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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: 18pt; 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: 18pt; 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: 18pt; 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): April 13, 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 align="left">
      <table border="1" bordercolor="black" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="27%" style="border-bottom: medium none;">
              <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: medium none;">
              <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: medium none;">
              <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>
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    <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="left"><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: 10pt; 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: 10pt; 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: 10pt; 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: 10pt; 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: 10pt; 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: 10pt; 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: 10pt; 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: 10pt; FONT-FAMILY: Times New Roman">Fax:
      (212) 930-9725</font></div>
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    <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>
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    <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;<font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>&#160;Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
      </font></div>
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      material pursuant to
      Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></div>
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      communications
      pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</font></div>
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      communications
      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div><br>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 51pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
              2.03</strong></font></td>
            <td align="left">
              <div 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 </strong></font></div>
              <div align="justify"><strong><font size="2">Arrangement of a
                Registrant</font></strong></div>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <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: 51pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
              3.02</strong></font></td>
            <td align="left">
              <div 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 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: 36pt; 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 December 12, 2005 for the sale
      of (i) $1,500,000 in callable secured convertible notes (the &#8220;Notes&#8221;) and (ii)
      stock purchase warrants (the &#8220;Warrants&#8221;) to buy 1,500,000 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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 12, 2005, the Investors purchased $350,000 in Notes and received
      Warrants to purchase 350,000 shares of the Company&#8217;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, or such other date mutually
      acceptable to the Company and the Investors, commencing in January 2006, the
      Company issued to the Investors and the Investors purchased an additional agreed
      upon amount of Notes and Warrants until the remaining $1,150,000 in Notes were
      purchased. The following further fundings have occurred under the Agreement:
      </font></div>
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    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                January 19, 2006, the Investors purchased an additional $325,000
                in Notes
                and received Warrants to purchase 325,000 shares of the Company&#8217;s common
                stock;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                February 27, 2006, the Investors purchased an additional $300,000
                in Notes
                and received Warrants to purchase 300,000 shares of the Company&#8217;s common
                stock; and</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>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                March 15, 2006, the Investors purchased an additional $250,000 in
                Notes
                and received Warrants to purchase 250,000 shares of the Company&#8217;s common
                stock. </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>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                April 13, 2006, the Investors purchased an additional $275,000 in
                Notes
                and received Warrants to purchase 275,000 shares of the Company&#8217;s common
                stock.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      the
      financing arrangement has been fully funded, the Investors are no longer
      obligated to purchase additional Notes and Warrants under the Agreement.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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 12%, 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) $0.0036 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 April 17, 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. Based on this conversion price, the aggregate notes issued
      to
      date under the Agreement in the amount of $1,500,000 excluding interest, were
      convertible into 75,000,000,000 shares of our common stock. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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: 48pt"></font><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
      11,000,000,000 shares outstanding (including conversions of Previous Notes
      during calendar year 2006 of approximately 2,300,000,000 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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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 $.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.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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 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.
      </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: 36pt; 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>
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    <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: 48pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of the
      date hereof, the Company is obligated on $1,500,000 in face amount of Notes
      issued to the Investors. &#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 $9,000,000 in face amount of callable secured
      convertible notes issued to the Investors.</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 October 2003;
      accordingly, such debt instruments may be converted to common stock which may
      be
      sold pursuant to Rule 144(k).</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the financing described herein, the Company has agreed to amend
      the variable conversion price on all callable secured convertible notes,
      aggregating to approximately $9,000,000, issued on February 6, 2003, February
      21, 2003, May 9, 2003, June 23, 2003, August 21, 2003, May 21, 2004, June 21,
      2004 and October 27, 2004 and all fundings made in 2005 to be equal to 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.
      </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: 36pt"></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>
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    <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: 48pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      the
      Company does not currently have a defined funding source, it is likely that
      the
      Company would have insufficient funds to continue operations. If the Company
      is
      unable to enter an additional financing arrangement with the Investors or other
      interested parties, it expects that its current cash will allow it to continue
      in operation until approximately May 31, 2006. As disclosed on its Current
      Report on Form 8-K, filed April 10, 2006, the Company has been discussing
      additional short-term funding possibilities with the Investors. However, there
      is no assurance that additional funding from the Investors will be available,
      or
      available on terms and conditions acceptable to the Company.</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: 48pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is currently reviewing its operations, with a view towards refocusing
      it&#8217;s operations on it&#8217;s Voice Over Internet Protocol product development and
      offerings. Certain wholesale product offerings will be adjusted in support
      of
      this migration in focus. Accordingly, previous information and projections
      filed
      on December 2, 2005, which contemplated full wholesale product offerings and
      higher funding levels, should not be relied upon.</font></div>
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    <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"><strong>Item
      9.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 33pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statements and Exhibits</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 33pt"></font>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="10%">&#160;<u><font size="2">Exhibit No.</font></u></td>
            <td width="90%">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></td>
          </tr>
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            <td width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
              Purchase Agreement dated December 12, 2005 by and among the Company
              and
              New Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC,
              AJW
              Offshore, Ltd. and AJW Partners, LLC (filed with the Company&#8217;s Current
              Report on Form 8-K, with an event date of December 12, 2005, and
              incorporated herein by reference)</font></td>
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            <td width="10%">&#160;</td>
            <td width="90%">&#160;</td>
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          <tr bgcolor="white">
            <td width="10%">&#160;<font size="2">4.2</font></td>
            <td width="90%"><font size="2">Form of Callable Secured Convertible
              Note
              (filed with the Company&#8217;s Current Report on Form 8-K, with an event date
              of December 12, 2005, and incorporated herein by reference)</font></td>
          </tr>
          <tr bgcolor="white">
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            <td width="90%">&#160;</td>
          </tr>
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            <td width="10%">&#160;<font size="2">4.3</font></td>
            <td width="90%"><font size="2">Form of Stock Purchase Warrant (filed
              with
              the Company&#8217;s Current Report on Form 8-K, with an event date of December
              12, 2005, and incorporated herein by reference)</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="90%">&#160;</td>
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              <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 (filed with the Company&#8217;s Current
                Report on Form 8-K, with an event date of December 12, 2005, and
                incorporated herein by reference)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="90%">&#160;</td>
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            <td width="10%">&#160;<font size="2">4.5</font></td>
            <td width="90%"><font size="2">Letter Agreement dated December 15,
              2005
              (filed with the Company&#8217;s Current Report on Form 8-K, with an event date
              of December 12, 2005, and incorporated herein by
              reference)</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>GLOBALNET
              CORPORATION</strong></font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;April
              18, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Thomas
              P.
              Dunn</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Name:
              Thomas P. Dunn</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>
              <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">Title:
                Chief Financial Officer</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">&#160;</div>
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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": "06765723"}, "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): April 13, 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):
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
      material pursuant to
      Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
      communications
      pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
      communications
      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
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 December 12, 2005 for the sale
      of (i) $1,500,000 in callable secured convertible notes (the "Notes") and (ii)
      stock purchase warrants (the "Warrants") to buy 1,500,000 shares of our common
      stock.
On
      December 12, 2005, the Investors purchased $350,000 in Notes and received
      Warrants to purchase 350,000 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, or such other date mutually
      acceptable to the Company and the Investors, commencing in January 2006, the
      Company issued to the Investors and the Investors purchased an additional agreed
      upon amount of Notes and Warrants until the remaining $1,150,000 in Notes were
      purchased. The following further fundings have occurred under the Agreement:
·
On
                January 19, 2006, the Investors purchased an additional $325,000
                in Notes
                and received Warrants to purchase 325,000 shares of the Company's common
                stock;
·
On
                February 27, 2006, the Investors purchased an additional $300,000
                in Notes
                and received Warrants to purchase 300,000 shares of the Company's common
                stock; and
·
On
                March 15, 2006, the Investors purchased an additional $250,000 in
                Notes
                and received Warrants to purchase 250,000 shares of the Company's common
                stock.
·
On
                April 13, 2006, the Investors purchased an additional $275,000 in
                Notes
                and received Warrants to purchase 275,000 shares of the Company's common
                stock.
As
      the
      financing arrangement has been fully funded, the Investors are no longer
      obligated to purchase additional Notes and Warrants under the Agreement.
The
      Notes
      bear interest at 12%, 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) $0.0036 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 April 17, 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. Based on this conversion price, the aggregate notes issued
      to
      date under the Agreement in the amount of $1,500,000 excluding interest, were
      convertible into 75,000,000,000 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
      11,000,000,000 shares outstanding (including conversions of Previous Notes
      during calendar year 2006 of approximately 2,300,000,000 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 $.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.
As
      of the
      date hereof, the Company is obligated on $1,500,000 in face amount of Notes
      issued to the Investors.   The Notes are a debt obligation arising
      other than in the ordinary course of business which constitute a direct
      financial obligation of the Company.    In addition, the Company is
      also obligated on approximately $9,000,000 in face amount of callable secured
      convertible notes issued to the Investors.
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).
In
      connection with the financing described herein, the Company has agreed to amend
      the variable conversion price on all callable secured convertible notes,
      aggregating to approximately $9,000,000, issued on February 6, 2003, February
      21, 2003, May 9, 2003, June 23, 2003, August 21, 2003, May 21, 2004, June 21,
      2004 and October 27, 2004 and all fundings made in 2005 to be equal to 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
      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.
As
      the
      Company does not currently have a defined funding source, it is likely that
      the
      Company would have insufficient funds to continue operations. If the Company
      is
      unable to enter an additional financing arrangement with the Investors or other
      interested parties, it expects that its current cash will allow it to continue
      in operation until approximately May 31, 2006. As disclosed on its Current
      Report on Form 8-K, filed April 10, 2006, the Company has been discussing
      additional short-term funding possibilities with the Investors. However, there
      is no assurance that additional funding from the Investors will be available,
      or
      available on terms and conditions acceptable to the Company.
The
      Company is currently reviewing its operations, with a view towards refocusing
      it's operations on it's Voice Over Internet Protocol product development and
      offerings. Certain wholesale product offerings will be adjusted in support
      of
      this migration in focus. Accordingly, previous information and projections
      filed
      on December 2, 2005, which contemplated full wholesale product offerings and
      higher funding levels, should not be relied upon.
Item
      9.01
Financial
      Statements and Exhibits
Exhibit No.
Description
4.1
Securities
              Purchase Agreement dated December 12, 2005 by and among the Company
              and
              New Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC,
              AJW
              Offshore, Ltd. and AJW Partners, LLC (filed with the Company's Current
              Report on Form 8-K, with an event date of December 12, 2005, and
              incorporated herein by reference)
4.2
Form of Callable Secured Convertible
              Note
              (filed with the Company's Current Report on Form 8-K, with an event date
              of December 12, 2005, and incorporated herein by reference)
4.3
Form of Stock Purchase Warrant (filed
              with
              the Company's Current Report on Form 8-K, with an event date of December
              12, 2005, and incorporated herein by reference)
4.4
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 (filed with the Company's Current
                Report on Form 8-K, with an event date of December 12, 2005, and
                incorporated herein by reference)
4.5
Letter Agreement dated December 15,
              2005
              (filed with the Company's Current Report on Form 8-K, with an event date
              of December 12, 2005, and incorporated herein by
              reference)
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: April
              18, 2006
By:
/s/ Thomas
              P.
              Dunn
Name:
              Thomas P. Dunn
Title:
                Chief Financial Officer