10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

  X .QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2014

OR

 .TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to__________

Commission file number: 333-172172

GLOBE NET WIRELESS CORP.

(Exact name of registrant as specified in its charter)

Nevada	N/A
State or other jurisdiction of incorporation or organization	(I.R.S. Employer Identification No.)

2302-3 Pacific Plaza

410 Des Voeux Road West

Hong Kong, China

(Address of principal executive offices) (Zip Code)

(852) 37-55-8010

Registrant’s telephone number, including area code

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes . No  X .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  X . No .

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	.	Accelerated filer	.
Non-accelerated filer	. (Do not check if a smaller reporting company)	Smaller reporting company	X .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  X . No .

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

10,800,000 shares of common stock, $0.001 par value, issued and outstanding as of January 13, 2015.

GLOBE NET WIRELESS CORP.

Financial Statements

November 30, 2014

Stated in US Dollars

2

	PAGES
INTERIM BALANCE SHEETS	4
INTERIM STATEMENT OF OPERATIONS	5
INTERIM STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)	6
INTERIM STATEMENT OF CASH FLOWS	7
INTERIM NOTES TO FINANCIAL STATEMENTS	8

3

GLOBE NET WIRELESS CORP.

INTERIM BALANCE SHEETS

		November 30,		August 31,
ASSETS		2014		2014
CURRENT ASSETS
Cash and cash equivalents	$	7,155	$	18,066
Total Current Assets		7,155		18,066
Total Assets	$	7,155	$	18,066
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable	$	8,954	$	11,009
Accrued Liabilities		6,500		12,783
Notes Payable – Note 6		30,000		30,000
Convertible Note Payable – Note 7		10,000		10,000
Total Current Liabilities		55,454		63,792
STOCKHOLDER'S EQUITY
Common Stock - Note 8
Par Value:$0.001
Authorized 200,000,000 shares
Issued 10,800,000 shares		10,800		10,800
Additional Paid in Capital		72,106		72,106
Deficit Accumulated during the development stage		(131,205)		(128,632)
Total Stockholders' Deficit		(48,299)		(45,726)
Total Liabilities and Stockholders' Equity	$	7,155	$	18,066

Going concern – Note 2

The accompanying notes are an integral part of the financial statements

4

GLOBE NET WIRELESS CORP.

INTERIM STATEMENT OF OPERATIONS

For the three months ended November 30, 2014 and 2013

		For the three		For the three
		Months ended		months ended
		November 30,		November 30,
		2014		2013
EXPENSES
General and administrative expenses	$	1,776	$	4,354
Operating loss before interest		(1,776)		(4,354)
Interest		(798)		(798)
Net loss and comprehensive loss	$	(2,574)	$	(5,152)
Loss per share of common stock
−Basic and diluted	$	(0.000)	$	(0.001)
Weighted average shares of common stock
−Basic and diluted	$	10,800,000	$	9,814,286

The accompanying notes are an integral part of the financial statements

5

GLOBE NET WIRELESS CORP.

INTERIM STATEMENT OF SHAREHOLDERS' EQUITY

For the year ended August 31, 2014 and the three months ended November 30, 2014

	Common Stock				Additional paid-in		Shares		Deficit accumulated during the development
	Shares		Amount		capital		subscribed		stage		Total
Balance, August 31, 2013	9,500,000	$	9,500	$	8,406	$	35,000	$	(90,099)	$	(37,193)
Sep 07, 2013, issued common stock at $0.05 per share for cash	700,000		700		34,300		(35,000)		−		−
Nov 08, 2013, issued common stock at $0.05 per share for cash	600,000		600		29,400		−		−		30,000
Net loss and comprehensive loss	−		−		−		−		(38,533)		(38,533)
Balance, August 31, 2014	10,800,000		10,800		72,106		−		(128,632)		(45,726)
Net loss and comprehensive loss	−		−		−		−		(2,574)		(2,574)
Balance, November 30, 2014	10,800,000	$	10,800	$	72,106	$	−	$	(131,205)	$	(48,299)

The accompanying notes are an integral part of the financial statements

6

GLOBE NET WIRELESS CORP.

INTERIM STATEMENT OF CASH FLOWS

For the three months ended November 30, 2014 and 2013

		For the three		For the three
		months ended		months ended
		November 30,		November 30,
		2014		2013
Cash Flows from (used in) Operating Activities
Net Income (Loss)	$	(2,574)	$	(5,152)
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization		−		95
Interest on notes and convertible notes payable		798		798
Increase (Decrease) in Operating Assets and Liabilities
Prepaid Expense		−		866
Accounts Payable		(2,055)		(13,653)
Accrued Liabilities		(7,080)		750
Net Cash used in Operating Activities		(10,911)		(16,296)
Cash Flows from (used in) Financing Activities
Common shares issued		−		65,000
Shares subscribed, not issued		−		(35,000)
Net Cash provided by Financing Activities		−		30,000
Cash Flows used in Investment Activities
Intangible Assets		−		−
Net Cash used in Investment Activities		−		−
Increase (Decrease) in Cash		(10,911)		13,704
Cash at Beginning of Period		18,066		19,753
Cash at End of Period	$	7,155	$	33,457
Supplemental cash flow information
Interest	$	798	$	798
Taxes	$	−	$	−

The accompanying notes are an integral part of the financial statements

7

GLOBE NET WIRELESS CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2014 (Unaudited)

1.

Organization and nature of operations

Globe Net Wireless Corp. ("the Company") was incorporated in the State of Nevada, USA on September 4, 2009. The Company is in its early development stage since its formation and has not realized any revenues from its planned operations. The Company is engaged in the development of a telecommunication business to provide internet and related services to both consumers and businesses currently in under serviced or unserviced areas at real broadband speeds through the proprietary wireless technology it acquired.

The Company has chosen an August 31 year end.

2.

Basis of Presentation - Going Concern Uncertainties

These financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. However, the Company has limited operations and has sustained operating losses resulting in a deficit.

The Company has accumulated a deficit of $131,205 since inception September 4, 2009, has yet to achieve profitable operations and further losses are anticipated in the development of its business. The Company's ability to continue as a going concern is in substantial doubt and is dependent upon obtaining additional financing and/or achieving a sustainable profitable level of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company may seek additional equity as necessary and it expects to raise funds through private or public equity investment in order to support existing operations and expand the range of its business. There is no assurance that such additional funds will be available for the Company on acceptable terms, if at all.

3.

Interim reporting and significant accounting policies

The interim condensed financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim condensed financial statements be read in conjunction with the Company’s August 31, 2014 annual financial statements. Operating results for the three month period ended November 30, 2014 are not necessarily indicative of the results that can be expected for the year ended August 31, 2015.

There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the year ended August 31, 2014.

4.

Recently issued accounting pronouncements

The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. In June 2014, the Financial Accounting Standards Board (“FASB “) issued Accounting Standards Update (“ASU”) No. 2014-10 “Development Stage Entities. (Topic 915), Elimination of Certain Financial Reporting Requirements. The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (“U.S. GAAP”). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 for these financial statements.

8

GLOBE NET WIRELESS CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2014 (Unaudited)

5.

Intangible Assets

Intangible assets with definite lives are amortized over their estimated useful life. The website design is amortized over 3 years.

		Cost		Amortization		Net Book Value
August 31, 2014	$	1,140	$	1,140	$	nil
August 31, 201	$	1,140	$	1,045	$	95

6.

Notes payable

The company has four notes payable that are unsecured, bear interest at 8% per annum and are due on demand. The interest is classified as accrued liabilities for financial statement purposes.

Date		Principal		Interest		Total
September 16, 2011	$	5,000	$	1,283	$	6,283
October 4, 2011		5,000		1,264		6,264
November 4, 2011		10,000		2,459		12,459
December 3, 2012		10,000		1,594		11,594
Total	$	30,000	$	6,600	$	36,600

7.

Convertible Note Payable

The convertible note payable is unsecured, bearing interest at 8% per annum which is due on demand, and convertible at a conversion price of $0.005 per share at the lender’s option. The interest is classified as accrued liabilities for financial statement purposes.

In accordance with accounting policy, the carrying value of the financial instrument was bifurcated into debt and equity based on the fair value of the two instruments at the time of issuance. Based on a Black-Scholes option pricing model, the value of the conversion option was determined to be $906 making the value of the debt $9,094. The assumption used were: a 5 year term; volatility of 100%; risk free interest rate of 1.0% and dividends paid of $nil.

Because of the demand feature of the note and the relatively small value of the conversion feature, all of the debt discount was amortized and taken into income during the previous year as operating expense.

Date		Principal		Interest		Total
May 17, 2013	$	10,000	$	1,232	$	11, 232
Total	$	10,000	$	1,232	$	11, 232

8.

Common stock

On September 27, 2013, the Company issued 700,000 common shares at $0.05 each for subscriptions received during the year ended August 31, 2013.

On November 8, 2013, the Company issued 600,000 common shares at $0.05 each for cash.

There were no warrants or stock options outstanding as of November 30, 2014.

There were no significant non-cash transactions during the period ended November 30, 2014.

9

FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

GENERAL

Globe Net Wireless Corp. was incorporated under the laws of the State of Nevada, U.S. on September 4, 2009. Our registration statement on Form S-1 was filed with the Securities and Exchange Commission was declared effective on May 15, 2013.

Globe Net is a start-up company engaged in the development of proprietary wireless broadband technology for the purpose of becoming a rural internet service provider (RISP). Globe Net is a “shell” company as defined by the SEC as a result of only having nominal operations and nominal assets. Globe Net is an “emerging growth company” under the federal securities laws and will be subject to reduced public company reporting requirements. Globe Net’s mission is to provide rural communities with high-speed internet connectivity at speeds equal or better than existing competing services. Through the use of its Internet and wireless connectivity systems, Globe Net will try to provide internet and related services to both consumers and businesses in currently under serviced or unserviceable areas at real broadband speeds. Globe Net plans to offer for sale its GNW Systems to residents and businesses located in under-serviced or non-serviced rural areas worldwide with the initial focus on North America and China.

RESULTS OF OPERATIONS

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

Three-month Period Ended November 30, 2014 Compared to the Three-month Period Ended November 30, 2013.

Our net loss for the three-month period ended November 30, 2014 was $2,574 (2013: $5,152), which consisted of general and administration expenses and interest on notes payable. We did not generate any revenue during either three-month period in fiscal 2014 or 2013. The decrease in expenses in the current fiscal year relate to a decrease in accounts payable.

The weighted average number of shares outstanding was 10,800,000 for the three-month period ended November 30, 2014 and 10,137,363 for the three-month period ended November 30, 2013.

LIQUIDITY AND CAPITAL RESOURCES

As at November 30, 2014, our current assets were $7,155 compared to $18,066 in current assets at August 31, 2014. As at November 30, 2014, our current liabilities were $55,454compared to $63,792 at August 31, 2014. Current liabilities at November 30, 2014 were comprised of $40,000 in notes payable and $8,954 in accounts payable and $6,500in accrued liabilities.

Stockholders’ deficit increased from $45,726 as of August 31, 2014 to $48,299 as of November 30, 2014.

10

Cash Flows from Operating Activities

We have not generated positive cash flows from operating activities. For the three-month period ended November 30, 2014, net cash flows used in operating activities were $10,911 consisting of an adjusted net loss of $1,776 and $9,135 used in accounts payable and accrued liabilities. For the three-month period ended November 30, 2013, net cash flows used in operating activities were $16,296.

Cash Flows from Financing Activities

We have financed our operations primarily from either the issuance of our shares of common stock or notes payable. For the three-month period ended November 30, 2014, we generated nil cash from financing activities. We generated $30,000 cash from the issuance of common shares in the comparative period in fiscal 2014.

PLAN OF OPERATION AND FUNDING

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities and director loans. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

GOING CONCERN

The independent auditors' report accompanying our August 31, 2014 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

11

CHANGE IN ACCOUNTING POLICY

The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. In June 2014, the Financial Accounting Standards Board (“FASB “) issued Accounting Standards Update (“ASU”) No. 2014-10 “Development Stage Entities. (Topic 915), Elimination of Certain Financial Reporting Requirements. The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (“U.S. GAAP”). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 for these financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

No report required.

ITEM 4. CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2014. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended November 30, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

12

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibits:

31.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act

32.1

Certification of Chief Executive Officer and Chief Financial Officer Under Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.

101

Interactive data files pursuant to Rule 405 of Regulation S-T.

13

SIGNATURES

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

GLOBE NET WIRELESS CORP.

Dated: January 13, 2015

By: /s/ Ku Wai Li

Ku Wai Li, President and Chief Executive Officer and Chief Financial Officer

14

EX-31.1

EXHIBIT 31.1

GLOBE NET WIRELESS CORP.

CERTIFICATIONS PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, Ku Wai Li, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Globe Net Wireless Corp.;

2.

Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.

Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f)) for the registrant and I have:

(a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.

I have disclosed, based on my most recent evaluation of internal controls over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 13, 2015

By: /s/ Ku Wai Li

Ku Wai Li

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer, Principal Financial

Officer and Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Ku Wai Li, Chief Executive Officer and Chief Financial Officer of Globe Net Wireless Corp. (the "Company") hereby certifies pursuant to 18 U.S.C.  Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)

the Quarterly  Report on Form 10-Q of the Company for the period ended November 30, 2014 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(b)

the information contained in the Form 10-Q fairly presents, in all material respects, the financial  condition and results of operations of the Company.

Date: January 13, 2015

By: /s/ Ku Wai Li

Ku Wai Li

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer, Principal Financial

Officer and Principal Accounting Officer)

XML

Interim reporting and significant accounting policies

3 Months Ended

Nov. 30, 2014

Interim reporting and significant accounting policies

Interim reporting and significant accounting policies

3.

Interim reporting and significant accounting policies

The interim condensed financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim condensed financial statements be read in conjunction with the Company’s August 31, 2014 annual financial statements. Operating results for the three month period ended November 30, 2014 are not necessarily indicative of the results that can be expected for the year ended August 31, 2015.

There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the year ended August 31, 2014.

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Basis of Presentation - Going Concern Uncertainties

3 Months Ended

Nov. 30, 2014

Basis of Presentation - Going Concern Uncertainties

Basis of Presentation - Going Concern Uncertainties.

2.

Basis of Presentation - Going Concern Uncertainties

These financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. However, the Company has limited operations and has sustained operating losses resulting in a deficit.

The Company has accumulated a deficit of $131,205 since inception September 4, 2009, has yet to achieve profitable operations and further losses are anticipated in the development of its business. The Company's ability to continue as a going concern is in substantial doubt and is dependent upon obtaining additional financing and/or achieving a sustainable profitable level of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company may seek additional equity as necessary and it expects to raise funds through private or public equity investment in order to support existing operations and expand the range of its business. There is no assurance that such additional funds will be available for the Company on acceptable terms, if at all.

XML

INTERIM BALANCE SHEETS (USD $)	Nov. 30, 2014	Aug. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 7,155	$ 18,066
Total Current Assets	7,155	18,066
Total Assets	7,155	18,066
CURRENT LIABILITIES
Accounts Payable	8,954	11,009
Accrued Liabilities	6,500	12,783
Notes Payable - Note 6	30,000	30,000
Convertible Note Payable - Note 7	10,000	10,000
Total Current Liabilities	55,454	63,792
STOCKHOLDER'S EQUITY
Common Stock - Note 8 Par Value:$0.001 Authorized 200,000,000 shares Issued 10,800,000 shares	10,800	10,800
Additional Paid in Capital	72,106	72,106
Deficit Accumulated during the development stage	(131,205)	(128,632)
Total Stockholders' Deficit	(48,299)	(45,726)
Total Liabilities and Stockholders' Equity	$ 7,155	$ 18,066

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INTERIM STATEMENT OF CASH FLOWS (USD $)	3 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
Cash Flows from (used in) Operating Activities
Net Income (Loss)	$ (2,574)	$ (5,152)
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization	0	95
Interest on notes and convertible notes payable	798	798
Increase (Decrease) in Operating Assets and Liabilities
Prepaid Expense	0	866
Accounts Payable	(2,055)	(13,653)
Accrued Liabilities	(7,080)	750
Net Cash used in Operating Activities	(10,911)	(16,296)
Cash Flows from (used in) Financing Activities
Common shares issued	0	65,000
Shares subscribed, not issued	0	(35,000)
Net Cash provided by Financing Activities	0	30,000
Cash Flows used in Investment Activities
Intangible Assets	0	0
Net Cash used in Investment Activities	0	0
Increase (Decrease) in Cash	(10,911)	13,704
Cash at Beginning of Period	18,066	19,753
Cash at End of Period	7,155	33,457
Supplemental cash flow information
Interest	798	798
Taxes	$ 0	$ 0

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Black scholes -model (Details) (USD $)	3 Months Ended
	Nov. 30, 2014
Black scholes -model Details
Conversion option was determined to making value	$ 906
Value of the debt	9,094
Assumption term	5 year
Volatility rate	100.00%
Risk free interest rate	1.00%
Dividends paid	$ 0

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Organization and nature of operations

3 Months Ended

Nov. 30, 2014

Organization and nature of operations:

Organization and nature of operations

1.

Organization and nature of operations

Globe Net Wireless Corp. ("the Company") was incorporated in the State of Nevada, USA on September 4, 2009. The Company is in its early development stage since its formation and has not realized any revenues from its planned operations. The Company is engaged in the development of a telecommunication business to provide internet and related services to both consumers and businesses currently in under serviced or unserviced areas at real broadband speeds through the proprietary wireless technology it acquired.

The Company has chosen an August 31 year end.

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INTERIM BALANCE SHEETS PARENTHETICALS (USD $)	Nov. 30, 2014	Aug. 31, 2014
Parentheticals
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	10,800,000	10,800,000

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Schedule of Convertible Note Payable (Tables)

3 Months Ended

Nov. 30, 2014

Schedule of Convertible Note Payable

Schedule of Convertible Note Payable

Because of the demand feature of the note and the relatively small value of the conversion feature, all of the debt discount was amortized and taken into income during the previous year as operating expense.

Date		Principal		Interest		Total
May 17, 2013	$	10,000	$	1,232	$	11, 232
Total	$	10,000	$	1,232	$	11, 232

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Document and Entity Information	3 Months Ended
	Nov. 30, 2014	Jan. 13, 2015
Document and Entity Information:
Entity Registrant Name	Globe Net Wireless Corp.
Entity Trading Symbol	GNET
Document Type	10-Q
Document Period End Date	Nov. 30, 2014
Amendment Flag	false
Entity Central Index Key	0001511820
Current Fiscal Year End Date	--08-31
Entity Common Stock, Shares Outstanding		10,800,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

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Going Concern Uncertainties (DETAILS) (USD $)	Nov. 30, 2014
Going Concern Uncertainties
Accumulated deficit	$ 131,205

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INTERIM STATEMENT OF OPERATIONS (USD $)	3 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
EXPENSES
General and administrative expenses	$ 1,776	$ 4,354
Operating loss before interest	(1,776)	(4,354)
Interest	(798)	(798)
Net loss and comprehensive loss	$ (2,574)	$ (5,152)
Loss per share of common stock?Basic and diluted	$ 0.000	$ (0.001)
Weighted average shares of common stock?Basic and diluted	10,800,000	9,814,286

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Notes payable

3 Months Ended

Nov. 30, 2014

Notes payable:

Notes payable

6.

Notes payable

The company has four notes payable that are unsecured, bear interest at 8% per annum and are due on demand. The interest is classified as accrued liabilities for financial statement purposes.

Date		Principal		Interest		Total
September 16, 2011	$	5,000	$	1,283	$	6,283
October 4, 2011		5,000		1,264		6,264
November 4, 2011		10,000		2,459		12,459
December 3, 2012		10,000		1,594		11,594
Total	$	30,000	$	6,600	$	36,600

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Intangible Assets

3 Months Ended

Nov. 30, 2014

Intangible Assets {1}

Intangible Assets

5.

Intangible Assets

Intangible assets with definite lives are amortized over their estimated useful life. The website design is amortized over 3 years.

		Cost		Amortization		Net Book Value
August 31, 2014	$	1,140	$	1,140	$	nil
August 31, 201	$	1,140	$	1,045	$	95

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Common stock Transactions (Details) (USD $)	Nov. 08, 2013	Sep. 27, 2013
Common stock Transactions:
Issued shares of common stock	600,000	700,000
Common stock per share	$ 0.05	$ 0.05

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Intangible Assets (Details) (USD $)	Aug. 31, 2014	Aug. 31, 2013
Intangible Assets Details
Intangible Assets Cost	$ 1,140	$ 1,140
Intangible Assets amortization	1,140	1,045
Intangible Assets Net Book Value	$ 0	$ 95
Intangible Assets Amortization Period	3	3

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Intangible assets with definite lives are amortized (Tables)

3 Months Ended

Nov. 30, 2014

Intangible assets with definite lives are amortized

Intangible assets with definite lives are amortized

Intangible assets with definite lives are amortized over their estimated useful life. The website design is amortized over 3 years.

		Cost		Amortization		Net Book Value
August 31, 2014	$	1,140	$	1,140	$	nil
August 31, 201	$	1,140	$	1,045	$	95

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Convertible Notes Payable

3 Months Ended

Nov. 30, 2014

Convertible Notes Payable {1}

Convertible Note Payable

7.

Convertible Note Payable

The convertible note payable is unsecured, bearing interest at 8% per annum which is due on demand, and convertible at a conversion price of $0.005 per share at the lender’s option. The interest is classified as accrued liabilities for financial statement purposes.

In accordance with accounting policy, the carrying value of the financial instrument was bifurcated into debt and equity based on the fair value of the two instruments at the time of issuance. Based on a Black-Scholes option pricing model, the value of the conversion option was determined to be $906 making the value of the debt $9,094. The assumption used were: a 5 year term; volatility of 100%; risk free interest rate of 1.0% and dividends paid of $nil.

Because of the demand feature of the note and the relatively small value of the conversion feature, all of the debt discount was amortized and taken into income during the previous year as operating expense.

Date		Principal		Interest		Total
May 17, 2013	$	10,000	$	1,232	$	11, 232
Total	$	10,000	$	1,232	$	11, 232

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Common stock

3 Months Ended

Nov. 30, 2014

Common stock

Common stock

8.

Common stock

On September 27, 2013, the Company issued 700,000 common shares at $0.05 each for subscriptions received during the year ended August 31, 2013.

On November 8, 2013, the Company issued 600,000 common shares at $0.05 each for cash.

There were no warrants or stock options outstanding as of November 30, 2014.

There were no significant non-cash transactions during the period ended November 30, 2014.

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Notes payable (Tables)

3 Months Ended

Nov. 30, 2014

Schedule of Notes Payable

Schedule of Notes Payable

The interest is classified as accrued liabilities for financial statement purposes.

Date		Principal		Interest		Total
September 16, 2011	$	5,000	$	1,283	$	6,283
October 4, 2011		5,000		1,264		6,264
November 4, 2011		10,000		2,459		12,459
December 3, 2012		10,000		1,594		11,594
Total	$	30,000	$	6,600	$	36,600

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Notes payable (Details) (USD $)	Nov. 30, 2014
Principal
Unsecured notes September 16, 2011	$ 5,000
Unsecured notes October 4, 2011	5,000
Unsecured notes November 4, 2011	10,000
Unsecured notes December 3, 2012	10,000
Total notes payable	30,000
Interest
Unsecured notes September 16, 2011	1,283
Unsecured notes October 4, 2011	1,264
Unsecured notes November 4, 2011	2,459
Unsecured notes December 3, 2012	1,594
Total notes payable	6,600
Total:
Unsecured notes September 16, 2011	6,283
Unsecured notes October 4, 2011	6,264
Unsecured notes November 4, 2011	12,459
Unsecured notes December 3, 2012	11,594
Total notes payable	$ 36,600

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INTERIM STATEMENT OF SHAREHOLDERS' EQUITY (USD $)	Common Stock Shares	Common Stock Amount USD ($)	Additional Paid-in Capital USD ($)	Common Stock subscribed USD ($)	Deficit accumulated during the development stage USD ($)	Total USD ($)
Balance at Aug. 31, 2013	9,500,000	9,500	8,406	35,000	(90,099)	(37,193)
Sep 07, 2013, issued common stock at $0.05 per share for cash	700,000	700	34,300	(35,000)	0	0
Nov 08, 2013, issued common stock at $0.05 per share for cash	600,000	600	29,400	0	0	30,000
Net loss and comprehensive loss		$ 0	$ 0	$ 0	$ (38,533)	$ (38,533)
Balance at Aug. 31, 2014	10,800,000	10,800	72,106	0	(128,632)	(45,726)
Net loss and comprehensive loss		$ 0	$ 0	$ 0	$ (2,574)	$ (2,574)
Balance at Nov. 30, 2014	10,800,000	10,800	72,106	0	(131,205)	(48,299)

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Recently issued accounting pronouncements

3 Months Ended

Nov. 30, 2014

Recently issued accounting pronouncements

Recently issued accounting pronouncements

4.

Recently issued accounting pronouncements

The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. In June 2014, the Financial Accounting Standards Board (“FASB “) issued Accounting Standards Update (“ASU”) No. 2014-10 “Development Stage Entities. (Topic 915), Elimination of Certain Financial Reporting Requirements. The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (“U.S. GAAP”). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 for these financial statements.

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Convertible Unsecured Notes payable (DETAILS) (USD $)	Nov. 30, 2014	May 17, 2013
Convertible Unsecured Notes payable
Principal amount of notes payable	$ 10,000	$ 10,000
Interest amount of notes payable	1,232	1,232
Total amount of notes payable	$ 11,232	$ 11,232
Interest rate per annum on notes	8.00%	8.00%
Conversion price of notes	$ 0.005	$ 0.005