-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IfaPFkYl04+BSYD3PzserwaXEnN/IJBaPwvMj70mV3pQ9OPVFmZCHD6z3flm8MVb FeV9lzLjYmrVQyiDrKN3/Q== 0001062993-10-000541.txt : 20100219 0001062993-10-000541.hdr.sgml : 20100219 20100219161233 ACCESSION NUMBER: 0001062993-10-000541 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20100219 DATE AS OF CHANGE: 20100219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBETECH VENTURES CORP CENTRAL INDEX KEY: 0000947994 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26414 FILM NUMBER: 10619754 BUSINESS ADDRESS: STREET 1: SUITE 1020 STREET 2: 400 BURRARD STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 3A6 BUSINESS PHONE: 604-684-1207 MAIL ADDRESS: STREET 1: SUITE 1020 STREET 2: 400 BURRARD STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 3A6 FORMER COMPANY: FORMER CONFORMED NAME: COLOSSAL RESOURCES CORP DATE OF NAME CHANGE: 19950713 6-K 1 form6k.htm REPORT OF FOREIGN PRIVATE ISSUER Globetech Ventures Corp.: Form 6-K - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2010

Commission File Number: 000-26414

GLOBETECH VENTURES CORP.
(Translation of registrant's name into English)

Suite 1130 - 789 West Pender Street
Vancouver, BC Canada V6C 3G2

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[  x  ] Form 20-F   [     ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [           ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [           ]

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [           ] No [ x ]

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _________


 

SUBMITTED HEREWITH

Exhibits

99.1 Consolidated Financial Statements For the Six Months Ended March 31, 2008
     
99.2 Management Discussion and Analysis For the Six Months Ended March 31, 2008
     
  99.3 Certification of Interim Filings - CEO
     
  99.4 Certification of Interim Filings - CFO

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  Globetech Ventures Corp.
  (Registrant)
     
Date: February 18, 2010 By: /s/ Casey Forward
    Casey Forward
     
  Title: President

 


EX-99.1 2 exhibit99-1.htm CONSOLIDATED FINANCIAL STATEMENTS FOR PERIOD ENDED MARCH 31, 2008 Globetech Ventures Corp.: Exhibit99.1 - Filed by newsfilecorp.com

Globetech Ventures Corp.
(An exploration stage company)

Consolidated Financial Statements

(Unaudited)

For the six months ended March 31, 2008

in Canadian dollars


Globetech Ventures Corp.
(the "Company")
(An exploration stage company)
Consolidated Financial Statements
For the six months ended March 31, 2008

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the accompanying unaudited financial statements.

The accompanying unaudited financial statements of the Company have been prepared by and are the responsibility of the management of the Company.

"Casey Forward"                              "Ping Shen"                                          
Chief Executive Officer Chief Financial Officer



Globetech Ventures Corp.            
(An exploration stage company)            
Consolidated Balance Sheets            
(in Canadian dollars)            
(unaudited)            
             
             
    March 31,     September  
    2008     30, 2007  
             
ASSETS            
             
       Current Assets            
             Cash and cash equivalents $  4,242   $  128  
             GST refundable   4,536     12,491  
    8,778     12,619  
             
       Equipment (note 2)   924     1,076  
       Mineral properties (note 3)   101,231     94,231  
             
  $  110,933   $  107,926  
             
             
             
             
LIABILITIES            
             
       Current Liabilities            
             Accounts payable and accrued liabilities (note 4) $  169,491   $  145,432  
             Loans payable (note 5)   36,250     36,250  
    205,741     181,682  
             
             
SHAREHOLDERS' DEFICIENCY            
             
       Capital stock            
          Authorized            
             Unlimited common shares of no par value            
         Issued and outstanding - (note 6)   35,316,072     35,225,667  
       Contributed surplus   2,831,824     2,701,878  
       Deficit accumulated during the exploration stage   (38,242,704 )   (38,001,301 )
             
    (94,808 )   (73,756 )
             
  $  110,933   $  107,926  

The accompanying notes form an integral part of these consolidated financial statements



Globetech Ventures Corp.
(An exploration stage company)
Consolidated Statements of Operations and Deficit
(in Canadian dollars)
(unaudited)


  For the three months ended
March 31
    For the six months ended
March 31
 
    2008     2007     2008     2007  
                         
Administrative expenses                        
       Accounting and legal $  41,187   $  2,226   $  52,282   $  7,941  
       Amortization   75     106     151     212  
       Consulting fees   -     40,583     10,000     75,545  
       Interest and bank charges   197     14,103     348     22,718  
       Management fees   18,000     15,000     36,000     30,000  
       Office and miscellaneous   4,535     18,012     9,055     24,012  
       Regulatory and transfer agent fees   2,138     2,178     3,242     2,362  
       Stock-based compensation   -     -     129,946     -  
       Telephone   180     439     360     689  
       Travel and promotion   19     2,243     19     10,455  
                         
Net loss for the period   66,331     94,890     241,403     173,934  
                         
Deficit, beginning of period   (38,176,373 )   (37,479,494 )   (38,001,301 )   (37,400,450 )
Deficit, end of period $ (38,242,704 ) $ (37,574,384 ) $ (38,242,704 ) $ (37,574,384 )
Loss per share $  0.00   $  0.01   $  0.01   $  0.01  
Weighted average number of shares                        
         Basic and diluted   20,715,945     15,640,751     20,681,110     15,640,751  

The accompanying notes form an integral part of these consolidated financial statements



Globetech Ventures Corp.
(An exploration stage company)
Consolidated Statements of Shareholders' Equity (Deficiency)
(in Canadian dollars)
(unaudited)











Number of
shares








Common
Shares issued
and fully paid








Contributed
Surplus and
Equity portion
of convertible
debentures








Deficit
accumulated
during the
exploration
stage












Total




Balance December, 1991   -   $ -   $  -   $  -   $  -  
Issuance of shares for cash                              
 Private placements   1,280,001     159,500     -     -     159,500  
Loss for the period   -     -     -     (32,080 )   (32,080 )
Balance September 30, 1992   1,280,001     159,500     -     (32,080 )   127,420  
                               
Issuance of shares for cash                              
 By way of prospectus   600,000     360,000     -     -     360,000  
 Exercise of options   112,000     67,200     -     -     67,200  
 Exercise of warrants   100,000     60,000     -     -     60,000  
Issuance of shares for property   150,000     90,000     -     -     90,000  
Share issue costs   -     (83,205 )   -     -     (83,205 )
Loss for the year   -     -     -     (105,902 )   (105,902 )
Balance September 30, 1993   2,242,001     653,495     -     (137,982 )   515,513  
                               
Issuance of shares for cash                              
 Private placements   400,000     576,000     -     -     576,000  
 Share issue costs   -     (60,622 )   -     -     (60,622 )
Loss for the year   -     -     -     (403,571 )   (403,571 )
Balance September 30, 1994   2,642,001     1,168,873     -     (541,553 )   627,320  
                               
Issuance of shares for cash                              
 Private placements   418,000     1,121,400     -     -     1,121,400  
 Exercise of options   204,000     347,440     -     -     347,440  
Issuance of shares for finders fees   35,069     99,570     -     -     99,570  
Share issue costs   -     (108,570 )   -     -     (108,570 )
Loss for the year   -     -     -     (343,044 )   (343,044 )
Balance September 30, 1995   3,299,070     2,628,713     -     (884,597 )   1,744,116  
                               
Issuance of shares for cash                              
 Private placements   1,488,000     6,178,000     -     -     6,178,000  
 Exercise of options   1,128,584     4,161,930     -     -     4,161,930  
Issuance of shares for finders fees   75,624     197,379     -     -     197,379  
Share issue costs   -     (365,874 )   -     -     (365,874 )
Loss for the year   -     -     -     (1,533,474 )   (1,533,474 )
Balance September 30, 1996   5,991,278   $  12,800,148   $  -   $  (2,418,071 ) $  10,382,077  

The accompanying notes form an integral part of these consolidated financial statements



Globetech Ventures Corp.                              
(An exploration stage company)                              
Consolidated Statements of Shareholders' Equity (Deficiency) (continued)                    
(in Canadian dollars)                              
(unaudited)                              
                Contributed     Deficit        
                Surplus and     accumulated        
          Common     Equity portion     during the        
    Number of     Shares issued     of convertible     exploration        
    shares     and fully paid     debentures     stage     Total  
                               
Balance forward   5,991,278   $  12,800,148   $  -   $  (2,418,071 ) $  10,382,077  
Issuance of shares for cash                              
 Exercise of options   243,000     639,730     -     -     639,730  
 Exercise of warrants   845,447     3,696,723     -     -     3,696,723  
Issued on conversion of debt   2,464,950     4,821,079     -     -     4,821,079  
Issuance of common shares for  acquisition of subsidiary   171,282     1,124,745     -     -     1,124,745  
Issuance of shares for finders fees   65,298     457,086     -     -     457,086  
Share issue costs   -     (472,562 )   -     -     (472,562 )
Equity portion of convertible debentures   -     -     169,760     -     169,760  
Loss for the period   -     -     -     (2,822,786 )   (2,822,786 )
Balance September 30, 1997   9,781,255     23,066,949     169,760     (5,240,857 )   17,995,852  
Contingent consideration on acquisition of subsidiary   -     (1,086,901 )   -     -     (1,086,901 )
Issued on conversion of debt   277,776     261,679     (59,219 )   -     202,460  
    10,059,031     22,241,727     110,541     (5,240,857 )   17,111,411  
Capital stock consolidation (7.5:1)   (8,717,827 )   -     -     -     -  
Issued on conversion of debt   221,234     519,691     (110,541 )   -     409,150  
Issued on settlement of debt   550,000     111,152     -     -     111,152  
Loss for year   -     -     -     (20,236,904 )   (20,236,904 )
Balance September 30, 1998   2,112,438     22,872,570     (110,541 )   (25,477,761 )   (2,605,191 )
                               
Issued on settlement of debt   1,433,364     1,604,029     -     -     1,604,029  
Loss for the year   -     -     -     (706,147 )   (706,147 )
Balance September 30, 1999   3,545,802     24,476,599     -     (26,183,908 )   (1,707,309 )
                               
Issuance of shares for cash                              
 Exercise of options   24,100     56,321     -     -     56,321  
 Exercise of warrants   227,273     370,612     -     -     370,612  
Issued on conversion of debt   1,830,073     1,078,550     -     -     1,078,550  
Issued on settlement of debt   220,748     489,660     -     -     489,660  
Subscriptions received in advance   -     369,875     -     -     369,875  
Share issue costs   -     (74,141 )   -     -     (74,141 )
Loss for the year   -     -     -     (438,663 )   (438,663 )
Balance September 30, 2000   5,847,996     26,767,476     -     (26,622,571 )   144,905  
                               
Issuance of shares for cash                              
 Private placement   2,000,000     456,840     -     -     456,840  
Issued for subscriptions received in advance   227,273     369,875     -     -     369,875  
Subscriptions received in advance   -     (369,875 )   -     -     (369,875 )
Issued on acquisition of equity investment   500,000     192,075     -     -     192,075  
Issued on settlement of debt   914,670     502,784     -     -     502,784  
Share issue costs   -     (45,492 )   -     -     (45,492 )
Loss for the year   -     -     -     (1,822,692 )   (1,822,692 )
Balance September 30, 2001   9,489,939   $  27,873,683   $  -   $ (28,445,263 ) $  (571,580 )

The accompanying notes form an integral part of these consolidated financial statements



Globetech Ventures Corp.                              
(An exploration stage company)                              
Consolidated Statements of Shareholders' Equity (Deficiency) (continued)
(in Canadian dollars)                              
(unaudited)                              
                Contributed     Deficit        
                Surplus and     accumulated        
          Common     Equity portion     during the        
    Number of     Shares issued     of convertible     exploration        
    shares     and fully paid     debentures     stage -     Total  
                               
Balance forward   9,489,939   $  27,873,683   $  -   $ (28,445,263 ) $  (571,580 )
Loss for the year   -     -     -     (319,713 )   (319,713 )
Balance September 30, 2002   9,489,939     27,873,683     -     (28,764,976 )   (891,293 )
                               
Loss for the year   -     -     -     (47,171 )   (47,171 )
Balance September 30, 2003   9,489,939     27,873,683     -     (28,812,147 )   (938,464 )
                               
Issuance of shares for cash                              
Private placements   1,797,674     1,299,990     -     -     1,299,990  
Issued on conversion of debt   652,000     432,000     -     -     432,000  
Acquisition of Brazil Gold Ltda.   2,000,000     4,050,000     -     -     4,050,000  
Share issue costs   -     (135,690 )   -     -     (135,690 )
Contributed surplus   -     -     2,429,100     -     2,429,100  
Loss for the year   -     -     -     (7,302,024 )   (7,302,024 )
Balance September 30, 2004   13,939,613     33,519,983     2,429,100     (36,114,171 )   (165,088 )
                               
Issuance of shares for cash                              
Private placement - August 4, 2004 - shares                              
issued due to repricing clause   302,326     -     -     -     -  
Acquisition of Gladys Lake option   50,000     18,504     -     -     18,504  
Issued on conversion of debt   180,000     76,704     -     -     76,704  
Contributed surplus   -     -     579,654     -     579,654  
Loss for the year   -     -     -     (778,853 )   (778,853 )
Balance September 30, 2005   14,471,939     33,615,191     3,008,754     (36,893,024 )   (269,079 )
Warrant shares issued   257,812     -     -     -     -  
Acquisition of Gladys Lake option   50,000     10,500     -     -     10,500  
Issued on conversion of debt   861,000     199,270     -     -     199,270  
Loss for the year   -     -     -     (507,426 )   (507,426 )
Balance September 30, 2006   15,640,751     33,824,961     3,008,754     (37,400,450 )   (566,735 )
Acquisition of Gladys Lake option   50,000     16,500     -     -     16,500  
Issued on conversion of debt   3,731,128     780,330     -     -     780,330  
Issued on exercise of stock options   900,000     603,876     (306,876 )   -     297,000  
Loss for the year   -     -     -     (600,851 )   (600,851 )
Balance September 30, 2007   20,321,879     35,225,667     2,701,878     (38,001,301 )   (73,756 )
Issued on conversion of debt   360,000     83,406     -     -     83,406  
Acquisition of Gladys Lake option   50,000     7,000                 7,000  
Contributed surplus   -     -     129,945     -     129,945  
Loss for the period   -     -     -     (241,403 )   (241,403 )
Balance March 31, 2008   20,731,879   $  35,316,073   $  2,831,823   $ (38,242,704 ) $  (94,808 )

The accompanying notes form an integral part of these consolidated financial statements



Globetech Ventures Corp.                        
(An exploration stage company)                        
Consolidated Statements of Cash Flows                        
(in Canadian dollars)                        
(unaudited)                        
    For the three months ended     For the six months ended  
    March 31     March 31  
    2008     2007     2008     2007  
                         
Operating Activities                        
       Net loss for the period $  (66,331 ) $  (94,890 ) $  (241,403 ) $  (173,934 )
       Items not involving cash                        
             Amortization   75     106     151     212  
             Stock-based compensation   -     -     129,946     -  
       Change in non-cash working capital                        
             GST refundable and other receivables   (2,985 )   643     7,955     233  
             Accounts payable and accrued liabilities   73,243     83,586     107,465     154,319  
Net cash used in operating activities   4,002     (10,555 )   4,114     (19,170 )
                         
Financing Activities                        
       Loans payable   -     14,080     -     22,657  
Net cash provided from financing activities   -     14,080     -     22,657  
                         
Investing Activities                        
       Expenditures on mineral properties   -     -     -     -  
Net cash used in investing activities   -     -     -     -  
Change in cash and cash equivalents   4,002     3,525     4,114     3,487  
                         
Cash and cash equivalents at beginning of period   240     245     128     283  
                         
Cash and cash equivalents at end of period $  4,242   $  3,770   $  4,242   $  3,770  

The accompanying notes form an integral part of these consolidated financial statements



Globetech Ventures Corp.
Notes to Consolidated Financial Statements
March 31, 2008
(in Canadian dollars)
(unaudited)

1.

Nature of Operations and Significant Accounting Policies

   

The Company is incorporated under the laws of British Columbia, Canada, and its principal business activities included the acquiring and developing of mineral properties and the processing of related mineral resources. During the year ended September 30, 1998, the Company determined that it was not feasible to continue its mineral property operations. The Company is currently pursuing and evaluating potential business ventures in the mineral field.

   

These interim consolidated financial statements should be read in conjunction with the audited September 30, 2007 annual financial statements.

   

These interim financial statements follow the same accounting policies and methods of their application as in the September 30, 2007 annual financial statements. These interim consolidated financial statements do not conform in all respects to the requirements of Canadian generally accepted accounting principles for annual financial statements in that they do not include all note disclosures.

   

The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions which affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses for the periods reported. Actual results could differ from those estimates.

   

Recent Accounting Pronouncements

   

Assessing Going Concern:

   

The Canadian Accountability Standards Board (“AcSB”) amended CICA Handbook Section 1400, to include requirements for management to assess and disclose an entity’s ability to continue as a going concern. This section applies to interim and annual financial statements relating to fiscal years beginning on or after January 1, 2008. The Company is currently evaluating the impact of the adoption of the section on its financial statements.

   

Capital Disclosures:

   

The AcSB issued CICA Handbook Section 1535 “Capital Disclosures” The section specifies the disclosure of (i) an entity’s objectives, policies, and processes for managing capital; (ii) quantitative data about what the entity regards as capital; (iii) whether the entity has complied with capital requirements; and (iv) if it has not complied, the consequences of such non-compliance. The Company is currently evaluating the impact of the adoption of this new Section on its financial statements. This new Section relates to disclosures which did not have an impact on the Company’s financial results. This section applies to interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007. The Company is currently evaluating the impact of the adoption of the section on its financial statements.

   

Goodwill and Intangible Assets:

   

The AcSB issued CICA Handbook Section 3064 which replaces Section 3062, Goodwill and Other Intangible Assets, and Section 3450, Research and Development Costs. This new section establishes standards for the recognition, measurement, presentation and disclosure of goodwill subsequent to its initial recognition and of intangible assets. Standards concerning goodwill remain unchanged from the standards included in the previous Section 3062. The section applies to interim and annual financial statements relating to fiscal years beginning on or after October 1, 2008. Accordingly, the Company will adopt the new standards for its fiscal year beginning January 1, 2009. It establishes standards for the recognition, measurement, presentation and disclosure of goodwill subsequent to its initial recognition and of intangible assets by profit-oriented enterprises. Standards concerning goodwill are unchanged from the standards included in the previous Section 3062. The Company is currently evaluating the impact of the adoption of this new Section on its financial statements.

   

Financial instruments:

   

CICA Handbook Section 3862, Financial Instruments - Disclosure, increases the disclosures currently required to enable users to evaluate the significance of financial instruments for an entity's financial position and performance, including disclosures about fair value. CICA Handbook Section 3863, Financial Instruments – Presentation, replaces the existing requirements on the presentation of financial instruments, which have been carried forward unchanged. These standards are effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007. The Company is currently evaluating the impact of the adoption of these changes on the disclosure and presentation within its financial statements.




Globetech Ventures Corp.
Notes to Consolidated Financial Statements
March 31, 2008
(in Canadian dollars)
(unaudited)

1.

Nature of Operations and Significant Accounting Policies continued International financial reporting standards (“IFRS”):

   

In 2006, AcSB published a new strategic plan that will significantly affect financial reporting requirements for Canadian companies. The AcSB strategic plan outlines the convergence of Canadian GAAP with IFRS over an expected five year transitional period. In February 2008, the AcSB announced that 2011 is the changeover date for publicly-listed companies to use IFRS, replacing Canada’s own GAAP. The date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. The transition date of January 1, 2011 will require the restatement for comparative purposes of amounts reported by the Company for the year ended December 31, 2010. While the Company has begun assessing the adoption of IFRS for 2011, the financial reporting impact of the transition to IFRS cannot be reasonably estimated at this time.

   
2.

Equipment


                        September 30,  
    For the six months ended March 31, 2008     2007  
            Accumulated              
      Cost     amortization     Net book value     Net book value  
  Office equipment $ 5,222   $ 5,036   $ 186   $ 207  
  Computer equipment   26,313     25,575     738     869  
    $ 31,535   $ 30,611   $ 924   $ 1,076  

3.

Mineral Properties and Deferred Resource Property Expenditures

On February 28, 2005, Globetech announced that it entered into an option agreement whereby the Company can earn a 100% interest in the Gladys Lake porphyry molybdenum property from Mr. John Peter Ross of Whitehorse, Yukon. The Gladys Lake property is situated in northwestern British Columbia approximately 50 km northeast of Atlin and 15 km north of the Adanac molybdenum deposit presently undergoing final engineering studies and permitting.

In order to earn a 100% interest, the Company is required to pay a total of $95,000, in ascending payments over a period of four years. The agreement also calls for the issuing of 400,000 shares of Globetech over this same period. Since April 12, 2005, the Company has issued 150,000 shares from treasury. After the four-year period, the Company agrees to pay an annual advance royalty of $25,000 commencing February 28, 2010. On completion of a bankable feasibility, the Company will issue to the vendor a further 400,000 shares of Globetech. The vendor will retain a 3% Net Smelter Return Royalty, 2% of which can be purchased by the Company on a pro-rata basis for the sum of $2,000,000 at any time within five years of commencement of commercial production.

On November 13, 2007, the Company announced that it had entered into an option agreement with Forbes and Manhattan B.C. Ltd. ("Manhattan"). Under this agreement Manhattan may earn a 65% interest in the Gladys Lake molybdenum property by incurring $1.0 million in exploration and development expense and making cash payments to the vendor. Globetech will continue to issue shares to the vendor as previously agreed.

During 2008, the Company paid $NIL (2007 - $nil) and issued an additional 50,000 (2007 - 50,000) shares. Under the option agreement with Manhattan, the Company no longer needs to make cash payments to the vendor.

  The schedule of share issuances is as follows: Date Shares Status
    March 21, 2007 50,000 Issued
    March 21, 2008 100,000 Issued
    March 21, 2009 150,000  



Globetech Ventures Corp.
Notes to Consolidated Financial Statements
March 31, 2008
(in Canadian dollars)
(unaudited)

3.

Mineral Properties and Deferred Resource Property Expenditures continued


            For the six        
      To September     months ended     Cumulative to  
  The Company has incurred the following costs on the Gladys Lake property:   30, 2007     March 31, 2008     March 31, 2008  
       Acquisition costs $  70,504   $  7,000   $  77,504  
       Exploration costs                  
           Report   13,199     -     13,199  
           Assessment work   1,789     -     1,789  
           Geologist   4,000     -     4,000  
           Transportation   4,739     -     4,739  
                                           Total $  94,231   $  7,000   $  101,231  

4.

Related Parties

The Company has entered into the following transactions with related parties which are in the normal course of operations and have been valued in these financial statements at the exchange amount which is the amount of consideration established and agreed to by the related parties.

      For the six     For the six  
      months ended     months ended  
      March 31, 2008     March 31, 2007  
  Management fees to officers of the Company $ 36,000   $ 30,000  
  Consulting fees paid to a director   10,000     -  
  Paid or accrued accounting fees to an officer   3,000     -  
    $ 49,000   $ 30,000  

Included in accounts payable and accrued liabilities was $10,500 (September 30, 2007 - $13,958) due to a director, and $62,272 (September 30, 2007 - $12,000) due to officers of the Company.

Amounts due to related parties do not bear interest, are unsecured, and have no fixed payment terms. Accordingly the fair value cannot be readily determined.

5.

Loans Payable


            September 30,  
      March 31, 2008     2007  
  Loans payable which are unsecured, due on demand and bear
interest at 10% per annum

$

36,250


$

36,250

On January 31, 2007 the Company entered into debt settlement agreements to retire loans of $343,098 plus additional interest of $31,678 for a total of $374,776. The debt was settled in part on May 4, 2007 by the issuance of 1,873,880 shares at a price of $0.20 per share. Additional interest of $36,250 has been recognized and the Company has agreed to issue an additional 241,667 shares as payment in full.



Globetech Ventures Corp.
Notes to Consolidated Financial Statements
March 31, 2008
(in Canadian dollars)
(unaudited)

6.

Share Capital

     
  a) Common Shares
     
    The authorized share capital of the Company is unlimited without par value.

  b) Issued   Number of Shares           Share Capital  
       Balance, September 30, 2006   15,640,751         $  33,824,961  
       Acquisition of Gladys Lake option (note 3)   50,000   $  0.33     16,500  
       Exercise of options   900,000   $  0.33     297,000  
       Shares issued for debt (note 5)   1,873,880   $  0.20     374,776  
       Shares issued for debt   1,296,745   $  0.20     259,349  
       Shares issued for debt   271,500   $  0.20     54,300  
       Shares issued for debt   289,003   $  0.318     91,903  
       Contributed surplus allocated   -           306,876  
       Balance, September 30, 2007   20,321,879           35,225,665  
       Shares issued for debt   360,000   $  0.23     83,407  
       Acquisition of Gladys Lake option (note 3)   50,000   $  0.14     7,000  
       Balance, March 31, 2008   20,731,879         $  35,316,072  

The Company has issued 20,731,879 common shares of which 25,000 shares are held in escrow as at March 31, 2008.

  c) Stock Options

The Company has adopted an incentive stock option plan (the "Plan"). The essential elements of the Plan provide that the aggregate number of shares of the Company's capital stock issuable pursuant to options granted under the Plan may not exceed 5,800,630 shares. Options granted under the Plan may have a maximum term of five (5) years. The exercise price of the options granted under the Plan will not be less than the fair market value of the common stock at the date of grant. The Plan Administrator shall specify the vesting schedule for each stock option granted.

Total options vested at March 31, 2008 were 1,600,000 (September 30, 2007 - 1,200,000).

(i) The changes in stock options were as follows:

      For the six           For the year        
      months ended     Weighted     ended     Weighted  
      March 31,     Average     September 30,     Average  
      2008     Exercise Price     2007     Exercise Price  
  Balance outstanding, beginning of year   1,200,000   $  0.78     2,100,000   $  0.54  
     Options granted   1,600,000     0.15     -     -  
     Forfeited   (800,000 )   0.30     (900,000 )   0.30  
     Forfeited   (400,000 )   USD$1.75              
  Balance outstanding, end of period   1,600,000   $  0.15     1,200,000   $  0.78  

(ii) Using the fair value method for stock-based compensation, stock-based compensation expense of $129,946 was recorded in the consolidated statements of operations and deficit for the period ended March 31, 2008 (March 31, 2007 - $nil).

This amount was determined using the Black Scholes Option Pricing Model assuming no dividends are to be paid, with a weighted average expected stock option life of 3 years, a weighted average volatility of the Company's share price of 107.1% and an average annual risk free interest rate of 3.8% .

(iii) The following table summarizes information about stock options, outstanding at March 31, 2008:

    Number outstanding at March   Weighted average remaining
  Range of exercise prices 31, 2008   contractual life (years)
                   $ 0.15 1,600,000   2.7
                   $ 0.15 1,600,000   2.7



Globetech Ventures Corp.
Notes to Consolidated Financial Statements
March 31, 2008
(in Canadian dollars)
(unaudited)

6.

Share Capital continued

     
d)

Warrants

     

 

At March 31, 2008, the Company had nil (September 30, 2007 - nil) common share purchase warrants outstanding to purchase nil common shares of the Company.
     
7.

Contingencies

     

The Company has made a demand for the return of 2,000,000 shares issued in connection with the Amapa property due to breach of the contract. The Company is of the opinion that the breaches incurred by the defendants occurred before any non- performance of the contract on its part and that it should able to exercise its rights under the contract to repurchase the 2,000,000 shares issued for $100.00. The outcome is not determinable.

     
8.

Subsequent events

     

Pursuant to the acquisition of the Gladys Lake option, the Company issued 50,000 shares.

     

The Company issued 200,000 shares to settle the indebtedness with a creditor.



EX-99.2 3 exhibit99-2.htm MANAGEMENT DISCUSSION AND ANALYSIS Globetech Ventures Corp.: Exhibit 99.2 - Filed by newsfilecorp.com

GLOBETECH VENTURES CORP.
Management Discussion and Analysis
For the Six Months Ended March 31, 2008

May 26, 2008

The Company

Globetech Ventures Corp. (“Globetech” or the “Company”), a public company listed on the OTC Bulletin Board under the symbol GTVCF, was incorporated under the laws of the Province of British Columbia on November 20, 1991 under the name Universal Enterprises Corp. The Company then changed its name to Colossal Resources Corp. on August 17, 1992 and became a reporting issuer with its shares listed for trading on the Vancouver Stock Exchange under the symbol CLP. On February 24, 1997 the Company voluntarily de-listed its shares from the Vancouver Stock Exchange and its shares were listed for trading on the NASDAQ Small Cap Exchange under the symbol CLPZF on April 3, 1996. On July 28, 1998 the Company’s shares were de-listed from the NASDAQ Small Cap Exchange for failing to maintain a bid price of not less than US$1.00 per share. The Company subsequently listed its shares for trading on the OTC Bulletin Board under the symbol CLPZF. On September 20, 2000 the Company changed its name to Globetech Ventures Corp. with a new trading symbol of GTVCF.

The Company’s head office and principal place of business is located at Suite 1128 - 789 West Pender Street, Vancouver, BC, V6C 1H2.

Business of the Company

Globetech’s principal business activities include the acquiring and exploration of mineral properties and the processing of related mineral resources.

On February 28, 2005, Globetech entered into an option agreement whereby the Company can earn a 100% interest in the Gladys Lake porphyry molybdenum property from Mr. John Peter Ross of Whitehorse, Yukon. The Gladys Lake property is situated in northwestern British Columbia approximately 50 km northeast of Atlin and 15 km north of the Adanac molybdenum deposit presently undergoing final engineering studies and permitting.

In order to earn a 100% interest, the Company is required to pay a total of $95,000, in ascending payments over a period of four years. The agreement also calls for the issuing of 400,000 shares of Globetech over this same period. After the four-year period, the Company agrees to pay an annual advance royalty of $25,000 commencing February 28, 2010. On completion of a bankable feasibility, the Company will issue to the vendor a further 400,000 shares of Globetech. The vendor will retain a 3% Net Smelter Return Royalty, 2% of which can be purchased by the Company on a pro-rata basis for the sum of $2,000,000 at any time within five years of commencement of commercial production. The qualified person as defined by NI 43-101 for this news release is John Kowalchuk, P.Geo. Exploration Manager.

On November 13, 2007, the Company announced that it had entered into an option agreement with Forbes and Manhattan B.C. Ltd. ("Manhattan"). Under this agreement Manhattan may earn a 65% interest in the Gladys Lake molybdenum property by incurring $1.0 million in exploration and development expense and making cash payments to the vendor. Globetech will continue to issue shares to the vendor as previously agreed.

During 2007, the Company paid $NIL (2006 - $15,000) and issued an additional 50,000 (2006 -50,000) shares. Under the option agreement with Manhattan, the Company no longer needs to make cash payments to the vendor.



GLOBETECH VENTURES CORP.
Management Discussion and Analysis
For the Six Months Ended March 31, 2008

For six months ended March 31, 2008, the Company issued an additional 50,000 (2007 – NIL) shares under option agreement.

The Gladys Lake molybdenite deposit lies about 2 to 3 kilometres south of the west end of Gladys Lake approximately 50 kilometres northeast of the town of Atlin, British Columbia. The deposit received extensive work by Amax Explorations Ltd. in 1970 and 1971 when geological and geochemical surveys, trenching and 726 metres of diamond drilling were completed. The drill results were not documented for assessment work. In 1978, Quest Explorations Ltd. recovered the drill core, logged and assayed the core. The results are shown in the table below.

The property is underlain by a sequence of sediments of the Late Paleozoic Cache Creek Group. These rocks are intruded by small bodies of Late Mesozoic alaskite. The alaskite consists of a ring-dyke complex exposed at higher elevations and a probable large stock-like body at depth. Roughly centered about the alaskite is a quartz vein stockwork zone lying within a larger zone of weakly to intensely altered rocks. The alaskite complex has an outer diameter ranging from 500 m (1600 feet) to 700 m (2300 feet).

The hornfelsed and altered zones are both roughly centered about the alaskite outcrop. The hornfels measures approximately 3500 m (11,500 feet) and 2000 m (6,600 feet) respectively. The wallrock alteration zone lies within the hornfelsed zone and has an elliptical shape with the long axis being approximately 2500 m (8200 feet) and the short axis being 1500 m (5000 feet). The wallrock alteration zone is characterized by pervasive weak to intense degrees of bleaching and silicification with attendant development of sericite occurring along fractures and disseminated along margins of quartz veins.

Quartz veining occurs widespread throughout the alteration zone with sedimentary rocks and alaskite. Veins commonly range from 1/8 in to ¾ in wide and are relatively continuous and sharp walled. The quartz vein stockwork zone is roughly centered about the alaskite ring dyke complex.

Sulphide minerals recognized on the property include pyrite, molybdenite, chalcopyrite and pyrrhotite. Very minor amounts of scheelite and wolframite have been observed Molybdenite occurs as medium grained flakes, books and rosettes along margins of quartz veins within the stockwork zone and in most of the stringer zones. Also fine-grained molybdenite occurs along dry fractures within the stockwork zone.

The geochemistry survey completed by AMAX in 1970 produced an anomalous target 1200 m (4000 feet) by 800 m (2700 feet). This soil geochemical anomaly outlines the trace of the main molybdenum mineralization in the quartz stockwork zone.

Surface rock sampling from outcrop and trenching gave range from 0.02% to 0.05% MoS2. Core sampling, supervised by R.H. Seraphim, Ph.D., P.Eng. in 1978, gave the following values:

Hole 1 220’ to 401’ 181’ 0.110% MoS2.
Hole 2 200’ to 586’ 386’ 0.089% MoS2
Hole 3 72’ to 175’ 103’ 0.051% MoS2
  332’ to 490’ 158’ 0.022% MoS2
Hole 4 not sampled
Hole 5 520’ to 556’ 36’  0.087% MoS2 



GLOBETECH VENTURES CORP.
Management Discussion and Analysis
For the Six Months Ended March 31, 2008

These drill hole assays are historical data and have not been verified by the Company’s qualified person and are not 43-101 compliant. They were obtained from the assessment records held by the Government of British Columbia and the reputation of the Geologist R. H. Seraphim would suggest that it is reliable, however because it was not completed under the rigors of NI 43-101 it must only be viewed as historical data. The Company will be contracting an independent Qualified Person to visit the property and prepare a NI 43-101 report on the project.

The Gladys Lake property hosts a molybdenum deposit similar in tenor and size to the Adanac Deposit to the south. The property has an excellent anomalous soil footprint and weakly mineralized surface showings of molybdenite. Limited diamond drilling suggests that the grade of the mineralization is similar to that at Adanac with grades ranging from 0.05 to 0.1% MoS2.

Selected Annual Information

The following information is derived from the consolidated financial statements of the Company for each of the three years ended September 30, 2007, 2006 and 2005.


Year Ended,
September 30, 2007
Year Ended,
September 30, 2006
Year Ended,
September 30, 2005
Total Revenues $NIL $NIL $NIL
Net income (loss) per
share, basic and fully
diluted

(0.03)

(0.03)

(0.05)
Total Assets 107,926 83,482 133,628
Long Term Liabilities NIL NIL NIL
Cash dividends
declared

NIL

NIL

NIL
Number of securities
outstanding

20,321,879

15,640,751

14,471,939

Results of Operations

For the six months ended March 31, 2008, the Company had a net loss of $241,403 compared to a net loss of $173,934 for the previous comparative period, an increase of 39%. The largest item in the current period is stock-based compensation expense of $129,946. Without the stock-based compensation expense, the net loss actually decreased 36% as compared to the six months ended March 31, 2007. The main difference was consulting fees of $10,000 as compared to $75,545 in the comparable quarter. The Company has continued to look for projects to undertake in mining and other various fields.

Summary of Quarterly Results

Results for the eight most recently completed quarters are summarized as follows:



GLOBETECH VENTURES CORP.
Management Discussion and Analysis
For the Six Months Ended March 31, 2008



Total
revenues
Income (loss)
before other
items
Net Income
(loss) for the
period
Net income
(loss) per share
(basic and
diluted)
March 31, 2008 $NIL ($66,331) ($66,331) ($0.00)
December 31, 2007 NIL (175,072) (175,072) (0.01)
September 30, 2007 NIL (51,881) (52,058) 0.01
June 30, 2007 NIL (338,609) (338,609) (0.02)
March 31, 2007 NIL (94,890) (94,890) (0.01)
December 31, 2006 NIL (79,044) (79,044) (0.01)
September 30, 2006 NIL 52,504 51,534 0.01
June 30, 2006 NIL (68,794) (68,794) (0.01)

Liquidity and Capital Resources

At March 31, 2008, the Company had a working capital deficiency of $196,963 as compared to a deficiency of $169,063 at September 30, 2007. The Company retired accounts payable of $83,407 by issuing of 360,000 shares at a price of $0.23.

The Company needs to raise additional cash for working capital or other expenses to properly continue operations. We may encounter lower than anticipated opportunities to raise equity funding, higher than anticipated expenses, or opportunities for acquisitions of other business initiatives that require significant cash commitments, or other unanticipated problems or expenses that could result in a requirement for additional capital before that time. If we need to raise additional cash, financing may not be available to us on favorable terms, or at all. We have several share purchase warrants outstanding and we will endeavor to have some of these exercised.

Sales and Marketing

There are no specific sales and marketing plans currently undertaken. The Company has recently found a mining property to explore, and may undertake some public relations campaigns. The Company is currently developing a marketing strategy.

Other Information

The Company has not entered into any off-balance sheet arrangements.

As at May 26, 2008, the Company had the following securities issued and outstanding:

Common shares 20,981,879  
Share purchase options 1,600,000  
Share purchase warrants NIL  

Subsequent Events

Pursuant to the acquisition of the Gladys Lake option, the Company issued 50,000 shares.

Transactions with Related Parties



GLOBETECH VENTURES CORP.
Management Discussion and Analysis
For the Six Months Ended March 31, 2008

The Company has incurred $36,000 (2007 - $30,000) in management fees to the President of the Company. The Company incurred $10,000 (2007 - $NIL) in consulting fees to a director. The Company has incurred accounting fees of $3,000 (2007 - $nil) to an officer of the Company.

As at March 31, 2008, related party accounts payable and accrued liabilities was $54,642. The amounts are non-interest bearing, unsecured, and due on demand. The transactions were in the normal course of business.

Critical Accounting Estimates

The preparation of financial statements in conformity with Canadian GAAP requires the Company to select from possible alternative accounting principles, and to make estimates and assumptions that determine the reported amounts of assets and liabilities at the balance sheet date, and reported costs and expenditures during the reporting period. Estimates and assumptions may be revised as new information is obtained, and are subject to change. The Company’s accounting policies and estimates used in the preparation of the financial statements are considered appropriate in the circumstances, but are subject to judgments and uncertainties inherent in the financial reporting process.

The Company follows accounting guidelines in determining the fair value of stock-based compensation. This calculated amount is not based on historical cost, but is derived based on subjective assumptions input into an option-pricing mode. The model requires that management make several assumptions as to future events: 1) estimate the average future hold period of issued stock options before exercise, expiry or cancellation; 2) future volatility of the Company’s share price in the expected hold period (using historical volatility as a reference); 3) and the appropriate risk-free rate of interest. The resulting value calculated is not necessarily the value which the holder of the option could receive in an arm’s length transaction, given that there is no market for the options and they are not transferable. It is management’s view that the value derived is highly subjective and dependent entirely upon the input assumptions made.

Changes in Accounting Policies including Initial Adoption

Nil

Recent Accounting Pronouncements

Assessing Going Concern:

The Canadian Accountability Standards Board (“AcSB”) amended CICA Handbook Section 1400, to include requirements for management to assess and disclose an entity’s ability to continue as a going concern. This section applies to interim and annual financial statements relating to fiscal years beginning on or after January 1, 2008. The Company is currently evaluating the impact of the adoption of the section on its financial statements.

Capital Disclosures:

The AcSB issued CICA Handbook Section 1535 “Capital Disclosures” The section specifies the disclosure of (i) an entity’s objectives, policies, and processes for managing capital; (ii) quantitative data about what the entity regards as capital; (iii) whether the entity has complied



GLOBETECH VENTURES CORP.
Management Discussion and Analysis
For the Six Months Ended March 31, 2008

with capital requirements; and (iv) if it has not complied, the consequences of such non-compliance. The Company is currently evaluating the impact of the adoption of this new Section on its financial statements. This new Section relates to disclosures which did not have an impact on the Company’s financial results. This section applies to interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007. The Company is currently evaluating the impact of the adoption of the section on its financial statements.

Goodwill and Intangible Assets:

The AcSB issued CICA Handbook Section 3064 which replaces Section 3062, Goodwill and Other Intangible Assets, and Section 3450, Research and Development Costs. This new section establishes standards for the recognition, measurement, presentation and disclosure of goodwill subsequent to its initial recognition and of intangible assets. Standards concerning goodwill remain unchanged from the standards included in the previous Section 3062. The section applies to interim and annual financial statements relating to fiscal years beginning on or after October 1, 2008. Accordingly, the Company will adopt the new standards for its fiscal year beginning January 1, 2009. It establishes standards for the recognition, measurement, presentation and disclosure of goodwill subsequent to its initial recognition and of intangible assets by profit-oriented enterprises. Standards concerning goodwill are unchanged from the standards included in the previous Section 3062. The Company is currently evaluating the impact of the adoption of this new Section on its financial statements.

Financial instruments:

CICA Handbook Section 3862, Financial Instruments - Disclosure, increases the disclosures currently required to enable users to evaluate the significance of financial instruments for an entity's financial position and performance, including disclosures about fair value. CICA Handbook Section 3863, Financial Instruments – Presentation, replaces the existing requirements on the presentation of financial instruments, which have been carried forward unchanged. These standards are effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007. The Company is currently evaluating the impact of the adoption of these changes on the disclosure and presentation within its financial statements.

International financial reporting standards (“IFRS”):

In 2006, AcSB published a new strategic plan that will significantly affect financial reporting requirements for Canadian companies. The AcSB strategic plan outlines the convergence of Canadian GAAP with IFRS over an expected five year transitional period. In February 2008, the AcSB announced that 2011 is the changeover date for publicly-listed companies to use IFRS, replacing Canada’s own GAAP. The date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. The transition date of January 1, 2011 will require the restatement for comparative purposes of amounts reported by the Company for the year ended December 31, 2010. While the Company has begun assessing the adoption of IFRS for 2011, the financial reporting impact of the transition to IFRS cannot be reasonably estimated at this time.

Financial Instruments and Other Instruments



GLOBETECH VENTURES CORP.
Management Discussion and Analysis
For the Six Months Ended March 31, 2008

The fair values of cash, GST refundable, accounts payable and accrued liabilities and loans payable approximate their carrying values due to the short term or demand nature of these instruments. It is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

Multilateral Instrument 52-109 disclosure

Evaluation of disclosure controls and procedures

Public companies are required to perform an evaluation of disclosure controls and procedures annually and to disclose management’s conclusions about the effectiveness of these disclosure controls and procedures in its annual MD&A.

The Company has established, and is maintaining, disclosure controls and procedures to provide reasonable assurance that material information relating to the Company and its consolidated subsidiaries is disclosed in annual filings, interim filings or other reports is recorded, processed, summarized and reported within the time periods specified as required by securities regulations. The Company has designed and implemented internal controls over financial reporting to provide reasonable assurance of the reliability of its financial reporting.

Internal controls over financial reporting

The Chief Executive Officer and Chief Financial Officer, together with other members of management have evaluated the effectiveness of the Company’s disclosure controls and procedures, and internal control over financial reporting, and believe that they are sufficient to provide reasonable assurance that the Company’s disclosures are compliant with securities regulations. There have been no changes in internal control over financial reporting that have any material effect in the most recent quarter.

The President and CFO are responsible for designing internal control procedures over financial reporting or causing it to be designed under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with GAAP.

There are inherent weaknesses in the Company’s internal control due to its small size and its inability to segregate incompatible functions. Due to the limited number of staff at the Company, it is not economically feasible to achieve complete segregation of incompatible duties.


EX-99.3 4 exhibit99-3.htm CERTIFICATION Globetech Ventures Corp.: Exhibit 99.3 - Filed by newsfilecorp.com

CERTIFICATION OF INTERIM FILINGS

VENTURE ISSUER BASIC CERTIFICATE

I, Casey Forward, acting in the capacity of Chief Executive Officer of Globetech Ventures Corp., certify the following:

1.

Review: I have reviewed the interim financial statements and interim MD&A (together the interim filings) of Globetech Ventures Corp. for the interim period ending March 31, 2008.

   
2.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

   
3.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 30, 2008

“Casey Forward”
__________________
Casey Forward
Chief Executive Officer

 NOTE TO READER
   

In contrast to the certificate required under Multilateral Instrument 52-109 Certificate of Disclosure in Issuers’ Annual and Interim Filings (MI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in MI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of:

 

i)

controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii)

a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

 

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.

 

Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in MI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.



EX-99.4 5 exhibit99-4.htm CERTIFICATION Globetech Ventures Corp.: Exhibit 99.4 - Filed by newsfilecorp.com

CERTIFICATION OF INTERIM FILINGS

VENTURE ISSUER BASIC CERTIFICATE

I, Ping Shen, acting in the capacity of Chief Financial Officer of Globetech Ventures Corp., certify the following:

1.

Review: I have reviewed the interim financial statements and interim MD&A (together the interim filings) of Globetech Ventures Corp. for the interim period ending March 31, 2008.

   
2.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

   
3.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: May 30, 2008

“Ping Shen”
__________________
Ping Shen
Chief Financial Officer

 NOTE TO READER
    

In contrast to the certificate required under Multilateral Instrument 52-109 Certificate of Disclosure in Issuers’ Annual and Interim Filings (MI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in MI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of:

 

i)

controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii)

a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

 

The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.

 

Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in MI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.



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