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 May 31, 2016

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 July 14, 2016.

GLOBE NET WIRELESS CORP.

Interim Financial Statements

May 31, 2016

Stated in US Dollars

	PAGES
INTERIM BALANCE SHEETS	1
INTERIM STATEMENT OF OPERATIONS	2
INTERIM STATEMENT OF STOCKHOLDERS’ DEFICIT	3
INTERIM STATEMENT OF CASH FLOWS	4
NOTES TO THE INTERIM FINANCIAL STATEMENTS	5 – 6

GLOBE NET WIRELESS CORP.

INTERIM BALANCE SHEETS

(Unaudited)

	May 31, 2016			August 31, 2015
ASSETS
CURRENT ASSETS
Cash	$	1,327		$	819
Prepaid Expenses		1,250			-
Total Assets	$	2,577		$	819
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts Payable	$	9,705		$	10,453
Accrued Liabilities		15,207			15,933
Notes Payable – Note 5		30,000			30,000
Convertible Note Payable – Note 6		30,500			10,000
Total Current Liabilities		85,412			63,792
STOCKHOLDER’S DEFICIT
Common Stock - Note 7
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		(165,741	)		(148,473	)
Total Stockholders’ Deficit		(82,835	)		(65,567	)
Total Liabilities and Stockholders’ Deficit	$	2,577		$	819

The accompanying notes are an integral part of the financial statements

1

GLOBE NET WIRELESS CORP.

INTERIM STATEMENT OF OPERATIONS

For the three and nine months ended May 31, 2016 and May 31, 2015

(Unaudited)

	For the three			For the three			For the nine			For the nine
	months ended			months ended			months ended			months ended
	May 31, 2016			May 31, 2015			May 31, 2016			May 31, 2015
EXPENSES
General and administrative expenses	$	6,574		$	1,385		$	13,844		$	9,390
Operating loss before interest		(6,574	)		(1,385	)		(13,844	)		(9,390	)
Interest		(1,215	)		(807	)		(3,424	)		(2,393	)
Net loss and comprehensive loss	$	(7,789	)	$	(2,192	)	$	(17,268	)	$	(11,783	)
Loss per share of common stock
-Basic and diluted	$	(0.001	)	$	(0.000	)	$	(0.002	)	$	(0.001	)
Weighted average shares of common stock
-Basic and diluted		10,800,000			10,800,000			10,800,000			10,800,000

The accompanying notes are an integral part of the financial statements

2

GLOBE NET WIRELESS CORP.

INTERIM STATEMENT OF SHAREHOLDERS’ DEFICIT

(Unaudited)

	Common stock				Additional Paid-in		Common Stock			Deficit
	Shares		Amount		Capital		subscribed			Accumulated			Total
Balance, August 31, 2013		9,500,000	$	9,500	$	8,406	$	35,000		$	(90,099	)	$	(37,193	)
Sep 07, 2013, issued common stock		700,000		700		34,300		(35,000	)		-			-
at $0.05 per share for cash
Nov 08, 2013, issued common stock		600,000		600		29,400		-			-			30,000
At $0.05 per share for cash
Net loss and comprehensive loss for the year ended August 31, 2014		-		-		-		-			(38,533	)		(38,533	)
Balance, August 31, 2014		10,800,000		10,800		72,106		-			(128,632	)		(45,726	)
Net loss and comprehensive loss for the year ended August 31, 2015		-		-		-		-			(19,841	)		(19,841	)
Balance, August 31, 2015		10,800,000		10,800		72,106		-			(148,473	)		(65,567	)
Net loss and comprehensive loss for the nine months ended May 31, 2016		-		-		-		-			(17,268	)		(17,268	)
Balance, May 31, 2016		10,800,000	$	10,800	$	72,106	$	-		$	(165,741	)	$	(82,835	)

The accompanying notes are an integral part of the financial statements

3

GLOBE NET WIRELESS CORP.

INTERIM STATEMENT OF CASH FLOWS

For the nine months ended May 31, 2016 and May 31, 2015

(Unaudited)

	For the nine			For the nine
	months ended			months ended
	May 31, 2016			May 31, 2015
Cash Flows from (used in) Operating Activities
Net Loss	$	(17,268	)	$	(11,783	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Interest on notes and convertible notes payable		3,424			2,393
Increase (Decrease) in Operating Assets and Liabilities
Prepaid expenses		(1,250	)
Accounts Payable		(748	)		(8,905	)
Accrued Liabilities		(4,150	)		2,250
Net Cash used in Operating Activities		(19,992	)		(16,045	)
Cash Flows from Financing Activities
Convertible note payable		20,500			-
Net Cash provided by Financing Activities		20,500			-
Increase (Decrease) in Cash		508			(16,045	)
Cash at Beginning of Period		819			18,066
Cash at End of Period	$	1,327		$	2,021
Supplemental cash flow information
Interest	$	3,424		$	2,393
Taxes	$	-		$	-

The accompanying notes are an integral part of the financial statements

4

GLOBE NET WIRELESS CORP.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

(Unaudited)

May 31, 2016

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 $165,741 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, 2015 annual financial statements. Operating results for the nine month period ended May 31, 2016 are not necessarily indicative of the results that can be expected for the year ended August 31, 2016.

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, 2015.

5

GLOBE NET WIRELESS CORP.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

(Unaudited)

May 31, 2016

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. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements.

5. 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	$	1,884	$	6,884
October 4, 2011		5,000		1,864		6,864
November 4, 2011		10,000		3,660		13,660
December 3, 2012		10,000		2,795		12,795
Total	$	30,000	$	10,203	$	40,203

6. Convertible Note Payable

There are five convertible notes payable. The notes are 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.

There was no value assigned to the conversion feature of the notes issued during the nine months ended May 31, 2016 as the shares that would have been issued are not readily convertible into cash.

Date	Principal		Interest		Total
May 17, 2013	$	10,000	$	2,433	$	12,433
Sep 11, 2015		10,000		576		10,576
Nov 12, 2015		5,000		220		5,220
Nov 13, 2015		5,000		219		5,219
Apr 11, 2016		500		6		506
Total	$	30,500	$	3,454	$	33,954

7. 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 May 31, 2016.

6

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 startup 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.

Nine-month Period Ended May 31, 2016 Compared to the Nine-month Period Ended May 31, 2015.

Our net loss for the nine-month period ended May 31, 2016 was $17,268 (2015: $11,783), which consisted of general and administration expenses and interest on a note payable. We did not generate any revenue during either nine-month period in fiscal 2016 or 2015. The increase in expenses in the current fiscal year relate to an increase in administrative expenses associated with being a reporting issuer and interest expense no notes payable.

The weighted average number of shares outstanding was 10,800,000 for the nine-month period ended May 31, 2016 and 10,800,000 for the period ended May 31, 2015.

7

Three-month Period Ended May 31, 2016 Compared to the Three-month Period Ended May 31, 2015.

Our net loss for the three-month period ended May 31, 2016 was $7,789 (2015: $2,192), which consisted of general and administration expenses and interest on a note payable. We did not generate any revenue during either three-month period in fiscal 2016 or 2015. The increase in expenses in the current fiscal year relate to an increase inadministrative expenses associated with being a reporting issuer and interest expense no notes payable.

The weighted average number of shares outstanding was 10,800,000 for the three-month periods ended May 31, 2016 and 10,800,000 for May 31, 2015.

LIQUIDITY AND CAPITAL RESOURCES

As at May 31, 2016, our current assets were $2,577 compared to $819 in current assets at August 31, 2015. As at May 31, 2016, our current liabilities were $85,412 compared to $63,792 at August 31, 2015. Current liabilities at May 31, 2016 were comprised of $60,500 in notes payable and $9,705 in accounts payable and $15,207 in accrued liabilities.

Stockholders’ deficit increased from $65,567 as of August 31, 2015 to $82,835 as of May 31, 2016.

Cash Flows from Operating Activities

We have not generated positive cash flows from operating activities. For the nine-month period ended May 31, 2016, net cash flows used in operating activities were $19,992 consisting of a net loss of $17,268 and $748 in accounts payable and. For the nine-month period ended May 31, 2015, net cash flows used in operating activities were $16,045 consisting of a net loss of $11,783 and $8,905 in accounts payable and accrued liabilities.

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 nine-month period ended May 31, 2016, we realized nil in net cash from financing activities. We generated $20,500 cash from financing activities in the comparative period in fiscal 2015.

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.

8

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, 2015 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.

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 May 31, 2016. 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 nine-month period ended May 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

9

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.

10

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.

11

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: July 15, 2016	By:	/s/ Ku Wai Li
		Ku Wai Li, President and Chief Executive Officer and Chief Financial Officer

12

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: July 15, 2016

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 May 31, 2016 (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: July 15, 2016

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

Document and Entity Information - shares	9 Months Ended
	May 31, 2016	Jul. 14, 2016
Document And Entity Information
Entity Registrant Name	Globe Net Wireless Corp.
Entity Central Index Key	0001511820
Document Type	10-Q
Document Period End Date	May 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,800,000
Trading Symbol	GNTW
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2016

XML

Interim Balance Sheets (Unaudited) - USD ($)	May 31, 2016	Aug. 31, 2015
CURRENT ASSETS
Cash	$ 1,327	$ 819
Prepaid Expenses	1,250
Total Assets	2,577	819
CURRENT LIABILITIES
Accounts Payable	9,705	10,453
Accrued Liabilities	15,207	15,933
Notes Payable - Note 5	30,000	30,000
Convertible Note Payable - Note 6	30,500	10,000
Total Current Liabilities	85,412	63,792
STOCKHOLDER'S DEFICIT
Common Stock - Note 7 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	(165,741)	(148,473)
Total Stockholders' Deficit	(82,835)	(65,567)
Total Liabilities and Stockholders' Deficit	$ 2,577	$ 819

XML

Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares	May 31, 2016	Aug. 31, 2015
Statement of Financial Position [Abstract]
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

XML

Interim Statement of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
EXPENSES
General and administrative expenses	$ 6,574	$ 1,385	$ 13,844	$ 9,390
Operating loss before interest	(6,574)	(1,385)	(13,844)	(9,390)
Interest	(1,215)	(807)	(3,424)	(2,393)
Net loss and comprehensive loss	$ (7,789)	$ (2,192)	$ (17,268)	$ (11,783)
Loss per share of common stock - Basic and diluted	$ (0.001)	$ (0.000)	$ (0.002)	$ (0.001)
Weighted average shares of common stock - Basic and diluted	10,800,000	10,800,000	10,800,000	10,800,000

XML

Interim Statement of Shareholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Common Stock Subscribed [Member]	Deficit Accumulated [Member]	Total
Balance at Aug. 31, 2013	$ 9,500	$ 8,406	$ 35,000	$ (90,099)	$ (37,193)
Balance, shares at Aug. 31, 2013	9,500,000
Sep 07, 2013, issued common stock at $0.05 per share for cash	$ 700	34,300	(35,000)
Sep 07, 2013, issued common stock at $0.05 per share for cash, shares	700,000
Nov 08, 2013, issued common stock At $0.05 per share for cash	$ 600	29,400			30,000
Nov 08, 2013, issued common stock At $0.05 per share for cash, shares	600,000
Net loss and comprehensive loss				(38,533)	(38,533)
Balance at Aug. 31, 2014	$ 10,800	72,106		(128,632)	(45,726)
Balance, shares at Aug. 31, 2014	10,800,000
Net loss and comprehensive loss				(19,841)	(19,841)
Balance at Aug. 31, 2015	$ 10,800	72,106		(148,473)	(65,567)
Balance, shares at Aug. 31, 2015	10,800,000
Net loss and comprehensive loss				(17,268)	(17,268)
Balance at May. 31, 2016	$ 10,800	$ 72,106		$ (165,741)	$ (82,835)
Balance, shares at May. 31, 2016	10,800,000

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Interim Statement of Shareholders' Deficit (Unaudited) (Parenthetical) - $ / shares	Nov. 08, 2013	Sep. 27, 2013	Sep. 07, 2013
Statement of Stockholders' Equity [Abstract]
Common stock per share price	$ 0.05	$ 0.05	$ 0.05

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Interim Statement of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2016	May 31, 2015
Cash Flows from (used in) Operating Activities
Net Loss	$ (17,268)	$ (11,783)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Interest on notes and convertible notes payable	3,424	2,393
Increase (Decrease) in Operating Assets and Liabilities
Prepaid expenses	(1,250)
Accounts Payable	(748)	(8,905)
Accrued Liabilities	(4,150)	2,250
Net Cash used in Operating Activities	(19,992)	(16,045)
Cash Flows from Financing Activities
Convertible note payable	20,500
Net Cash provided by Financing Activities	20,500
Increase (Decrease) in Cash	508	(16,045)
Cash at Beginning of Period	819	18,066
Cash at End of Period	1,327	2,021
Supplemental cash flow information
Interest	3,424	2,393
Taxes

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Organization and Nature of Operations

9 Months Ended

May 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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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Basis of Presentation - Going Concern Uncertainties

9 Months Ended

May 31, 2016

Accounting Policies [Abstract]

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 $165,741 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.

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Interim Reporting and Significant Accounting Policies

9 Months Ended

May 31, 2016

Accounting Policies [Abstract]

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, 2015 annual financial statements. Operating results for the nine month period ended May 31, 2016 are not necessarily indicative of the results that can be expected for the year ended August 31, 2016.

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, 2015.

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Recently Issued Accounting Pronouncements

9 Months Ended

May 31, 2016

Accounting Changes and Error Corrections [Abstract]

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. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements.

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Notes Payable

9 Months Ended

May 31, 2016

Debt Disclosure [Abstract]

Notes Payable

5. 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	$	1,884	$	6,884
October 4, 2011		5,000		1,864		6,864
November 4, 2011		10,000		3,660		13,660
December 3, 2012		10,000		2,795		12,795
Total	$	30,000	$	10,203	$	40,203

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Convertible Note Payable

9 Months Ended

May 31, 2016

Debt Disclosure [Abstract]

Convertible Note Payable

6. Convertible Note Payable

There are five convertible notes payable. The notes are 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.

There was no value assigned to the conversion feature of the notes issued during the nine months ended May 31, 2016 as the shares that would have been issued are not readily convertible into cash.

Date	Principal		Interest		Total
May 17, 2013	$	10,000	$	2,433	$	12,433
Sep 11, 2015		10,000		576		10,576
Nov 12, 2015		5,000		220		5,220
Nov 13, 2015		5,000		219		5,219
Apr 11, 2016		500		6		506
Total	$	30,500	$	3,454	$	33,954

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Common Stock

9 Months Ended

May 31, 2016

Equity [Abstract]

Common Stock

7. 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 May 31, 2016.

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Notes Payable (Tables)

9 Months Ended

May 31, 2016

Debt Disclosure [Abstract]

Schedule of 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	$	1,884	$	6,884
October 4, 2011		5,000		1,864		6,864
November 4, 2011		10,000		3,660		13,660
December 3, 2012		10,000		2,795		12,795
Total	$	30,000	$	10,203	$	40,203

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Convertible Note Payable (Tables)

9 Months Ended

May 31, 2016

Debt Disclosure [Abstract]

Schedule of Convertible Note Payable

There was no value assigned to the conversion feature of the notes issued during the nine months ended May 31, 2016 as the shares that would have been issued are not readily convertible into cash.

Date	Principal		Interest		Total
May 17, 2013	$	10,000	$	2,433	$	12,433
Sep 11, 2015		10,000		576		10,576
Nov 12, 2015		5,000		220		5,220
Nov 13, 2015		5,000		219		5,219
Apr 11, 2016		500		6		506
Total	$	30,500	$	3,454	$	33,954

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Basis of Presentation - Going Concern Uncertainties (Details Narrative) - USD ($)	May 31, 2016	Aug. 31, 2015
Accounting Policies [Abstract]
Accumulated deficit	$ 165,741	$ 148,473

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Notes Payable (Details Narrative)	May 31, 2016
Debt Disclosure [Abstract]
Unsecured note bear interest rate	8.00%

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Notes Payable - Schedule of Notes Payable (Details) - Notes Payable [Member] - USD ($)					9 Months Ended
	Dec. 03, 2012	Nov. 04, 2011	Oct. 04, 2011	Sep. 16, 2011	May 31, 2016
Principal	$ 10,000	$ 10,000	$ 5,000	$ 5,000	$ 30,000
Interest	2,795	3,660	1,864	1,884	10,203
Total	$ 12,795	$ 13,660	$ 6,864	$ 6,884	$ 40,203

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Convertible Note Payable (Details Narrative)	May 31, 2016 $ / shares
Debt Disclosure [Abstract]
Unsecured note bearing interest rate	8.00%
Convertible note payable at a conversion price per share	$ 0.005

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Convertible Note Payable - Schedule of Convertible Note Payable (Details) - Convertible Note Payable [Member] - USD ($)						9 Months Ended
	Apr. 11, 2016	Nov. 13, 2015	Nov. 12, 2015	Sep. 11, 2015	May 17, 2013	May 31, 2016
Principal	$ 500	$ 5,000	$ 5,000	$ 10,000	$ 10,000	$ 30,500
Interest	6	219	220	576	2,433	3,454
Total	$ 506	$ 5,219	$ 5,220	$ 10,576	$ 12,433	$ 33,954

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Common Stock (Details Narrative) - $ / shares	Nov. 08, 2013	May 31, 2016	Sep. 27, 2013	Sep. 07, 2013
Equity [Abstract]
Number of common stock shares issued for subscriptions received			700,000
Common stock price per share	$ 0.05		$ 0.05	$ 0.05
Number of common stock shares issued for cash	600,000
Warrants or stock options outstanding