directors, and persons who beneficially own more than ten percent
of our equity securities, to file reports of ownership and changes in ownership
with the Securities and Exchange Commission. Officers, directors and greater
than ten percent shareholders are required by SEC regulation to furnish us with
copies of all Section 16(a) forms they file. Based on our review of the copies
of such forms received by it, we believe that during the fiscal period ended
December 31, 2003, all such filing requirements applicable to our officers and
directors were complied with.

CONFLICTS OF INTEREST

     Mr. Crowley is associated with other firms involved in a range of business
activities. Consequently, there are potential inherent conflicts of interest in
his acting as our officer and director. Insofar as the officer and director is
engaged in other business activities, Mr. Crowley anticipates that he will
devote only a minor amount of time to our affairs.

INVESTMENT COMPANY ACT OF 1940

     Although we will be subject to regulation under the Securities Act of 1933
and the Securities Exchange Act of 1934, we believe that we will not be subject
to regulation under the Investment Company Act of 1940 insofar as we will not be
engaged in the business of investing or trading in securities. In the event that
we engage in business combinations which result in our holding passive
investment interests in a number of entities, we could be subject to regulation
under the Investment Company Act of 1940. In this event, we would be required to
register as an investment company and could be expected to incur significant
registration and compliance costs. We have obtained no formal determination from
the Securities and Exchange Commission as to our status under the Investment
Company Act of 1940 and, consequently, any violation of such Act would subject
us to material adverse consequences. We expect to be exempt from the Investment
Company Act of 1940 via Regulation 3a-2 thereto.

INVESTMENT ADVISOR ACT OF 1940

     We are not an "investment adviser" under the Federal Investment Adviser Act
of 1940, which classification would involve a number of negative considerations.
Accordingly, we will not furnish or distribute advice, counsel, publications,
writings, analysis or reports to anyone relating to the purchase or

                                       10
<PAGE>

sale of any securities within the language, meaning and intent of Section
2(a)(11) of the Investment Adviser Act of 1940, 15 U.S.C.

ITEM 10. EXECUTIVE COMPENSATION

     None of our executive officers or directors received any form of
compensation from us in the past three fiscal years. Mr. Crowley, our President,
has agreed to allocate a portion of his time to our business activities, without
compensation. We anticipate that the amount of time devoted by Mr. Crowley to
implement our business plan will be immaterial, and therefore we have not
recorded any expense relating to such service for financial statement purposes.
It is possible that, after we successfully consummates a merger or acquisition
with an unaffiliated entity, that entity may desire to employ or retain one or a
number of members of its management for the purposes of providing services to
the surviving entity, or otherwise provide other compensation to such persons.
However, we have adopted a policy whereby the offer of any post-transaction
remuneration to members of management will not be a consideration in our
decision to undertake any proposed transaction. Members of our board have agreed
to disclose to the entire board of directors any discussions concerning possible
compensation to be paid to them by any entity which proposes to undertake a
transaction with us. We have not adopted any retirement, pension, profit
sharing, stock option or insurance programs or other similar programs for the
benefit of employees.

ITEM 11. PRINCIPAL SHAREHOLDERS

     The following table sets forth certain information as of February 29, 2004
regarding beneficial ownership of our common stock by (i) each stockholder known
us to be the beneficial owner of more than 5% of our common stock, (ii) by each
director and executive officer and (iii) by all executive officers and directors
as a group. Each of the persons named in the table has sole voting and
investment power with respect to common stock beneficially owned. The address of
all shareholders in this table is 5030 Champion Boulevard, Suite 6-272, Boca
Raton, Florida 33491.

                                            Number of             Percentage of
          Name                              shares owned          shares owned
          -------                           ----------------      --------------

          Triton Enterprises, Inc.          6,500,000             65.1%
          PNC Investments Limited, Inc.       500,000              5.0%
          Dennis Crowley (1)                7,000,000             70.2%
          All officers and directors
            as a group (1 person)           7,000,000             70.2%

          --------------
          (1)  Dennis Crowley is the sole shareholder of Triton Enterprises,
               Inc., and serves as our president and director.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     During the year ended December 31, 2003, Triton Enterprises paid expenses
on behalf of the Company of $ 13,010. Of this amount, $10,747 is represented by
notes payable which bear interest at the rate of 10% per annum and have a one
year term maturing between April 2, 2004 and September 10, 2004. On January 5,
2004, the Company entered into an additional promissory note with Triton
Enterprises for $2,510 bearing comparable interest and terms in connection with
prior expenses paid on behalf of the Company by Triton Enterprises.

                                       11
<PAGE>

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

     (a)  Exhibits required by Item 601 of Regulation S-B

          3.1(a) Articles of Incorporation of Global Teledata Corporation (1)

          3.1(b) Amendment to the Articles of Incorporation of Global Teledata
                 Corporation (2)

          3.1(c) Certificate of Merger (1)

          31.1   Section 302 Certification of Principal Executive Officer (3)

          31.2   Section 302 Principal Financial Officer (3)

          32.1   Section 906 Certification of Principal Executive Officer and
                 Principal Accounting Officer

     (b)  Reports on Form 8-K

          None.

     (1)  Previously filed with our Form 10-SB Registration Statement on January
          31, 2000.

     (2)  Previously filed with our Form 10-KSB for the fiscal year ended
          December 31, 1999.

     (3)  Filed herewith.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

     Audit Fees

     The aggregate fees billed by the Company's auditors for the professional
     services rendered in connection with the audit of the Company's annual
     financial statements for fiscal 2003 and 2002 and reviews of the financial
     statements included in the Company's Forms 10-KSB for fiscal 2003 and 2002
     were approximately $4,669 and $2,947, respectively.

     Audit Related Fees

     The Company's auditors did not bill any additional fees for assurance and
     related services that are reasonably related to the performance of the
     audit or review of the Company's financial statements and are not reported
     under "Audit Fees" above.

     Tax Fees

     The aggregate fees billed by the Company's auditors or professional
     services for tax compliance, tax advice, and tax planning were $0 and $0
     for fiscal 2003 and 2002, respectively.

     All Other Fees

     The aggregate fees billed by the Company's auditors for all other non-audit
     services rendered to the Company, such as attending meetings and other
     miscellaneous financial consulting in fiscal 2003 and 2002 were $0 and $0,
     respectively.

                                       12
<PAGE>

                                   SIGNATURES

     In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant caused this Report to be signed on its behalf by the
undersigned, thereunder duly authorized.

                                                     GLOBAL TELEDATA CORPORATION

                                                     /s/ Dennis Crowley
                                                     ---------------------------
                                                     Dennis Crowley, President

     In accordance with the Exchange Act, this Report was signed by the
following persons in the capacities and on the dates stated.

Signatures                   Title                                    Date
----------                   -----                                    ----

/s/ Dennis Crowley           President and Director               March 15, 2004
-------------------------    Principal Executive, Financial
Dennis Crowley               and Accounting Officer)


<PAGE>


                           GLOBAL TELEDATA CORPORATION
                          (A Development Stage Company)

                              FINANCIAL STATEMENTS

                                December 31, 2003

<PAGE>

                                 C O N T E N T S

Independent Auditors' Report................................................F-3

Balance Sheet...............................................................F-4

Statements of Operations....................................................F-5

Statements of Stockholders' Equity (Deficit)................................F-6

Statements of Cash Flows....................................................F-8

Notes to the Financial Statements...........................................F-9

                                      F-2
<PAGE>

                          INDEPENDENT AUDITORS' REPORT

The Board of Directors
Global Teledata Corporation
(A Development Stage Company)
Boca Raton, Florida

We have audited the accompanying balance sheet of Global Teledata Corporation (a
development stage company), as of December 31, 2003 and the related statements
of operations, stockholders" equity (deficit), and cash flows for the years
ended December 31, 2003 and 2002 and from inception on May 15, 1995 through
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 audits.

We conducted our audits 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 Global Teledata Corporation (a
development stage company), as of December 31, 2003 and the results of its
operations and its cash flows for the years ended December 31, 2003 and 2002 and
from inception on May 15, 1995 through 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 2 to the
financial statements, the Company is a development stage company with no
significant operating results to date. These conditions raise substantial doubt
about its ability to continue as a going concern. Management's plans in regard
to these matters are also described in Note 2. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

                                                            HJ & Associates, LLC
                                                            Salt Lake City, Utah
March 1, 2004

                                      F-3
<PAGE>

                           GLOBAL TELEDATA CORPORATION
                          (A Development Stage Company)
                                  Balance Sheet

<TABLE>
<CAPTION>
                                                                      December 31,
                                                                         2003
                                                                         ----

<S>                                                                    <C>
CURRENT ASSETS

   Cash                                                                $   --

     Total Current Assets                                                  --
                                                                       --------

     TOTAL ASSETS                                                      $      -
                                                                       ========

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

   Accounts payable                                                    $  2,714
                                                                       --------
   Accounts payable - Related Party (Note 4)                              2,263
                                                                       --------
   Notes Payable - Related Party (Note 4)                                10,747
                                                                       --------
   Accrued Interest - Related Party (Note 4)                                632
                                                                       --------

     Total Liabilities                                                   16,356
                                                                       --------

STOCKHOLDERS' EQUITY (DEFICIT)

   Common stock; authorized 25,000,000 common shares
    at $0.001 par value; 9,975,354 shares issued and
    outstanding                                                           9,975
   Additional paid-in capital                                            59,511
   Deficit accumulated during development stage                         (85,842)
                                                                       --------

     Total Stockholders' Equity (Deficit)                               (16,356)
                                                                       --------

     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)              $      -
                                                                       ========
</TABLE>

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

                                      F-4
<PAGE>

                           GLOBAL TELEDATA CORPORATION
                          (A Development Stage Company)
                            Statements of Operations

<TABLE>
<CAPTION>
                                                                              From
                                                                          Inception on
                                        For the Years Ended                  May 15,
                                             December 31,                1995 Through
                                  -------------------------------         December 31,
                                       2003               2002                2003
                                  -----------         -----------         -----------
<S>                               <C>                 <C>                 <C>
REVENUE                           $                   $     --            $    --

General and Administrative             16,081              10,128              88,659
                                  -----------         -----------         -----------

Operating loss                        (16,081)            (10,128)            (88,659)
                                  -----------         -----------         -----------

OTHER INCOME

   Gain on release of debt              2,817                --                 2,817
                                  -----------         -----------         -----------

     Total other income                 2,817                --                 2,817
                                  -----------         -----------         -----------

LOSS BEFORE INCOME TAXES          $   (13,264)        $   (10,128)        $   (85,842)
                                  -----------         -----------         -----------

   Income taxes                          --                  --                  --
                                  -----------         -----------         -----------

NET LOSS                          $   (13,264)        $   (10,128)        $   (85,842)
                                  ===========         ===========         ===========

BASIC LOSS PER SHARE              $     (0.00)        $     (0.00)
                                  ===========         ===========

WEIGHTED AVERAGE SHARES
 OUTSTANDING                        9,975,354           9,975,354
                                  ===========         ===========

</TABLE>

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

                                      F-5
<PAGE>

                           GLOBAL TELEDATA CORPORATION
                          (A Development Stage Company)
                  Statements of Stockholders" Equity (Deficit)
               From Inception on May 15, 1995 to December 31, 2003

<TABLE>
<CAPTION>

                                                                                         Deficit
                                                                                       Accumulated
                                               Common Stock             Additional     During the
                                        --------------------------       Paid-in       Development
                                          Shares          Amount         Capital         Stage
                                        ----------      ----------      ----------     ----------
<S>                                     <C>             <C>             <C>            <C>
Balance at inception on
 May 15, 1995                                 --        $     --        $     --       $     --

Issuance of common stock
 at inception at $0.001 per share        1,975,354           1,975            --             --

Net loss from inception to
 December 31, 1995                            --              --              --           (2,033)
                                        ----------      ----------      ----------     ----------

Balance, December 31, 1995               1,975,354           1,975            --           (2,033)

Common stock issued for acquisition
 of Marine Way, Inc.
 stock at $0.001 per share               8,000,000           8,000            --             --

Expenses paid by shareholder
 on behalf of the Company                     --              --               780           --

Net loss for the year ended
 December 31, 1996                            --              --              --           (8,880)
                                        ----------      ----------      ----------     ----------

Balance, December 31, 1996               9,975,354           9,975             780        (10,913)

Expenses paid by shareholder
 on behalf of the Company                     --              --             1,000           --

Net loss for the year ended
 December 31, 1997                            --              --              --           (1,100)
                                        ----------      ----------      ----------     ----------

Balance, December 31, 1997               9,975,354           9,975           1,780        (12,013)

Cancellation of common stock            (6,500,000)         (6,500)          6,500           --

Expenses paid by shareholder
 on behalf of the Company                     --              --               959           --

Net loss for the year ended
 December 31, 1998                            --              --              --             (701)
                                        ----------      ----------      ----------     ----------

Balance, December 31, 1998               3,475,354      $    3,475      $    9,239     $  (12,714)
                                        ----------      ----------      ----------     ----------
</TABLE>

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

                                      F-6
<PAGE>

                           GLOBAL TELEDATA CORPORATION
                          (A Development Stage Company)
            Statements of Stockholders" Equity (Deficit) (Continued)
               From Inception on May 15, 1995 to December 31, 2003

<TABLE>
<CAPTION>
                                                                                    Deficit
                                                                                  Accumulated
                                                                     Additional    During the
                                              Common Stock            Paid-in      Development
                                          Shares         Amount       Capital         Stage
                                         ---------     ---------     ---------     ---------
<S>                                      <C>           <C>           <C>           <C>
Balance, December 31, 1998               3,475,354     $   3,475     $   9,239     $ (12,714)

Expenses paid by shareholder
 on behalf of the Company                     --            --           3,442          --

Common stock issued for services
 valued at $0.001 per share              6,500,000         6,500          --            --

Net loss for the year ended
 December 31, 1999                            --            --            --         (12,748)
                                         ---------     ---------     ---------     ---------

Balance, December 31, 1999               9,975,354         9,975        12,681       (25,462)

Expenses paid by shareholder
 on behalf of the Company                     --            --          17,499          --

Net loss for the year ended
 December 31, 2000                            --            --            --         (15,977)
                                         ---------     ---------     ---------     ---------

Balance, December 31, 2000               9,975,354         9,975        30,180       (41,439)

Expenses paid by shareholder
 on behalf of the Company                     --            --          22,295          --

Net loss for the year ended
 December 31, 2001                            --            --            --         (21,011)
                                         ---------     ---------     ---------     ---------

Balance, December 31, 2001               9,975,354         9,975        52,475       (62,450)

Expenses paid by shareholder
 on behalf of the Company                     --            --           7,036          --

Net loss for the year ended
 December 31, 2002                            --            --            --         (10,128)
                                         ---------     ---------     ---------     ---------

Balance, December 31, 2002               9,975,354         9,975        59,511       (72,578)

Net loss for the year ended
 December 31, 2003                            --            --            --         (13,264)
                                         ---------     ---------     ---------     ---------

Balance, December 31, 2003               9,975,354     $   9,975     $  59,511     $ (85,842)
                                         =========     =========     =========     =========
</TABLE>

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

                                      F-7
<PAGE>

                           GLOBAL TELEDATA CORPORATION
                          (A Development Stage Company)
                            Statements of Cash Flows
               From Inception on May 15, 1995 to December 31, 2003

<TABLE>
<CAPTION>
                                                                                    From
                                                                                Inception on
                                                                                   May 15,
         For the Years Ended                                                    1995 Through
                                                            December 31,        December 31,
                                                        2003          2002          2003
                                                      --------      --------      --------
<S>                                                   <C>           <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES

   Net loss                                           $(13,264)     $(10,128)     $(85,842)
   Adjustments to reconcile net loss to
    cash used by operations:
     Common stock issued for services                     --            --          14,500
     Amortization                                         --            --             500
     Gain on release of debt                             2,817          --           2,817
   Changes in operating assets and liabilities:
     Increase in other assets                             --            --            (500)
     Increase (decrease) in accounts payable            (3,195)        3,092          (103)
     Increase in accounts payable - related party        2,263          --           2,263
     Increase in accrued interest - related party          632          --             632
                                                      --------      --------      --------

       Net Cash Used by Operating Activities           (10,747)       (7,036)      (65,733)
                                                      --------      --------      --------

CASH FLOWS FROM INVESTING ACTIVITIES                      --            --            --
                                                      --------      --------      --------

CASH FLOWS FROM FINANCING ACTIVITIES

   Increase in notes payable  - related party           10,747          --          10,747
   Expenses paid by shareholder                           --           7,036        53,011
   Issuance of common stock                               --            --           1,975
                                                      --------      --------      --------

       Net Cash Provided by Financing Activities        10,747         7,036        65,733
                                                      --------      --------      --------

NET INCREASE (DECREASE) IN CASH                           --            --            --

CASH AT BEGINNING OF PERIOD                               --            --            --
                                                      --------      --------      --------

CASH AT END OF PERIOD                                 $   --        $   --        $   --
                                                      ========      ========      ========

CASH PAID DURING THE PERIOD FOR:

   Interest                                           $   --        $   --        $   --
R
   Income taxes                                       $   --        $   --        $   --

NON-CASH FINANCING ACTIVITIES

       Common stock issued for services               $   --        $   --        $ 14,500

</TABLE>

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

                                      F-8
<PAGE>

                           GLOBAL TELEDATA CORPORATION
                          (A Development Stage Company)
                        Notes to the Financial Statements
                           December 31, 2003 and 2002

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     a. Organization

     The financial statements presented are those of Global Teledata
     Corporation, (a development stage company) (the Company). The Company was
     incorporated in the State of Nevada on May 15, 1995 as Television
     Networking, Inc., for the purpose of entering the video production
     business. The Company ceased operations in 1996 and has since been
     inactive. On November 9, 1998, the Company's name was changed to Global
     Teledata Corporation.

     b. Accounting Method

     The Company's financial statements are prepared using the accrual method of
     accounting. The Company has selected a December 31 year-end.

     c. Basic Loss per Share

                        December 31, 2003
              --------------------------------------
                 Loss          Shares      Per Share
              (Numerator)   (Denominator)   Amount
              -----------   -------------  ---------

               $ (13,264)     9,975,354     $(0.00)
               =========      =========     ======

                        December 31, 2002
              --------------------------------------
                 Loss          Shares      Per Share
              (Numerator)   (Denominator)   Amount
              -----------   -------------  ---------

               $ (10,128)     9,975,354     $(0.00)
               =========      =========     ======

     The computation of basic loss per share of common stock is based on the
     weighted average number of shares outstanding.

     d. Cash Equivalents

     The Company considers all highly liquid investments with a maturity of
     three months or less when purchased to be cash equivalents.

                                     F-9
<PAGE>

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     e. Provision for Taxes

     Deferred taxes are provided on a liability method whereby deferred tax
     assets are recognized for deductible temporary differences and operating
     loss and tax credit carryforwards and deferred tax liabilities are
     recognized for taxable temporary differences. Temporary differences are the
     differences between the reported amounts of assets and liabilities and
     their tax bases. Deferred tax assets are reduced by a valuation allowance
     when, in the opinion of management, it is more likely that not that some
     portion or all of the deferred tax assets will not be realized. Deferred
     tax assets and liabilities are adjusted for the effects of changes in tax
     laws and rates on the date of enactment.

     Net deferred tax assets consist of the following components as of
     December 31, 2003 and 2002:

                                                2003                2002
                                              --------            --------
     Deferred tax assets:
           NOL Carryover                      $ 27,800            $ 25,770
     Deferred tax liabilities:                     --                 --

     Valuation allowance                       (27,800)            (25,770)
                                              --------            --------
                                              $   --              $   --
                                              ========            ========

     The income tax provision differs from the amount of income tax determined
     by applying the U.S. federal income tax rates of 39% to pretax income from
     continuing operations for the years ended December 31, 2003 and 2002 due to
     the following:

                                                2003                2002
                                              -------             --------

     Book loss                                $(5,170)            $(3,950)
     State taxes                                  --                 (100)
     Valuation allowance                        5,170               4,050
                                              -------             -------

                                              $   --              $   --
                                              =======             =======

     At December 31, 2003, the Company had net operating loss carryforwards of
     approximately $71,000 that may be offset against future taxable income from
     the year 2003 through 2023. No tax benefit has been reported in the
     December 31, 2003 financial statements since the potential tax benefit is
     offset by a valuation allowance of the same amount.

     Due to the change in ownership provisions of the Tax Reform Act of 1986,
     net operating loss carryforwards for Federal income tax reporting purposes
     are subject to annual limitations. Should a change in ownership occur, net
     operating loss carryforwards may be limited as to use in future years.

                                      F-10
<PAGE>

     NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     f. Estimates

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

     g. Revenue Recognition

     The Company currently has no source of revenues. Revenue recognition
     policies will be determined when principal operations begin.

     h. Newly Issued Accounting Pronouncements

     During the year ended December 31, 2003, the Company adopted the following
     accounting pronouncements which had no impact on the financial statements
     or results of operations:

          o    SFAS No. 143, Accounting for Asset Retirement Obligations;

          o    SFAS No.145, Recision of FASB Statements 4, 44, and 64, amendment
               of Statement 13, and Technical Corrections;

          o    SFAS No. 146, Accounting for Exit or Disposal Activities;

          o    SFAS No. 147, Acquisitions of certain Financial Institutions; and

          o    SFAS No. 148, Accounting for Stock Based Compensation.

          o    SFAS No.149, Amendment of Statement 133 on Derivative Instruments
               and Hedging Activities;

          o    SFAS No.150, Accounting for Certain Financial Instruments with
               Characteristics of both Liabilities and Equity

NOTE 2 - GOING CONCERN

     The Company's financial statements are prepared using accounting principles
     generally accepted in the United States of America applicable to a going
     concern which contemplates the realization of assets and liquidation of
     liabilities in the normal course of business. The Company has not yet
     established an ongoing source of revenues sufficient to cover its operating
     costs and allow it to continue as a going concern. The ability of the
     Company to continue as a going concern is dependent on the Company
     obtaining adequate capital to fund operating losses until it becomes
     profitable. If the Company is unable to obtain adequate capital, it could
     be forced to cease development of operations.

                                      F-11
<PAGE>

NOTE 2 - GOING CONCERN (Continued)

     In order to continue as a going concern, develop a reliable source of
     revenues, and achieve a profitable level of operations the Company will
     need, among other things, additional capital resources. Management's plans
     to continue as a going concern include raising additional capital through
     sales of common stock. However, management cannot provide any assurances
     that the Company will be successful in accomplishing any of its plans.

     The ability of the Company to continue as a going concern is dependent upon
     its ability to successfully accomplish the plans described in the preceding
     paragraph and eventually secure other sources of financing and attain
     profitable operations. The accompanying financial statements do not include
     any adjustments that might be necessary if the Company is unable to
     continue as a going concern.

NOTE 3 - STOCK EXCHANGES

     On January 2, 1996, the Company entered into a stock exchange agreement
     whereby it acquired 100 shares of the voting stock of the Marine Way, Inc.
     in exchange for 8,000,000 shares of its common stock. The investment has
     been determined to have no value and has been written off.

     On September 30, 1996, the Company entered into an acquisition agreement
     whereby it acquired 100% of the issued and outstanding shares of Armor
     Insurance Co., Inc. in exchange for 8,000,000 shares of its common stock.
     The agreement was subsequently rescinded and the shares issued were
     canceled. The rescission has been recorded retroactively in the financial
     statements as not having occurred.

     In 1998, the Company canceled 6,500,000 shares of common stock as part of a
     merger agreement with International Computer Resources, Inc. The shares
     were part of a 1996 issuance to Marine Way, Inc. The merger with
     International Computer Resources, Inc. was not completed and the shares
     were reissued to Marine Way, Inc. on November 16, 1999, restoring all
     stockholders back to pre-merger status.

NOTE 4 - RELATED PARTY TRANSACTIONS

     During the year ended December 31, 1996, expenses paid by a shareholder on
     behalf of the company as additional paid-in capital totaled $780.

     During the year ended December 31, 1997, expenses paid by a shareholder on
     behalf of the company as additional paid-in capital totaled $1,000.

     During the year ended December 31, 1998, expenses paid by a shareholder on
     behalf of the company as additional paid-in capital totaled $959.

     During the year ended December 31, 1999, expenses paid by a shareholder on
     behalf of the company as additional paid-in capital totaled $3,442.

     During the year ended December 31, 2000, expenses paid by a shareholder on
     behalf of the company as additional paid-in capital totaled $17,499.

                                      F-12
<PAGE>

NOTE 4 - RELATED PARTY TRANSACTIONS (Continued)

     During the year ended December 31, 2001, expenses paid by a shareholder on
     behalf of the company as additional paid-in capital totaled $22,295.

     During the year ended December 31, 2002, expenses paid by a shareholder on
     behalf of the company as additional paid-in capital totaled $7,036.

     During the year ended December 31, 2003, a shareholder of the Company paid
     expenses on behalf of the Company of $13,010 which is recorded as $2,263 in
     accounts payable - related party and $10,747 in notes payable - related
     party. The notes payable - related party bears interest at 10% and has a
     term of one year. During the year ended December 31, 2003, the Company
     recorded $632 in accrued interest related to the notes.

NOTE 5 - SUBSEQUENT EVENT

     On January 5, 2004, the Company signed a promissory note with Triton
     Enterprises, a related party, for $2,510 for prior expenses paid on behalf
     of the Company.

                                      F-13