Stemtech (STEK) 10-Q 17 Jul 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2017	Jul. 17, 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	May 31, 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	Q3
Document Fiscal Year Focus	2,017

Interim Condensed Balance Sheet

Interim Condensed Balance Sheets (Unaudited) - USD ($)	May 31, 2017	Aug. 31, 2016
CURRENT ASSETS
Cash	$ 14,644	$ 3,684
Prepaid expenses	1,125	5,875
Total Current Assets	15,769	9,559
Intangible Assets, net - Note 4	8,592
TOTAL ASSETS	24,361	9,559
CURRENT LIABILITIES
Accounts Payable	3,076	871
Accrued Liabilities	23,338	22,150
Notes Payable - Note 5	30,000	30,000
Convertible Note Payable - Note 6	73,006	50,500
Total Current Liabilities	129,420	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	(206,315)	(176,868)
Total Stockholders' Deficit	(105,059)	(93,962)
Total Liabilities and Stockholders' Deficit Going concern - Note 2	$ 24,361	$ 9,559

Interim Condensed Balance Shee3

Interim Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	May 31, 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		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
EXPENSES
General and administrative expenses	$ 9,121	$ 6,574	$ 23,460	$ 13,844
Operating loss before interest	(9,121)	(6,574)	(23,460)	(13,844)
Interest	(2,268)	(1,215)	(5,987)	(3,424)
Net loss and comprehensive loss	$ (11,389)	$ (7,789)	$ (29,447)	$ (17,268)
Loss per share of common stock-Basic and diluted	$ (0.001)	$ (0.001)	$ (0.003)	$ (0.002)
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, 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
Net loss and comprehensive loss			(29,447)	(29,447)
Convertible debt - Note 5		18,350		18,350
Balance at May. 31, 2017	$ 10,800	$ 90,456	$ (206,315)	$ (105,059)
Balance, shares at May. 31, 2017	10,800,000

Interim Condensed Statement of6

Interim Condensed Statement of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2017	May 31, 2016
Cash Flows from (used in) Operating Activities
Net Loss	$ (29,447)	$ (17,268)
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization	1,655
Interest on notes and convertible notes payable	5,987	3,424
Accretion on convertible notes payable	856
Increase (Decrease) in Operating Assets and Liabilities
Prepaid Expense	4,750	(1,250)
Accounts Payable	2,205	(748)
Accrued Liabilities	(4,799)	(4,150)
Net Cash from used in Operating Activities	(18,793)	(19,992)
Cash Flows from (used in) Financing Activities
Convertible note payables	40,000	20,500
Net Cash provided by Financing Activities	40,000	20,500
Cash Flows used in Investment Activities
Intangible Assets	(10,247)
Net Cash used in Investment Activities	(10,247)
Increase in Cash	10,960	508
Cash at Beginning of Period	3,684	819
Cash at End of Period	14,644	1,327
Supplemental cash flow information
Interest	5,987	3,424
Taxes

Organization and Nature of Oper

Organization and Nature of Operations	9 Months Ended
	May 31, 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	9 Months Ended
	May 31, 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 $206,315 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	9 Months Ended
	May 31, 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 nine months period ended May 31, 2017 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.

Intangibles Assets

Intangibles Assets	9 Months Ended
	May 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles Assets	4. Intangibles Assets The Company developed services utility apps. The assets are amortized over 3 years on a straight-line basis. Item Cost Accumulated Amortization Net Text Pro App $ 8,333 $ 1,389 $ 6,944 Biz Pro App 1,913 265 1,648 Total $ 10,246 $ 1,654 $ 8,592

Notes Payable

Notes Payable	9 Months Ended
	May 31, 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 $ 2,284 $ 7,284 October 4, 2011 5,000 2,264 7,264 November 4, 2011 10,000 4,460 14,460 December 3, 2012 10,000 3,595 13,595 Total $ 30,000 $ 12,603 $ 42,603

Convertible Notes Payable

Convertible Notes Payable	9 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Convertible Notes 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 $ 3,233 $ 13,233 Sep 11, 2015 10,000 1,376 11,376 Nov 12, 2015 5,000 620 5,620 Nov 13, 2015 5,000 619 5,619 Apr 11, 2016 500 46 546 Balance $ 30,500 $ 5,894 $ 36,394 There is one convertible note 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 $ 1,420 $ 21,420 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. $856 was accreted and charged to interest during the period. At May 31, 2017, the unamortized discount was $17,494. Date Proceeds Assigned to debt Interest Total Oct 31, 2016 $ 1,650 $ 929 $ 2,579 Accretion during the period 856 - 856 Balance $ 2,506 $ 929 $ 3,435 There is one convertible note payable that bear interest at 10% per annum, due on demand and convertible at a conversion price of $0.10 per share at the lender’s option. The interest is classified as accrued liabilities for financial statement purposes. There was no beneficial conversion feature at the time of issuance and, accordingly, no value has been assigned to the conversion feature. Date Principal Interest Total Apr 17, 2017 $ 20,000 $ 241 $ 20,241 Total $ 73,006 $ 8,484 $ 81,490

Common Stock

Common Stock	9 Months Ended
	May 31, 2017
Equity [Abstract]
Common Stock	7. Common stock There were no warrants or stock options outstanding as of May 31, 2017. There were no significant non-cash transactions during the period ended May 31, 2017.

Interim Reporting and Signifi14

Interim Reporting and Significant Accounting Policies (Policies)	9 Months Ended
	May 31, 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.

Intangibles Assets (Tables)

Intangibles Assets (Tables)	9 Months Ended
	May 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangibles Assets	The Company developed services utility apps. The assets are amortized over 3 years on a straight-line basis. Item Cost Accumulated Amortization Net Text Pro App $ 8,333 $ 1,389 $ 6,944 Biz Pro App 1,913 265 1,648 Total $ 10,246 $ 1,654 $ 8,592

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
Schedule of Notes Payable	The interest is classified as accrued liabilities for financial statement purposes. Date Principal Interest Total September 16, 2011 $ 5,000 $ 2,284 $ 7,284 October 4, 2011 5,000 2,264 7,264 November 4, 2011 10,000 4,460 14,460 December 3, 2012 10,000 3,595 13,595 Total $ 30,000 $ 12,603 $ 42,603

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	9 Months Ended
	May 31, 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 $ 3,233 $ 13,233 Sep 11, 2015 10,000 1,376 11,376 Nov 12, 2015 5,000 620 5,620 Nov 13, 2015 5,000 619 5,619 Apr 11, 2016 500 46 546 Balance $ 30,500 $ 5,894 $ 36,394 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 $ 1,420 $ 21,420 There was no beneficial conversion feature at the time of issuance and, accordingly, no value has been assigned to the conversion feature. Date Principal Interest Total Apr 17, 2017 $ 20,000 $ 241 $ 20,241 Total $ 73,006 $ 8,484 $ 81,490
Schedule of Debt Conversion	Date Proceeds Assigned to debt Interest Total Oct 31, 2016 $ 1,650 $ 929 $ 2,579 Accretion during the period 856 - 856 Balance $ 2,506 $ 929 $ 3,435

Basis of Presentation - Going18

Basis of Presentation - Going Concern Uncertainties (Details Narrative) - USD ($)	May 31, 2017	Aug. 31, 2016
Accounting Policies [Abstract]
Accumulated deficit	$ 206,315	$ 176,868

Intangibles Assets (Details Nar

Intangibles Assets (Details Narrative)	9 Months Ended
	May 31, 2016
Intangibles Assets Details Narrative
Assets amortized over period	3 years

Intangibles Assets - Schedule o

Intangibles Assets - Schedule of Intangibles Assets (Details) - USD ($)	May 31, 2017	Aug. 31, 2016
Intangibles assets, Cost	$ 10,246
Intangibles assets, Accumulated Amortization	1,654
Intangibles assets, Net	8,592
Text Pro App [Member]
Intangibles assets, Cost	8,333
Intangibles assets, Accumulated Amortization	1,389
Intangibles assets, Net	6,944
Biz Pro App [Member]
Intangibles assets, Cost	1,913
Intangibles assets, Accumulated Amortization	265
Intangibles assets, Net	$ 1,648

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	May 31, 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) - USD ($)	Dec. 03, 2012	Nov. 04, 2011	Oct. 04, 2011	Sep. 16, 2011	May 31, 2017
Principal					$ 73,006
Interest					8,484
Total					81,490
Notes Payable [Member]
Principal	$ 10,000	$ 10,000	$ 5,000	$ 5,000	30,000
Interest	3,595	4,460	2,264	2,284	12,603
Total	$ 13,595	$ 14,460	$ 7,264	$ 7,284	$ 42,603

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative)	Oct. 31, 2016USD ($)$ / shares	May 31, 2017USD ($)ConvertibleNotesPayable$ / shares	May 31, 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	$ 40,000	$ 20,500
Debt beneficial conversion feature | $	18,350
Accretion on convertible notes payable | $	$ 856	(856)
unamortized discount | $		$ 17,494
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
One Convertible Note Payable [Member]
Number of convertible notes payable | ConvertibleNotesPayable		1
Unsecured note bearing interest rate		8.00%
Convertible note payable at a conversion price per share | $ / shares		$ 0.5625
One Convertible Notes Payable [Member]
Unsecured note bearing interest rate		10.00%
Convertible note payable at a conversion price per share | $ / shares		$ .10

Convertible Notes Payable - Sch

Convertible Notes Payable - Schedule of Convertible Notes Payable (Details) - USD ($)	Apr. 17, 2017	Jul. 11, 2016	Apr. 11, 2016	Nov. 13, 2015	Nov. 12, 2015	Sep. 11, 2015	May 17, 2013	May 31, 2017
Principal								$ 73,006
Interest								8,484
Total								81,490
Convertible Note Payable [Member]
Principal	$ 20,000	$ 20,000	$ 500	$ 5,000	$ 5,000	$ 10,000	$ 10,000	30,500
Interest	241	1,420	46	619	620	1,376	3,233	5,894
Total	$ 20,241	$ 21,420	$ 546	$ 5,619	$ 5,620	$ 11,376	$ 13,233	$ 36,394

Convertible Notes Payable - S25

Convertible Notes Payable - Schedule of Debt Conversion (Details) - USD ($)	Oct. 31, 2016	May 31, 2017	May 31, 2016
Debt Disclosure [Abstract]
Assigned to debt		$ 1,650
Debt accretion during period		856
Assigned to debt Balance		2,506
Interest		929
Interest Accretion during the period
Interest Balance		929
Convertible Promissory Notes		2,579
Accretion on convertible notes payable	$ (856)	856
Convertible Promissory Notes Balance		$ 3,435

Common Stock (Details Narrative

Common Stock (Details Narrative)	9 Months Ended
	May 31, 2017USD ($)shares
Equity [Abstract]
Warrants or stock options outstanding | shares
Significant non-cash transactions | $