UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                 --------------
                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant To Section 13 Or 15(D) of The Securities Exchange Act of 1934

       Date of report (date of earliest event reported): February 17, 2006
                                 --------------


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


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

              2616 South Loop West, Suite 660, Houston, Texas 77054
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (832) 778-9591

                           Copy of correspondence to:

                             Gregory Sichenzia, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                     Tel: (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-commencementcommunications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

ITEM 8.01 Other Events

      Globalnet Corporation (the "Company") provides the following information
as an update on its current financial condition and operations. All statements,
other than statements of historical facts, included in this report regarding the
Company's strategy, expected future financial position, development and
marketing of products, competitive position, and plans and objectives of
management are forward-looking statements. Words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "will" and other similar
expressions help identify forward-looking statements, although not all
forward-looking statements contain these identifying words. In particular, the
statements regarding the treatment of various financial instruments and the
related charge to earnings, the impairment of goodwill, the continued
implementation of the Company's strategic plan, the expected future monthly
losses, the availability and terms and conditions of new financing, and the
impact of capital allocation decisions should new financing be obtained, are
forward-looking statements. These forward-looking statements involve substantial
risks and uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company's business and the
telecommunications industry in which the Company operates. The Company may not
actually achieve the plans, intentions or expectations disclosed in its
forward-looking statements, and you should not place undue reliance on the
Company's forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements that the Company makes. In addition, the forward
looking financial information presented below was prepared using very basic
information and assumptions which did not include all, information and
assumptions generally used in the preparation of forward looking financials.
Furthermore, the forwarding looking financial information presented below
assumes the Company is able to obtain funding when needed and on reasonable
terms. There can be no assurance when or if the Company will obtain funding or
the terms of any such funding. At the present time the Company does not have
sufficient cash to fund its operations. The Company's forward-looking statements
do not reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments that the Company may make. The
Company does not assume any obligation to update any forward-looking statements.

Best of Show Award

      The Company announced on February 16, 2006 that its iDial-IP Turn-Key VoIP
Solution was named winner for a second year of a "Best of Show" award at
Technology Marketing Corporation (TMC)'s INTERNET TELEPHONY Conference and EXPO
East 2006. The Company's press release is attached herein as an exhibit.

Status of Financial Statements and Audits

      As previously disclosed, the Company engaged in conversations with the
Securities and Exchange Commission (the "SEC") on a variety of accounting issues
in early to mid-2005. On February 11, 2006, the Company re-initiated contact
with the SEC via a request for guidance (the "Request") with the Office of the
Chief Accountant.

      The primary purpose of the Request was to seek guidance on the treatment
of certain convertible notes and preferred stock (the "Instruments") issued
during 2003, and possibly requiring derivative accounting treatment under
Financial Accounting Standards No. 133 "Accounting for Derivative Instruments
and Hedging Activities" and Emerging Issues Task Force ("EITF") No. 00-19
"Accounting for Derivative Financial Instruments Indexed to, and Potentially
Settled in, a Company's Own Stock."

                                       2
<PAGE>

      From informal guidance received from the SEC, the Company believes that it
is likely the Instruments will ultimately be determined to qualify for
derivative treatment. The accounting charge that would result from this
accounting treatment substantially reflects the significant rise in the price of
the Company's common stock during the fourth quarter of 2003, followed by the
steep decline in 2004. Although the Company has not completed its analysis and
the estimate has not been audited, the Company has advised the SEC that the
fourth quarter charge to earnings could approximate $500 million dollars, and
that this charge will significantly be recovered as income in 2004 as the common
stock price declined. The Company has asked the SEC for guidance as to whether
this accounting result is truly reflective of underlying economic activity in
the Company's stock, especially as the issue relates to certain accounting
literature exceptions that are available to non-public companies.

      Guidance received will ultimately impact the Company's recording of the
Instruments in 2004 through 2006, and will also affect the accounting for new
convertible instruments in those years. The Company does not know the final
result of this re-initiation of contact with the SEC, nor the timing thereof. As
a result, the Company's previous estimate of being fully current in its filings
by March 31, 2006 is unlikely to be achieved, although the great majority of
work associated with the 2003 to 2004 periods is expected to be completed by
that date.

      The Company also expects, subject to audit, to report a major impairment
of goodwill and other intangible assets, at December 31, 2003.

Finances and Operations Related Update

      Due to the incomplete nature of its work associated with the 2003 to 2005
audits, discussed above, the Company is able to provide only limited financial
statement information:

      -     the Company's revenue for the fourth quarter of 2005 is expected to
            approximate $1.5 million, with gross margin in the 3-6% range.
            Revenues for the first quarter of 2006 are projected to approximate
            $1.3 million, with gross margins in the 6% range. Wholesale
            activities have been reoriented, with an ultimate goal that these
            activities will exist primarily to support and differentiate the
            VOIP product lines. This reorientation will result in slow revenue
            growth in the wholesale offerings, with only minimal margin
            expansion expected. In subsequent periods of 2006, the Company
            expects to show slow revenue and margin growth in its VOIP product
            lines;

      -     the Company's cash consumption, excluding audit related expenses,
            has been reduced to the approximate $250,000 per month range. The
            Company's goal, subject to accomplishment of its VOIP revenue
            targets, is to reduce this cash consumption on a month over month
            basis for the balance of the year;

      -     the Company's relocation of its primary switching facility from San
            Antonio to Houston, Texas has been substantially completed;

      -     the Company continues to settle claims and contingencies, as it
            deems appropriate and necessary. In February 2006, the Company
            settled a three year commitment for cable service in San Antonio,
            Texas, and expects to engage in discussions relating to other
            long-term commitments associated with its San Antonio location. The
            Company cannot currently estimate the ultimate result of these other
            negotiation efforts.

      As disclosed in its Current Report on Form 8-K, filed January 20, 2006,
the Company has sold $675,000 in callable secured convertible notes (the
"Notes") pursuant to a Securities Purchase Agreement (the "SPA") for an
aggregate of $1,500,000 in Notes with certain investors (the "Investors"). While
the SPA contemplates monthly purchases of the Notes, under defined conditions
either the Company or the Investors may decline to proceed with additional

                                       3
<PAGE>

purchases of the Notes. There is no assurance that additional purchases of the
Notes will occur, and should such a circumstance occur, it is likely that the
Company would have insufficient funds to continue operations. Assuming the
investors purchase the remaining $825,000 of the Notes, the anticipated monthly
funding schedule is likely to be less, month over month, mirroring the projected
reduced cash consumption projections discussed above. The Company is behind on
its original expectations relative to this funding schedule. Should the Company
be unable to achieve the revenue or cost reduction goals, discussed above, the
anticipated funding schedule would not be sufficient to fund the Company's
revised operations.

      The Notes, together with approximately $9,000,000 in face amount of
callable secured convertible notes also issued to the Investors (the "Previous
Notes"), are convertible into our common stock, at the Investors' option, at a
conversion price, equal to the lower of (i) $0.0036 or (ii) 20% 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 February 16,
2006, 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 $.0001 and, therefore, the conversion price for the secured
convertible notes was $.00002. Certain of the Company's debt instruments
originated in periods prior to October 2003; accordingly, such debt instruments
may be converted to common stock which may be sold pursuant to Rule 144(k).

      The Company's Articles of Incorporation currently allow for issuance of a
maximum of 20,000,000,000 shares of common stock. Currently, the Company has
approximately 9,300,000,000 shares outstanding, including conversions of
Previous Notes, leaving an unissued balance of authorized shares that is not
sufficient to service the maximum requirements of all of its convertible
securities. In the event we are unable to obtain an increase in our authorized
common stock, we will be required to repay the convertible debenture and we will
be subject to penalties associated with such failure to deliver shares of common
stock upon conversion of the debentures as well as prepayment penalties. In
addition, the Investors, which have a secured lien on all of our assets and
intellectual property, would be entitled to foreclose on our assets and
intellectual property. In the event that the foregoing were to occur,
significant adverse consequences to the Company would be reasonably anticipated.
Although no notice of default has been received from the Investors, all Previous
Notes are in default under numerous covenants.

Item 9.01 Financial Statements and Exhibits

Exhibit No.   Description

99.1          Press Release

                                    SIGNATURE

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

                                            GLOBALNET CORPORATION

                                            By:  /s/ MARK T. WOOD
                                                 -------------------
                                                   Mark T. Wood, CEO

Dated:  February 17, 2006

                                       4
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UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                 --------------
                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant To Section 13 Or 15(D) of The Securities Exchange Act of 1934

       Date of report (date of earliest event reported): February 17, 2006
                                 --------------

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

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

              2616 South Loop West, Suite 660, Houston, Texas 77054
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (832) 778-9591

                           Copy of correspondence to:

                             Gregory Sichenzia, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                     Tel: (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-commencementcommunications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 Other Events

      Globalnet Corporation (the "Company") provides the following information
as an update on its current financial condition and operations. All statements,
other than statements of historical facts, included in this report regarding the
Company's strategy, expected future financial position, development and
marketing of products, competitive position, and plans and objectives of
management are forward-looking statements. Words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "will" and other similar
expressions help identify forward-looking statements, although not all
forward-looking statements contain these identifying words. In particular, the
statements regarding the treatment of various financial instruments and the
related charge to earnings, the impairment of goodwill, the continued
implementation of the Company's strategic plan, the expected future monthly
losses, the availability and terms and conditions of new financing, and the
impact of capital allocation decisions should new financing be obtained, are
forward-looking statements. These forward-looking statements involve substantial
risks and uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company's business and the
telecommunications industry in which the Company operates. The Company may not
actually achieve the plans, intentions or expectations disclosed in its
forward-looking statements, and you should not place undue reliance on the
Company's forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements that the Company makes. In addition, the forward
looking financial information presented below was prepared using very basic
information and assumptions which did not include all, information and
assumptions generally used in the preparation of forward looking financials.
Furthermore, the forwarding looking financial information presented below
assumes the Company is able to obtain funding when needed and on reasonable
terms. There can be no assurance when or if the Company will obtain funding or
the terms of any such funding. At the present time the Company does not have
sufficient cash to fund its operations. The Company's forward-looking statements
do not reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments that the Company may make. The
Company does not assume any obligation to update any forward-looking statements.

Best of Show Award

      The Company announced on February 16, 2006 that its iDial-IP Turn-Key VoIP
Solution was named winner for a second year of a "Best of Show" award at
Technology Marketing Corporation (TMC)'s INTERNET TELEPHONY Conference and EXPO
East 2006. The Company's press release is attached herein as an exhibit.

Status of Financial Statements and Audits

      As previously disclosed, the Company engaged in conversations with the
Securities and Exchange Commission (the "SEC") on a variety of accounting issues
in early to mid-2005. On February 11, 2006, the Company re-initiated contact
with the SEC via a request for guidance (the "Request") with the Office of the
Chief Accountant.

      The primary purpose of the Request was to seek guidance on the treatment
of certain convertible notes and preferred stock (the "Instruments") issued
during 2003, and possibly requiring derivative accounting treatment under
Financial Accounting Standards No. 133 "Accounting for Derivative Instruments
and Hedging Activities" and Emerging Issues Task Force ("EITF") No. 00-19
"Accounting for Derivative Financial Instruments Indexed to, and Potentially
Settled in, a Company's Own Stock."

                                       2
From informal guidance received from the SEC, the Company believes that it
is likely the Instruments will ultimately be determined to qualify for
derivative treatment. The accounting charge that would result from this
accounting treatment substantially reflects the significant rise in the price of
the Company's common stock during the fourth quarter of 2003, followed by the
steep decline in 2004. Although the Company has not completed its analysis and
the estimate has not been audited, the Company has advised the SEC that the
fourth quarter charge to earnings could approximate $500 million dollars, and
that this charge will significantly be recovered as income in 2004 as the common
stock price declined. The Company has asked the SEC for guidance as to whether
this accounting result is truly reflective of underlying economic activity in
the Company's stock, especially as the issue relates to certain accounting
literature exceptions that are available to non-public companies.

      Guidance received will ultimately impact the Company's recording of the
Instruments in 2004 through 2006, and will also affect the accounting for new
convertible instruments in those years. The Company does not know the final
result of this re-initiation of contact with the SEC, nor the timing thereof. As
a result, the Company's previous estimate of being fully current in its filings
by March 31, 2006 is unlikely to be achieved, although the great majority of
work associated with the 2003 to 2004 periods is expected to be completed by
that date.

      The Company also expects, subject to audit, to report a major impairment
of goodwill and other intangible assets, at December 31, 2003.

Finances and Operations Related Update

      Due to the incomplete nature of its work associated with the 2003 to 2005
audits, discussed above, the Company is able to provide only limited financial
statement information:

      -     the Company's revenue for the fourth quarter of 2005 is expected to
            approximate $1.5 million, with gross margin in the 3-6% range.
            Revenues for the first quarter of 2006 are projected to approximate
            $1.3 million, with gross margins in the 6% range. Wholesale
            activities have been reoriented, with an ultimate goal that these
            activities will exist primarily to support and differentiate the
            VOIP product lines. This reorientation will result in slow revenue
            growth in the wholesale offerings, with only minimal margin
            expansion expected. In subsequent periods of 2006, the Company
            expects to show slow revenue and margin growth in its VOIP product
            lines;

      -     the Company's cash consumption, excluding audit related expenses,
            has been reduced to the approximate $250,000 per month range. The
            Company's goal, subject to accomplishment of its VOIP revenue
            targets, is to reduce this cash consumption on a month over month
            basis for the balance of the year;

      -     the Company's relocation of its primary switching facility from San
            Antonio to Houston, Texas has been substantially completed;

      -     the Company continues to settle claims and contingencies, as it
            deems appropriate and necessary. In February 2006, the Company
            settled a three year commitment for cable service in San Antonio,
            Texas, and expects to engage in discussions relating to other
            long-term commitments associated with its San Antonio location. The
            Company cannot currently estimate the ultimate result of these other
            negotiation efforts.

      As disclosed in its Current Report on Form 8-K, filed January 20, 2006,
the Company has sold $675,000 in callable secured convertible notes (the
"Notes") pursuant to a Securities Purchase Agreement (the "SPA") for an
aggregate of $1,500,000 in Notes with certain investors (the "Investors"). While
the SPA contemplates monthly purchases of the Notes, under defined conditions
either the Company or the Investors may decline to proceed with additional

                                       3
purchases of the Notes. There is no assurance that additional purchases of the
Notes will occur, and should such a circumstance occur, it is likely that the
Company would have insufficient funds to continue operations. Assuming the
investors purchase the remaining $825,000 of the Notes, the anticipated monthly
funding schedule is likely to be less, month over month, mirroring the projected
reduced cash consumption projections discussed above. The Company is behind on
its original expectations relative to this funding schedule. Should the Company
be unable to achieve the revenue or cost reduction goals, discussed above, the
anticipated funding schedule would not be sufficient to fund the Company's
revised operations.

      The Notes, together with approximately $9,000,000 in face amount of
callable secured convertible notes also issued to the Investors (the "Previous
Notes"), are convertible into our common stock, at the Investors' option, at a
conversion price, equal to the lower of (i) $0.0036 or (ii) 20% 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 February 16,
2006, 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 $.0001 and, therefore, the conversion price for the secured
convertible notes was $.00002. Certain of the Company's debt instruments
originated in periods prior to October 2003; accordingly, such debt instruments
may be converted to common stock which may be sold pursuant to Rule 144(k).

      The Company's Articles of Incorporation currently allow for issuance of a
maximum of 20,000,000,000 shares of common stock. Currently, the Company has
approximately 9,300,000,000 shares outstanding, including conversions of
Previous Notes, leaving an unissued balance of authorized shares that is not
sufficient to service the maximum requirements of all of its convertible
securities. In the event we are unable to obtain an increase in our authorized
common stock, we will be required to repay the convertible debenture and we will
be subject to penalties associated with such failure to deliver shares of common
stock upon conversion of the debentures as well as prepayment penalties. In
addition, the Investors, which have a secured lien on all of our assets and
intellectual property, would be entitled to foreclose on our assets and
intellectual property. In the event that the foregoing were to occur,
significant adverse consequences to the Company would be reasonably anticipated.
Although no notice of default has been received from the Investors, all Previous
Notes are in default under numerous covenants.

Item 9.01 Financial Statements and Exhibits

Exhibit No.   Description

99.1          Press Release

                                    SIGNATURE

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

                                            GLOBALNET CORPORATION

                                            By:  /s/ MARK T. WOOD
                                                 -------------------
                                                   Mark T. Wood, CEO

Dated:  February 17, 2006

                                       4