UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
   Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

            Date of Report (Date of earliest reported): June 10, 2005

                              GLOBALNET CORPORATION
               (Exact name of registrant as specified in charter)

--------------------------------------------------------------------------------
             Nevada                      000-24962               75-2863583
--------------------------------------------------------------------------------
(State or Other Jurisdiction of   (Commission File Number)     (IRS Employer
Incorporation or Organization)                               Identification No.)
--------------------------------------------------------------------------------

                    1919 S Highland Ave, Suite 125D, Lombard,
                      Illinois 60148 (Address of principal
                          executive offices) (Zip Code)

Registrant's telephone number, including area code: (630) 652-1300

                                   Copies to:
                             Gregory Sichenzia, Esq.
                            Stephen M. Fleming, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700
                               Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

Item 1.01 Entry into a Material Definitive Agreement

Item 1.03 Bankruptcy or Receivership

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an
          Off-Balance Sheet Arrangement of a Registrant

Item 3.02 Unregistered Sales of Equity Securities

      On June 10, 2005, GlobalNet International, LLC ("International"), a wholly
owned subsidiary of GlobalNet Corporation (the "Company") ceased operations.
Further, International's bankruptcy proceeding was dismissed on June 23, 2005
pursuant to the Order Dismissing International's Chapter 11 case filed with the
United States Bankruptcy Court in the Southern District of New York, which was
initiated by a motion to convert the case to Chapter 7 by Qwest Communication
Corp. ("Qwest"). The dismissal was supported by MCI Worldcom Services, Inc.
("MCI") and Qwest.

      On June 23, 2005, Qwest entered into a Settlement Agreement with the
Company and International. Pursuant to the Settlement Agreement, International
acknowledged that it owed Qwest a debt in the amount of $850,000 and the Company
paid a debt owed to Qwest in the amount of $500,000. In addition, the Company
also paid $75,000 to Qwest in connection with the settlement of a lawsuit filed
by Qwest against the Company as previously disclosed in the Company's filings.
The Company and International, on one hand, and Qwest, on the other hand, each
agreed to a mutual release including a dismissal by Qwest of its current action
in Colorado and the satisfaction of judgments entered in Virginia and Texas. In
the event that the Company or any of its agents should attempt to purchase
services from Qwest, then the release provided by Qwest shall be deemed null and
void, the party purchasing such services shall be deemed to owe $350,000
representing the portion of the Qwest debt that was not paid and the debt owed
to Qwest shall be revived. The Company shall preserve all defenses in the event
that the debt is revived.

      To obtain funding to pay off Qwest, the Company entered into a Securities
Purchase Agreement (the "Agreement") with New Millennium Capital Partners II,
LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners, LLC
(collectively, the "Investors") on June 21, 2005 for the sale of (i) $1,750,000
in callable secured convertible notes (the "Notes") and (ii) stock purchase
warrants (the "Warrants") to buy 1,750,000 shares of our common stock.

      On June 21, 2005, the Investors purchased $1,070,000 in Notes and received
Warrants to purchase 1,070,000 shares of the Company's common stock. In
addition, provided that all of the conditions in the Securities Purchase
Agreement are satisfied, on the final business day of each month, the Company
will issue to the Investors and the Investors will purchase an additional agreed
upon amount of Notes and Warrants until the remaining $680,000 in Notes has been
purchased. The Company or a majority in interest of the Investors may terminate
the obligation to issue additional Notes and Warrant upon 30 days notice.

      The Notes bear interest at 12%, mature two years from the date of
issuance, and are convertible into our common stock, at the Investors' option,
at a conversion price, equal to the lower of (i) $0.0036 or (ii) 25% of the
average of the three lowest intraday trading prices for our common stock during
the 20 trading days before, but not including, the conversion date. As of June
27, 2005, the average of the three lowest intraday trading prices for our common
stock during the preceding 20 trading days as reported on the Over-The-Counter
Bulletin Board was $.0006 and, therefore, the conversion price for the secured
convertible notes was $.0001. Based on this conversion price, the Notes in the
amount of $1,070,000 excluding interest, were convertible into 10,700,000,000
shares of our common stock.

      We may prepay the Notes in the event that no event of default exists,
there are a sufficient number of shares available for conversion of the callable
secured convertible notes and the market price is at or below $.0036 per share.
The full principal amount of the Notes is due upon default under the terms of
Notes. In addition, we have granted the Investors a security interest in
substantially all of our assets and intellectual property as well as
registration rights.

      The Warrants are exercisable until five years from the date of issuance at
an exercise price of $0.0009 per share. In addition, the exercise price of the
Warrants is adjusted in the event we issue common stock at a price below market.

<PAGE>

      The Investors have contractually agreed to restrict their ability to
convert the Notes and exercise the Warrants and receive shares of our common
stock such that the number of shares of the Company common stock held by them
and their affiliates after such conversion or exercise does not exceed 4.99% of
the Company's then issued and outstanding shares of common stock.

      The sale of the Notes was completed on June 21, 2005 with respect to
$1,070,000 of the Notes. As of the date hereof, the Company is obligated on
$1,070,000 in face amount of Notes issued to the Investors. The Notes are a debt
obligation arising other than in the ordinary course of business which
constitute a direct financial obligation of the Company. In addition, the
Company is also obligated on approximately $7,000,000 in face amount of callable
secured convertible notes issued to the Investors.

      The Notes and Warrants were offered and sold to the Investors in a private
placement transaction made in reliance upon exemptions from registration
pursuant to Section 4(2) under the Securities Act of 1933 and Rule 506
promulgated thereunder. Each of the Investors is an accredited investor as
defined in Rule 501 of Regulation D promulgated under the Securities Act of
1933.

Item 9.01 Financial Statements and Exhibits

Exhibit No.       Description
-----------       -----------

4.1               Securities Purchase Agreement dated June 21, 2005 by and among
                  the Company and New Millennium Capital Partners II, LLC, AJW
                  Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners,
                  LLC

4.2               Form of Callable Secured Convertible dated June 21, 2005

4.3               Form of Stock Purchase Warrant dated June 21, 2005

4.4               Registration Rights Agreement dated June 21, 2005 by and among
                  the Company and New Millennium Capital Partners II, LLC, AJW
                  Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners,
                  LLC

4.5               Intellectual Property Security Agreement dated June 21, 2005
                  by and among the Company and New Millennium Capital Partners
                  II, LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd. and
                  AJW Partners, LLC

4.6               Security Agreement dated June 21, 2005 by and among the
                  Company and New Millennium Capital Partners II, LLC, AJW
                  Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners,
                  LLC

4.7               Settlement Agreement entered by and between the Company and
                  Qwest Communications Corp. dated June 23, 2005

99.1              Press Release dated June 2005

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        GLOBALNET CORPORATION

Date: June 28, 2005                     By: /s/ Mark T. Wood
                                            ----------------
                                        Name: Mark T. Wood
                                        Title: CEO
{"company-data": {"conformed-name": "GLOBALNET CORP", "cik": "0000810932", "assigned-sic": "4813", "irs-number": "752863583", "state-of-incorporation": "NV", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24962", "film-number": "05923667"}, "business-address": {"street1": "16990 DALLAS PARKWAY SUITE 106", "street2": "SUITE 106", "city": "DALLAS", "state": "TX", "zip": "75248", "phone": "9728181058"}, "mail-address": {"street1": "16990 DALLAS PARKWAY SUITE 106", "street2": "SUITE 106", "city": "DALLAS", "state": "TX", "zip": "75248"}, "former-company": [{"former-conformed-name": "IDIAL NETWORKS INC", "date-changed": "20000316"}, {"former-conformed-name": "DESERT SPRINGS ACQUISITION CORP", "date-changed": "19960717"}, {"former-conformed-name": "BARTEL FINANCIAL GROUP INC", "date-changed": "19941021"}]}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
   Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

            Date of Report (Date of earliest reported): June 10, 2005

                              GLOBALNET CORPORATION
               (Exact name of registrant as specified in charter)

--------------------------------------------------------------------------------
             Nevada                      000-24962               75-2863583
--------------------------------------------------------------------------------
(State or Other Jurisdiction of   (Commission File Number)     (IRS Employer
Incorporation or Organization)                               Identification No.)
--------------------------------------------------------------------------------

                    1919 S Highland Ave, Suite 125D, Lombard,
                      Illinois 60148 (Address of principal
                          executive offices) (Zip Code)

Registrant's telephone number, including area code: (630) 652-1300

                                   Copies to:
                             Gregory Sichenzia, Esq.
                            Stephen M. Fleming, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700
                               Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement

Item 1.03 Bankruptcy or Receivership

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an
          Off-Balance Sheet Arrangement of a Registrant

Item 3.02 Unregistered Sales of Equity Securities

      On June 10, 2005, GlobalNet International, LLC ("International"), a wholly
owned subsidiary of GlobalNet Corporation (the "Company") ceased operations.
Further, International's bankruptcy proceeding was dismissed on June 23, 2005
pursuant to the Order Dismissing International's Chapter 11 case filed with the
United States Bankruptcy Court in the Southern District of New York, which was
initiated by a motion to convert the case to Chapter 7 by Qwest Communication
Corp. ("Qwest"). The dismissal was supported by MCI Worldcom Services, Inc.
("MCI") and Qwest.

      On June 23, 2005, Qwest entered into a Settlement Agreement with the
Company and International. Pursuant to the Settlement Agreement, International
acknowledged that it owed Qwest a debt in the amount of $850,000 and the Company
paid a debt owed to Qwest in the amount of $500,000. In addition, the Company
also paid $75,000 to Qwest in connection with the settlement of a lawsuit filed
by Qwest against the Company as previously disclosed in the Company's filings.
The Company and International, on one hand, and Qwest, on the other hand, each
agreed to a mutual release including a dismissal by Qwest of its current action
in Colorado and the satisfaction of judgments entered in Virginia and Texas. In
the event that the Company or any of its agents should attempt to purchase
services from Qwest, then the release provided by Qwest shall be deemed null and
void, the party purchasing such services shall be deemed to owe $350,000
representing the portion of the Qwest debt that was not paid and the debt owed
to Qwest shall be revived. The Company shall preserve all defenses in the event
that the debt is revived.

      To obtain funding to pay off Qwest, the Company entered into a Securities
Purchase Agreement (the "Agreement") with New Millennium Capital Partners II,
LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners, LLC
(collectively, the "Investors") on June 21, 2005 for the sale of (i) $1,750,000
in callable secured convertible notes (the "Notes") and (ii) stock purchase
warrants (the "Warrants") to buy 1,750,000 shares of our common stock.

      On June 21, 2005, the Investors purchased $1,070,000 in Notes and received
Warrants to purchase 1,070,000 shares of the Company's common stock. In
addition, provided that all of the conditions in the Securities Purchase
Agreement are satisfied, on the final business day of each month, the Company
will issue to the Investors and the Investors will purchase an additional agreed
upon amount of Notes and Warrants until the remaining $680,000 in Notes has been
purchased. The Company or a majority in interest of the Investors may terminate
the obligation to issue additional Notes and Warrant upon 30 days notice.

      The Notes bear interest at 12%, mature two years from the date of
issuance, and are convertible into our common stock, at the Investors' option,
at a conversion price, equal to the lower of (i) $0.0036 or (ii) 25% of the
average of the three lowest intraday trading prices for our common stock during
the 20 trading days before, but not including, the conversion date. As of June
27, 2005, the average of the three lowest intraday trading prices for our common
stock during the preceding 20 trading days as reported on the Over-The-Counter
Bulletin Board was $.0006 and, therefore, the conversion price for the secured
convertible notes was $.0001. Based on this conversion price, the Notes in the
amount of $1,070,000 excluding interest, were convertible into 10,700,000,000
shares of our common stock.

      We may prepay the Notes in the event that no event of default exists,
there are a sufficient number of shares available for conversion of the callable
secured convertible notes and the market price is at or below $.0036 per share.
The full principal amount of the Notes is due upon default under the terms of
Notes. In addition, we have granted the Investors a security interest in
substantially all of our assets and intellectual property as well as
registration rights.

      The Warrants are exercisable until five years from the date of issuance at
an exercise price of $0.0009 per share. In addition, the exercise price of the
Warrants is adjusted in the event we issue common stock at a price below market.
The Investors have contractually agreed to restrict their ability to
convert the Notes and exercise the Warrants and receive shares of our common
stock such that the number of shares of the Company common stock held by them
and their affiliates after such conversion or exercise does not exceed 4.99% of
the Company's then issued and outstanding shares of common stock.

      The sale of the Notes was completed on June 21, 2005 with respect to
$1,070,000 of the Notes. As of the date hereof, the Company is obligated on
$1,070,000 in face amount of Notes issued to the Investors. The Notes are a debt
obligation arising other than in the ordinary course of business which
constitute a direct financial obligation of the Company. In addition, the
Company is also obligated on approximately $7,000,000 in face amount of callable
secured convertible notes issued to the Investors.

      The Notes and Warrants were offered and sold to the Investors in a private
placement transaction made in reliance upon exemptions from registration
pursuant to Section 4(2) under the Securities Act of 1933 and Rule 506
promulgated thereunder. Each of the Investors is an accredited investor as
defined in Rule 501 of Regulation D promulgated under the Securities Act of
1933.

Item 9.01 Financial Statements and Exhibits

Exhibit No.       Description
-----------       -----------

4.1               Securities Purchase Agreement dated June 21, 2005 by and among
                  the Company and New Millennium Capital Partners II, LLC, AJW
                  Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners,
                  LLC

4.2               Form of Callable Secured Convertible dated June 21, 2005

4.3               Form of Stock Purchase Warrant dated June 21, 2005

4.4               Registration Rights Agreement dated June 21, 2005 by and among
                  the Company and New Millennium Capital Partners II, LLC, AJW
                  Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners,
                  LLC

4.5               Intellectual Property Security Agreement dated June 21, 2005
                  by and among the Company and New Millennium Capital Partners
                  II, LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd. and
                  AJW Partners, LLC

4.6               Security Agreement dated June 21, 2005 by and among the
                  Company and New Millennium Capital Partners II, LLC, AJW
                  Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners,
                  LLC

4.7               Settlement Agreement entered by and between the Company and
                  Qwest Communications Corp. dated June 23, 2005

99.1              Press Release dated June 2005

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        GLOBALNET CORPORATION

Date: June 28, 2005                     By: /s/ Mark T. Wood
                                            ----------------
                                        Name: Mark T. Wood
                                        Title: CEO