Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 28, 2017 | Apr. 14, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Globe Net Wireless Corp. | |
Entity Central Index Key | 1,511,820 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,800,000 | |
Trading Symbol | GNTW | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Interim Condensed Balance Sheet
Interim Condensed Balance Sheets (Unaudited) - USD ($) | Feb. 28, 2017 | Aug. 31, 2016 |
CURRENT ASSETS | ||
Cash | $ 1,636 | $ 3,684 |
Prepaid expenses | 125 | 5,875 |
Total Current Assets | 1,761 | 9,559 |
Intangible Assets, net - Note 4 | 9,445 | |
TOTAL ASSETS | 11,206 | 9,559 |
CURRENT LIABILITIES | ||
Accounts Payable | 1,867 | 871 |
Accrued Liabilities | 20,370 | 22,150 |
Notes Payable - Note 5 | 30,000 | 30,000 |
Convertible Note Payable - Note 6 | 52,639 | 50,500 |
Total Current Liabilities | 104,876 | 103,521 |
STOCKHOLDER'S EQUITY (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 | 90,456 | 72,106 |
Deficit Accumulated | (194,926) | (176,868) |
Total Stockholders' Deficit | (93,670) | (93,962) |
Total Liabilities and Stockholders' Deficit Going concern - Note 2 | $ 11,206 | $ 9,559 |
Interim Condensed Balance Shee3
Interim Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Feb. 28, 2017 | Aug. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 10,800,000 | 10,800,000 |
Interim Condensed Statement of
Interim Condensed Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
EXPENSES | ||||
General and administrative expenses | $ 8,293 | $ 2,486 | $ 13,849 | $ 7,271 |
Operating loss before interest | (8,293) | (2,486) | (13,849) | (7,271) |
Interest | (2,472) | (1,196) | (4,209) | (2,208) |
Net loss and comprehensive loss | $ (10,765) | $ (3,682) | $ (18,058) | $ (9,479) |
Loss per share of common stock-Basic and diluted | $ (0.001) | $ 0 | $ (0.002) | $ (0.001) |
Weighted average shares of common stock-Basic and diluted | 10,800,000 | 10,800,000 | 10,800,000 | 10,800,000 |
Interim Condensed Statement of5
Interim Condensed Statement of Shareholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Deficit Accumulated [Member] | Total |
Balance at Aug. 31, 2014 | $ 10,800 | $ 72,106 | $ (128,632) | $ (45,726) |
Balance, shares at Aug. 31, 2014 | 10,800,000 | |||
Net loss and comprehensive loss | (19,841) | (19,841) | ||
Balance at Aug. 31, 2015 | $ 10,800 | 72,106 | (148,473) | (65,567) |
Balance, shares at Aug. 31, 2015 | 10,800,000 | |||
Net loss and comprehensive loss | (28,395) | (28,395) | ||
Balance at Aug. 31, 2016 | $ 10,800 | 72,106 | (176,868) | (93,962) |
Balance, shares at Aug. 31, 2016 | 10,800,000 | |||
Convertible debt – Note 6 | 18,350 | 18,350 | ||
Net loss and comprehensive loss | (18,058) | (18,058) | ||
Balance at Feb. 28, 2017 | $ 10,800 | $ 90,456 | $ (194,926) | $ (93,670) |
Balance, shares at Feb. 28, 2017 | 10,800,000 |
Interim Condensed Statement of6
Interim Condensed Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Feb. 28, 2017 | Feb. 29, 2016 | |
Cash Flows from (used in) Operating Activities | ||
Net Loss | $ (18,058) | $ (9,479) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Amortization | 801 | |
Interest on notes and convertible notes payable | 3,720 | 2,208 |
Accretion on convertible notes payable | 489 | |
Increase (Decrease) in Operating Assets and Liabilities | ||
Prepaid Expense | 750 | |
Accounts Payable | 996 | (9,108) |
Accrued Liabilities | (5,500) | 1,500 |
Net Cash from used in Operating Activities | (16,802) | (14,879) |
Cash Flows from (used in) Financing Activities | ||
Convertible note payables | 20,000 | 20,000 |
Net Cash provided by Financing Activities | 20,000 | 20,000 |
Cash Flows used in Investment Activities | ||
Intangible Assets | (5,246) | |
Net Cash used in Investment Activities | (5,246) | |
Increase in Cash | (2,048) | 5,121 |
Cash at Beginning of Period | 3,684 | 819 |
Cash at End of Period | 1,636 | 5,940 |
Supplemental cash flow information | ||
Interest | 3,720 | 2,208 |
Taxes |
Organization and Nature of Oper
Organization and Nature of Operations | 6 Months Ended |
Feb. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. Organization and nature of operations Globe Net Wireless Corp. (“the Company”) was incorporated in the State of Nevada, USA on September 4, 2009. The Company is in its early development stage since its formation and has realized limited 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 is also engaged in the development of the TextPro Connect app and the BizPro app. These are utility services app specifically designed for the mobile business market. The Company has chosen an August 31 year end. |
Basis of Presentation - Going C
Basis of Presentation - Going Concern Uncertainties | 6 Months Ended |
Feb. 28, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation - Going Concern Uncertainties | 2. Basis of Presentation - Going Concern Uncertainties These financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. However, the Company has limited operations and has sustained operating losses resulting in a deficit. The Company has accumulated a deficit of $194,926 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 Significa
Interim Reporting and Significant Accounting Policies | 6 Months Ended |
Feb. 28, 2017 | |
Accounting Policies [Abstract] | |
Interim Reporting and Significant Accounting Policies | 3. Interim reporting and significant accounting policies The interim condensed financial statements are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim condensed financial statements be read in conjunction with the Company’s August 31, 2016 annual financial statements. Operating results for the in the three month period ended November 30, 2016 are not necessarily indicative of the results that can be expected for the year ended August 31, 2017. 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, 2016. 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. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Feb. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible assets Software licensing agreements. Item Cost Accumulated Amortization Net Text Pro App $ 8,332 $ 694 $ 7,638 Biz Pro App 1,913 106 1,807 Total $ 10,245 $ 780 $ 9,445 |
Notes Payable
Notes Payable | 6 Months Ended |
Feb. 28, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | 5. Notes payable The company has four notes payable that are unsecured, bear interest at 8% per annum and are due on demand. The interest is classified as accrued liabilities for financial statement purposes. Date Principal Interest Total September 16, 2011 $ 5,000 $ 2,183 $ 7,183 October 4, 2011 5,000 2,163 7,163 November 4, 2011 10,000 4,259 14,259 December 3, 2012 10,000 3,393 13,393 Total $ 30,000 $ 11,998 $ 41,998 |
Convertible Notes Payable
Convertible Notes Payable | 6 Months Ended |
Feb. 28, 2017 | |
Debt Disclosure [Abstract] | |
Convertible Note Payable | 6. Convertible Notes Payable There are five convertible notes payable that are unsecured, bearing interest at 8% per annum, due on demand and convertible at a conversion price of $0.005 per share at the lender’s option. The interest is classified as accrued liabilities for financial statement purposes. There was no value assigned to the conversion feature of these notes as the shares that would have been issued were not readily convertible into cash at the time the debt was issued. Date Principal Interest Total May 17, 2013 $ 10,000 $ 3,031 $ 13,031 Sep 11, 2015 10,000 1,175 11,175 Nov 12, 2015 5,000 520 5,520 Nov 13, 2015 5,000 518 5,518 Apr 11, 2016 500 35 535 Balance $ 30,500 $ 5,279 $ 35,779 There are two convertible notes payable that bear interest at 8% per annum, due on demand and convertible at a conversion price of $0.5625 per share at the lender’s option. The interest is classified as accrued liabilities for financial statement purposes. There was no value assigned to the conversion feature of one of these notes issued as the shares that would have been issued were not readily convertible into cash at the time the debt was issued Date Principal Interest Total Jul 11, 2016 $ 20,000 $ 1,017 $ 21,017 On October 31, 2016, the Company issued another demand convertible promissory note for $20,000 that had a conversion price of $0.5625 per share at the lender’s option. The conversion feature was valued at $18,350. $489 was accreted and charged to interest during the period. At February 28, 2017 the unamortized discount was $17,861. Proceeds Date Assigned to debt Interest Total Oct 31, 2016 $ 1,650 $ 526 $ 2,176 Accretion during the period 489 - 489 Balance $ 2,139 $ 526 $ 2,665 Total $ 52,639 $ 6,822 $ 59,461 |
Common Stock
Common Stock | 6 Months Ended |
Feb. 28, 2017 | |
Equity [Abstract] | |
Common Stock | 7. Common stock There were no warrants or stock options outstanding as of February 28, 2017. There were no significant non-cash transactions during the period ended February 28, 2017. |
Interim Reporting and Signifi14
Interim Reporting and Significant Accounting Policies (Policies) | 6 Months Ended |
Feb. 28, 2017 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | 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. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Software licensing agreements. Item Cost Accumulated Amortization Net Text Pro App $ 8,332 $ 694 $ 7,638 Biz Pro App 1,913 106 1,807 Total $ 10,245 $ 780 $ 9,445 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | The company has four notes payable that are unsecured, bear interest at 8% per annum and are due on demand. The interest is classified as accrued liabilities for financial statement purposes. Date Principal Interest Total September 16, 2011 $ 5,000 $ 2,183 $ 7,183 October 4, 2011 5,000 2,163 7,163 November 4, 2011 10,000 4,259 14,259 December 3, 2012 10,000 3,393 13,393 Total $ 30,000 $ 11,998 $ 41,998 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | There was no value assigned to the conversion feature of these notes as the shares that would have been issued were not readily convertible into cash at the time the debt was issued. Date Principal Interest Total May 17, 2013 $ 10,000 $ 3,031 $ 13,031 Sep 11, 2015 10,000 1,175 11,175 Nov 12, 2015 5,000 520 5,520 Nov 13, 2015 5,000 518 5,518 Apr 11, 2016 500 35 535 Balance $ 30,500 $ 5,279 $ 35,779 There was no value assigned to the conversion feature of one of these notes issued as the shares that would have been issued were not readily convertible into cash at the time the debt was issued Date Principal Interest Total Jul 11, 2016 $ 20,000 $ 1,017 $ 21,017 |
Schedule of Debt Conversion | Proceeds Date Assigned to debt Interest Total Oct 31, 2016 $ 1,650 $ 526 $ 2,176 Accretion during the period 489 - 489 Balance $ 2,139 $ 526 $ 2,665 Total $ 52,639 $ 6,822 $ 59,461 |
Basis of Presentation - Going18
Basis of Presentation - Going Concern Uncertainties (Details Narrative) - USD ($) | Feb. 28, 2017 | Aug. 31, 2016 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ 194,926 | $ 176,868 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | Feb. 28, 2017 | Aug. 31, 2016 |
Intangible assets, Cost | $ 10,245 | |
Intangible assets, Accumulated Amortization | 780 | |
Intangible assets, Net | 9,445 | |
Text Pro App [Member] | ||
Intangible assets, Cost | 8,332 | |
Intangible assets, Accumulated Amortization | 694 | |
Intangible assets, Net | 7,638 | |
Biz Pro App [Member] | ||
Intangible assets, Cost | 1,913 | |
Intangible assets, Accumulated Amortization | 106 | |
Intangible assets, Net | $ 1,807 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) | Feb. 28, 2017NotesPayable |
Debt Disclosure [Abstract] | |
Number of notes payable | 4 |
Unsecured note bear interest rate | 8.00% |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) - Notes Payable [Member] - USD ($) | Dec. 03, 2012 | Nov. 04, 2011 | Oct. 04, 2011 | Sep. 16, 2011 | Feb. 28, 2017 |
Principal | $ 10,000 | $ 10,000 | $ 5,000 | $ 5,000 | $ 30,000 |
Interest | 3,393 | 4,259 | 2,163 | 2,183 | 11,998 |
Total | $ 13,393 | $ 14,259 | $ 7,163 | $ 7,183 | $ 41,998 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) | Oct. 31, 2016USD ($)$ / shares | Feb. 28, 2017USD ($)ConvertibleNotesPayable$ / shares | Feb. 29, 2016USD ($) |
Unsecured note bearing interest rate | 8.00% | ||
Convertible note payable at a conversion price per share | $ / shares | $ 0.5625 | ||
Proceeds from issuance of convertible promissory note | $ 20,000 | $ 20,000 | $ 20,000 |
Debt beneficial conversion feature | 18,350 | ||
Accretion on convertible notes payable | $ 489 | (489) | |
unamortized discount | $ 17,861 | ||
Five Convertible Notes Payable [Member] | |||
Number of convertible notes payable | ConvertibleNotesPayable | 5 | ||
Unsecured note bearing interest rate | 8.00% | ||
Convertible note payable at a conversion price per share | $ / shares | $ 0.005 | ||
Two Convertible Note Payable [Member] | |||
Number of convertible notes payable | ConvertibleNotesPayable | 2 | ||
Unsecured note bearing interest rate | 8.00% | ||
Convertible note payable at a conversion price per share | $ / shares | $ 0.5625 |
Convertible Notes Payable - Sch
Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - Convertible Note Payable [Member] - USD ($) | Jul. 11, 2016 | Apr. 11, 2016 | Nov. 13, 2015 | Nov. 12, 2015 | Sep. 11, 2015 | May 17, 2013 | Feb. 28, 2017 |
Principal | $ 20,000 | $ 500 | $ 5,000 | $ 5,000 | $ 10,000 | $ 10,000 | $ 30,500 |
Interest | 1,017 | 35 | 518 | 520 | 1,175 | 3,031 | 5,279 |
Total | $ 21,017 | $ 535 | $ 5,518 | $ 5,520 | $ 11,175 | $ 13,031 | $ 35,779 |
Convertible Notes Payable - S24
Convertible Notes Payable - Schedule of Debt Conversion (Details) - USD ($) | Oct. 31, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | Aug. 31, 2016 |
Debt Disclosure [Abstract] | ||||
Assigned to debt | $ 1,650 | |||
Debt accretion during period | 489 | |||
Assigned to debt Balance | 2,139 | |||
Interest | 526 | |||
Interest Accretion during the period | ||||
Interest Balance | 526 | |||
Convertible Promissory Notes | 2,176 | |||
Accretion on convertible notes payable | $ (489) | 489 | ||
Balance | 2,665 | |||
Convertible Notes Payable | 52,639 | $ 50,500 | ||
Interest | 6,822 | |||
Total Convertible Notes Payable | $ 59,461 |
Common Stock (Details Narrative
Common Stock (Details Narrative) | 6 Months Ended |
Feb. 28, 2017USD ($)shares | |
Equity [Abstract] | |
Warrants or stock options outstanding | shares | |
Significant non-cash transactions | $ |