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): September 1, 2005

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

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
            Nevada                           000-24962                     75-2863583
-------------------------------------------------------------------------------------------------
<S>                                  <C>                         <C>
(State or Other Jurisdiction of      (Commission File Number)   (IRS Employer Identification No.)
Incorporation or Organization)
-------------------------------------------------------------------------------------------------
</TABLE>

              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))


<PAGE>



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

      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 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. In connection therewith, pursuant to the Agreement, on September 1,
2005, the Investors purchased $330,000 in Notes and received Warrants to
purchase 330,000 shares of the Company's common stock. 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
September 2, 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 $.0003 and, therefore, the conversion price
for the secured convertible notes was $.000075. Based on this conversion price,
the Notes in the amount of $1,400,000 excluding interest, were convertible into
18,666,666,667 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 and on September 1, 2005 with respect to $330,000 of the
Notes. As of the date hereof, the Company is obligated on $1,400,000 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 $6,735,000 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.


<PAGE>

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 (1)

4.2              Form of Callable Secured Convertible dated June 21, 2005 (1)

4.3              Form of Stock Purchase Warrant dated June 21, 2005(1)

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 (1)

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 (1)

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(1)

4.7              Form of Callable Secured Convertible dated  September 1, 2005

4.8              Form of Stock Purchase Warrant dated September 1, 2005

-------------------------------
(1) Incorporated by reference to the Form 8-K Current Report filed with the
Securities and Exchange Commission on June 29, 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: September 7, 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": "051076244"}, "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): September 1, 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 Identification No.)
Incorporation or Organization)
-------------------------------------------------------------------------------------------------
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

      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 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. In connection therewith, pursuant to the Agreement, on September 1,
2005, the Investors purchased $330,000 in Notes and received Warrants to
purchase 330,000 shares of the Company's common stock. 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
September 2, 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 $.0003 and, therefore, the conversion price
for the secured convertible notes was $.000075. Based on this conversion price,
the Notes in the amount of $1,400,000 excluding interest, were convertible into
18,666,666,667 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 and on September 1, 2005 with respect to $330,000 of the
Notes. As of the date hereof, the Company is obligated on $1,400,000 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 $6,735,000 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 (1)

4.2              Form of Callable Secured Convertible dated June 21, 2005 (1)

4.3              Form of Stock Purchase Warrant dated June 21, 2005(1)

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 (1)

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 (1)

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(1)

4.7              Form of Callable Secured Convertible dated  September 1, 2005

4.8              Form of Stock Purchase Warrant dated September 1, 2005

-------------------------------
(1) Incorporated by reference to the Form 8-K Current Report filed with the
Securities and Exchange Commission on June 29, 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: September 7, 2005                     By:/s/Mark T. Wood
                                               ---------------
                                            Name: Mark T. Wood
                                            Title: CEO