UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 10-KSB/A
(Amendment No. 1)



ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the fiscal year ended November 30, 2006

Commission file number 0-33271

GLOBAL BIOTECH CORP.


Delaware                                           98-022951
(State or Other Jurisdiction of                   (I.R.S. Employer
Incorporation or Organization)                    Identification No.)

3810 St. Patrick Suite 2D
Montreal, Quebec H4E 1A4
(ADDRESS OF principal Executive Offices)

Issuer's telephone number: (514) 935-8589

Securities registered pursuant to Section 12 (b) of the Act: None

Securities registered pursuant to Section 12 (g) of the Act: Common stock, par
value $0.0001 per share

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes |X|

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information, statements incorporated by reference in Part 3 of this Form 10-KSB
or any amendment to this Form 10-KSB.


Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act) YES [X]   NO[ ]


Issuer's revenues for its most recent fiscal year: $0

<PAGE>

GLOBAL BIOTECH CORP.
FORM 10-KSB ANNUAL REPORT
TABLE OF CONTENTS
SECTION

PART 1

Item 1.   Business                                                            1
Item 2.   Properties                                                          10
Item 3.   Legal Proceedings                                                   10
Item 4.   Submission of Matters to a Vote of Security Holders                 10

PART 2

Item 5.   Market for Registrant's Common Equity and Related Stockholders'
          Matters                                                             10
Item 6.   Management's Discussion and Analysis of Financial Condition and
          Results of Operation                                                13
Item 7.   Financial Statements and Supplementary Data                         19
Item 8.   Changes in and Disagreements with Accountants on Accounting and
          Financial Disclosure.                                               19
Item 8a   Controls and Procedures                                             19

PART 3

Item 9.   Directors and Executive Officers of the Registrant                  20
Item 10.  Executive Compensation                                              23
Item 11.  Security Ownership of Certain Beneficial Owners and Management      24
Item 12.  Certain Relationship and Related Transactions                       24

PART 4

Item 13.  Exhibits, Financial Statement Schedule and Reports on Form 8-K      24
Item 14.  Principal Accountant Fees and Services                              25


<PAGE>

DESCRIPTION OF BUSINESS

(a) Business Development

GLOBAL BIOTECH CORP. ("GLOBAL"), (formerly, SWORD COMP-SOFT CORP.) was organized
on November 2, 1998. Its goal was to bring interactive healthcare information
services utilizing the Internet to the consumer, in lay terms, to allow the
consumer to make educated choices in the area of health care. Its plan was to
offer knowledge and service databases, that allow the end user to access what
they, as individuals, need.

As of March 5, 2003 this business was sold along with the assumption of
a note payable in the amount of $700,000 to Millenia Hope Inc., its former
parent corporation. In exchange, GLOBAL received 30.7 million shares of its
outstanding common shares held by Millenia Hope Inc. Subsequently, GLOBAL
acquired the exclusive 10 year North American licensing rights to a vehicle
tracking system in exchange for 30.7 million of its common shares.

GLOBAL's vehicle tracking system was supposed to seamlessly tie together
wireless communications and the Internet with global positioning technology to
link vehicles to a world of unlimited wireless services. As of February 24,
2005,GLOBAL's Board of Directors concluded that its attempt to enter the vehicle
tracking business was unsuccessful and entered into a provisional agreement,
with Advanced Fluid Technologies Inc. a Delaware corporation, to acquire assets
from the latter corporation pursuant to entering the bottled water, more
specifically the oxygenated bottled water, market. A definitive Agreement was
signed on August 26, 2005.
As of June 15,2007 this agreement has not yet been fulfilled.

(b) Business of Issuer

GLOBAL's goal is to position AquaBoost(TM), the bottled oxygenated water product
it expects to acquire from Advanced Fluid Technologies, as an energizing
alternative to soft drinks and as a beverage with more health benefits than
ordinary water. To date, the aforementioned product has had minimal sales and
the Company will endeavor, but can offer no guarantees, to raise its sales level
significantly. Officers and director of the firm have committed to fund the
operations of the Company until sufficient funds have been generated from
ongoing business.

OXYGENATED WATER, THE PRODUCT

Oxygen enriched water is water that is treated, combined or infused with oxygen.
Most oxygen enriched water companies claim that their water contains around
seven times the oxygen of natural, mineral, tap or spring water. For many of the
available brands the oxygen content is acknowledged to decrease over time
(giving products a shorter shelf life) and also decreases when the oxygen
enriched water bottle is opened, as the oxygen slowly dissipates.

                                       1
<PAGE>

Oxygenated water is a convenient source of additional oxygen for the body. The
benefits of additional oxygen, according to the studies run and research done,
include increased cardiovascular and muscular endurance. Oxygenated water raises
the body's energy levels, improves concentration, calms the nervous system, and
helps to remove toxins (See Tests and Studies).

BOTTLED WATER MARKET

Worldwide sales in the fast-growing bottled water industry have risen annually,
over the past decade, surpassing $40 billion US in 2004. The United States
market was $7.1 billion US and the European market, where bottled water is the
leading beverage, at an estimated $12 billion. Some analysts suggest that
bottled water will surpass all US beverage categories, excluding soft drinks.

Oxygenated bottled water is a sub-category, one of the groups of specialty
beverages, of the broader bottled water market. Zenith International, a British
food industry consultant, stated, in its January 2005 report, that the worldwide
sales of bottled oxygenated water in 2004 reached 110 million litres, a growth
of 30% from previous year and 65% during the past 2 years.

MARKET SIZE AND TRENDS

The oxygenated water market represents an important niche within the global
beverage market. The product imparts benefical aspects not available from
bottled water, and is a healthy substitute for soft drinks. For the year 2004,
according to the aforementioned Zenith study, Europeans purchased some 44
billion litres of bottled water and Americans more than 26 billion litres. The
2004 sales figures for oxygenated bottled water were 32 million litres for the
United States and 40 million litres for Europe, respectively. As per the
previoously mentioned Zenith report, oxygenated water sales should double
between 2004 and the year 2008. This would yield an annual growth rate of 20%,
far above the predicted growth rate of regular bottled water. According to the
Canadian Soft Drinks Association, bottled water is the largest selling beverage
in Europe and ranks behind soft drinks in North America. The growth rate in the
past decade for all bottled water consumption is much higher than that of soft
drinks.

COMPETITION

Several Canadian companies and Bio-Hydration of San Diego, California, the
volume leader in oxygenated water, have developed their own oxygenated water.O2
Canada, Oxyl'Eau, Neva Sport, Athletic Superwater, and Life 02 are being
marketed as a means to improve athletic performance. Penta and Avani's
oxygenated water relies on the purity of its product in its sales effort.

                                       2
<PAGE>

All of these brands are not on par with AquaBoost(TM) in either their
oxygen-retentive abilities and/or in their levels of oxygenation.


   Brand             Parts Per Million of        Oxygen Retentive Ability
                           Oxygen                Upon Opening of a Bottle
                                                            600ml
-----------------------------------------------------------------------
Penta Waters              Up to 70                  Not listed

Life O2                   Up to 120                 Less than 36 hours

O2 Canada                 Up to 40                  Not listed

Athletic Super Water      Up to 50                  Not listed

Avani Extra Oxygen        Up to 50                  Maximum up to 2 hours

Neva Sport                Up to 50                  Within 24 hours

OxyL'eau                  15                        Not listed


AQUABOOST(TM)

AquaBoost(TM) is "oxygenated" water: it has been treated to retain oxygen in
concentrations far higher than those found in nature. For example, water can
retain 9 parts per million (ppm) of oxygen at 20(degree) under a presure of one
atmosphere. Studies conducted by the Quebec government have confirmed that our
water contained at least 20 ppm - the highest concentration detectable by the
government lab's measurement instruments. Our own tests established that
AquaBoost(TM) contained in excess of 80 ppm and even exceeded 100 ppm, even six
months after bottling (See Tests and Studies section).

PRODUCTION PROCESS

We have added new dimensions to the laws of physics governing dissolved gases.
Our method of dissolving gases in a liquid works by influencing ionic mobility,
electron diffusion, via an electron cannon, and the use of triboelectricity with
electrostatic charges. Due to the aforementioned processes, we can attach and
stabilize oxygen molecules in water at levels previously unheard of, 100PPM and
even higher.

Therefore, in contrast to a mineralized solution reducing the dissolvability of
oxygen in water as would be the case with our competitors' products, a small
quantity of minerals helps us create conductivity in water. In effect, the
amount of conductivity is influenced by the electrolyte strength, the nature of
free ions and their concentration in water. The process modifies water's
physical and chemical characteristics and allows us to bond the oxygen molecule
to water.

                                       3
<PAGE>

Currently, our oxygenated bottled water will be produced for us by Liquid
Resources, at the Vermont Natural Spring Water plant where they have installed
our oxygenation equipment. Their production and bottling capacity is more than
adequate to fill our estimated annual sales of oxygenated water.

DEVELOPMENT

We are researching the optimum path to bring further products to the market in
the medium term, by exploring the oxygenation technology's application in
beverages other than water. Oxygenated fruit juices is one of the development
items on our mid-term strategic horizon.

COMPETITIVE ADVANTAGES

     o    Due to its production process, AquaBoost(TM)'s elevated oxygen content
          does not simply bubble away, when the product is opened, as happens
          with many of our competitors' products. Aquaboost(TM) will retain its
          oxygen level over a much longer period of time than its competitors.

     o    Our level of dissolved oxygen, up to 100ppm, is far greater than the
          vast majority of our competitors (see previous section).

     o    Our production process ensures that our product is clean of all
          contaminants and impurities.

PRICING AND MARKETING

PRICING

Due to the superior qualities of of AquaBoost(TM), we are confident that
retailers will obtain premium prices for it. The higher price will signal to
consumers that there is something "unique" about AquaBoost(TM), which we expect
will fuel greater customer demand. It will also offer the increased margins of
oxygenated and specialty type waters to distributors, thus helping to boost our
product's introduction into the consumer marketplace.

POTENTIAL CONSUMERS

AquaBoost(TM) offers important benefits to consumers. In raising their oxygen
levels, people not only feel better and have increased energy levels, they also
think more clearly and function at peak performance for longer periods of time,
improving their work and leisure time productivity.

An in house survey of potential AquaBoost(TM) customers and the 2005
report of Zenith International tell us that they are health-conscious, men and
women who will benefit from the additional oxygen in their bodies. They lead
active lifestyles, engage in sports and other physical activities and are
looking for healthy, nourishing alternatives to soft drinks and other
traditional beverages.

                                       4
<PAGE>

A secondary group that we have identified, through the same research, are the
elderly, who may encounter oxygen deprivation through illness and physical
trauma. Oxygen reduces the effectiveness of pathogenic bacteria and viruses. As
a simple, readily available source of oxygen. AquaBoost(TM) can offer these
consumers better health.

In March 2001 Aquaboost(TM) was shown at the beverage and food show, SIAL, in
Montreal, Quebec. Over 4,000 samples of Aquaboost(TM) were given out and
generated significant positive interest during the commencement of the product
testing phase.

MARKETING STRATEGY

The Company, both in the short and in the long term, aims to raise the awareness
of our product specificly and, more generally, the added benefits of additional
oxygen in the blood stream.


Medical benefits, of elevated oxygen levels, include:


Treatment of:

- Infectious Diseases
- Chronic wounds
- Anemia/blood loss
- Post operative wound care
- Spinal cord injury
- Cerebral Damage
- Burn Victims

Improvements in:

- Cognitive performance
- Lowering blood pressure
- Depression
- Sleep Disorders
- Chronic joint and muscular pain
- Chronic Fatigue
- Respiratory and Heart problems
- Stimulation of metabolism

AquaBoost(TM) will be marketed and diffrentiated as having one of the highest
PPM of oxygen and retaining this level over an extended period of time, thus
conveying more of the potential benefits of higher bloodstream oxygen levels.
With appropriate financing we will also utilize sport stars and will continue to
ride the general bottled water and specialty water consumption rise, vis a vis
soft drinks and other beverages.

                                       5
<PAGE>

PURCHASED RIGHTS

On August 26, 2005 GLOBAL finalized an agreement with Advanced Fluid
Technologies to purchase their to be patented oxygenation unit and all technical
know how, intellectual properties, methodologies and all information pertaining
to the following: the fixation of the oxygen molecule to water or any other
fluid and/or to the building and maintenance of the oxygenation unit.
Furthermore; all trademarks for the name Aquaboost Oxygenated Water, currently
in force in the U.S., Canada and Mexico and the right to use and register said
name globally, will be transferred to Global.

Purchase price, for all the aforementioned assets, is a combination of debt this
being the $216,000 due by AFT to the Company in a note payable as of August 26,
2005, and 20 million post reverse-stock split of the Company's common shares.
The Company agreed to reverse split its common shares by a ratio of 10:1. The
approval by the holders of a majority of the issued shares of the common stock
and the appropriate SEC filings shall authorize said reverse stock split.
Pursuant to the above stock issuance to Advanced Fluid Technologies, the assets
listed in the Agreement will be transferred to the Company.

As of June 15,2007 these shares had not been issued to AFT and their oxygenated
water asserts had not been transferred to the Company. Should the agreement not
be consummated, the debt in question (note receivable from Advanced Fluid
Technologies) will be payable 12 months from the time the Agreement becomes
nullified at its prescribed interest rate of 7% per annum.


TESTS AND STUDIES

AquaBoost(TM) oxygen levels and retentive abilities

December 1999 - March 2000-Test done by the Government of Quebec, Canada's
Testing facility.

58 samples of 500 ml and 1000 ml bottles refrigerated until December 23, 1999
and then left at room temperature until the end of the of experiment Upper limit
of government testing equipment 20 ppm Samples opened December 23, 1999, January
19, February 16 and March 13, 2000.

All samples measured at or above the maximum testing level i.e. in excess of 20
ppm of dissolved oxygen.

February 2000 - July 2000-Test done In-House by Dr. Rene Morel of Hospital
Maisoneuve Rosemont. Measured, once a month, the oxygen level of a total of 200
bottles, 500 ml and 1000 ml, left at room temperature, for 6 months
consecutively. All samples measured between 80-110 ppm of dissolved oxygen, even
after 6 months.

August 2000 - Test done by LAB Preclinical Research International Variation of
PO2 levels in MMHG in relation to time, animals 1 canine test subject, 11 months
old, 500 ml with an oxygen content of 33 ppm Increased PO2 level within a short
time of receiving the oxygenised solution.

                                       6
<PAGE>

July 2000 - Test done by Dr. Knox van Dyke and Dr. Meir Sacks - University of
West Virginia

Examined AquaBoost(TM) in an assay against the strong pro-oxidant SIN-1 which
produces a key body oxidant called peroxynitrite. AquaBoost acted as an
antixiodant by suppressing the light from luminol. Normally the peroxynitrite
reacts with the luminol to produce light. AquaBoost interfered with the
production or transmission of light, clearly indicating it is acting as an
antioxidant. November 2000 - Test done In-House by Dr. Rene Morel of
Hospital-Maisoneuve Rosemont.

Variation of PO2 levels in MMHG in relation to time, humans
6 adults, male and female ages 38-53, who ingested 750 ml each of AquaBoost(TM)
with an oxygen content of 100ppm. In all cases, their PO2 level increased
significantly within a short time of ingesting Aquaboost(TM). Equally as
significant, the elevated level of PO2 was detectable after a sustained period
of time.

April 2002 - Test done by Northwest Environmental Water Lab in Oakville.
AquaBoost retaind oxygenated was 82ppm or 900% more than naturally occurring
oxygen in water.

STUDIES ON THE BENEFITS OF INGESTING OXYGENATED WATER

The European Journal of Medical Research has carried out a study on the effect
of oxygen enriched water on behalf of Germany's Adelhoizener. The study found
that, due to warming in the stomach, oxygen bound in mineral water slowly
de-binds and penetrates the stomach septum. Hence, venous blood leading to the
liver was additionally supplied with oxygen. This oxygen enrichment amounted to
7% to 14% and lasted for around one hour.

In August 1997 double-blind tests were conducted by the Center for Research on
Woman's Health, Denton, Texas. This involved 25 participants - 20 male and 5
females. They were given either clustered and oxygen enriched water or normal
water and asked to run for 90 minutes with relevant recordings and measurements
taken. It was found that runners drinking the clustered and oxygen enriched
water decreased recorded times over the 5 kilometre distance by an average of 31
seconds, compared to regular bottled water. It was concluded that oxygen
enriched beverages could increase athletic achievement.

According to a January 1999 article in the Canadian Journal of Health and
Nutrition, "Oxygen Boosts Performance", the addition of extra oxygen to the
human body yields many health and well-being benefits: improved cardiovascular
endurance, raised energy levels, improved concentration, a calmer nervous
system, and reduced toxin levels.

In a study conducted for Oxy-Water by George Washington University, entitled
"Effects of Oxygenised Water on Percent Oxygen Saturation and Performance During
Exercise", the effect of oxygen enriched water on performance during exercise
was investigated. The study involved ten men and ten women aged between 23 and
35 - all regular exercisers. Each person performed two maximum output tests and

                                       7
<PAGE>

two endurance tests, two for both oxygenised and distilled water. All four tests
were carried out on a cycling machine. Each person drank 50cl of water 15
minutes before each test and then immediately following fatigue.

Further separation of the group found that the time to fatigue during the
maximum output exercise was greater with Oxy-Water compared to the distilled
water. The study concluded, "Individuals who are highly trained may benefit from
the use of oxygenised water to increase percentage oxygen saturation during
acute bouts of intense exercise and possibly prolong time to fatigue. Even small
increases in oxygen saturation may be significant in highly trained individuals
and elite performers."

"Oxygen plays a pivotal role in the proper functioning of the immune system..we
can look at oxygen deficiency as the single greates cause of all diseases."
Stephen Levine, a respected molecular biologist and geneticist, and Dr. Paris M.
Kidd, Ph.D., excerpted from Antioxidant Adaptation.

Two time Nobel Prize winning researcher, Dr. Otto Warburg determined that
healthy cells might become cancerous as a result of oxygen depriviation.- per an
OxyPlus oxygenated water excerpt

Dr. Otto Warburg's studies prove that when your body is saturated in oxygen,
your healthy cells have more energy and are stronger. Cancer cells do not feed
on oxygen, they feed on fermentation. An oxygen saturated body is a hostile
environment for cancer. Oxygen increases your energy, your memory and the
quality of your life.

As reported in the New York Times in 2001,Glenn J. Butler, whose bio-engineering
career includes work with NASA and whose firm manages The Chronic Wound
Treatment & Hyperbaric Center at The Mount Vernon Hospital, researched the long
and short-term effects of consuming Oxygen8 (an oxygenated water produced in the
US). Mr. Butler's findings: "By drinking Oxygen8, there is a significant
increase in blood oxygen levels. The results suggest that the oxygen remains in
the system for longer than 10 minutes after consumption. Approximately 1 out of
every 3 of Americans is in need of hydration and thus, oxygen would be
beneficial for their health."


As with many scientific claims, there are detractors from the benefit of
ingesting oxygen enriched water. The tests and studies we have quoted are the
validation for our beliefs in the benefit of oxygenated water.

AQUISITIONS

On August 26, 2005 GLOBAL finalized an agreement with Advanced Fluid
Technologies to purchase their to be patented oxygenation unit and all technical
know how, intellectual properties, methodologies and all information pertaining
to the following: the fixation of the oxygen molecule to water or any other
fluid and/or to the building and maintenance of the oxygenation unit.
Furthermore; all trademarks for the name Aquaboost Oxygenated Water, currently
in force in the U.S., Canada and Mexico and the right to use and register said
name globally, will be transferred to Global.

                                       8
<PAGE>

Purchase price, for all the aforementioned assets, is a combination of debt this
being the $216,000 due by AFT to the Company in a note payable as of August 26,
2005, and 20 million post reverse-stock split of the Company's common shares.
The Company agreed to reverse split its common shares by a ratio of 10:1. The
approval by the holders of a majority of the issued shares of the common stock
and the appropriate SEC filings shall authorize said reverse stock split.
Pursuant to the above stock issuance to Advanced Fluid Technologies, the assets
listed in the Agreement will be transferred to the Company.

As of June 15,2007 these shares had not been issued to AFT and their oxygenated
water asserts had not been transferred to the Company. Should the agreement not
be consummated, the debt in question (note receivable from Advanced Fluid
Technologies) will be payable 12 months from the time the Agreement becomes
nullified at its prescribed interest rate of 7% per annum.

EMPLOYEES

There are no signed contracts with any employees. At the current time the
following officers are its only employees:

Louis Greco - President-Director

Responsible for overall operational co-ordination, implentation of its new
business direction and the marketing effort required to bring this to fruition.
At present, he devotes 1 1/2 days per week to the Company and is a resident of
Montreal.

Perry Choiniere - Chief Operating Officer - Director

Responsible for day to day implentation of the Company's entry into the bottled
water field. Currently, he devotes 3 1/2 days a week to the Company and is a
Montreal resident.

Jean Pierre Robichaud - Vice President - Sales and Marketing - Director

Responsible for the overall sales and marketing. Devotes 1 day a week to the
Company and is a Montreal resident.

Dr. Pierre Marois, Chief Scientific Officer - Director

Dr. Pierre Marois, a well respected physician at St. Justine's Hospital in
Montreal, Canada, specializes in rehabilitative and epidermal medicine. Dr.
Marois has specific expertise in the oxygenation process, having been one of the
leaders of a research team involved in oxygenation projects from 1998-2001.
Resident of Montreal.


                                       9
<PAGE>

Eric Sonigo, Vice President - Production

Once the corporation starts selling its product in large volume, Mr. Sonigo will
be responsible for the production runs and machinery maintenance, as well as
scheduling of orders. Montreal resident.

Although the aforementioned five officers, to a greater or lesser extent, do not
work full time for GLOBAL; each one devoted an adequate amount of time to
accomplish his role in the corporate structure. Whenever it is necessary, each
of these officers puts in work time over and above their regularly scheduled
workday.

ITEM 2
DESCRIPTION OF PROPERTIES

Our head office and the Company's facility, 1,500 sq, ft., are located at 3810
St. Patrick suite 2D in Montreal, Quebec.

ITEM 3
LEGAL PROCEEDINGS

We are not involved in any material legal proceedings.

ITEM 4
ITEMS SUBMITTED TO A VOTE OF SECURITY HOLDERS

None

ITEM 5
MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERS MATTERS

(a) Market in Formation

Currently, there is no public market for GLOBAL BIOTECH CORP. shares. The
company will file, via a market maker, documentation to allow it to be traded
publicly on a North American Stock Exchange.

Of the 49,265,500 shares of common stock outstanding, 35,167,500 shares are
currently subject to the resale restrictions and limitations of Rule 144. In
general, under Rule 144 as currently in effect, subject to the satisfaction of
certain other conditions, a person, including an affiliate, or persons whose
shares are aggregated with affiliates, who has owned restricted shares of common
stock beneficially for at least one year is entitled to sell, within any
three-month period, a number of shares that does not exceed 1% of the total
number of outstanding shares of the same class. In the event the shares are sold
on an exchange or are reported on the automated quotation system of a registered
securities association, you could sell during any three-month period the greater
of such 1% amount or the average weekly trading volume as reported for the four
calendar weeks preceding the date on which notice of your sale is filed with the
SEC. Sales under Rule 144 are also subject to certain manner of sale provisions,
notice requirements and the availability of current public information about us.

A person who has not been an affiliate for at least the three months immediately
preceding the sale and who has beneficially owned shares of common stock for at
least two years is entitled to sell such shares under Rule 144 without regard to
any of the limitations described above.

                                       10
<PAGE>

(b) Holders

As of June 15, 2007, there were 320 holders of the Company's common stock.

(c) Dividends

The Company has had no earnings to date, nor has the Company declared any
dividends to date. The payment by the Company of dividends, if any, in the
future, rests within the discretion of its Board of Directors and will depend,
among other things, upon the Company's earnings, its capital requirements and
its financial condition, as well as other relevant factors. The Company has not
declared any cash dividends since inception, and has no present intention of
paying any cash dividends on its Common Stock in the foreseeable future, as it
intends to use earnings, if any, to generate growth.

(d) Recent Sales of Unregistered Securities.

Common Stock

In March/April 2000 the Company sold 11,000,000 common shares at a price of
$0.025 under the exemption from registration under Regulation D, Rule 504 for
U.S. persons and Regulation S for non-U.S. persons. 600,000 shares were in
settlement of fixed asset purchase.

In May 2000 the Company exchanged 35,700,000 common shares with, Millenia Hope
Inc. in a non-public transaction pursuant to the exemption contained in section
4(2). In return it received 5,000,000 common shares of Millenia Hope Inc. valued
at $0.0036 per share and 5,000,000 warrants entitling them to purchase one
common share per one warrant for $2 up to May 29, 2003.

In September 2001 the Company sold 30,000 common shares at a price of $4 per
share pursuant to its Registration Statement, These shares were sold under the
exemption contained in Regulation S. Subsequently, the selling price of these
shares was reduced to $0.25.

In November 2001, the Company sold 380,000 common shares at a price of $0.50 per
share. These shares were sold under the exemption contained in Regulation S.
Subsequently, the selling price of these shares was reduced to $0.25.

In December 2001, the Company sold 82,500 common shares at a price of $0.20 per
shares, in settlement of consulting expenses under the exemption contained in
Regulation S.

In May 2002 the Company sold 205,500 common shares at a price of 0.25 per share,
in settlement of marketing services under the exemption contained in Regulation
S.

In October 2002, the Company sold 10,000 common shares at a price of $0.20 per
share, in settlement of consulting expenses under the exemption contained
Regulation S.

                                       11
<PAGE>

In October 2002 subscription receivable was reduced by $95,000 due to the
Company's not being listed for public trading.

In December 2002 the Company issued 250,000 common shares, at a price of $0.10
per share, in settlement of marketing services under the exemption contained in
Reg. S.

In November 2003 the Company issued 607, 000 common shares, at price of $0.05
per share, in settlement of marketing services and notes payable.

In March 2006 the Company issued 1,000,000 common shares, at a price of $0.001
per share, in settlement of services.

(a) Common or Preferred Stock

The Company is authorized to issue 70,000,000 shares of Common Stock, $0.0001
par value, of which 49,265,500 shares were issued and outstanding as of the date
hereof. Each outstanding share of Common Stock is entitled to one (1) vote,
either in person or by proxy, on all matters that may be voted upon the owners
thereof at meetings of the stockholders.

The holders of Common Stock (i) have equal ratable rights to dividends from
funds legally available therefore, when and if declared by the Board of
Directors of the Company; (ii) are entitled to share ratably in all of the
assets of the Company available for distribution to holders of Common Stock upon
liquidation, dissolution or winding up of the affairs of the Company; (iii) do
not have preemptive, subscription or conversion rights, or redemption or sinking
fund provisions applicable thereto; and (iv) are entitled to one non-cumulative
vote per share on all matters on which stockholders may vote at all meetings of
stockholders.

Holders of Shares of Common Stock of the Company do not have cumulative voting
rights, which means that the individuals holding Common Stock with voting rights
to more than 50% of eligible votes, voting for the election of directors, can
elect all directors of the Company if they so choose and, in such event, the
holders of the remaining shares will not be able to elect any of the Company's
directors.

(b) Debt Securities.

The Company has not issued any debt securities to date.

(c) Other securities to be registered

None

                                       12
<PAGE>

ITEM 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

Special Note Regarding Forward-Looking Statements

Some of the statements under "Plan of Operations", "Business" and elsewhere in
this registration statement are forward-looking statements that involve risks
and uncertainties. These forward-looking statements include statements about our
plans, objectives, expectations, intentions and assumptions and other statements
contained herein that are not statements of historical fact. You can identify
these statements by words such as "may," "will," "should," "estimates," "plans,"
"expects," "believes," "intends," and similar expressions. We cannot guarantee
future results, levels of activity, performance or achievements. Our actual
results and the timing of certain events may differ significantly from the
results discussed in the forward-looking statements. You are cautioned not to
place undue reliance on any forward-looking statements.

Plan of Operation.

The following discussion should be read in conjunction with the financial
statements and related notes which are included elsewhere in this prospectus.
Statements made below which are not historical facts are forward-looking
statements. Forward-looking statements involve a number of risks and
uncertainties including, but not limited to, general economic conditions and our
ability to market our product.

The business objective of GLOBAL is to position AquaBoost(TM) as a top quality
oxygenated water in the specialty waters market. Our oxygenation level (up to
100 ppm and greater), the ability of our bottled water to retain this level of
oxygenation, even over lengthy periods of time and the purity of our product, we
believe, should give us the ability to become a staple in this specialty waters
niche.

We have set a conservative sales objective of 4-6% of the European and American
markets, or $12.5 million U.S. to $20 million U.S., by the year 2009. The fact
that AquaBoost(TM) was seen by hundreds of distributors at the SIAL in Montreal,
Canada in 2001 and that there is already a market in Mexico for the product,
gives us confidence in our abilities to reach our sales objectives. However, no
assurances can be given that the Company will meet these goals.

Furthermore; the Company has held discussions with several large beverage
companies about oxygenating fruit juices. Should these discussions prove
successful, the Company would have another major revenue generating area.
Currently, it is too premature to hazard an estimate about the likelihood of
finalizing any deals with said corporations.
The Company will also attempt to partner with other beverage distributors or
lease its technology for royalties in those regions and for those products where
it will not negatively impact on potential AquaBoost(TM) sales.

                                       13
<PAGE>

GLOBAL BIOTECH CORP. (formerly, SWORD COMP-SOFT CORP.) was incorporated in
November 1998 as an (ASP) Application Service Provider, specializing in the
E-Healthcare sector.

On May 29, 2000 Millenia Hope Inc. acquired 35,700,000 shares of GLOBAL BIOTECH
CORP., this being the 76% of GLOBAL's issued capital, in exchange for 5,000,000
common shares, valued at $129,478 based on the net tangible asset value of
Millenia Hope and not fair market value of the shares and 5,000,000 warrants
entitling the registered holder thereof to purchase at any time from that date
for a period of three years, one share of common stock at a price of two
dollars.

As of March 5, 2003 this business was sold along with the assumption of a note
payable of $700,000 to Millenia Hope Inc., its former parent corporation. In
exchange, GLOBAL received 30.7 million shares of its outstanding common shares
held by Millenia Hope Inc. Subsequently, GLOBAL acquired the exclusive 10 year
North American licensing rights to market a unique vehicle tracking model from
First Link Assoc. in exchange for 30.7 million of its common shares.

GLOBAL's vehicle tracking system was supposed to seamlessly tie together
wireless communications and the Internet with global positioning technology to
link vehicles to a world of unlimited wireless services. As of February 24,
2005, GLOBAL's Board of Directors concluded that its attempt to enter the
vehicle tracking business was unsuccessful and entered into a provisional
agreement, with Advanced Fluid Technologies Inc. (AFT), a Delaware corporation,
to acquire assets from the latter corporation pursuant to entering the bottled
water, more specifically, the oxygenated bottled water market.

On August 26, 2005 GLOBAL finalized an agreement with Advanced Fluid
Technologies to purchase their to be patented oxygenation unit and all technical
know how, intellectual properties, methodologies and all information pertaining
to the following: the fixation of the oxygen molecule to water or any other
fluid and/or to the building and maintenance of the oxygenation unit.
Furthermore; all trademarks for the name Aquaboost Oxygenated Water, currently
in force in the U.S., Canada and Mexico and the right to use and register said
name globally, will be transferred to Global.

Purchase price, for all the aforementioned assets, is a combination of debt this
being the $216,000 due by AFT to the Company in a note payable as of August 26,
2005, and 20 million post reverse-stock split of the Company's common shares.
The Company agreed to reverse split its common shares by a ratio of 10:1. The
approval by the holders of a majority of the issued shares of the common stock
and the appropriate SEC filings shall authorize said reverse stock split.
Pursuant to the above stock issuance to Advanced Fluid Technologies, the assets
listed in the Agreement will be transferred to the Company.

As of June 15,2007 these shares had not been issued to AFT and their oxygenated
water asserts had not been transferred to the Company. Should the agreement not
be consummated, the debt in question (note receivable from Advanced Fluid
Technologies) will be payable 12 months from the time the Agreement becomes
nullified at its prescribed interest rate of 7% per annum.

                                       14
<PAGE>

GLOBAL's registration statement, with the Security and Exchange Commission, was
accepted on July 16, 2001 and it is a reporting company. It is presently in the
process of re-applying to allow it to be traded publicly, on a North American
Stock Exchange.

A May 15, 2006 meeting of the Board of Directors of Global Biotech Corp.
appointed Perry Choiniere as a Director and the new Chief Operating Officer,
Jean Pierre Robichaud as a Director and the new V.P. of Sales and Marketing, Dr.
Pierre Marois as Chief Scientific Officer and a Director and Eric Sonigo as the
new V.P. of Production.

At the same Board of Directors meeting the following listed individual resigned
their positions.

Mario Dumais      - V.P. - Investor Relations and as Director
Richard Cahill    - V.P. - Operations and as Director
France Gauthier   - V.P. - Sales, Entertainment and Restaurant Division
Leonard Stella    - as a Director

Perry Choiniere has been involved in a number of consumer oriented ventures for
more than 20 years. He started his career in the customer service field for a
large provider of heating oil to residential and commercial users. For most of
the next 2 decades he either managed or ran several businesses involved in the
maintenance and construction sectors, dealing directly with the public but also
being responsible for the day to day administration of the aforesaid businesses.
For the last 4 years to date, he has been involved with the negotiations and
sales of products, both domesticly and internationally, in the pharmaceutical
and nutritional industries. To Global he brings a broad knowledge of running a
business and an expertise in dealing with the consumer.

Dr. Pierre Marois, already the Director of Special Projects at Global has been
elevated to its Chief Science Officer and a Director. Dr. Marois received his
medical degree from the University de Montreal in 1978 and his specialization
certificate, from the College of Doctors and Surgeons of Canada, in 1979. He is
a well respected physician at St. Justine's Hospital in Montreal, Canada, and
several other pediatric hospitals specializing in rehabilitative and epidermal
medicine, for the past 25 years. Dr. Marois has initiated countless research
projects into neuromuscular sicknesses and cerebral paralysis. Dr. Marois has
specific expertise in the oxygenation process, having been one of the leaders of
a research team involved in oxygenation projects from 1998-2001 for which he
received the inaugural Richard A. Neubauer award. He has participated in
symposiums, lectures and written numerous articles on the subject, for the past
decade.

Jean Pierre Robichaud has been involved in sales since 1979, reaching the level
of corporate Vice-President since 1995. He has extensive experience in sales in
the food industry, dealing with retail pharmacy outlets and, for the last 11
years, the water industry. Which ever company or industry he was involved with
thrived. Mr. Robichaud has dealt with major consumer companies, Canadian Tire,
Walmart, etc., and greatly increased product sales volume and the retail shelf
space allocated to it. Global should prove to be another one of his great
successes.

                                       15
<PAGE>

Eric Sonigo has dealt with sales and scheduling during his entire career,
meeting with individual and coordinating their various needs and corporate
priorities. He has extensive knowledge of the maintenance and running of the
primary oxygenation machinery, having been involved with the original owners of
said oxygenation unit. Though not an engineer by training, the practical
knowledge garnered by Mr. Sonigo and specific expertise gleaned from some of the
engineers involved in the initial oxygenation product have given Eric a unique
ability to monitor and maintain the production equipment and schedule and run
the production side of Global.


Year ended November 30, 2006 compared to November 30, 2005



In 2005 we had administrative salaries of $95,000 and no salaries in 2006.

We sold 3,500,000 investment shares in 2005 and realized a gain of $278,433. We
utilized the funds received from our share sales to pay our administrative
salaries, pay down some of our notes payable and in exchange for a note
receivable. We did not have any share sales in 2006.

We had net interest expense, on our outstanding notes, of $22,324 in 2005 and
$26,787 in 2006.

As a result of the foregoing we had a loss of $47,203 in 2006 and net income of
$142,417 in 2005.

LIQUIDITY AND CAPITAL RESOURCES

At November 30, 2006 the company had negative working capital of $213,026. We
expect that our cash needs for the fiscal year ending November 30, 2007 will be
$300,000. Additional capital and/or borrowings will be necessary. Management
anticipates generating revenue through sales during the next fiscal year. The
officers and directors or the company have indicated their commitment to fund
the operations of the organization during the next fiscal year until the
organization can generate sufficient cash flow from operations to meet current
operating expenses and overhead, though there is no guarantee that this
commitment will be met.


                                       16
<PAGE>

Effect of Recent Accounting Pronouncements.

In February 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
155, "Accounting for Certain Hybrid Financial Instruments." This Statement
amends FASB Statements No. 133, Accounting for Derivative Instruments and
Hedging Activities, and No. 140, Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities. This Statement resolves
issues addressed in Statement 133 Implementation Issue No. D1, "Application of
Statement 133 to Beneficial Interests in Securitized Financial Assets." This
Statement:
     a.   Permits fair value remeasurement for any hybrid financial instrument
          that contains an embedded derivative that otherwise would require
          bifurcation
     b.   Clarifies which interest-only strips and principal-only strips are not
          subject to the requirements of Statement 133
     c.   Establishes a requirement to evaluate interests in securitized
          financial assets to identify interests that are freestanding
          derivatives or that are hybrid financial instruments that contain an
          embedded derivative requiring bifurcation
     d.   Clarifies that concentrations of credit risk in the form of
          subordination are not embedded derivatives
     e.   Amends Statement 140 to eliminate the prohibition on a qualifying
          special-purpose entity from holding a derivative financial instrument
          that pertains to a beneficial interest other than another derivative
          financial instrument.

The fair value election provided for in paragraph 4(c) of this Statement may
also be applied upon adoption of this Statement for hybrid financial instruments
that had been bifurcated under paragraph 12 of Statement 133 prior to the
adoption of this Statement. Earlier adoption is permitted as of the beginning of
the fiscal year, provided the Company has not yet issued financial statements,
including financial statements for any interim period, for that fiscal year.
Provisions of this Statement may be applied to instruments that the Company
holds at the date of adoption on an instrument-by-instrument basis.

Adoption of this Statement is required as of the beginning of the first fiscal
year that begins after December 31, 2006. The adoption of this statement is not
expected to have a material impact on the Company's financial statements.

In March 2006, the FASB issued SFAS 156, "Accounting for Servicing of Financial
Assets." This Statement amends FASB Statement No. 140, Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities, with
respect to the accounting for separately recognized servicing assets and
servicing liabilities. This Statement:
     a.   Requires an entity to recognize a servicing asset or servicing
          liability each time it undertakes an obligation to service a financial
          asset by entering into a servicing contract in certain situations.
     b.   Requires all separately recognized servicing assets and servicing
          liabilities to be initially measured at fair value, if practicable.
     c.   Permits an entity to choose either the amortization method or the fair
          value measurement method for each class of separately recognized
          servicing assets and servicing liabilities.

                                       17
<PAGE>

     d.   At its initial adoption, permits a one-time reclassification of
          available-for-sale securities to trading securities by entities with
          recognized servicing rights, without calling into question the
          treatment of other available-for-sale securities under Statement 115,
          provided that the available-for-sale securities are identified in some
          manner as offsetting the entity's exposure to changes in fair value of
          servicing assets or servicing liabilities that a service elects to
          subsequently measure at fair value.
     e.   Requires separate presentation of servicing assets and servicing
          liabilities subsequently measured at fair value in the statement of
          financial position and additional disclosures for all separately
          recognized servicing assets and servicing liabilities.

Adoption of this Statement is required as of the beginning of the first fiscal
year that begins after December 31, 2006. The adoption of this statement is not
expected to have a material impact on the Company's financial statements.

In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
interpretation of FASB No. 109" ("FIN 48"). FIN 48 clarifies the accounting for
uncertainty in income taxes recognized in a company's financial statements in
accordance with SFAS No. 109 and provides guidance on recognizing, measuring,
presenting and disclosing in the financial statements tax positions that a
company has taken or expected to take on a tax return. FIN 48 is effective for
fiscal years beginning after December 15, 2006. The Company at this time has not
evaluated the impact, if any, of adopting FIN 48 on its financial statements.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements"
("SFAS 157"). SFAS 157 defines fair value, establishes a framework for measuring
fair value and expands disclosures about fair value measurements. This statement
addresses how to calculate fair value measurements required or permitted under
other accounting pronouncements. SFAS 157 is effective for fiscal years
beginning after November 15, 2007. The Company at this time has not evaluated
the impact, if any, of SFAS 157 on its financial statements.

In September 2006, the FASB issued Statement of Financial Accounting Standards
No. 158, "Employers' Accounting for Defined Benefit Pension and Other
Postretirement Plans, an amendment of FASB Statements No. 87, 106, and 132(R)"
("SFAS No. 158"). SFAS No. 158 requires companies to recognize a net liability
or asset and an offsetting adjustment to accumulated other comprehensive income
to report the funded status of defined benefit pension and other postretirement
benefit plans. SFAS No. 158 requires prospective application, recognition and
disclosure requirements effective for the Company's fiscal year ending November
30, 2007. Additionally, SFAS No. 158 requires companies to measure plan assets
and obligations at their year-end balance sheet date. This requirement is
effective for the Company's fiscal year ending November 30, 2009. The Company is
currently evaluating the impact of the adoption of SFAS No. 158 and does not
expect that it will have a material impact on its financial statements.

                                       18
<PAGE>

In September 2006, the United States Securities and Exchange Commission ("SEC"),
adopted SAB No. 108, "Considering the Effects of Prior Year Misstatements when
Quantifying Misstatements in Current Year Financial Statements." This SAB
provides guidance on the consideration of the effects of prior year
misstatements in quantifying current year misstatements for the purpose of a
materiality assessment. SAB 108 establishes an approach that requires
quantification of financial statement errors based on the effects of each of the
company's balance sheets and statement of operations financial statements and
the related financial statement disclosures. The SAB permits existing public
companies to record the cumulative effect of initially applying this approach in
the first year ending after November 15, 2006 by recording the necessary
correcting adjustments to the carrying values of assets and liabilities as of
the beginning of that year with the offsetting adjustment recorded to the
opening balance of retained earnings. Additionally, the use of the cumulative
effect transition method requires detailed disclosure of the nature and amount
of each individual error being corrected through the cumulative adjustment and
how and when it arose. The Company is currently evaluating the impact, if any,
that SAB 108 may have on the Company's results of operations or financial
position.



ITEM 7. Financial Statements.

The financial statements are included at the end of this Annual Report, after
the signature page.

Item 8. Changes In and Disagreements With Accountants on Accounting and
Financial Disclosure.

Change in Certifying Accountant

Item 8a. Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in the Company's Exchange Act
reports is recorded, processed, summarized and reported within the time periods
specified in the SEC's rules and forms, and that such information is accumulated
and communicated to the Company's management, including its Chief Executive
Officer and Chief Financial Officer, to allow timely decisions regarding
required disclosure based closely on the definition of "disclosure controls and
procedures" in Rule 13a-14c. In designing and evaluating the disclosure controls
and procedures, management recognizes that any controls and procedures, no
matter how well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives, and management necessarily was
required to apply its judgment in evaluating the cost-benefit relationship of
possible controls and procedures. Within 90 days prior to the date of this
report, the Company carried out an evaluation, under the supervision and with
the participation of the Company's management, including the Company's Chief
Executive Officer and the Company's Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures. Based on the forgoing, the Company's Chief Executive Officer and
Chief Financial Officer concluded that the Company's disclosure controls and
procedures were effective.

                                       19
<PAGE>

ITEM 9

Director and Executive Officers

a) Directors and Executive Officers

Name                      Age      Title

Louis Greco               52       President-Director
Perry Choiniere           43       Chief Operating Officer - Director
Jean Pierre Robichaud     53       Vice President - Sales & Marketing-Director
Dr. Pierre Marois         56       Chief Scientific Officer - Director
Eric Sonigo               40       Vice President Production
Paolo Mori                62       Director


Louis Greco, President - Director

Louis Greco received his B. Comm from McGill University in Montreal, Canada in
1974. Mr. Greco has been involved with a variety of consumer oriented industries
in his 30 years in business. He has experience in the fiscal area, having been a
branch manager of the National Bank from 1975-1980. During the next decade, to
1990, he was the manager of a chain of video outlets, as well as being involved
with the Company's sales. From 1990 to 1995, he co-owned a retail food
establishment. Between 1996 and present he has worked as sales consultant to the
national divisions of 2 multinational office technology corporations. Minolta
(Canada) and Panasonic (Canada). Mr. Greco's management, sales and financial
skills will greatly aid GLOBAL.

Perry Choiniere           Chief Operating Officer - Director

Perry Choiniere has been involved in a number of consumer oriented ventures for
more than 20 years. He started his career in the customer service field for a
large provider of heating oil to residential and commercial users. For most of
the next 2 decades he either managed or ran several businesses involved in the
maintenance and construction sectors, dealing directly with the public but also
being responsible for the day to day administration of the aforesaid businesses.
For the last 4 years to date, he has been involved with the negotiations and
sales of products, both domesticly and internationally, in the pharmaceutical
and nutritional industries. To Global he brings a broad knowledge of running a
business and an expertise in dealing with the consumer.

Dr. Pierre Marois         Chief Scientific Officer - Director

Dr. Pierre Marois, already the Director of Special Projects at Global has been
elevated to its Chief Science Officer and a Director. Dr. Marois received his
medical degree from the University de Montreal in 1978 and his specialization
certificate, from the College of Doctors and Surgeons of Canada, in 1979. He is
a well respected physician at St. Justine's Hospital in Montreal, Canada, and
several other pediatric hospitals specializing in rehabilitative and epidermal
medicine, for the past 25 years. Dr. Marois has initiated countless research

                                       20
<PAGE>

projects into neuromuscular sicknesses and cerebral paralysis. Dr. Marois has
specific expertise in the oxygenation process, having been one of the leaders of
a research team involved in oxygenation projects from 1998-2001 for which he
received the inaugural Richard A. Neubauer award. He has participated in
symposiums, lectures and written numerous articles on the subject, for the past
decade.

Jean Pierre Robichaud     Vice President - Sales & Marketing-Director

Jean Pierre Robichaud has been involved in sales since 1979, reaching the level
of corporate Vice-President since 1995. He has extensive experience in sales in
the food industry, dealing with retail pharmacy outlets and, for the last 11
years, the water industry. Which ever company or industry he was involved with
thrived. Mr. Robichaud has dealt with major consumer companies, Canadian Tire,
Walmart, etc., and greatly increased product sales volume and the retail shelf
space allocated to it. Global should prove to be another one of his great
successes.

Eric Sonigo               Vice President Production

Eric Sonigo has dealt with sales and scheduling during his entire career,
meeting with individual and coordinating their various needs and corporate
priorities. He has extensive knowledge of the maintenance and running of the
primary oxygenation machinery, having been involved with the original owners of
said oxygenation unit. Though not an engineer by training, the practical
knowledge garnered by Mr. Sonigo and specific expertise gleaned from some of the
engineers involved in the initial oxygenation product have given Eric a unique
ability to monitor and maintain the production equipment and schedule and run
the production side of Global.


Paolo Mori - Director

Paolo Mori is a highly successful businessman in Quebec, Canada. Mr. Mori has
been involved in real estate development and construction for the past number of
years. His financial acumen will help him evaluate GLOBAL's fiscal position and
strengthen its overall business structure.

b) Significant Employees

None

c) Family Relationships

There are no family relationships among directors or executive officers of the
company.

d) Involvement in certain legal proceedings

None

                                       21
<PAGE>

e) Committees

The Company has no standing audit, nominating and compensating committees of the
Board of Directors or committees performing similar functions. Under the
Sarbanes-Oxley Act of 2002, each public company is required to have an audit
committee consisting solely of independent directors and to explain whether or
not any independent director is a financial expert. In the event the public
company does not have an audit committee, the Board of Directors becomes charged
with the duties of the audit committee. Since the enactment of the
Sarbanes-Oxley Act of 2002 which was signed into law by President bush in July
2002, the Company's directors have without success, attempted to obtain
independent directors to serve on the Board of Directors and on a newly formed
audit committee. In the event the Company is successful in the future in
obtaining independent directors to serve on the Board of Directors and on a
newly formed audit committee, of which there can be no assurances given, the
Board of Directors would first adopt a written charter. Such charter would be
expected to include, among other things:
     -    annually reviewing and reassessing the adequacy of the committees
          formal charter;
     -    reviewing the annual audited financial statements with the adequacy of
          its internal accounting controls;
     -    reviewing analyses prepared by the Company's management and
          independent auditors concerning significant financial reporting issues
          and judgments made in connection with the preparation of its financial
          statements;
     -    being directly responsible for the appointment, compensation and
          oversight of the independent auditor, which shall report directly to
          the Audit Committee, including resolution of disagreements between
          management and the auditors regarding financial reporting for the
          purpose of preparing or issuing an audit report or related work;
     -    reviewing the independence of the independent auditors;
     -    reviewing the Company's auditing and accounting principles and
          practices with the independent auditors and reviewing major changes to
          its auditing and accounting principles and practices as suggested by
          the independent auditor or its management;
     -    reviewing all related party transactions on an ongoing basis for
          potential conflict of interest situations; and
     -    all responsibilities given to the Audit Committee by virtue of the
          Sarbanes-Oxley Act of 2002, which was signed into law by President
          George W. Bush on July 30, 2002.

Code of Ethics

Effective March 3, 2003, the Securities & Exchange Commission requires
registrants like the Company to either adopt a code of ethics that applies to
the Company's Chief Executive Officer and Chief Financial Officer or explain why
the Company has not adopted such a code of ethics for purposes of item 406 of
Regulations S-K, the term "code of ethics" means written standards that are
reasonably designed to deter wrong doing and to promote:
     -    Honest and ethical conduct, including the ethical handling of actual
          or apparent conflicts of interest between personal and professional
          relationships:

                                       22
<PAGE>

     -    Full, flair, accurate, timely and understandable disclosure in reports
          and documents that the company files with, or submits to, the
          Securities & Exchange Commission and in other public communications
          made by the Company;
     -    Compliance with applicable governmental law, rules and regulations;
     -    The prompt internal reporting of violations of the code to an
          appropriate person or persons identified in the code; and
     -    Accountability for adherence to the code.

The Company has adopted the aforementioned Code of Ethics.

f) Section 16 (a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our
officers, directors and persons who beneficially own more than ten percent of a
registered class of our equity securities ("ten-percent shareholders") to file
reports of ownership and changes in ownership with the Securities and Exchange
Commission. Officers, directors and ten-percent shareholders also are required
to furnish us with copies of all Section 16(a) forms they file. Based solely on
our review of the copies of such forms furnished to us, and written
representations that no other reports were required, we believe that during the
fiscal year ended November 30, 2006, all of our officers, directors and
ten-percent shareholders complied with the Section 16(a) reporting requirements.

ITEM 10 EXECUTIVE COMPENSATION

(a) General
                                                                 Long-term
Name                               Year      Salary     Bonus    compensation
Anthony Ierfino                    2004      $40,000    0        0
CEO, President-Director

Anthony Ierfino                    2005      $95,000    0        0
(former CEO, President-Director)

                                   2006       0         0        0

None of the other current or past Officers or Directors received any
compensation during fiscal 2004, 2005 or 2006.

(b) Options/SAR Grants table

None

(c) Long Term Incentive Plan Award Table

None

(d) Compensation of Directors

Directors do not receive any compensation for services as members of the Board
of Directors

                                       23
<PAGE>

(e) Employment Contracts and Termination of Employment and Change-in-Control

The company has no employment contracts with any of its executive officers. As
indicated above, certain officers received compensation.

(f) Report on Repricing of options/SAR

None

ITEM 11 SECURITY OWNERSHIP OF CERTAIN BENEFICAL OWNERS AND MANAGEMENT

The following table sets forth, as of June 15,2007, information regarding the
beneficial ownership of our common stock based upon the most recent information
available to us for

          o    Each person known by us to own beneficially more than five
               (5%)percent of our outstanding common stock,
          o    Each of our officeers and directors and
          o    All of our officers and directors as a group.

Name                                        Number Of Shares Owned    % of Total
                                            Beneficially
First Link Associates                       13,700,000                27.81%
362 Road Town
Tortola, British Virgin Islands
(Represented by Valentin Cimpan)

Jomuc Holdings                               9,100,000                18.47%
1623 Buttonwood Bay
Belize City, Belize
(Represented by J. Muccari)

Arrangedcap Corp.                            7,900,000                16.04%
Corporate Center
Bush Hills, Barbados
(Represented by F. Minsky)

Item 12. Certain Relationships and Related Transactions.

None

Item 13. Financial Statements and Exhibits.

(a) List of Financial statements filed herewith

GLOBAL BIOTECH CORP.
(A company in the development stage)

Report of Independent Registered Accounting Firm

Balance Sheet November 30, 2006

Statement of Operations Year ended November 30, 2006, November 30, 2005 and from
inception to November 30, 2006

Statement of Shareholders' Equity From inception to November 30, 2006

Statement of Cash flows years ended November 30, 2006 and November 30, 2005 and
from inception to November 30, 2006

Summary of Significant Accounting Policies year ended November 30, 2006

Notes to the Financial Statements year ended November 30, 2006

                                       24
<PAGE>

(b) List of Exhibits.

Reports on Form 8-K

Material Agreement
Appointment, resignation of officers/directors

Change in certifying accountant

Item 14. Principal Accountant Fees and Service

Audit Fees

For the fiscal year ended November 30, 2006, the aggregate fees billed for
professional services rendered by Chang G. Park, CPA ("independent auditors")
for the audit of the Company's annual financial statements totaled approximately
$5,000.

Financial Information Systems Design and Implementation Fees

For the fiscal year ended November 30, 2006 there were $-0- in fees billed for
professional services by the Company's independent auditors rendered in
connection with, directly or indirectly, operating or supervising the operation
of its information system or managing its local area network.

All Other Fees

For the fiscal year ended November 30, 2006 there was $0 in fees billed for
other service.



Sarbane Oxley Declarations



                                   SIGNATURES

In accordance with the requirement of the Securities Exchange Act, this Annual
Report or Amendment was signed by the following persons in the capacities and on
the dates stated:



                                   GLOBAL BIOTECH CORP.

Date: June 15, 2007                /s/ Louis Greco
                                   ---------------------------
                                   Louis Greco, President, Director
                                   (Principal Executive and Financial Officer)


                                      25
<PAGE>

                           Chang G. Park, CPA, Ph. D.
             o 371 E STREET o CHULA VISTA o CALIFORNIA 91910-2615 o
       o TELEPHONE (858)722-5953 o FAX (858)408-2695 o FAX (858)764-5480 o
                         o E-MAIL changgpark@gmail.com o

--------------------------------------------------------------------------------

             Report of Independent Registered Public Accounting Firm
             -------------------------------------------------------


To the Board of Directors and Stockholders
Global Biotech Corp.
(Formerly Comp-Soft Corp.)
(A Development Stage Company)


We have audited the accompanying balance sheet of Global Biotech Corp. (formerly
Comp-Soft Corp.) (A Development Stage "Company") as of November 30, 2006 and the
related statements of operation, changes in shareholders' equity and cash flows
for the year then ended, and for the period of November 2, 1998 (inception) to
November 30, 2006. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements of the Company
as of November 30, 2005, and for the period November 2, 1998 (inception) to
November 30, 2005 were audited by other auditors whose report dated April 24,
2006, expressed an unqualified opinion on those statements. Their report
included an explanatory paragraph regarding going concern.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Global Biotech Corp. as of
November 30, 2006, and the result of its operation and its cash flows for the
year then ended and for the period of November 2, 1998 (inception) to November
30, 2006 in conformity with U.S. generally accepted accounting principles.

The financial statements have been prepared assuming that the Company will
continue as a going concern. As discussed in Note 3 to the financial statements,
the Company's losses from operations raise substantial doubt about its ability
to continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.



/s/Chang Park
--------------------
CHANG G. PARK, CPA

June 19, 2007
San Diego, CA. 91910


        Member of the California Society of Certified Public Accountants
          Registered with the Public Company Accounting Oversight Board


                                      F-1

<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                                 Balance Sheets

--------------------------------------------------------------------------------
                                     ASSETS

                                                      As of            As of
                                                   November 30,     November 30,
                                                      2006             2005
                                                      ----             ----
CURRENT ASSETS
Cash                                               $     83         $     --
Accounts receivable                                      --           35,967

Notes receivable - related parties                  394,243          385,934

Total Current Assets                               --------          -------
                                                    394,326          421,901

                                                   --------         --------
TOTAL ASSETS                                       $394,326         $421,901
                                                   ========         ========






                      See Notes to the Financial Statements


                                      F-2
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                                 Balance Sheets

--------------------------------------------------------------------------------

                     LIABILITIES AND STOCKHOLDERS' (DEFICIT)

                                                      As of            As of
                                                   November 30,     November 30,
                                                      2006             2005
                                                      ----             ----
CURRENT LIABILITIES
Accounts payable                                   $  30,187        $  37,183
Notes payable - (related party)                          212               --
Notes payable                                        576,953          551,541

                                                   ---------        ---------
Total Current Liabilities                            607,352          588,724

STOCKHOLDERS' EQUITY (DEFICIT)
Common stock $0.0001 par value, 70,000,000
Shares authorized: 49,265,500 shares issued
and outstanding as of November 30,
2006 and 48,265,500 as of November 30, 2005            4,927            4,827
Paid-in capital                                      628,302          627,402
Deficit accumulated during the development stage    (846,255)        (799,052)
                                                   ---------        ---------
Total Stockholders' (Deficit)                       (213,026)        (166,823)
                                                   ---------        ---------
TOTAL LIABILITIES
& STOCKHOLDERS' (DEFICIT)                          $ 394,326        $ 421,901
                                                   =========        =========





                      See Notes to the Financial Statements


                                      F-3
<PAGE>

<TABLE>
<CAPTION>
                                        GLOBAL BIOTECH CORP.
                                    (A Development Stage Company)
                                      Statements of Operations
--------------------------------------------------------------------------------------------------
                                                                                  November 2, 1998
                                                                                   (inception)
                                            Year Ended        Year Ended              through
                                            November 30,      November 30,          November 30,
                                               2006             2005                   2006
                                               ----             ----                   ----

<S>                                         <C>               <C>                 <C>
REVENUES                                    $         --      $         --             944,811

Costs of revenues                                     --                --            (603,063)
                                            ------------      ------------        ------------
GROSS PROFIT                                          --                --             341,748

OPERATING COSTS
Bad debt expense                                  22,467                --             120,844
Licensing rights                                      --                --             700,000
Depreciation expense                                  --            13,868              73,274
Marketing expense                                     --                --             236,266
Professional fees                                  2,500               500             136,924
Selling, general and
administrative expense                             7,022            99,324             266,824

                                            ------------      ------------        ------------
Total Operating Costs                             31,989           113,692           1,534,132
                                            ------------      ------------        ------------
OPERATING (LOSS)                                 (31,989)         (113,692)         (1,192,384)

OTHER INCOME & (EXPENSES)
Interest income                                   12,125            19,017              99,241
Other income                                      11,573                --              81,052
Interest expense                                 (38,912)          (41,341)           (202,519)
Write-down of leasehold improvements                  --                --              (2,663)
Write-up of notes receivable,
related parties                                       --                --              11,435
Gain on sale of investment                            --           278,433             359,583
                                            ------------      ------------        ------------
Total Other Income & (Expenses)                  (15,214)         (256,109)            356,129
                                            ------------      ------------        ------------

NET INCOME (LOSS)                           $    (47,203)     $    142,417        $   (846,255)
                                            ============      ============        ============
BASIC EARNINGS (LOSS) PER SHARE             $      (0.00)     $       0.00
                                            ============      ============
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING                     48,765,500        48,265,500
                                            ============      ============
</TABLE>



                      See Notes to the Financial Statements

                                      F-4
<PAGE>
<TABLE>
<CAPTION>
                                                        Global Biotech Corp.
                                                    (A Development Stage Company.)
                                                 Statements of Stockholders' Equity
                                      From November 2, 1998 (inception) through November 30, 2006
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                        Deficit
                                                                          Additional      Stock       Accumulated
                                                Common      Common         Paid-in     Subscription   During the        Total
                                                Shares       Stock         Capital      Receivable    Development
                                                                                                         Stage
---------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>             <C>         <C>           <C>             <C>          <C>
Balance, November 30, 1998                             -      $       -   $       -     $       -       $       -    $        -

Stock issued on April 30, 2000
for cash                                      10,400,000          1,040     258,961      (103,739)                      156,262

Stock issued on April 30, 2000
for settlement of equipment purchase             600,000             60      14,940                                      15,000

Stock issued May 29, 2000 in exchange for
5,000,000 shares of Millenia Hope, Inc        35,700,000          3,570     125,908                                     129,478

May 31, 2000 - collection on subscription                                                  20,408                        20,408

June 30, 2000 - collection on subscription                                                 83,331                        83,331

Net loss form November 2, 1998 (inception)
to November 30, 2000                                                                                      (69,231)      (69,231)

---------------------------------------------------------------------------------------------------------------------------------
 Balance,  November 30, 2000                  46,700,000          4,670     399,809             -         (69,231)      335,248
---------------------------------------------------------------------------------------------------------------------------------

 Stock issued on September 15, 2001
 for cash                                         30,000              3     119,997      (120,000)                            -

 Stock issued on November 21, 2001
 for cash                                        380,000             38     189,962      (190,000)                            -

 Net loss for the year ended
 November 30, 2001                                                                                         (1,679)       (1,679)

---------------------------------------------------------------------------------------------------------------------------------
 Balance,  November 30, 2001                  47,110,000          4,711     709,768      (310,000)        (70,910)      333,569
---------------------------------------------------------------------------------------------------------------------------------

 Stock issued December 5, 2001 in exchange
 for payment of consulting fees                   82,500              8      16,492                                      16,500

 Stock issued May 13, 2002 in exchange
 for professional fees                           205,200             21      51,354                                      51,375

 September 4, 2002 collection on subscription                              (112,500)      112,500                             -

 Stock issued October 14, 2002 in exchange
 for payment of consulting fees                   10,000              1       1,999                                       2,000

 November 10, 2002 collection on subscription                               (95,000)       95,000                             -

 Net loss for the year ended
 November 30, 2002                                                                                       (141,693)     (141,693)

---------------------------------------------------------------------------------------------------------------------------------
 Balance,  November 30, 2002                  47,407,700          4,741     572,113      (102,500)       (212,603)      261,751
---------------------------------------------------------------------------------------------------------------------------------

 Rounding                                            300

 Stock issued December 1, 2002 in exchange
 for marketing expense                           250,000             25      24,975                                      25,000

 February 28, 2003 collection on subscription                                              23,750                        23,750

 May 31, 2003 collection on subscription                                                   23,750                        23,750

 August 31, 2003 collection on subscription                                                23,750                        23,750

 Stock issued October 20, 2003 in exchange
 for marketing expense                           350,000             35      17,465                                      17,500

 Stock issued October 20, 2003 in exchange
 for notes payable                               257,500             26      12,849                                      12,875

 November 30, 2003 collection on subscription                                              31,250                        31,250

 Net loss for the year ended
 November 30, 2003                                                                                       (715,903)     (715,903)

---------------------------------------------------------------------------------------------------------------------------------
 Balance,  November 30, 2003                  48,265,500          4,827     627,402             -        (928,506)     (296,277)
---------------------------------------------------------------------------------------------------------------------------------

 Net loss for the year ended
 November 30, 2004                                                                                              -             -

---------------------------------------------------------------------------------------------------------------------------------
 Balance,  November 30, 2004                  48,265,500          4,827     627,402             -        (928,506)     (296,277)
---------------------------------------------------------------------------------------------------------------------------------

 Net lncome for the year ended
 November 30, 2005                                                                                              -             -

---------------------------------------------------------------------------------------------------------------------------------
 Balance,  November 30, 2005                  48,265,500      $   4,827   $ 627,402     $       -      $ (928,506)   $ (296,277)
=================================================================================================================================
</TABLE>
                      See Notes to the Financial Statements
                                      F-5
<PAGE>

<TABLE>
<CAPTION>

                                                  GLOBAL BIOTECH CORP.
                                             (A Development Stage Company)
                                        Statements of Stockholders' Equity (Deficit)
                                 From November 2, 1998 (inception) through November 30, 2006
-------------------------------------------------------------------------------------------------------------------------



<S>                                <C>             <C>            <C>          <C>         <C>             <C>
Stock issued March 1, 2006
In exchange for services            1,000,000             100          900             -           -            1,000

Net (loss) for the year end
November 30, 2006                           -               -            -             -     (47,203)         (47,203)
                                  ---------------------------------------------------------------------------------------

                                   49,265,500      $    4,927     $628,302     $       -   $(846,255)      $ (213,026)
                                  =======================================================================================
</TABLE>


                     See Notes to the Financial Statements


                                      F-6
<PAGE>
<TABLE>
<CAPTION>
                                                 GLOBAL BIOTECH CORP.
                                            (A Development Stage Company)
                                               Statements of Cash Flows

-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                           November 2, 1998
                                                                                                              (inception)
                                                                     Year Ended        Year Ended               through
                                                                    November 30,       November 30,          November 30,
                                                                        2006              2005                   2006
                                                                        ----              ----                   ----
<S>                                                                 <C>                <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------

      Net income (loss)                                             $   (47,203)       $   142,417           $  (846,255)
  Adjustments to reconcile net loss to net cash
  used in operating activities:
      Depreciation expense                                                    -             13,868                73,274
      Common stock issued for services                                    1,000                  -               113,375
      Gain on sale of Ivestment                                               -           (278,433)             (359,583)
      Write-down of leasehold improvements                                    -                  -                 2,663
      Write-off accounts payable                                        (11,573)                                 (11,573)
      Write-down of notes receivable                                     22,467                  -                11,032
      Accrued interest expense - note payable                            38,912                  -               106,531
      Accrued interest income - notes receivable                        (12,125)           (19,017)              (97,531)
  Changes in operating assets and liabilities:
     (Increase) decrease in accounts receivable                               -             54,000               (35,967)
     (Increase) decrease in notes receivable                                  -           (161,624)             (470,640)
      Increase (decrease) in accounts payable                             8,393             (2,000)               45,576
                                                                    -----------        -----------           -----------

     Net Cash Provided by (Used in) Operating Activities                   (129)          (250,789)           (1,469,098)

CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------

     Net sale (purchase) of fixed assets                                      -                  -               (60,937)
     Proceeds from sale of investment shares                                  -            369,061               489,061
                                                                    -----------        -----------           -----------

     Net Cash Provided by (Used in) Investing Activities                      -            369,061               428,124

CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------

  Issuance of common stock                                                    -                  -               156,262
  Payment of common stock subscription receivable                             -                  -               206,239

  Proceeds from notes payable                                               212           (118,321)              678,556
                                                                    -----------        -----------           -----------

  Net Cash Provided by (Used in) Financing Activities                       212           (118,321)            1,041,057
                                                                    -----------        -----------           -----------

  Net Increase (Decrease) in Cash                                            83                (49)                   83

  Cash at Beginning of Year                                                   -                 49                     -
                                                                    -----------        -----------           -----------

  Cash at End of Year                                               $        83        $         -           $        83
                                                                    ===========        ===========           ===========

SUPPLEMENTAL DISCLOSURES OF NON CASH
ACTIVITIES

Offset accounts receivable and notes payable                        $    13,500
Offset Notes receivable and accounts payable                              3,815
                                                                    -----------
Total                                                               $    17,315
                                                                    ===========
</TABLE>


                     See Notes to the Financial Statements


                                      F-7
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS


     GLOBAL BIOTECH CORP. (the "Company") was incorporated in the State of
Delaware on November 2, 1998 to be an Application Service provider in the
E-Health sector. On March 5, 2003 this business was sold and the Company
attempted to enter the vehicle tracking market, unsuccessfully. On February 25,
2005 that attempt was discontinued. As of November 30, 2006 the Company has a
signed Agreement to acquire assets pursuant to entering the oxygenated bottled
water market. This agreement has not yet been fulfilled, pursuant to some of its
provisions.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Accounting Method

The Company's policy is to use the accrual method of accounting to prepare and
present financial statements, which conforms to generally accepted accounting
principles ("GAAP'). The company has elected a November 30, year end.

b. Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of
three months or less and bank indebtedness to be cash and cash equivalents.
Highly liquid investments are valued at quoted market prices.

c. Estimates and Adjustments

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. In accordance with FASB 16 all
adjustments are normal and recurring.

d. Basis of Presentation and Considerations Related to Continued Existence
(going concern)

The Company's financial statements have been presented on the basis that it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business.

The Company's management intends to raise additional operating funds through
operations, and debt or equity offerings. Management has yet to decide what type
of offering the Company will use or how much capital the Company will raise.
There is no guarantee that the Company will be able to raise any capital through
any type of offerings.

                                      F-8
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


e. Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions
and pertinent information available to management as of the financial statement
preparation date. The respective carrying value of certain on-balance-sheet
financial instruments approximated their fair values of cash and accounts
payable were assumed to approximate carrying values for financial instruments
because they are short term in nature, their carrying amounts approximate fair
values, and they are payable on demand.

f. Impairment of Long-Lived Assets

Long-lived assets held and used by the Company are reviewed for possible
impairment whenever events or changes in circumstances indicate the carrying
amount of an asset may not be recoverable. Recoverability of assets to be held
and used is measured by a comparison of the carrying amount of the assets to the
estimated undiscounted cash flows, expected to be generated by the asset. If
such assets are considered to be impaired, the impairment to be recognized is
measured by the amount by which the carrying amount of the assets exceeds the
fair value of such assets. Management believes that there were no such
impairments of at November 30, 2006.



                                      F-9
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

g. Revenue Recognition and Deferred Revenue

The Company's revenues recognized to November 30, 2006 were software
consultation. Revenue, in respect of all services described, is recognized on
completion of services, when collectability is reasonably assured.


h. Foreign Currency Exchange

Foreign currency accounts have been translated as follows:
     o    Monetary items - at exchange rates in effect at the balance sheet date
     o    Non-monetary item - at exchange rates in effect o the dates of
          transactions
     o    Revenue and expenses - at average exchange rate prevailing during the
          year.
Gains and losses arising from foreign currency translation are included in
income.

i. Earning (Loss) Per Share

The Company follows Statement of Financial Accounting Standards (SFAS) 128,
"Earning Per Share". Basic earnings (loss) per common share (EPS) calculations
are determined by dividing net income (loss) by the weighted average number of
shares of common stock outstanding during the year. Diluted earnings per common
share calculations are determined by dividing net income (loss) by the weighted
average number of common shares and dilutive common share equivalents
outstanding. During the periods presented common stock equivalents were not
considered, as their effect would be anti-dilutive.



j. Stock-Based Compensation

In December 2004, the FASB issued SFAS No. 123R, "Share Based Payment." SFAS No.
123R establishes the accounting for grants of stock options and other
transactions in which an entity exchanges its equity instruments for goods or
services. It also addresses transactions in which an entity incurs liabilities
in exchange for goods or services that are based on the fair value of the
entity's equity instruments or that may be settled by the issuance of those
equity instruments. SFAS No. 123R (1) revises SFAS No. 123, "Accounting for
Stock-Based Compensation," (2) supersedes Accounting Principles Bulletin ("APB")
Opinion No. 25, "Accounting for Stock Issued to Employees," and (3) establishes
fair value as the measurement objective for share-based payment transactions.

                                      F-10
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                            As of November 30, 2006)


 RECENT ACCOUNTING PRONOUNCEMENTS

In February 2007, the Financial Accounting Standards Board (FASB) issued SFAS
No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities -
Including an Amendment of FASB Statement No. 115". This statement permits
entities to choose to measure many financial instruments and certain other items
at fair value. Most of the provisions of SFAS No. 159 apply only to entities
that elect the fair value option. However, the amendment to SFAS No. 115
"Accounting for Certain Investments in Debt and Equity Securities" applies to
all entities with available-for-sale and trading securities. SFAS No. 159 is
effective as of the beginning of an entity's first fiscal year that begins after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply the provision of SFAS No. 157, "Fair Value Measurements". The adoption
of this statement is not expected to have a material effect on the Company's
financial statements.

In September 2006, the SEC issued Staff Accounting Bulletin ("SAB") No. 108,
"Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements." SAB No. 108 addresses how
the effects of prior year uncorrected misstatements should be considered when
quantifying misstatements in current year financial statements. SAB No. 108
requires companies to quantify misstatements using a balance sheet and income
statement approach and to evaluate whether either approach results in
quantifying an error that is material in light of relevant quantitative an
qualitative factors. SAB No. 108 is effective for fiscal years ending after
November 15, 2006. The Company is currently evaluating the impact of adopting
SAB No. 108 but does not expect that it will have a material effect on its
financial statements.

In September 2006, the FASB issued SFAS No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB
Statements No. 87, 88, 106, and 132(R)". This statement requires employers to
recognize the overfunded or underfunded status of a defined benefit
postretirement plan (other than a multiemployer plan) as an asset or liability
in its statement of financial position and to recognize changes in that funded
status in the year in which the changes occur through comprehensive income of a
business entity or changes in unrestricted net assets of a not-for-profit
organization. This statement also requires an employer to measure the funded
status of a plan as of the date of its year-end statement of financial position,
with limited exceptions. The provisions of SFAS No. 158 are effective for
employers with publicly traded equity securities as of the end of the fiscal
year ending after December 15, 2006. The adoption of this statement is not
expected to have a material effect on the Company's future reported financial
position or results of operations.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements". The
objective of SFAS 157 is to increase consistency and comparability in fair value
measurements and to expand disclosures about fair value measurements. SFAS 157
defines fair value, establishes a framework for measuring fair value in
generally accepted accounting principles, and expands disclosures about fair
value measurements. SFAS 157 applies under other accounting pronouncements that

                                      F-11
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


require or permit fair value measurements and does not require any new fair
value measurements. The provisions of SFAS No. 157 are effective for fair value
measurements made in fiscal years beginning after November 15, 2007. The
adoption of this statement is not expected to have a material effect on the
Company's future reported financial position or results of operations.

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes, an
interpretation of FASB Statements No. 109". FIN 48 clarifies the accounting for
uncertainty in income taxes by prescribing a two-step method of first evaluating
whether a tax position has met a more likely than not recognition threshold and
second, measuring that tax position to determine the amount of benefit to be
recognized in the financial statements. FIN 48 provides guidance on the
presentation of such positions within a classified statement of financial
position as well as on derecognition, interest and penalties, accounting in
interim periods, disclosure, and transition. FIN 48 is effective for fiscal
years beginning after December 15, 2006. The adoption of this statement is not
expected to have a material effect on the Company's future reported financial
position or results of operations.

In March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing of
Financial Assets, an amendment of FASB Statement No. 140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities".
This statement requires all separately recognized servicing assets and servicing
liabilities be initially measured at fair value, if practicable, and permits for
subsequent measurement using either fair value measurement with changes in fair
value reflected in earnings or the amortization and impairment requirements of
Statement No. 140. The subsequent measurement of separately recognized servicing
assets and servicing liabilities at fair value eliminates the necessity for
entities that manage the risks inherent in servicing assets and servicing
liabilities with derivatives to qualify for hedge accounting treatment and
eliminates the characterization of declines in fair value as impairments or
direct write-downs. SFAS No. 156 is effective for an entity's first fiscal year
beginning after September 15, 2006. The adoption of this statement is not
expected to have a material effect on the Company's future reported financial
position or results of operations.

In February 2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid
Financial Instruments-an amendment of FASB Statements No. 133 and 140", to
simplify and make more consistent the accounting for certain financial
instruments. SFAS No. 155 amends SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities", to permit fair value re-measurement for any
hybrid financial instrument with an embedded derivative that otherwise would
require bifurcation, provided that the whole instrument is accounted for on a
fair value basis. SFAS No. 155 amends SFAS No. 140, "Accounting for the
Impairment or Disposal of Long-Lived Assets", to allow a qualifying
special-purpose entity to hold a derivative financial instrument that pertains
to a beneficial interest other than another derivative financial instrument.
SFAS No. 155 applies to all financial instruments acquired or issued after the
beginning of an entity's first fiscal year that begins after September 15, 2006,
with earlier application allowed. The adoption of this statement is not expected
to have a material effect on the Company's future reported financial position or
results of operations.

                                      F-12
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


NOTE 3. GOING CONCERN

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company generated net losses of
$47,203 for the year ended November 30, 2006 and a net loss of $846,255during
the period from November 2, 1998 (inception) through November 30, 2006. At
November 30, 2006 the Company had negative working capital of $213,026 and a
stockholders 'deficit of $213,026. This condition raises substantial doubt about
the Company's ability to continue as a going concern. The Company's continuation
as a going concern is dependent on its ability to meet its obligations, to
obtain additional financing as may be required and ultimately to attain
profitability. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

Certain shareholders and directors have committed to fund any operating cash
flow shortages during the next fiscal year until the organization can generate
sufficient funds from operations to meet current operating expenses and
overhead, although there is no guarantee that this commitment will be met.


                                      F-13
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


NOTE 4. NOTES RECEIVABLE

As of November 30, 2006 the Company had $394,243 in notes receivable. The notes
receivable are unsecured; bear interest at 7% per annum and are due by May 31,
2009.

                                             November 30,           November 30,
                                                2006                   2005

Advanced Fluid Technologies
(periodic loans                              $216,261               $216,261
to Advanced Fluid, all
prior to Dec. 1, 2004)

Anthony Ierfino
(funds due from the sale of
shares of investment                         $177,982               $169,673
in other companied to Mr. Ierfino at
 a premium to market price)                  -------------------------------
                                             $394,243               $385,934
                                             -------------------------------


NOTE 5. GAIN ON SALES OF INVESTMENT

On May 29, 2000 the Company issued 35,700,000 shares of common stock to Millenia
Hope inc. in exchange for 5 million shares of common stock of Millenia Hope Inc.
and 5 million warrants which expired, unexercised, as of November 30, 2004. The
5 million shares were valued at 129,478 based on the cost of the assets acquired
by Millenia Hope Inc. from the Company at the time and not the fair market value
of the shares The valuation of this investment from period to period, has been
based on the original valuation.



                                          As of November 30,     As November 30,
                                                2006                  2005

# of shares owned by the Company                     -                    -

Proceeds from Sale of Shares                 $       -             $369,061


Cost of Shares                                       -               90,628
                                             ------------------------------

Gain on Sale of shares                       $       -             $278,433
                                             ------------------------------

                                      F-14
<PAGE>

                              Global Biotech Corp.
                           (Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


NOTE 6. PROPERTY & EQUIPMENT

Property is stated at cost. Additions, renovations, and improvements are
capitalized. Maintenance and repairs, which do not extend asset lives, are
expensed as incurred. Depreciation is provided on a straight-line basis over the
estimated useful lives ranging from 27.5 years for commercial rental properties,
5 years for tenant improvements, and 5 - 7 years on furniture and equipment.

                                              November 30,          November 30,
                                                 2006                  2005
                                              ----------------------------------
     Computer equipment                       $ 72,219              $ 72,219
                                              --------              --------
                                              $ 72,219              $ 72,219
     Less Accumulated Depreciation             (72,219)              (72,219)
                                              --------              --------
     Net Property and Equipment               $      0              $      0
                                              ==================================

NOTE 7. BASIC & DILUTED INCOME / (LOSS) PER COMMON SHARE

Basic gain (loss) per common share has been calculated based on the weighted
average number of shares of common stock outstanding during the period. Diluted
gain (loss) per common share has been calculated based on the weighted average
number of shares of common and preferred stock outstanding during the period.
The variance between basic and diluted weighted average is the addition of
preferred stock in the calculation of diluted weighted average per share.

                                              November 30,          November 30,
                                                 2006                  2005
                                              ----------------------------------
Net income (loss) from operations             $    (47,203)       $    142,417

Basic income / (loss) per share               $       0.00        $      (0.00)
                                              ==================================
Weighed average number of shares outstanding    48,765,500          48,265,500
                                              ==================================

                                      F-15
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006

NOTE 8. NOTES PAYABLE

Note payable as of November 30, 2006 consist of the following:

Note payable to Millenia Hope, Inc. unsecured,
with annual interest rate 7%.

                                               2006                 2005
                                             ------------------------------

                                             $576,953              $551,541
                                             --------              --------

NOTE 9. NOTE PAYABLE - RELATED PARTY

Note payable to a related party, unsecured,
with annual interest rate of 7%.               2006                 2005
                                             ------------------------------

                                               $212                 $  0
                                               ----                 ----


NOTE 10. INCOME TAXES

Income taxes are provided in accordance with Statement of Financial Accounting
Standards No. 109 (SFAS 109), Accounting for Income Taxes. A deferred tax asset
or liability is recorded for all temporary differences between financial and tax
reporting and net operating loss carry-forwards. Deferred tax expense (benefit)
results from the net change during the year of deferred tax assets and
liabilities.

At November 30, 2006 the Company had net operating losses carry-forward of
$700,000. The tax benefits resulting for these losses have been estimated as
follows:
                                                November 30, 2006
                                                -----------------
Gross income tax benefit                            $ 287,727
Valuation allowance                                  (287,727)
                                                    ---------
Net income tax benefit                              $       0
                                                    =========

Deficit - December 1, 2005                          $(799,052)
Net Loss for Year ended November 30, 2006             (47,203)
                                                    ---------
Deficit - November 30, 2006                         $(846,255)
                                                    =========

                                      F-16
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


NOTE 10. INCOME TAXES (CONTINUED)

The net operating loss expires twenty years from the date the loss was incurred.
In accordance with SFAS 109 paragraph 18 the Company has reduced its deferred
tax benefit asset by a valuation allowance due to negative evidence that has
caused the Company to feel it is more likely than not that some portion or all
of the deferred tax asset will not be realized. No portion of the valuation
allowance will be allocated to reduce goodwill or other non-current intangible
asset of an acquired entity. There are no temporary differences or carry-forward
tax effects that would significantly effect the Companies deferred tax asset.

Utilization of the net operating losses and credit carry-forwards may be subject
to a substantial annual limitation due to the "change in ownership" provisions
of the Internal Revenue Code of 1986. The annual limitation may result in the
expiration of net operating losses and credits before utilization. None of the
valuation allowance recognized was allocated to reduce goodwill or other
non-current intangible assets of an acquired entity or directly to contributed
capital.

NOTE 11. STOCK TRANSACTIONS

Transactions, other than employees' stock issuance, are in accordance with
paragraph 8 of SFAS 123. Thus issuances shall be accounted for based on the fair
value of the consideration received. Transactions with employees' stock issuance
are in accordance with paragraphs (16-44) of SFAS 123. These issuances shall be
accounted for based on the fair value of the consideration received or the fair
value of the equity instruments issued, or whichever is more readily
determinable.

On April 30, 2000, the Company in accordance with its private placement offering
exempt from registration requirements under section 4(2) of the Securities Act
of 1933, issued 10,400,000 of common shares at $0.025 per share. The shares were
issued for $156,262 for cash consideration, the balance was in exchange for a
subscription receivable of $103,739.

On April 30, 2000 the Company issued 600,000 shares of common stock to officers
of the company in settlement of computer equipment purchases. The computer
equipment was capitalized at the predecessor's cost of $15,000.

On May 29, 2000 the Company issued 35,700,000 shares of common stock to
millennia Hope Inc. in exchange for 5,000,000 shares of common stock of Millenia
Hope Inc. and 5,000,000 warrants, each warrant entitling the Company to purchase
one common share at a price of $2.00 until May 29, 2003.


                                      F-17
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


NOTE 11. STOCK TRANSACTIONS (CONTINUED)

On September 15, 2001 the Company issued 30,000 shares of common stock in
exchange for a non-interest bearing subscription receivable of $120,000,
maturing on September 15, 2002.

On November 21, 2001 the Company issued 380,000 shares of common stock for a
non-interest bearing subscription receivable of $190,000, maturing on November
21, 2002.

On December 5, 2001 the Company issued 82,500 shares of common stock in exchange
for settlement of consulting fees of $16,942.

On May 13, 2002, the Company issued 205,200 shares of common stock in settlement
of professional fees in the amount of $51,375.

On September 4, 2002, the Company reduced the subscriptions receivable and paid
in capital in the amount of $112,500. This represents 30,000 shares of common
stock which were previously issued for $4.00 per share on September 15, 2001 in
exchange for a subscription receivable of $120,000. The shares were originally
issued on the basis that the Company would be listed for public trading.

On October 14, 2002, the Company issued 10,000 shares of common stock in
settlement of consulting fees of $2,000.

On November 10, 2002, the Company reduced the subscription and the paid in
capital by $95,000. This represents 380,000 shares of common stock which were
previously issued for $0.50 per share on November 21, 2001 in exchange for a
subscription receivable of $190,000. The shares were issued on the basis that
the Company would be listed for public trading.

Subscription receivable of $95,000 was settled in exchange for product
promotions rendered by the purchasing shareholder during 2003. The balance of
$7,500 was settled in exchange for general services rendered during 2003.

On December 1, 2002, the Company issued 250,000 shares of common stock in
settlement of marketing expense of $25,000.

On October 20, 2003, the Company issued 350,000 shares of common stock in
settlement of marketing expense of $17,500.

On November 6, 2003, the Company issued 257,000 shares of common stock in
settlement of notes payable of $12,875.

On March 1, 2006 the Company issued 1,000,000 shares of common stock in
settlement of services of $1,000.

                                      F-18
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


As of November 30, 2006 the Company had 49,265,500 shares of common stock issued
and outstanding


NOTE 12. STOCKHOLDERS' EQUITY

The stockholders' equity section of the Company contains the following classes
of capital stock as of November 30, 2006 and 2005:

Common stock, $ 0.0001 par value; 70,000,000 shares authorized; 49,265,500
shares issued and outstanding in 2006 and 48,265,500 in 2005.

NOTE 13. SIGNIFICANT EVENTS

On March 5, 2003, the Company signed an agreement with its parent company to
re-acquire all of its issued common shares held by the parent company, this
being 30.7 million common shares. In exchange for such shares, the Company
issued a note payable to its former parent company for $700,000, due no later
than November 30, 2008. A portion of this amount was allocated to reduce the
note receivable parent company. In addition, the Company transferred all rights
and ownership of the Application Service Provider in the E-Health Sector
business to the parent company.


As the Company's efforts to enter the vehicle tracking business has been
unsuccessful, the Company has entered into a provisional agreement with Advance
Fluid Technologies, Inc., a Delaware Corporation via a letter of Intent, to
acquire assets from the latter corporation, pursuant to entering the bottled
water, more specifically the oxygenated bottled water market.

On August 26, 2005 the Company finalized this agreement with Advanced Fluid
Technologies (AFT) to purchase their to be patented oxygenation unit and all
technical know how, intellectual properties, methodologies and all information
pertaining to the following: the fixation of the oxygen molecule to water or any
other fluid and/or to the building and maintenance of the oxygenation unit.
Furthermore, all trademarks for the name AquaBoost Oxygenated Water, currently
in force in the U.S., Canada, and Mexico and the right to use and register said
name globally, were transferred to the Company. Also, included was a
distribution contract between Advanced Fluid Technologies and ImporTadora
Comercializadora Maple S.A. of Mexico, which Advanced Fluid transferred to the
Company.

Purchase price, for all the aforementioned assets, is a combination of debt this
being the $ 216,000 due by AFT to the Company in a note payable as of August 26,
2005, and 20 million post reverse-stock split of the Company's common shares.
The Company agreed to reverse split its common shares by a ratio of 10:1. The
approval by the holders of a majority of the issued shares of the common stock
and the appropriate SEC filings shall authorize said reverse stock split.

                                      F-19
<PAGE>

                              Global Biotech Corp.
                           (Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2006


Pursuant to the above stock issuance to Advanced Fluid Technologies, the assets
listed in the Agreement will be transferred to the Company.

As of June 15, 2007 these shares had not been issued to AFT and their oxygenated
water assets had not been transferred to the Company.

Should the agreement not be consummated, the debt in question (note receivable
from Advanced Fluid Technologies) will be payable 12 months from the time the
Agreement becomes nullified at its prescribed interest rate of 7% per annum.



                                      F-20