Company Quick10K Filing
Globe Net Wireless
Price0.25 EPS-0
Shares11 P/E-84
MCap3 P/FCF-235
Net Debt0 EBIT-0
TEV3 TEV/EBIT-134
TTM 2019-05-31, in MM, except price, ratios
10-Q 2021-02-28 Filed 2021-04-15
10-Q 2020-11-30 Filed 2021-01-20
10-K 2020-08-31 Filed 2020-12-14
10-Q 2020-05-31 Filed 2020-07-13
10-Q 2020-02-29 Filed 2020-04-15
10-Q 2019-11-30 Filed 2020-01-14
10-K 2019-08-31 Filed 2019-12-13
10-Q 2019-05-31 Filed 2019-07-17
10-Q 2019-02-28 Filed 2019-04-17
10-Q 2018-11-30 Filed 2019-01-14
10-K 2018-08-31 Filed 2018-12-14
10-Q 2018-05-31 Filed 2018-07-16
10-Q 2018-02-28 Filed 2018-04-16
10-Q 2017-11-30 Filed 2018-01-16
10-K 2017-08-31 Filed 2017-12-14
10-Q 2017-05-31 Filed 2017-07-17
10-Q 2017-02-28 Filed 2017-04-14
10-Q 2016-11-30 Filed 2017-01-13
10-K 2016-08-31 Filed 2016-12-08
10-Q 2016-05-31 Filed 2016-07-15
10-Q 2016-02-29 Filed 2016-04-14
10-Q 2015-11-30 Filed 2016-01-14
10-K 2015-08-31 Filed 2015-11-30
10-Q 2015-05-31 Filed 2015-07-13
10-Q 2015-02-28 Filed 2015-04-15
10-Q 2014-11-30 Filed 2015-01-14
10-K 2014-08-31 Filed 2014-12-03
10-Q 2014-05-31 Filed 2014-07-15
10-Q 2013-11-30 Filed 2014-01-14
10-K 2013-08-31 Filed 2013-12-16

GNTW 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31-1.htm
EX-32.1 ex32-1.htm

Globe Net Wireless Earnings 2021-02-28

Balance SheetIncome StatementCash Flow

10-Q 1 form10-q.htm

 

 

 

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 February 28, 2021

 

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)

 

(253)252-8637

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 [  ] Smaller reporting company [X]
(Do not check if a smaller reporting company)      

 

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 April 14, 2021.

 

 

 

 
 

 

GLOBE NET WIRELESS CORP.

Interim Condensed Financial Statements

February 28, 2021

Stated in US Dollars

 

  PAGES
INTERIM CONDENSED BALANCE SHEETS F-1
   
INTERIM CONDENSED STATEMENT OF OPERATIONS F-2
   
INTERIM CONDENSED STATEMENT OF STOCKHOLDER’S DEFICIT F-3
   
INTERIM CONDENSED STATEMENT OF CASH FLOWS F-4
   
NOTES TO INTERIM CONDENSED FINANCIAL STATEMENTS F-5 – F-7

 

2
 

 

GLOBE NET WIRELESS CORP.

INTERIM CONDENSED BALANCE SHEETS

(Unaudited)

 

    February 28, 2021     August 31, 2020  
         
ASSETS          
           
CURRENT ASSETS          
Cash  $272   $2,223 
Prepaid expenses   72,715    44,215 
           
Total Assets  $72,987   $46,438 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
CURRENT LIABILITIES          
Accounts payable and accrued liabilities  $2,282   $9,150 
Notes and accrued interest payable – Note 5   51,604    50,414 
Convertible notes and accrued interest payable – Note 6   253,490    212,654 
           
Total Liabilities   307,376    272,218 
           
STOCKHOLDERS’ 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   98,282    92,106 
Deficit accumulated   (343,471)   (328,686)
           
Total Stockholders’ Deficit   (234,389)   (225,780)
           
Total Liabilities and Stockholders’ Deficit  $72,987   $46,438 

 

Going concern – Note 2

 

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

 

F-1
 

 

GLOBE NET WIRELESS CORP.

INTERIM CONDENSED STATEMENTS OF OPERATIONS

For the three and six months ended February 28, 2021 and February 29, 2020

(Unaudited)

 

    For the three months ended February 28, 2021     For the three months ended February 29, 2020  
 
For the six months ended February 28, 2021     For the six months ended February 29, 2020  
 
 
 
                 
EXPENSES                    
                     
General and administrative expenses  $4,390   $4,100   $6,583   $7,179 
                     
Operating loss before interest   (4,390)   (4,100)   (6,583)   (7,179)
Interest   (3,531)   (3,570)   (7,101)   (6,669)
Amortized interest   (701)   (400)   (1,101)   (800)
                     
Net loss and comprehensive loss  $(8,622)  $(8,070)  $(14,785)  $(14,648)
                     
Loss per share of common stock                    
-Basic and diluted  $(0.0008)  $(0.0007)  $(0.0014)  $(0.0013)
                     
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.

 

F-2
 

 

GLOBE NET WIRELESS CORP.

INTERIM CONDENSED STATEMENT OF SHAREHOLDERS’ DEFICIT

For the Six Months Ended February 28, 2021 and February 29, 2020

(Unaudited)

 

    Common stock Shares     Amount     Additional Paid-in Capital     Deficit Accumulated     Total  
                     
Balance, August 31, 2020   10,800,000   $10,800   $92,106   $(328,686)  $(225,780)
                          
Net loss and comprehensive loss               (6,163)   (6,163)
                          
Balance, November 30, 2020   10,800,000    10,800    92,106    (334,849)   (231,943)
                          
Equity portion on convertible debt issued           6,176        6,176 
Net loss and comprehensive loss               (8,622)   (8,622)
                          
Balance, February 28, 2021   10,800,000   $10,800   $98,282   $(343,471)  $(234,389)

 

    Common stock Shares     Amount     Additional Paid-in Capital     Deficit Accumulated     Total  
                     
Balance, August 31, 2019   10,800,000   $10,800   $92,106   $(294,304)  $(191,398)
                          
Net loss and comprehensive loss               (6,578)   (6,578)
                          
Balance, November 30, 2019   10,800,000    10,800    92,106    (300,882)   (197,976)
                          
Net loss and comprehensive loss               (8,070)   (8,070)
                          
Balance, February 29, 2020   10,800,000   $10,800   $92,106   $(308,952)  $(206,046)

 

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

 

F-3
 

 

GLOBE NET WIRELESS CORP.

INTERIM CONDENSED STATEMENTS OF CASH FLOWS

For the Six Months Ended February 28, 2021 and February 29, 2020

(Unaudited)

 

    For the six months ended February 28, 2021     For the six months ended February 29, 2020  
         
Cash Flows from (used in) Operating Activities          
Net Loss  $(14,785)  $(14,648)
Adjustments to reconcile net income to net cash provided by (used in) operating activities          
Amortization       907 
Interest on notes and convertible notes payable   7,101    6,669 
Accretion on convertible notes payable   1,101    800 
Increase (decrease) in operating assets and liabilities          
Prepaid expense   (28,500)   1,124 
Accounts payable   332    (6,150)
Accrued liabilities   (7,200)   (6,750)
           
Net Cash used in Operating Activities   (41,951)   (18,150)
           
Cash Flows from Financing Activities                                                 
           
Proceeds from convertible notes issued   40,000    25,000 
Net Cash provided by Financing Activities   40,000    25,000 
           
Cash Flows used in Investment Activities          
Intangible assets        
           
Net Cash used in Investment Activities        
           
Increase (Decrease) in Cash   (1,951)   6,850 
           
Cash at Beginning of Year   2,223    714 
           
Cash at End of Year  $272   $7,564 
           
Supplemental cash flow information          
Interest paid  $   $ 
Taxes paid  $   $ 

 

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

 

F-4
 

 

GLOBE NET WIRELESS CORP.

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

February 28, 2021

 

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 realized limited revenues from its planned operations. The Company has been 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 also engaged in the development of the TextPro Connect app and the BizPro app. These are utility services apps specifically designed for the mobile business market. Subsequent to the year-end, management decided to expand the Company’s focus and identify and assess new projects for acquisition purposes that are more global in nature and technology-based.
   
  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 $343,235 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, results 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, 2020 annual financial statements. Operating results for the six months period ended February 28, 2021 are not necessarily indicative of the results that can be expected for the year ended August 31, 2021.

 

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, 2020.

   
F-5
 

 

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.

 

4. Intangible assets
   
  Intangible assets represent payments made to third parties for the development of utility software applications (“apps”). The assets have been amortized over 3 years on a straight-line basis. As of August 31, 2020, the assets have been fully amortized.

 

   August 31, 2020 
Item  Cost   Accumulated Amortization   Net 
Text Pro App   $8,333   $8,333   $- 
Biz Pro App    1,913    1,913    - 
Total   $10,246   $10,246   $- 

 

5. Notes and interest payable
   
  There are four notes payable that are unsecured, bear interest at 8% per annum and are due on demand. Interest has not been paid and is classified with accrued liabilities for financial statement purposes. The principal and interest owing as of February 28, 2021 and as of August 31, 2020:

 

   February 28, 2021   August 31, 2020 
Date of Issue  Principal   Interest   Principal   Interest 
September 16, 2011  $5,000   $3,784   $5,000   $3,586 
October 4, 2011   5,000    3,764    5,000    3,566 
November 4, 2011   10,000    7,461    10,000    7,064 
December 3, 2012   10,000    6,595    10,000    6,198 
   $30,000   $21,604   $30,000   $20,414 

 

F-6
 

 

6. Convertible notes and interest payable
   
  All convertible notes payable are unsecured and due on demand. Except as noted below, no amount was allocated to the conversion feature as, at the time of issue, there was no beneficial conversion feature or the note could not readily be converted into cash. A summary of convertible notes and interest outstanding is as follows:

 

Face Value   Conversion Rate   Interest rate   Accrued Interest   Carrying Value   Feb 28 2021 Total   Aug 31 2020 Total 
$20,000   $0.100    10%  $7,742   $20,000   $27,742   $26,751 
$20,000   $0.5625    8%   7,422    20,000    27,422    26,627 
$20,000   $0.5625    8%   6,930    6,932    13,862    12,270(a)
$3,500   $0.035    8%   457    3,500    3,957    3,817 
$25,000   $0.020    8%   5,810    25,000    30,810    29,819 
$25,000   $0.024    8%   2,526    25,000    27,526    26,534 
$30,500   $0.005    8%   15,046    30,500    45,546    44,336 
$25,000   $0.020    -    -    25,000    25,000    25,000 
$47,500   $0.017    -    -    47,500    47,500    17,500 
$10,000   $0.017    -    -0    4,125    4,125    -(b)
$226,500             $45,933   $204,050   $253,490   $212,654 

 

a) This note for $20,000 was issued on October 31, 2016 when the market price per share was $1.48. The conversion feature was valued at $20,000. $1,600 was accreted and charged to interest during the year ended August 31, 2020 ($1,600 for the year ended August 31, 2019). At February 28, 2021, the unamortized discount was $13,068 (August 31, 2020 - $13,867).

 

   February 28, 2021   August 31, 2020 
   Principal   Interest   Principal   Interest 
Proceeds on issue  $20,000    -   $20,000    - 
Value assigned to conversion feature   20,000    -    20,000    - 
Value of convertible note payable at issuance   -    -    -    - 
Accretion charges  $6,933    -   $6,133    - 
Interest   -   $6,930    -   $6,137 
Balance, convertible note payable, end of period  $6,933   $6,930   $6,133   $6,137 

 

b) This note for $10,000 was issued on January 20, 2021 when the market price per share was $0.0275.  The conversion feature was valued at $6,176. At February 28, 2021, the unamortized discount was $5,875.

 

   February 28, 2021 
   Principal 
Proceeds on issue  $10,000 
Value assigned to conversion feature   6,176 
Value of convertible note payable at issuance   3,824 
Accretion charges  $301 
Interest   - 
Balance, convertible note payable, end of period  $4,125 

 

7. Common stock
   
  There were no changes to the number of common shares issued and outstanding as at February 28, 2021 and as of the year ended August 31, 2020.
   
  There were no warrants or stock options outstanding as of February 28, 2021 and as of August 31, 2020.

 

F-7
 

 

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.

 

On December 9, 2016, Globe Net issued a press release announcing that it had launched BizPro Mobile Apps, a suite of mobile app development services for the small to medium sized business mobile app market. For more information, please refer to Exhibit 99.1 filed of the form 8-K filed on December 13, 2016 for more details.

 

We intend to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to us by persons or firms which desire to seek the advantages of an issuer who has complied with the Securities Act of 1934 (the “1934 Act”). We will not restrict our search to any specific business, industry or geographical location, and we may participate in business ventures of virtually any nature. This discussion of our proposed business is purposefully general and is not meant to be restrictive of our unlimited discretion to search for and enter into potential business opportunities. We anticipate that we may be able to participate in only one potential business venture because of our lack of financial resources.

 

3
 

 

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.

 

Six-month Period Ended February 28, 2021 Compared to the Six-month Period Ended February 29, 2020.

 

Our net loss for the six-month period ended February 28, 2021 was $14,785 (2020: $14,648), which consisted of general and administration expenses and interest on notes payable. We did not generate any revenue during either six-month period in fiscal 2021 or 2020. The increase in expenses in the current fiscal year relate to an increase in interest expenses.

 

The weighted average number of shares outstanding was 10,800,000 for the six-month period ended February 28, 2021 and 10,800,000 for the six-month period ended February 29, 2020.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As at February 28, 2021, our current assets were $72,987 compared to $46,438 in current assets at August 31, 2020. As at February 28, 2021, our current liabilities were $307,376 compared to $272,218 at August 31, 2020. Current liabilities at February 28, 2021 were comprised of $253,490 in convertible notes and interest payable, $51,604 in notes and accrued interest payable and $2,282 in accounts payable and accrued liabilities.

 

Stockholders’ deficit increased from $272,218 as of August 31, 2020 to $307,376 as of February 28, 2021.

 

Cash Flows from Operating Activities

 

We have not generated positive cash flows from operating activities. For the six-month period ended February 28, 2021, net cash flows used in operating activities were $41,951 consisting of an adjusted net loss of $14,785 and $7,101 interest on notes and convertible notes payable and $1,101 on debt accretion. Adjustments for changes in operating assets and liabilities were due to an increase in prepaid expenses of $28,500. For the three-month period ended February 29, 2020, net cash flows used in operating activities were $14,648.

 

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 six-month period ended February 28, 2021, we generated $40,000 cash from financing activities from the issuance of a convertible promissory note. We generated $25,000 cash in the comparative period in fiscal 2020.

 

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.

 

4
 

 

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

 

OFF-BALANCE SHEET ARRANGEMENTS

 

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

 

GOING CONCERN

 

The independent auditors’ report accompanying our August 31, 2020 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.

 

CHANGE IN ACCOUNTING POLICY

 

The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date.

 

5
 

 

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 February 28, 2021. 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 six-month period ended February 28, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

6
 

 

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.

 

7
 

 

ITEM 6. EXHIBITS

 

 

8
 

 

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: April 14, 2021 By: /s/ Kirk Reed
  Kirk Reed, President and Chief Executive Officer and Chief Financial Officer

 

9