Stemtech (STEK) 10-Q 16 Apr 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 28, 2018	Apr. 16, 2018
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, 2018
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	2,018

Interim Condensed Balance Sheet

Interim Condensed Balance Sheets (Unaudited) - USD ($)	Feb. 28, 2018	Aug. 31, 2017
CURRENT ASSETS
Cash	$ 1,532	$ 8,599
Prepaid expenses		750
Total Current Assets	1,532	9,349
Intangible Assets, Net – Note 4	6,030	7,738
Total Assets	7,562	17,087
CURRENT LIABILITIES
Accounts Payable	12,702	2,688
Accrued Liabilities	31,746	32,868
Notes Payable – Note 5	30,000	30,000
Convertible Notes Payable – Note 6	72,633	71,833
Total Current Liabilities	147,081	137,389
STOCKHOLDER’S DEFICIT
Common Stock - Note 7 Par Value per share:$0.001 Authorized: 200,000,000 shares Issued 10,800,000 shares	10,800	10,800
Additional Paid in Capital	92,106	92,106
Deficit Accumulated	(242,425)	(223,208)
Total Stockholders’ Deficit	(139,519)	(120,302)
Total Liabilities and Stockholders’ Deficit	$ 7,562	$ 17,087

Interim Condensed Balance Shee3

Interim Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Feb. 28, 2018	Aug. 31, 2017
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, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
EXPENSES
General and administrative expenses	$ 5,770	$ 8,293	$ 13,438	$ 13,849
Operating loss before interest	(5,770)	(8,293)	(13,438)	(13,849)
Interest	(2,476)	(1,983)	(4,979)	(3,719)
Amortized interest	(400)	(489)	(800)	(489)
Net loss and comprehensive loss	$ (8,646)	$ (10,765)	$ (19,217)	$ (18,058)
Loss per share of common stock -Basic and diluted	$ (0.001)	$ (0.001)	$ (0.002)	$ (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 Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Deficit Accumulated [Member]	Total
Balance at Aug. 31, 2016	$ 10,800	$ 72,106	$ (176,868)	$ (93,962)
Balance, shares at Aug. 31, 2016	10,800,000
Value of Convertible debt assigned to equity		20,000		20,000
Net loss and comprehensive loss			(46,340)	(46,340)
Balance at Aug. 31, 2017	$ 10,800	92,106	(223,208)	(120,302)
Balance, shares at Aug. 31, 2017	10,800,000
Net loss and comprehensive loss			(19,217)	(19,217)
Balance at Feb. 28, 2018	$ 10,800	$ 92,106	$ (242,425)	$ (139,519)
Balance, shares at Feb. 28, 2018	10,800,000

Interim Condensed Statement of6

Interim Condensed Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash Flows from (used in) Operating Activities
Net Loss	$ (19,217)	$ (18,058)
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization	1,708	801
Interest on notes and convertible notes payable	4,979	3,720
Accretion on convertible notes payable	800	489
Increase (decrease) in Operating Assets and Liabilities
Prepaid Expense	750	750
Accounts Payable	10,014	996
Accrued Liabilities	(6,101)	(5,500)
Net Cash used in Operating Activities	(7,067)	(16,802)
Cash Flows from Financing Activities
Convertible notes payable		20,000
Net Cash provided by Financing Activities		20,000
Cash Flows used in Investment Activities
Intangible Assets		(5,246)
Net Cash used in Investment Activities		(5,246)
Increase (decrease) in Cash	(7,067)	(2,048)
Cash at Beginning of the period	8,599	3,684
Cash at End of the period	1,532	1,636
Supplemental cash flow information
Interest	4,979	3,719
Taxes

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Feb. 28, 2018
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. At the outset, 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.During fiscal 2017, the Company entered the software mobile application industry through 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, 2018
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 of America, 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 $242,425 since inception of 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, 2018
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, 2017 annual financial statements. Operating results for the six months period ended February 28, 2018 are not necessarily indicative of the results that can be expected for the year ended August 31, 2018. 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, 2017. 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	6 Months Ended
	Feb. 28, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles Assets	4. Intangibles Assets The Company contracted out the development of utility software applications (“apps”). The assets are amortized over 3 years on a straight-line basis. February 28, 2018 August 31, 2017 Item Cost Accumulated Amortization Net Costs Accumulated Amortization Net Text Pro App $ 8,333 $ 3,472 $ 4,861 $ 8,333 $ 2,083 $ 6,250 Biz Pro App 1,913 744 1,169 1,913 425 1,488 Total $ 10,246 $ 4,216 $ 6,030 $ 10,246 $ 2,508 $ 7,738

Notes Payable

Notes Payable	6 Months Ended
	Feb. 28, 2018
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. Interest has not been paid and is classified with accrued liabilities for financial statement purposes. The principal and interest owing as of February 28, 2018 is as follows: February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest September 16, 2011 $ 5,000 $ 2,583 $ 5,000 $ 2,385 October 4, 2011 5,000 2,563 5,000 2,385 November 4, 2011 10,000 5,059 5,000 4,662 December 3, 2012 10,000 4,193 10,000 3,7966 $ 30,000 $ 14,398 $ 30,000 $ 13,208

Convertible Note Payable

Convertible Note Payable	6 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Convertible Note Payable	6. Convertible Note Payable There are five convertible notes payable that are unsecured, bearing interest at 8% per annum, due on demand, and convertible into shares at the lenders’ option at a conversion price of $0.005 per share. Interest has not been paid and is classified with 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 on conversion would not have been readily convertible into cash. The principal and interest owing as at February 28, 2018 is as follows: February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest May 17, 2013 $ 10,000 $ 3,831 $ 10,000 $ 3,434 September 11, 2015 10,000 1,975 10,000 1,578 November 12, 2015 5,000 920 5,000 721 November 13, 2015 5,000 918 5,000 720 April 11, 2016 500 75 500 56 $ 30,500 $ 7,719 $ 30,500 $ 6,509 There are two convertible notes payable that bear interest at 8% per annum, due on demand and convertible into shares at the lenders’ option at a conversion price of $0.5625 per share. Interest has not been paid and is classified with accrued liabilities for financial statement purposes. One note for $20,000 was issued for which no value was assigned to the conversion feature as the shares that would have been issued on conversion would not have been readily convertible into cash. February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest July 11, 2016 $ 20,000 $ 2,617 $ 20,000 $ 1,823 Another 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. $800 was accreted and charged to interest during the six months ended February 28, 2018 ($1,333 for the year ended August 31, 2017). At February 28, 2018, the unamortized discount was $17,867. February 28, 2018 August 31, 2017 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 2,133 - 1,333 - Interest - $ 2,126 - $ 1,333 Balance, convertible note payable, end of period $ 2,133 $ 2,126 $ 1,333 $ 1,333 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. February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest April 17, 2017 $ 20,000 $ 1,737 $ 20,000 $ 745 A summary of the value assigned to the convertible debt and accrued interest thereon is as follows: February 28, 2018 August 31, 2017 Conversion price of notes into shares Convertible debt Interest Convertible debt Interest $ 0.005 $ 30,500 $ 7,719 $ 30,500 $ 6,509 $ 0.5625 22,133 4,743 21,333 3,156 $ 0.10 20,000 1,737 20,000 745 $ 72,633 $ 14,199 $ 71,833 $ 10,410

Common Stock

Common Stock	6 Months Ended
	Feb. 28, 2018
Equity [Abstract]
Common Stock	7. Common stock There were no warrants or stock options outstanding as of February 28, 2018. There were no significant non-cash transactions during the period ended February 28, 2018.

Interim Reporting and Signifi14

Interim Reporting and Significant Accounting Policies (Policies)	6 Months Ended
	Feb. 28, 2018
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)	6 Months Ended
	Feb. 28, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangibles Assets	February 28, 2018 August 31, 2017 Item Cost Accumulated Amortization Net Costs Accumulated Amortization Net Text Pro App $ 8,333 $ 3,472 $ 4,861 $ 8,333 $ 2,083 $ 6,250 Biz Pro App 1,913 744 1,169 1,913 425 1,488 Total $ 10,246 $ 4,216 $ 6,030 $ 10,246 $ 2,508 $ 7,738

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Schedule of Notes Payable	The principal and interest owing as of February 28, 2018 is as follows: February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest September 16, 2011 $ 5,000 $ 2,583 $ 5,000 $ 2,385 October 4, 2011 5,000 2,563 5,000 2,385 November 4, 2011 10,000 5,059 5,000 4,662 December 3, 2012 10,000 4,193 10,000 3,7966 $ 30,000 $ 14,398 $ 30,000 $ 13,208

Convertible Note Payable (Table

Convertible Note Payable (Tables)	6 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Schedule of Convertible Notes Payable	The principal and interest owing as at February 28, 2018 is as follows: February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest May 17, 2013 $ 10,000 $ 3,831 $ 10,000 $ 3,434 September 11, 2015 10,000 1,975 10,000 1,578 November 12, 2015 5,000 920 5,000 721 November 13, 2015 5,000 918 5,000 720 April 11, 2016 500 75 500 56 $ 30,500 $ 7,719 $ 30,500 $ 6,509 February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest July 11, 2016 $ 20,000 $ 2,617 $ 20,000 $ 1,823 February 28, 2018 August 31, 2017 Date of Issue Principal Interest Principal Interest April 17, 2017 $ 20,000 $ 1,737 $ 20,000 $ 745
Schedule of Debt Conversion	February 28, 2018 August 31, 2017 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 2,133 - 1,333 - Interest - $ 2,126 - $ 1,333 Balance, convertible note payable, end of period $ 2,133 $ 2,126 $ 1,333 $ 1,333
Schedule of Value Assigned to Convertible Debt and Accrued Interest	A summary of the value assigned to the convertible debt and accrued interest thereon is as follows: February 28, 2018 August 31, 2017 Conversion price of notes into shares Convertible debt Interest Convertible debt Interest $ 0.005 $ 30,500 $ 7,719 $ 30,500 $ 6,509 $ 0.5625 22,133 4,743 21,333 3,156 $ 0.10 20,000 1,737 20,000 745 $ 72,633 $ 14,199 $ 71,833 $ 10,410

Basis of Presentation - Going18

Basis of Presentation - Going Concern Uncertainties (Details Narrative) - USD ($)	Feb. 28, 2018	Aug. 31, 2017	Sep. 04, 2009
Accounting Policies [Abstract]
Accumulated deficit	$ (242,425)	$ (223,208)	$ 242,425

Intangibles Assets (Details Nar

Intangibles Assets (Details Narrative)	6 Months Ended
	Feb. 28, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization period	3 years

Intangibles Assets - Schedule o

Intangibles Assets - Schedule of Intangibles Assets (Details) - USD ($)	Feb. 28, 2018	Aug. 31, 2017
Intangible Assets, Costs	$ 10,246	$ 10,246
Intangible Assets, Accumulated Amortization	4,216	2,508
Intangible Assets, Net	6,030	7,738
Text Pro App [Member]
Intangible Assets, Costs	8,333	8,333
Intangible Assets, Accumulated Amortization	3,472	2,083
Intangible Assets, Net	4,861	6,250
Biz Pro App [Member]
Intangible Assets, Costs	1,913	1,913
Intangible Assets, Accumulated Amortization	744	425
Intangible Assets, Net	$ 1,169	$ 1,488

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	Feb. 28, 2018NotesPayable
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 ($)	6 Months Ended	12 Months Ended
	Feb. 28, 2018	Aug. 31, 2017
Principal	$ 72,633	$ 71,833
Interest	14,199	10,410
Notes Payable [Member]
Principal	30,000	30,000
Interest	14,398	13,208
Notes Payable [Member] | September 16, 2011 [Member]
Principal	5,000	5,000
Interest	2,583	2,385
Notes Payable [Member] | October 4, 2011 [Member]
Principal	5,000	5,000
Interest	2,563	2,385
Notes Payable [Member] | November 4, 2011 [Member]
Principal	10,000	5,000
Interest	5,059	4,662
Notes Payable [Member] | December 3, 2012 [Member]
Principal	10,000	10,000
Interest	$ 4,193	$ 3,776

Convertible Note Payable (Detai

Convertible Note Payable (Details Narrative)	Oct. 31, 2016USD ($)$ / shares	Feb. 28, 2018USD ($)ConvertibleNotesPayable$ / shares	Feb. 28, 2017USD ($)	Aug. 31, 2017USD ($)
Unsecured note bearing interest rate		8.00%
Proceeds from issuance of convertible promissory note			$ 20,000
Debt beneficial conversion feature		20,000		$ 20,000
Accretion on convertible notes payable		(800)	$ (489)	$ (1,333)
Unamortized discount		$ 17,867
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 Notes 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
One Note [Member]
Proceeds from issuance of convertible promissory note		$ 20,000
Another Note [Member]
Proceeds from issuance of convertible promissory note	$ 20,000
Market price per share | $ / shares	$ 1.48
Debt beneficial conversion feature	$ 20,000
One Convertible Notes Payable [Member]
Number of convertible notes payable | ConvertibleNotesPayable		1
Unsecured note bearing interest rate		10.00%
Convertible note payable at a conversion price per share | $ / shares		$ 0.10

Convertible Note Payable - Sche

Convertible Note Payable - Schedule of Convertible Notes Payable (Details) - USD ($)	6 Months Ended	12 Months Ended
	Feb. 28, 2018	Aug. 31, 2017
Principal	$ 72,633	$ 71,833
Interest	14,199	10,410
Convertible Note Payable [Member]
Principal	30,500	30,500
Interest	7,719	6,509
Convertible Note Payable [Member] | May 17, 2013 [Member]
Principal	10,000	10,000
Interest	3,831	3,434
Convertible Note Payable [Member] | September 11, 2015 [Member]
Principal	10,000	10,000
Interest	1,975	1,578
Convertible Note Payable [Member] | November 12, 2015 [Member]
Principal	5,000	5,000
Interest	920	721
Convertible Note Payable [Member] | November 13, 2015 [Member]
Principal	5,000	5,000
Interest	918	720
Convertible Note Payable [Member] | April 11, 2016 [Member]
Principal	500	500
Interest	75	56
Convertible Note Payable [Member] | July 11, 2016 [Member]
Principal	20,000	20,000
Interest	2,617	1,823
Convertible Note Payable [Member] | April 17, 2017 [Member]
Principal	20,000	20,000
Interest	$ 1,737	$ 745

Convertible Note Payable - Sc25

Convertible Note Payable - Schedule of Debt Conversion (Details) - USD ($)	6 Months Ended	12 Months Ended
	Feb. 28, 2018	Aug. 31, 2017
Debt Disclosure [Abstract]
Proceeds on issue, principal	$ 20,000	$ 20,000
Value assigned to conversion feature, principal	20,000	20,000
Value of convertible note payable at issuance, principal
Accretion charges, principal	2,133	1,333
Interest, principal
Balance, convertible note payable, end of period, principal	2,133	1,333
Proceeds on issue, interest
Value assigned to conversion feature, interest
Value of convertible note payable as issuance, interest
Accretion charges, interest
Interest, interest	2,126	1,333
Balance, convertible note payable, end of period, interest	$ 2,126	$ 1,333

Convertible Note Payable - Sc26

Convertible Note Payable - Schedule of Value Assigned to Convertible Debt and Accrued Interest (Details) - USD ($)	6 Months Ended	12 Months Ended
	Feb. 28, 2018	Aug. 31, 2017
Convertible debt	$ 72,633	$ 71,833
Interest	$ 14,199	$ 10,410
Convertible Note Payable One [Member]
Conversion price of notes into shares	$ 0.005	$ 0.005
Convertible debt	$ 30,500	$ 30,500
Interest	$ 7,719	$ 6,509
Convertible Note Payable Two [Member]
Conversion price of notes into shares	$ 0.5625	$ 0.5625
Convertible debt	$ 22,133	$ 21,333
Interest	$ 4,743	$ 3,156
Convertible Note Payable Three [Member]
Conversion price of notes into shares	$ 0.10	$ 0.10
Convertible debt	$ 20,000	$ 20,000
Interest	$ 1,737	$ 745

Common Stock (Details Narrative

Common Stock (Details Narrative)	6 Months Ended
	Feb. 28, 2018USD ($)shares
Equity [Abstract]
Warrants or stock options outstanding | shares
Significant non-cash transactions | $