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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Washington,
        DC 20549 </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 OR 15(d) of the Securities and Exchange Act of 1934
</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest reported): June 29, 2006</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="fis_unidentified_table"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>GLOBALNET
        CORPORATION</strong></font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in charter) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table border="1" bordercolor="black" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="27%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nevada</font></div>
              </td>
              <td valign="top" width="27%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">000-24962</font></div>
              </td>
              <td valign="top" width="27%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75-2863583</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or Other Jurisdiction of Incorporation or Organization)</font></div>
              </td>
              <td valign="top" width="27%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  File Number)</font></div>
              </td>
              <td valign="top" width="27%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer Identification No.)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2616
        South Loop West, Suite 660, Houston, Texas 77054</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of principal executive offices) (Zip Code) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
        telephone number, including area code: (832) 778-9591</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Copies
        to:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Gregory
        Sichenzia, Esq.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Stephen
        M.
        Fleming, Esq.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Sichenzia
        Ross Friedman Ference LLP</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1065
        Avenue of the Americas</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">New
        York,
        New York 10018</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Phone:
        (212) 930-9700</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Fax:
        (212)
        930-9725</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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): </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;
        &#160;] Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;
        &#160;] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
        CFR 240.14a-12) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;
        ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
        Act (17 CFR 240.14d-2(b)) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;
        ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act (17 CFR 240.13e-4(c))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="fis_change_in_accountant"><br></a>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="justify" valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                    1.01</strong></font></div>
                </td>
                <td align="justify" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
                    Into a Material Definitive Agreement</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                    2.03</strong></font></div>
                </td>
                <td align="justify" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Creation
                    of a Direct Financial Obligation or an Obligation Under an Off-Balance
                    Sheet Arrangement of a Registrant</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                    3.02</strong></font></div>
                </td>
                <td align="justify" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Unregistered
                    Sales of Equity Securities</strong></font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>June
        2006 Financing</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        obtain
        funding for working capital, GlobalNet Corporation (the &#8220;Company&#8221;) entered into
        a Securities Purchase Agreement (the &#8220;Agreement&#8221;) with New Millennium Capital
        Partners II, LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd. and AJW
        Partners, LLC (collectively, the &#8220;Investors&#8221;) on May 25, 2006 for the sale of
        (i) $1,200,000 in callable secured convertible notes (the &#8220;Notes&#8221;) and (ii)
        stock purchase warrants (the &#8220;Warrants&#8221;) to buy 100,000,000 shares of our common
        stock. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        May
        25, 2006, the Investors purchased $325,000 in Notes and received Warrants
        to
        purchase 50,000,000 shares of the Company&#8217;s common stock. On June 28, 2006, the
        Investors purchased $300,000 in Notes. In addition, provided that all of
        the
        conditions in the Securities Purchase Agreement are satisfied, on the final
        business day of each month, or such other date mutually acceptable to the
        Company and the Investors, commencing in June 2006, the Company will issue
        to
        the Investors and the Investors will purchase an additional agreed upon amount
        of Notes and Warrants until the remaining $575,000 in Notes are purchased.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Notes
        bear interest at 6%, mature three 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) $0.03 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 (the &#8220;Variable Conversion
        Price&#8221;). As of July 5, 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 Variable
        Conversion Price for the secured convertible notes was $.00002. Based on
        this
        conversion price, the aggregate notes issued to date under the Agreement
        in the
        amount of $625,000 excluding interest, were convertible into 31,250,000,000
        shares of our common stock. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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
        11,400,000,000 shares outstanding (including conversions of Previous Notes
        during calendar year 2006 of approximately 2,700,000,000 common shares),
        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 with the Investors are in
        default under numerous covenants.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 $0.10 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.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Warrants are exercisable until seven years from the date of issuance at an
        exercise price of $0.0002 per share. In addition, the exercise price of the
        Warrants is adjusted in the event we issue common stock at a price below
        market.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217;s then issued and outstanding shares of common stock.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        of the
        date hereof, the Company is obligated on $625,000 in face amount of Notes
        issued
        to the Investors in connection with this offering. &#160;&#160;The Notes are a
        debt obligation arising other than in the ordinary course of business which
        constitute a direct financial obligation of the Company. &#160;&#160; In
        addition, the Company is also obligated on approximately $10,500,000 in face
        amount of callable secured convertible notes issued to the Investors (the
        &#8220;Previous Notes&#8221;).</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
        of the Company's debt instruments originated in periods prior to June 2004;
        accordingly, such debt instruments may be converted to common stock which
        may be
        sold pursuant to Rule 144(k). The Previous Notes are also convertible at
        the
        Variable Conversion Price.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 40pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. &#160;&#160;Each of the Investors is an accredited investor as
        defined in Rule 501 of Regulation D promulgated under the Securities Act
        of
        1933.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assuming
        full funding occurs under the Agreement, the Company will nonetheless continue
        to lack a committed long-term defined funding source. Full funding under
        the
        Agreement will meet only the Company&#8217;s near-term cash needs, and would be
        insufficient to fund operations through the end of the year. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Dunn
        Amendment</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        August
        16, 2005, the Company engaged Thomas P. Dunn as its Chief Financial Officer.
        Mr.
        Dunn&#8217;s employment agreement provides Mr. Dunn with base compensation of $132,000
        per annum. In the event that the Company is deemed to be current in its filings
        required under the Securities Exchange Act of 1934, as amended, Mr. Dunn
        was
        entitled to a one time bonus of $45,000 (the &#8220;Bonus&#8221;). Circumstances beyond the
        control of Mr. Dunn have created significantly more effort in the filing
        of such
        statements and have created unanticipated delays in such filing. As a result,
        the Company has agreed to increase the Bonus from $45,000 to $67,500, which
        shall be paid to Mr. Dunn as a combination salary adjustment and as a residual
        bonus. The Company agreed to pay the Bonus to Mr. Dunn on a semi-monthly
        basis</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
        the
        amount of $6,750 until the full bonus has been paid or until the June 30,
        2006
        Form 10-QSB (the &#8220;June 2006 10QSB&#8221;) has been filed with the Securities Exchange
        Commission. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        the
        event that the full $67,500 has not been paid prior to the filing of
        the</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June
        2006
        10QSB, then the Company shall pay Mr. Dunn the difference between the amounts
        paid on a semi-monthly basis and $67,500. In the event of Dunn&#8217;s termination for
        any reason, under certain defined conditions, the Company has agreed to pay
        Dunn
        an hourly consulting rate for any future services rendered.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="line-height: 1.25;">
              <td align="left" style="width: 115pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                9.01</strong></font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
                  Statements and Exhibits</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="left">
        <table border="0" bordercolor="#000000" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
                  No.</u></font></div>
              </td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
                  Purchase Agreement dated May 25, 2006 by and among the Company
                  and New
                  Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC,
                  AJW
                  Offshore, Ltd. and AJW Partners, LLC (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Callable Secured Convertible Note (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Stock Purchase Warrant (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
              </td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Callable Secured Convertible Note dated June 28,
                  2006</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></div>
              </td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Registration Rights Agreement by and among the Company and New
                  Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC,
                  AJW
                  Offshore, Ltd. and AJW Partners, LLC (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="left" valign="top" width="88%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  to Agreement between the Company and Thomas
                  Dunn</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
        Incorporated by reference to the Form 8-K Current Report filed with the
        Securities Exchange Commission on June 1, 2006. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="fis_financial_statements_and_exhibits"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 175pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>GLOBALNET
        CORPORATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="left">
        <table border="0" bordercolor="#000000" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="19%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                  July 6, 2006</font></div>
              </td>
              <td align="left" valign="top" width="81%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/Mark
                  Wood</u></font></div>
              </td>
            </tr>

        </table>
      </div>
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        Mark Wood</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 175pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
        Chief Executive Officer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 175pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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{"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": "06948681"}, "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 29, 2006
GLOBALNET
        CORPORATION
(Exact
        name of registrant as specified in charter)
Nevada
000-24962
75-2863583
(State
                  or Other Jurisdiction of Incorporation or Organization)
(Commission
                  File Number)
(IRS
                  Employer Identification No.)
2616
        South Loop West, Suite 660, Houston, Texas 77054
(Address
        of principal executive offices) (Zip Code)
Registrant's
        telephone number, including area code: (832) 778-9591
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
                    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
June
        2006 Financing
To
        obtain
        funding for working capital, GlobalNet Corporation (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 May 25, 2006 for the sale of
        (i) $1,200,000 in callable secured convertible notes (the "Notes") and (ii)
        stock purchase warrants (the "Warrants") to buy 100,000,000 shares of our common
        stock.
On
        May
        25, 2006, the Investors purchased $325,000 in Notes and received Warrants
        to
        purchase 50,000,000 shares of the Company's common stock. On June 28, 2006, the
        Investors purchased $300,000 in Notes. In addition, provided that all of
        the
        conditions in the Securities Purchase Agreement are satisfied, on the final
        business day of each month, or such other date mutually acceptable to the
        Company and the Investors, commencing in June 2006, the Company will issue
        to
        the Investors and the Investors will purchase an additional agreed upon amount
        of Notes and Warrants until the remaining $575,000 in Notes are purchased.
The
        Notes
        bear interest at 6%, mature three 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) $0.03 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 (the "Variable Conversion
        Price"). As of July 5, 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 Variable
        Conversion Price for the secured convertible notes was $.00002. Based on
        this
        conversion price, the aggregate notes issued to date under the Agreement
        in the
        amount of $625,000 excluding interest, were convertible into 31,250,000,000
        shares of our common stock.
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
        11,400,000,000 shares outstanding (including conversions of Previous Notes
        during calendar year 2006 of approximately 2,700,000,000 common shares),
        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 with the Investors are in
        default under numerous covenants.
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 $0.10 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 seven years from the date of issuance at an
        exercise price of $0.0002 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.
As
        of the
        date hereof, the Company is obligated on $625,000 in face amount of Notes
        issued
        to the Investors in connection with this offering.   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 $10,500,000 in face
        amount of callable secured convertible notes issued to the Investors (the
        "Previous Notes").
Certain
        of the Company's debt instruments originated in periods prior to June 2004;
        accordingly, such debt instruments may be converted to common stock which
        may be
        sold pursuant to Rule 144(k). The Previous Notes are also convertible at
        the
        Variable Conversion Price.
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.
Assuming
        full funding occurs under the Agreement, the Company will nonetheless continue
        to lack a committed long-term defined funding source. Full funding under
        the
        Agreement will meet only the Company's near-term cash needs, and would be
        insufficient to fund operations through the end of the year.
Dunn
        Amendment
On
        August
        16, 2005, the Company engaged Thomas P. Dunn as its Chief Financial Officer.
        Mr.
        Dunn's employment agreement provides Mr. Dunn with base compensation of $132,000
        per annum. In the event that the Company is deemed to be current in its filings
        required under the Securities Exchange Act of 1934, as amended, Mr. Dunn
        was
        entitled to a one time bonus of $45,000 (the "Bonus"). Circumstances beyond the
        control of Mr. Dunn have created significantly more effort in the filing
        of such
        statements and have created unanticipated delays in such filing. As a result,
        the Company has agreed to increase the Bonus from $45,000 to $67,500, which
        shall be paid to Mr. Dunn as a combination salary adjustment and as a residual
        bonus. The Company agreed to pay the Bonus to Mr. Dunn on a semi-monthly
        basis
in
        the
        amount of $6,750 until the full bonus has been paid or until the June 30,
        2006
        Form 10-QSB (the "June 2006 10QSB") has been filed with the Securities Exchange
        Commission.
In
        the
        event that the full $67,500 has not been paid prior to the filing of
        the
June
        2006
        10QSB, then the Company shall pay Mr. Dunn the difference between the amounts
        paid on a semi-monthly basis and $67,500. In the event of Dunn's termination for
        any reason, under certain defined conditions, the Company has agreed to pay
        Dunn
        an hourly consulting rate for any future services rendered.
Item
                9.01
Financial
                  Statements and Exhibits
Exhibit
                  No.
Description
4.1
Securities
                  Purchase Agreement dated May 25, 2006 by and among the Company
                  and New
                  Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC,
                  AJW
                  Offshore, Ltd. and AJW Partners, LLC (1)
4.2
Form
                  of Callable Secured Convertible Note (1)
4.3
Form
                  of Stock Purchase Warrant (1)
4.4
Form
                  of Callable Secured Convertible Note dated June 28,
                  2006
4.5
Form
                  of Registration Rights Agreement by and among the Company and New
                  Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC,
                  AJW
                  Offshore, Ltd. and AJW Partners, LLC (1)
10.1
Amendment
                  to Agreement between the Company and Thomas
                  Dunn
__________________________________________
(1)
        Incorporated by reference to the Form 8-K Current Report filed with the
        Securities Exchange Commission on June 1, 2006.
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:
                  July 6, 2006
By:
/s/Mark
                  Wood
Name:
        Mark Wood
Title:
        Chief Executive Officer