Stemtech (STEK) 10-Q 20 Jan 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2020	Jan. 15, 2021
Cover [Abstract]
Entity Registrant Name	Globe Net Wireless Corp.
Entity Central Index Key	0001511820
Document Type	10-Q
Document Period End Date	Nov. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity Reporting Status Current	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		10,800,000
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

Interim Condensed Balance Sheet

Interim Condensed Balance Sheets (Unaudited) - USD ($)	Nov. 30, 2020	Aug. 31, 2020
CURRENT ASSETS
Cash	$ 2,205	$ 2,223
Prepaid expenses	73,465	44,215
Total Assets	75,670	46,438
CURRENT LIABILITIES
Accounts payable and accrued liabilities	10,574	9,150
Notes and accrued interest payable - Note 5	51,012	50,414
Convertible notes and accrued interest payable - Note 6	246,027	212,654
Total Liabilities	307,613	272,218
STOCKHOLDERS' 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	92,106	92,106
Deficit accumulated	(334,849)	(328,686)
Total Stockholders' Deficit	(231,943)	(225,780)
Total Liabilities and Stockholders' Deficit	$ 75,670	$ 46,438

Interim Condensed Balance She_2

Interim Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Nov. 30, 2020	Aug. 31, 2020
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 Statements of

Interim Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
EXPENSES
General and administrative expenses	$ 2,193	$ 3,079
Operating loss before interest	(2,193)	(3,079)
Interest	(3,570)	(3,099)
Amortized interest	(400)	(400)
Net loss and comprehensive loss	$ (6,163)	$ (6,578)
Loss per share of common stock - Basic and diluted	$ (0.0006)	$ (0.0006)
Weighted average shares of common stock - Basic and diluted	10,800,000	10,800,000

Interim Condensed Statement of

Interim Condensed Statement of Shareholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Deficit Accumulated [Member]	Total
Balance at Aug. 31, 2019	$ 10,800	$ 92,106	$ (294,304)	$ (191,398)
Balance, shares at Aug. 31, 2019	10,800,000
Net loss and comprehensive loss			(6,578)	(6,578)
Balance at Nov. 30, 2019	$ 10,800	92,106	(300,882)	(197,976)
Balance, shares at Nov. 30, 2019	10,800,000
Balance at Aug. 31, 2020	$ 10,800	92,106	(328,686)	(225,780)
Balance, shares at Aug. 31, 2020	10,800,000
Net loss and comprehensive loss			(6,163)	(6,163)
Balance at Nov. 30, 2020	$ 10,800	$ 92,106	$ (334,849)	$ (231,943)
Balance, shares at Nov. 30, 2020	10,800,000

Interim Condensed Statements _2

Interim Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020	Aug. 31, 2019
Cash Flows from (used in) Operating Activities
Net Loss	$ (6,163)	$ (6,578)
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization		854
Interest on notes and convertible notes payable	3,570	3,099
Accretion on convertible notes payable	400	400	$ 1,600	$ 1,600
Increase (decrease) in operating assets and liabilities
Prepaid expense	(29,250)	562
Accounts payable and accrued liabilities	1,425	(4,928)
Net Cash used in Operating Activities	(30,018)	(6,591)
Cash Flows from Financing Activities
Proceeds from convertible notes issued	30,000	25,000
Net Cash provided by Financing Activities	30,000	25,000
Cash Flows used in Investment Activities
Intangible assets
Net Cash used in Investment Activities
Increase (Decrease) in Cash	(18)	18,409
Cash at Beginning of Year	2,223	714	714
Cash at End of Year	2,205	19,123	$ 2,223	$ 714
Supplemental cash flow information
Interest paid
Taxes paid

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Nov. 30, 2020
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 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. The Company has also engaged in the development of the TextPro Connect app and the BizPro app. These are utility services apps specifically designed for the mobile business market. Subsequent to the year-end, management decided to expand the Company’s focus and identify and assess new projects for acquisition purposes that are more global in nature and technology-based. The Company has chosen an August 31 year-end.

Basis of Presentation - Going C

Basis of Presentation - Going Concern Uncertainties	3 Months Ended
	Nov. 30, 2020
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 $334,849 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	3 Months Ended
	Nov. 30, 2020
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, results 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, 2020 annual financial statements. Operating results for the three months period ended November 30, 2020 are not necessarily indicative of the results that can be expected for the year ended August 31, 2021. 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, 2020. 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	3 Months Ended
	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	4. Intangible assets Intangible assets represent payments made to third parties for the development of utility software applications (“apps”). The assets have been amortized over 3 years on a straight-line basis. As of August 31, 2020, the assets have been fully amortized. August 31, 2020 Item Cost Accumulated Amortization Net Text Pro App $ 8,333 $ 8,333 $ - Biz Pro App 1,913 1,913 - Total $ 10,246 $ 10,246 $ -

Notes and Interest Payable

Notes and Interest Payable	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Notes and Interest payable	5. Notes and interest payable There are 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 November 30, 2020 and as of August 31, 2020: November 30, 2020 August 31, 2020 Date of Issue Principal Interest Principal Interest September 16, 2011 $ 5,000 $ 3,685 $ 5,000 $ 3,586 October 4, 2011 5,000 3,666 5,000 3,566 November 4, 2011 10,000 7,263 10,000 7,064 December 3, 2012 10,000 6,398 10,000 6,198 $ 30,000 $ 21,012 $ 30,000 $ 20,414

Convertible Notes and Interest

Convertible Notes and Interest Payable	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Convertible Notes and Interest Payable	6. Convertible notes and interest payable All convertible notes payable are unsecured and due on demand. Except as noted below, no amount was allocated to the conversion feature as, at the time of issue, there was no beneficial conversion feature or the note could not readily be converted into cash. A summary of convertible notes and interest outstanding is as follows: Face Value Conversion Interest Accrued Carrying Nov 30 Aug 31 $ 20,000 $ 0.100 10 % $ 7,249 $ 20,000 $ 27,249 $ 26,751 $ 20,000 $ 0.5625 8 % 7,027 20,000 27,027 26,627 $ 20,000 $ 0.5625 8 % 6,536 6,533 13,069 12,270 (a) $ 3,500 $ 0.035 8 % 388 3,500 3,888 3,817 $ 25,000 $ 0.020 8 % 5,317 25,000 30,317 29,819 $ 25,000 $ 0.024 8 % 2,033 25,000 27,033 26,534 $ 30,500 $ 0.005 8 % 14,444 30,500 44,944 44,336 $ 25,000 $ 0.020 - - 25,000 25,000 25,000 $ 47,500 $ 0.017 - - 47,500 47,500 17,500 $ 216,500 $ 42,994 $ 203,033 $ 246,027 $ 212,654 (a) This 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. $1,600 was accreted and charged to interest during the year ended August 31, 2020 ($1,600 for the year ended August 31, 2019). At November 30, 2020, the unamortized discount was $13,467 (August 31, 2020 - $13,867). November 30, 2020 August 31, 2020 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 $ 6,533 - $ 6,133 - Interest - $ 6,536 - $ 6,137 Balance, convertible note payable, end of period $ 6,533 $ 6,536 $ 6,133 $ 6,137

Common Stock

Common Stock	3 Months Ended
	Nov. 30, 2020
Equity [Abstract]
Common Stock	7. Common stock There were no changes to the number of common shares issued and outstanding as at November 30, 2020 and as of the year ended August 31, 2020. There were no warrants or stock options outstanding as of November 30, 2020 and as of August 31, 2020.

Interim Reporting and Signifi_2

Interim Reporting and Significant Accounting Policies (Policies)	3 Months Ended
	Nov. 30, 2020
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)	3 Months Ended
	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets represent payments made to third parties for the development of utility software applications (“apps”). The assets have been amortized over 3 years on a straight-line basis. As of August 31, 2020, the assets have been fully amortized. August 31, 2020 Item Cost Accumulated Amortization Net Text Pro App $ 8,333 $ 8,333 $ - Biz Pro App 1,913 1,913 - Total $ 10,246 $ 10,246 $ -

Notes and Interest Payable (Tab

Notes and Interest Payable (Tables)	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Schedule of Notes and Interest Payable	November 30, 2020 August 31, 2020 Date of Issue Principal Interest Principal Interest September 16, 2011 $ 5,000 $ 3,685 $ 5,000 $ 3,586 October 4, 2011 5,000 3,666 5,000 3,566 November 4, 2011 10,000 7,263 10,000 7,064 December 3, 2012 10,000 6,398 10,000 6,198 $ 30,000 $ 21,012 $ 30,000 $ 20,414

Convertible Notes and Interes_2

Convertible Notes and Interest Payable (Tables)	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Schedule of Convertible Notes and Interest Outstanding	A summary of convertible notes and interest outstanding is as follows: Face Value Conversion Interest Accrued Carrying Nov 30 Aug 31 $ 20,000 $ 0.100 10 % $ 7,249 $ 20,000 $ 27,249 $ 26,751 $ 20,000 $ 0.5625 8 % 7,027 20,000 27,027 26,627 $ 20,000 $ 0.5625 8 % 6,536 6,533 13,069 12,270 (a) $ 3,500 $ 0.035 8 % 388 3,500 3,888 3,817 $ 25,000 $ 0.020 8 % 5,317 25,000 30,317 29,819 $ 25,000 $ 0.024 8 % 2,033 25,000 27,033 26,534 $ 30,500 $ 0.005 8 % 14,444 30,500 44,944 44,336 $ 25,000 $ 0.020 - - 25,000 25,000 25,000 $ 47,500 $ 0.017 - - 47,500 47,500 17,500 $ 216,500 $ 42,994 $ 203,033 $ 246,027 $ 212,654 (a) This 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. $1,600 was accreted and charged to interest during the year ended August 31, 2020 ($1,600 for the year ended August 31, 2019). At November 30, 2020, the unamortized discount was $13,467 (August 31, 2020 - $13,867).
Schedule of Debt Conversion	November 30, 2020 August 31, 2020 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 $ 6,533 - $ 6,133 - Interest - $ 6,536 - $ 6,137 Balance, convertible note payable, end of period $ 6,533 $ 6,536 $ 6,133 $ 6,137

Basis of Presentation - Going_2

Basis of Presentation - Going Concern Uncertainties (Details Narrative) - USD ($)	Nov. 30, 2020	Aug. 31, 2020	Sep. 04, 2009
Accounting Policies [Abstract]
Accumulated deficit	$ (334,849)	$ (328,686)	$ 334,849

Intangible Assets (Details Narr

Intangible Assets (Details Narrative)	3 Months Ended
	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization period	3 years

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details)	Aug. 31, 2020USD ($)
Intangible Assets, Costs	$ 10,246
Intangible Assets, Accumulated Amortization	10,246
Intangible Assets, Net
Text Pro App [Member]
Intangible Assets, Costs	8,333
Intangible Assets, Accumulated Amortization	8,333
Intangible Assets, Net
Biz Pro App [Member]
Intangible Assets, Costs	1,913
Intangible Assets, Accumulated Amortization	1,913
Intangible Assets, Net

Notes and Interest Payable (Det

Notes and Interest Payable (Details Narrative) - Unsecured Debt [Member]	Nov. 30, 2020Notes
Number of notes payable	4
Debt interest rate	8.00%

Notes and Interest Payable - Sc

Notes and Interest Payable - Schedule of Notes and Interest Payable (Details) - Notes Payable [Member] - USD ($)	Nov. 30, 2020	Aug. 31, 2020
Principal	$ 30,000	$ 30,000
Interest	21,012	20,414
September 16, 2011 [Member]
Principal	5,000	5,000
Interest	3,685	3,586
October 4, 2011 [Member]
Principal	5,000	5,000
Interest	3,666	3,566
November 4, 2011 [Member]
Principal	10,000	10,000
Interest	7,263	7,064
December 3, 2012 [Member]
Principal	10,000	10,000
Interest	$ 6,398	$ 6,198

Convertible Notes and Interes_3

Convertible Notes and Interest Payable - Schedule of Convertible Notes and Interest Outstanding (Details) - USD ($)	Nov. 30, 2020	Aug. 31, 2020
Face Value	$ 216,500
Accrued Interest	42,994
Carrying Value	203,033
Total, Net	246,027	$ 212,654
Convertible Notes and Interest Payable One [Member]
Face Value	$ 20,000
Conversion Rate	$ 0.100
Interest rate	10.00%
Accrued Interest	$ 7,249
Carrying Value	20,000
Total, Net	27,249	26,751
Convertible Notes and Interest Payable Two [Member]
Face Value	$ 20,000
Conversion Rate	$ 0.5625
Interest rate	8.00%
Accrued Interest	$ 7,027
Carrying Value	20,000
Total, Net	27,027	26,627
Convertible Notes and Interest Payable Three [Member]
Face Value	$ 20,000
Conversion Rate	$ 0.5625
Interest rate	8.00%
Accrued Interest	$ 6,536
Carrying Value	6,533
Total, Net	13,069	12,270	[1]
Convertible Notes and Interest Payable Four [Member]
Face Value	$ 3,500
Conversion Rate	$ 0.035
Interest rate	8.00%
Accrued Interest	$ 388
Carrying Value	3,500
Total, Net	3,888	3,817
Convertible Notes and Interest Payable Five [Member]
Face Value	$ 25,000
Conversion Rate	$ 0.020
Interest rate	8.00%
Accrued Interest	$ 5,317
Carrying Value	25,000
Total, Net	30,317	29,819
Convertible Notes and Interest Payable Six [Member]
Face Value	$ 25,000
Conversion Rate	$ 0.024
Interest rate	8.00%
Accrued Interest	$ 2,033
Carrying Value	25,000
Total, Net	27,033	26,534
Convertible Notes and Interest Payable Seven [Member]
Face Value	$ 30,500
Conversion Rate	$ 0.005
Interest rate	8.00%
Accrued Interest	$ 14,444
Carrying Value	30,500
Total, Net	44,944	44,336
Convertible Notes and Interest Payable Eight [Member]
Face Value	$ 25,000
Conversion Rate	$ 0.020
Interest rate
Accrued Interest
Carrying Value	25,000
Total, Net	25,000	25,000
Convertible Notes and Interest Payable Nine [Member]
Face Value	$ 47,500
Conversion Rate	$ 0.017
Interest rate
Accrued Interest
Carrying Value	47,500
Total, Net	$ 47,500	$ 17,500
[1]	This 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. $1,600 was accreted and charged to interest during the year ended August 31, 2020 ($1,600 for the year ended August 31, 2019). At November 30, 2020, the unamortized discount was $13,467 (August 31, 2020 - $13,867).

Convertible Notes and Interes_4

Convertible Notes and Interest Payable - Schedule of Convertible Notes and Interest Outstanding (Details) (Parenthetical) - USD ($)	Oct. 31, 2016	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020	Aug. 31, 2019
Debt Disclosure [Abstract]
Proceeds from issuance of convertible note	$ 20,000	$ 30,000	$ 25,000
Market price per share	$ 1.48
Debt conversion feature	$ 20,000	20,000			$ 20,000
Accretion on convertible notes payable		400	$ 400	$ 1,600	$ 1,600
Unamortized discount		$ 13,467		$ 13,867

Convertible Notes and Interes_5

Convertible Notes and Interest Payable - Schedule of Debt Conversion (Details) - USD ($)	Oct. 31, 2016	Nov. 30, 2020	Aug. 31, 2019
Debt Disclosure [Abstract]
Proceeds on issue, principal		$ 20,000	$ 20,000
Value assigned to conversion feature, principal	$ 20,000	20,000	20,000
Value of convertible note payable at issuance, principal
Accretion charges, principal		6,533	6,133
Interest, principal
Balance, convertible note payable, end of period, principal		6,533	6,133
Proceeds on issue, interest
Value assigned to conversion feature, interest
Value of convertible note payable at issuance, interest
Accretion charges, interest
Interest, interest		6,536	6,137
Balance, convertible note payable, end of period, interest		$ 6,536	$ 6,137

Common Stock (Details Narrative

Common Stock (Details Narrative) - shares	Nov. 30, 2020	Aug. 31, 2020
Equity [Abstract]
Warrants or stock options outstanding