Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Feb. 28, 2015 | Apr. 13, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | Globe Net Wireless Corp. | |
Entity Trading Symbol | GNTW | |
Document Type | 10-Q | |
Document Period End Date | 28-Feb-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1511820 | |
Current Fiscal Year End Date | -23 | |
Entity Common Stock, Shares Outstanding | 10,800,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
INTERIM_BALANCE_SHEETS
INTERIM BALANCE SHEETS (USD $) | Feb. 28, 2015 | Aug. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $3,907 | $18,066 |
Total Current Assets | 3,907 | 18,066 |
Total Assets | 3,907 | 18,066 |
CURRENT LIABILITIES | ||
Accounts Payable | 11,973 | 11,009 |
Accrued Liabilities | 7,250 | 12,783 |
Notes Payable - Note 6 | 30,000 | 30,000 |
Convertible Note Payable - Note 7 | 10,000 | 10,000 |
Total Current Liabilities | 59,223 | 63,792 |
STOCKHOLDER'S EQUITY | ||
Common Stock - Note 8 Par Value:$0.001 Authorized 200,000,000 shares Issued 10,800,000 shares | 10,800 | 10,800 |
Additional Paid in Capital | 72,106 | 72,106 |
Deficit Accumulated during the development stage | -138,222 | -128,632 |
Total Stockholders' Deficit | -55,316 | -45,726 |
Total Liabilities and Stockholders' Equity | $3,907 | $18,066 |
INTERIM_BALANCE_SHEETS_PARENTH
INTERIM BALANCE SHEETS PARENTHETICALS (USD $) | Feb. 28, 2015 | Aug. 31, 2014 |
Parentheticals | ||
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 10,800,000 | 10,800,000 |
INTERIM_STATEMENT_OF_OPERATION
INTERIM STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
EXPENSES | ||||
General and administrative expenses | $6,228 | $3,937 | $8,004 | $8,292 |
Operating loss before interest | -6,228 | -3,936 | -8,004 | -8,290 |
Interest | -789 | -789 | -1,587 | -1,587 |
Net loss and comprehensive loss | ($7,017) | ($4,725) | ($9,591) | ($9,877) |
Loss per share of common stock -Basic and diluted | $0 | $0 | ($0.00) | ($0.00) |
Weighted average shares of common stock -Basic and diluted | 10,800,000 | 10,800,000 | 10,800,000 | 10,466,851 |
INTERIM_STATEMENT_OF_SHAREHOLD
INTERIM STATEMENT OF SHAREHOLDERS' EQUITY (DEFICIT) (USD $) | Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Shares Subscribed | Deficit Accumulated During the Development Stage | Total |
USD ($) | USD ($) | |||||
Balance at Aug. 31, 2013 | 9,500,000 | 9,500 | 8,406 | 35,000 | -90,099 | -37,193 |
Sep 07, 2013, issued common stock at $0.05 per share for cash | 700,000 | 700 | 34,300 | -35,000 | ||
Nov 08, 2013, issued common stock at $0.05 per share for cash | 600,000 | 600 | 29,400 | 30,000 | ||
Net loss and comprehensive loss | ($38,533) | ($38,533) | ||||
Balance at Aug. 31, 2014 | 10,800,000 | 10,800 | 72,106 | -128,632 | -45,726 | |
Net loss and comprehensive loss | ($9,591) | ($9,591) | ||||
Balance at Feb. 28, 2015 | 10,800,000 | 10,800 | 72,106 | -138,222 | -55,316 |
INTERIM_STATEMENT_OF_CASH_FLOW
INTERIM STATEMENT OF CASH FLOWS (USD $) | 6 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Cash Flows from (used in) Operating Activities | ||
Net Income (Loss) | ($9,591) | ($9,877) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Amortization | 95 | |
Interest on notes and convertible notes payable | 1,587 | 1,587 |
Increase (Decrease) in Operating Assets and Liabilities | ||
Prepaid Expense | 866 | |
Accounts Payable | -7,655 | -22,042 |
Accrued Liabilities | 1,500 | 1,250 |
Net Cash used in Operating Activities | -14,159 | -28,121 |
Cash Flows from (used in) Financing Activities | ||
Common shares issued | 65,000 | |
Shares subscribed, not issued | -35,000 | |
Net Cash provided by Financing Activities | 30,000 | |
Cash Flows used in Investment Activities | ||
Intangible Assets | 0 | |
Net Cash used in Investment Activities | 0 | |
Increase (Decrease) in Cash | -14,159 | 1,879 |
Cash at Beginning of Period | 18,066 | 19,753 |
Cash at End of Period | 3,907 | 21,632 |
Supplemental cash flow information | ||
Interest | 1,587 | 1,587 |
Taxes | $0 |
Organization_and_nature_of_ope
Organization and nature of operations | 6 Months Ended |
Feb. 28, 2015 | |
Organization and nature of operations: | |
Organization and nature of operations | 1 . Organization and nature of operations |
Globe Net Wireless Corp. ("the Company") was incorporated in the State of Nevada, USA on September 4, 2009. The Company is in its early development stage since its formation and has not realized any revenues from its planned operations. The Company is engaged in the development of a telecommunication business to provide internet and related services to both consumers and businesses currently in under serviced or unserviced areas at real broadband speeds through the proprietary wireless technology it acquired. | |
The Company has chosen an August 31 year end. |
Basis_of_PresentationGoing_Con
Basis of Presentation-Going Concern Uncertainties | 6 Months Ended |
Feb. 28, 2015 | |
Basis of Presentation - Going Concern Uncertainties | |
Basis of Presentation - Going Concern Uncertainties. | 2. Basis of Presentation - Going Concern Uncertainties |
These financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. However, the Company has limited operations and has sustained operating losses resulting in a deficit. | |
The Company has accumulated a deficit of $138,222 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. |
Interim_reporting_and_signific
Interim reporting and significant accounting policies | 6 Months Ended |
Feb. 28, 2015 | |
Interim reporting and significant accounting policies | |
Interim reporting and significant accounting policies | 3. Interim reporting and significant accounting policies |
The interim condensed financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim condensed financial statements be read in conjunction with the Company’s August 31, 2014 annual financial statements. Operating results for the six month period ended February 28, 2015 are not necessarily indicative of the results that can be expected for the year ended August 31, 2015. | |
There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the year ended August 31, 2014. |
Recently_issued_accounting_pro
Recently issued accounting pronouncements | 6 Months Ended |
Feb. 28, 2015 | |
Recently issued accounting pronouncements | |
Recently issued accounting pronouncements | 4. Recently issued accounting pronouncements |
In June 2014, the Financial Accounting Standards Board (“FASB “) issued Accounting Standards Update (“ASU”) No. 2014-10 “Development Stage Entities. (Topic 915), Elimination of Certain Financial Reporting Requirements. The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (“U.S. GAAP”). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 for these financial statements. | |
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. |
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Intangible Assets {1} | |||||||
Intangible Assets | 5. Intangible Assets | ||||||
Intangible assets with definite lives are amortized over their estimated useful life. The website design is amortized over 3 years. | |||||||
Cost | Amortization | Net Book Value | |||||
31-Aug-14 | $ | 1,140 | $ | 1,140 | $ | nil | |
31-Aug-13 | $ | 1,140 | $ | 1,045 | $ | 95 | |
Notes_payable
Notes payable | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Notes payable: | |||||||
Notes payable | 6. Notes payable | ||||||
The company has four notes payable that are unsecured, bear interest at 8% per annum and are due on demand. The interest is classified as accrued liabilities for financial statement purposes. | |||||||
Date | Principal | Interest | Total | ||||
16-Sep-11 | $ | 5,000 | $ | 1,382 | $ | 6,382 | |
4-Oct-11 | 5,000 | 1,362 | 6,362 | ||||
4-Nov-11 | 10,000 | 2,656 | 12,656 | ||||
3-Dec-12 | 10,000 | 1,791 | 11,791 | ||||
Total | $ | 30,000 | $ | 7,191 | $ | 37,191 | |
Convertible_Notes_Payable
Convertible Notes Payable | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Convertible Notes Payable {1} | |||||||
Convertible Note Payable | 7. Convertible Note Payable | ||||||
The convertible note payable is unsecured, bearing interest at 8% per annum which is due on demand, and convertible at a conversion price of $0.005 per share at the lender’s option. The interest is classified as accrued liabilities for financial statement purposes. | |||||||
In accordance with accounting policy, the carrying value of the financial instrument was bifurcated into debt and equity based on the fair value of the two instruments at the time of issuance. Based on a Black-Scholes option pricing model, the value of the conversion option was determined to be $906 making the value of the debt $9,094. The assumption used were: a 5 year term; volatility of 100%; risk free interest rate of 1.0% and dividends paid of $nil. | |||||||
Because of the demand feature of the note and the relatively small value of the conversion feature, all of the debt discount was amortized and taken into income during the previous year as operating expense. | |||||||
Date | Principal | Interest | Total | ||||
17-May-13 | $ | 10,000 | $ | 1,429 | $ | 11,429 | |
Total | $ | 10,000 | $ | 1,429 | $ | 11,429 | |
Common_stock
Common stock | 6 Months Ended |
Feb. 28, 2015 | |
Common stock | |
Common stock | 8. Common stock |
On September 27, 2013, the Company issued 700,000 common shares at $0.05 each for subscriptions received during the year ended August 31, 2013. | |
On November 8, 2013, the Company issued 600,000 common shares at $0.05 each for cash. | |
There were no warrants or stock options outstanding as of February 28, 2015. | |
There were no significant non-cash transactions during the period ended February 28, 2015. |
Intangible_assets_with_definit
Intangible assets with definite lives are amortized (Tables) | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Intangible assets with definite lives are amortized | |||||||
Intangible assets with definite lives are amortized | Intangible assets with definite lives are amortized over their estimated useful life. The website design is amortized over 3 years. | ||||||
Cost | Amortization | Net Book Value | |||||
31-Aug-14 | $ | 1,140 | $ | 1,140 | $ | nil | |
31-Aug-13 | $ | 1,140 | $ | 1,045 | $ | 95 |
Notes_payable_Tables
Notes payable (Tables) | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Schedule of Notes Payable | |||||||
Schedule of Notes Payable | The interest is classified as accrued liabilities for financial statement purposes. | ||||||
Date | Principal | Interest | Total | ||||
16-Sep-11 | $ | 5,000 | $ | 1,382 | $ | 6,382 | |
4-Oct-11 | 5,000 | 1,362 | 6,362 | ||||
4-Nov-11 | 10,000 | 2,656 | 12,656 | ||||
3-Dec-12 | 10,000 | 1,791 | 11,791 | ||||
Total | $ | 30,000 | $ | 7,191 | $ | 37,191 |
Schedule_of_Convertible_Note_P
Schedule of Convertible Note Payable (Tables) | 6 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Schedule of Convertible Note Payable | |||||||
Schedule of Convertible Note Payable | Because of the demand feature of the note and the relatively small value of the conversion feature, all of the debt discount was amortized and taken into income during the previous year as operating expense. | ||||||
Date | Principal | Interest | Total | ||||
17-May-13 | $ | 10,000 | $ | 1,429 | $ | 11,429 | |
Total | $ | 10,000 | $ | 1,429 | $ | 11,429 |
Going_Concern_Uncertainties_DE
Going Concern Uncertainties (DETAILS) (USD $) | Feb. 28, 2015 |
Going Concern Uncertainties | |
Accumulated deficit | $138,222 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Intangible Assets Details | ||
Intangible Assets Cost | $1,140 | $1,140 |
Intangible Assets amortization | 1,140 | 1,045 |
Intangible Assets Net Book Value | $0 | $95 |
Intangible Assets Amortization Period in years | 3 | 3 |
Convertible_Unsecured_Notes_pa
Convertible Unsecured Notes payable (DETAILS) (USD $) | Feb. 28, 2015 | Mar. 17, 2013 |
Unsecured Convertible notes payable details | ||
Interest rate per annum on notes | 8.00% | 8.00% |
Conversion price of notes | $0.01 | $0.01 |
Black_scholes_model_Details
Black scholes -model (Details) (USD $) | 6 Months Ended |
Feb. 28, 2015 | |
Black scholes -model Details | |
Conversion option was determined to making value | $906 |
Value of the debt | $9,094 |
Assumption term in years | 5 |
Volatility rate | 100.00% |
Risk free interest rate | 1.00% |
Dividends paid | 0.00% |
Common_stock_Transactions_Deta
Common stock Transactions (Details) (USD $) | Nov. 08, 2013 | Sep. 27, 2013 |
Common stock Transactions: | ||
Issued shares of common stock | 600,000 | 700,000 |
Common stock per share | $0.05 | $0.05 |
Debt_discount_Amortized_Detail
Debt discount Amortized (Details) (USD $) | Total | Principal | Interest |
Opening balance at Aug. 31, 2014 | $0 | $0 | $0 |
Debt discount amotized amount on May 17, 2013 | 11,429 | 10,000 | 1,429 |
Total Debt discount amount | 11,429 | 10,000 | 1,429 |
Closing balance at Feb. 28, 2015 | $0 | $0 | $0 |
UnsecuredNotes_payable_Details
Unsecured-Notes payable (Details) (USD $) | Principal Amount | Interest Rate% | Total Amount Member |
Opening balance of Unsecured notes at Aug. 31, 2014 | $0 | $0 | $0 |
Unsecured Notes payable on September 16, 2011 with interest rate 8% | 5,000 | 1,382 | 6,382 |
Unsecured Notes payable on October 4, 2011 with interest rate 8% | 5,000 | 1,362 | 6,362 |
Unsecured Notes payable on November 4 , 2011 with interest rate 8% | 10,000 | 2,656 | 12,656 |
Unsecured Notes payable on December 03, 2012 with interest rate 8% | 10,000 | 1,791 | 11,791 |
Total Unsecured notes payable | 30,000 | 7,191 | 37,191 |
Closing balance of Unsecured notes at Feb. 28, 2015 | $0 | $0 | $0 |