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.

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.





RESULTS OF OPERATIONS


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

Three-month Period Ended November 30, 2020 Compared to the Three-month Period Ended November 30, 2019.

Our net loss for the three-month period ended November 30, 2020 was $6,163 (2019: $6,578), which consisted of general and administration expenses and interest on notes payable. We did not generate any revenue during either three-month period in fiscal 2020 or 2019. The decrease in general and administrative expenses in the current fiscal year relate to a reduction in amortization and corporate regulation expenses when compared to the previous year.

The weighted average number of shares outstanding was 10,800,000 for the three-month period ended November 30, 2020 and 10,800,000 for the three-month period ended November 30, 2019.

LIQUIDITY AND CAPITAL RESOURCES

As at November 30, 2020, our current assets were $75,670 compared to $46,438 in current assets at August 31, 2020. As at November 30, 2020, our current liabilities were $307,613 compared to $272,218 at August 31, 2020. Current liabilities at November 30, 2020 were comprised of $246,027 in convertible notes and interest payable, $51,012 in notes and accrued interest payable and $10,574 in accounts payable and accrued liabilities.

Stockholders' deficit increased from $225,780 as of August 31, 2020 to $231,943 as of November 30, 2020.





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Cash Flows from Operating Activities

We have not generated positive cash flows from operating activities. For the three-month period ended November 30, 2020, net cash used in operating activities was $30,018, consisting of an adjusted net loss of $6,163, less adjustments for non-cash items of $3,570 interest on notes payable, $3,570 interest on notes and convertible notes payable and $400 on debt accretion. Adjustments for changes in operating assets and liabilities was an increase in prepaid expenses of $29,250, an increase in accounts payable and accrued liabilities of $1,425. For the three-month period ended November 30, 2019, net cash flows used in operating activities were $6,591.

Cash Flows from Financing Activities

We have financed our operations primarily from either the issuance of our shares of common stock or issuance of notes payable. For the three-month period ended November 30, 2020, we had $30,000 cash from issuing notes. We generated 25,000 cash from financing activities for the comparative period in fiscal 2019 which also arose from issuing notes payable.

PLAN OF OPERATION AND FUNDING

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

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

OFF-BALANCE SHEET ARRANGEMENTS

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





GOING CONCERN


The independent auditors' report accompanying our August 31, 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.





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