UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-KSB


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

For the fiscal year ended November 30, 2007




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.


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


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

PART 1

<TABLE>
<CAPTION>
<S>                                                                                                    <C>
Item 1.  Business                                                                                       1
Item 2.  Properties                                                                                     9
Item 3.  Legal Proceedings                                                                              9
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          12
Item 7.  Financial Statements and Supplementary Data                                                   15
Item 8.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.         15
Item 8a  Controls and Procedures                                                                       16

PART 3

Item 9.  Directors and Executive Officers of the Registrant                                            16
Item 10. Executive Compensation                                                                        20
Item 11. Security Ownership of Certain Beneficial Owners and Management                                20
Item 12. Certain Relationship and Related Transactions                                                 21

PART 4

Item 13. Exhibits, Financial Statement Schedule and Reports on Form 8-K                                21
Item 14. Principal Accountant Fees and Services                                                        23
</TABLE>


<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, 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. This Agreement was finalized
on August 15, 2007.

 (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.

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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 beneficial 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 previously 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.

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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 pressure 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.

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Currently, we expect that our oxygenated bottled water will be produced for us
by Saint Ellie's bottling plant in Quebec,Canada, though we have the option to
utilize any other facility that may prove more efficacious. 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 believe 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.

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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, and 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 differentiated 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 15,2007 the Company 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 $216,261 due by AFT to the Company in a note payable as of August 26,
2005, and 18 million shares of the Company's common stock. Pursuant to the above
stock issuance to Advanced Fluid Technologies, on August 15,2007, the assets
listed in the Agreement were transferred to the Company.

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.

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

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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
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

                                       7
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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 15, 2007 the Company 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 $216,261 due by AFT to the Company in a note payable as of August 26,
2005, and 18 million shares of the Company's common stock valued at $0.04 per
share or $720,000. Pursuant to the above stock issuance to Advanced Fluid
Technologies on August 15,2007, the assets listed in the Agreement were
transferred to the Company.

                                       8
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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 implementation 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

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

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.


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.

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ITEM 4
ITEMS SUBMITTED TO A VOTE OF SECURITY HOLDERS

On December 6, 2007 the Company, pursuant to the agreement of the shareholders
owning the majority of the issued common shares and the resolution of the Board
of Directors, raised its authorized Common shares to 260,000,000 and authorized
80,000,000, $0.0001 par value, blank check Preferred shares.

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 has filed, via a market maker, documentation to allow it to be traded
publicly on a North American Stock Exchange.

Of the 67,265,500 shares of common stock outstanding, 53,167,550 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.



(b) Holders

As of May 28, 2008, there were 300 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

                                       10
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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 2006 the Company issued 1,000,000 common shares, at a price of $0.001
per share, in settlement of services.

On August 15, 2007 the Company issued 18,000,000 shares of common stock in
settlement of Property & Equipment of $605,000 and goodwill of $115,000, a total
of $720,000



(a) Common or Preferred Stock

The Company is authorized to issue 260,000,000 shares of Common Stock, $0.0001
par value, of which 67,265,500 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.

The Company is authorized to issue 80,000,000 shares of Preferred Stock, $0.0001
par value, of which 0 shares were issued and outstanding as of the date hereof.

(b) Debt Securities.

The Company has not issued any debt securities to date.

(c) Other securities to be registered

None

                                       11
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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 2012, our
envisioned fourth year of production. 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.

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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 15,2007 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 $216,261 due by AFT to the Company in a note payable as of August 26,
2005, and 18 million shares of the Company's common stock valued at $0.04 per
share or $720,000. Pursuant to the above stock issuance to Advanced Fluid
Technologies on August 15,2007, the assets listed in the Agreement were
transferred to the Company.

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, via a market maker, to allow it to be traded publicly,
on a North American Stock Exchange.

At an August 15, 2007 meeting of the Board of Directors of Global Biotech Corp.,
Jean Pierre Robichaud resigned as a Director, but remains the V.P. of Sales and
Marketing, Dr. Pierre Marois resigned as a Director and remains the Chief

                                       13
<PAGE>

Scientific Officer and Paolo Mori resigned as Director. At this Board meeting,
Mr.Giuseppe Daniele was appointed a Director of the Company.

On December 6, 2007 the Company, pursuant to the agreement of the shareholders
owning the majority of the common shares and the resolution of the Board of
Directors, raised its authorized Common shares to 260,000,000 and authorized
80,000,000, $0.0001 par value, blank check Preferred shares.





Year ended November 30, 2007 compared to November 30, 2006

In 2006 we wrote off uncollectible receivables in the amount of $22,467 and
didn't have this expense in 2007.

In 2007 we wrote off $331,261 of goodwill, that was booked as part of our
Purchase Agreement with AFT to acquire oxygenated water assets, and didn't have
this expense in 2006.

We had net interest expense, on our outstanding notes, of $28,822 in 2007 and
$15,214 in 2006.

As a result of the foregoing we had a loss of $376,336 in 2007 and a loss of
$15,215 in 2006.

LIQUIDITY AND CAPITAL RESOURCES

At November 30, 2007 the company had negative working capital of $474,362. We
expect that our cash needs for the fiscal year ending November 30, 2008 will be
$600,000. Management anticipates generating revenue through sales during the
next fiscal year. The officers and directors or the company have indicated their
commitment to help in finding funds to aid in 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.

                                       14
<PAGE>

 Recent Accounting Pronouncements

In July 2006, the FASB issued Interpretation No. 48, "Accounting for Uncertainty
in Income Taxes - an interpretation of FASB Statement No. 109" ("FIN 48") which
prescribes a recognition threshold and measurement attribute, as well as
criteria for subsequently recognizing, derecognizing and measuring uncertain tax
positions for financial statement purposes. FIN 48 also requires expanded
disclosure with respect to the uncertainty in income taxes assets and
liabilities. FIN 48 is effective for fiscal years beginning after December 15,
2006 and is required to be recognized as a change in accounting principle
through a cumulative-effect adjustment to retained earnings as of the beginning
of the year of adoption. The Company is currently evaluating the impact of
adopting this statement.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurement, ("SFAS
No. 157"), which establishes a framework for measuring fair value and expands
disclosures about fair value measurements. Additionally, the pronouncement
provides guidance on definition, measurement, methodology and use of assumptions
and inputs in determining fair value. In February 2008, the FASB issued FASB
Staff Position ("FSP") 157-1, Application of FASB Statement No. 157 to FASB
Statement No. 13 and Other Accounting Pronouncements That Address Fair Value
Measurements for Purposes of Lease Classification or Measurement under Statement
13 ("FSP 157-1") and FSP 157-2, Effective Date of FASB Statement No. 157 ("FSP
157-2"). FSP 157-1 removes certain leasing transactions from the scope of SFAS
No. 157. FSP 157-2 delays the effective date of SFAS No. 157 for all
non-financial assets and non-financial liabilities, except for items that are
recognized or disclosed at fair value in the financial statements on a recurring
basis (at least annually) to fiscal years beginning after November 15, 2008.
SFAS No. 157 for financial assets and financial liabilities is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The Company is currently
evaluating the impact of the adoption of SFAS No. 157 on its financial
statements.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities - including an amendment of FAS 115".
This statement permits entities to choose to measure many financial instruments
and certain other items at fair value. This statement is effective for financial
statements issued for fiscal years beginning after November 15, 2007, including
interim periods within that fiscal year. The Company is currently evaluating the
impact of adopting this statement.

In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business
Combinations ("SFAS No. 141R"). SFAS No. 141R establishes principles and
requirements for how an acquirer recognizes and measures in its financial
statements the identifiable assets acquired, the liabilities assumed, any
non-controlling interest in the acquiree and the goodwill acquired. SFAS No.
141R also establishes disclosure requirements to enable the evaluation of the
nature and financial effects of the business combination. SFAS No. 141R is
effective as of the beginning of an entity's fiscal year that begins after
December 15, 2008. The Company is currently evaluating the potential impact, if
any, of the adoption of SFAS No. 141R on its financial statements.

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 Disclosures

None

                                       15
<PAGE>

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.

ITEM 9

Director and Executive Officers

a) Directors and Executive Officers

Name                      Age      Title

Louis Greco               54       President-Director
Perry Choiniere           44       Chief Operating Officer - Director
Jean Pierre Robichaud     54       Vice President - Sales & Marketing
Dr. Pierre Marois         57       Chief Scientific Officer
Eric Sonigo               41       Vice President Production
Giuseppe Daniele          44       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.

                                       16
<PAGE>

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

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              Vice President - Sales & Marketing

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.

                                       17
<PAGE>

Giuseppe Daniele- Director

Mr. Daniele received his BA in History and Political Science, at McGill
University in Montreal and his Law degree from the University of Sherbrooke. He
has been practicing law since 1987, at Bissonet, Mecadante, Daniele, making
partner in 1989. In recent years Mr. Daniele has specialized in financial
transactions, LC's, bank guarantees, debentures, stocks and bonds and is highly
skilled in contract and acquisition negotiations. Mr. Daniele joined Millenia
Hope Inc., a publicly traded biotech company, in 2004 to advise on their
corporate business, and is an Officer and Director of that company.

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



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

                                       18
<PAGE>

          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:
     -    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, 2007, all of our officers, directors and
ten-percent shareholders complied with the Section 16(a) reporting requirements.

                                       19
<PAGE>

ITEM 10 EXECUTIVE COMPENSATION

(a) General
                                                                 Long-term
Name                               Year     Salary     Bonus    compensation
Anthony Ierfino                    2005     $95,000    0        0
CEO, President-Director

                                   2006        0       0        0


                                   2007        0       0        0

None of the other current or past Officers or Directors received any
compensation during fiscal 2005, 2006 or 2007.

(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

(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 May 25, 2008, 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.

                                       20
<PAGE>

Name                                        Number Of Shares Owned    % of Total
                                            Beneficially
First Link Associates                       13,700,000                  19.32%
362 Road Town
Tortola, British Virgin Islands
(Represented by Valentin Cimpan)

Jomuc Holdings                               9,100,000                  13.52%
1623 Buttonwood Bay
Belize City, Belize
(Represented by J. Muccari)

Arrangedcap Corp.                            7,900,000                  11.74%
Corporate Center
Bush Hills, Barbados
(Represented by F. Minsky)

Advanced Fluid Technologies                 18,000,000                  26.75%
2149 Grand Trunk
Montreal,Quebec H3K 1M6
(Represented by R. Cahill)

Item 12. Certain Relationships and Related Transactions.

None


Item 13. Financial Statements and Exhibits.

(a) List of Financial statements filed herewith


                                       21
<PAGE>

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

<TABLE>
<CAPTION>
<S>                                                                                         <C>
Report of Independent Registered Accounting Firm                                            F-1

Balance Sheets November 30, 2007 and 2006                                                   F-2

Statement of Operations Year ended November 30, 2007, November 30, 2006 and from
inception to November 30, 2007                                                              F-4

Statement of Shareholders' Equity From inception to November 30, 2007                       F-5

Statement of Cash flows years ended November 30, 2007 and November 30, 2006 and
from inception to November 30, 2007                                                         F-7

Summary of Significant Accounting Policies year ended November 30, 2007                     F-8

Notes to the Financial Statements year ended November 30, 2007                              F-8
</TABLE>

                                       22
<PAGE>

(b) List of Exhibits.

Reports on Form 8-K

Material Agreement
Appointment, resignation of officers/directors



Item 14. Principal Accountant Fees and Service

Audit Fees

For the fiscal year ended November 30, 2007, 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
$10,500.

Financial Information Systems Design and Implementation Fees

For the fiscal year ended November 30, 2007 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, 2007 there was $0 in fees billed for
other service.



Sarbane Oxley Declarations


                                       23
<PAGE>

                                   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: May 28, 2008                 /s/ Louis Greco
                                   ---------------------------
                                   Louis Greco, President, Director
                                   (Principal Executive and Financial Officer)






                                       24
<PAGE>

                           Chang G. Park, CPA, Ph. D.
     o 2667 Camino Del Rio S. Plaza B o San Diego o California 92108-3707 o
       o TELEPHONE (858)722-5953 o FAX (858) 761-0341 o FAX (858) 764-5480
                         o E-MAIL changgpark@gmail.com o

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

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


To the Board of Directors and Stockholders
Global Biotech Corp.


We have audited the accompanying balance sheets of Global Biotech Corp. ( A
Development Stage Company) as of November 30, 2007 and 2006 and the related
statements of operations, changes in shareholders' equity and cash flows for the
years then ended and for the period of November 2, 1998 (inception) to November
30, 2007. 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.

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, 2007 and 2006, and the results of its operations and its cash flows
for the years then ended and the period of November 2, 1998 (inception) to
November 30, 2007 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 G. Park
--------------------
CHANG G. PARK, CPA

May 29, 2008
San Diego, CA. 92108



        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,
                                                   2007                2006
                                                   ----                ----
CURRENT ASSETS
Cash                                           $      --           $     83

Notes receivable - related parties                    --            394,243
                                                --------           --------

Total Current Assets                                  --            394,326

Property & Equipment (net)                       605,000                 --

                                                --------           --------
TOTAL ASSETS                                    $605,000           $394,326
                                                ========           ========





                      See Notes to the Financial Statements

                                      F-2
<PAGE>

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

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

                      LIABILITIES AND STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>
                                                               As of              As of
                                                            November 30,       November 30,
                                                               2007               2006
                                                               ----               ----
CURRENT LIABILITIES

<S>                                                       <C>                     <C>
Bank Advances                                             $     2,834          $      --
Accounts payable                                               33,597             30,187
Notes payable - (related party)                                 1,397                212
Notes Payable                                                 436,534            576,953
                                                          -----------          ---------
Total Current Liabilities                                     474,362            607,352



STOCKHOLDERS' EQUITY



Common stock $0.0001 par value, 70,000,000
Shares authorized: 67,265,500 shares issued
and outstanding as of November 30,
2007 and 49,265,500 as of November 30, 2006                     6,727              4,927
Paid-in capital                                             1,346,502            628,302
Deficit accumulated during the development stage           (1,222,591)          (846,255)
                                                          -----------          ---------
Total Stockholders' EQUITY                                    130,638           (213,026)
                                                          -----------          ---------
TOTAL LIABILITIES
& STOCKHOLDERS' EQUITY                                    $   605,000          $ 394,326
                                                          ===========          =========
</TABLE>






                      See Notes to the Financial Statements

                                      F-3
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                            Statements of Operations
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                              November 2, 1998
                                                                                                 (inception)
                                                        Year Ended            Year Ended           through
                                                        November 30,          November 30,       November 30,
                                                            2007                 2006               2007
                                                            ----                 ----               ----

<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                                              --                  --             73,274
Marketing expense                                                 --                  --            236,266
Professional fees                                             10,500               2,500            147,424
Selling, general and
administrative expense                                         5,753               7,022            272,577

                                                        ------------        ------------        -----------
Total Operating Costs                                         16,253              31,989          1,550,385
                                                        ------------        ------------        -----------
OPERATING (LOSS)                                             (16,253)            (31,989)        (1,208,637)

OTHER INCOME & (EXPENSES)
Interest income                                               12,637              12,125            111,878
Other income                                                      --              11,573             81,052
Interest expense                                             (41,459)            (38,912)          (243,978)
Write-down of leasehold improvements                              --                  --             (2,663)
Write-up of notes receivable,
related parties                                                   --                  --             11,435
Impairment Loss                                             (331,261)                 --           (331,261)
Gain on sale of investment                                        --                  --            359,583
                                                        ------------        ------------        -----------
Total Other Income & (Expenses)                             (360,083)            (15,214)           (13,954)
                                                        ------------        ------------        -----------

NET INCOME (LOSS)                                       $   (376,336)       $    (47,203)       $(1,222,591)
                                                        ============        ============        ===========
BASIC EARNINGS (LOSS) PER SHARE                         $      (0.01)       $       0.00
                                                        ============        ============
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING                                 54,542,212          48,765,500
                                                        ============        ============
</TABLE>




                      See Notes to the Financial Statements

                                      F-4
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                   Statement of Stockholders' Equity (Deficit)
           From November 2, 1998 (inception) through November 30, 2007

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                                                                                     (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                  0     $     -  $       - $         -  $         - $             -

   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                                              20,408                       20,408
           subscription

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

     Net loss for 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, 20002 in exchange
        for professional fees            205,200          21     51,354                                   51,375

  September 4, 2005 - collection on                                         112,500                            -
            subscription                                       (112,500)

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

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

     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       250,000          25     24,975                                   25,000
   exchange for marketing expense

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

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

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

  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                                          31,250                       31,250
            subscription

     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                    -           -          -           -      (12,963)        (12,963)
--------------------------------------------------------------------------------------------------------------------
     Balance, November 30, 2004       48,265,500       4,827    627,402           -     (941,469)       (309,240)  0
--------------------------------------------------------------------------------------------------------------------

     Net income for the year ended
           November 30, 2005                   -           -          -           -      142,417         142,417
----------------------------------------------------------------------------------------------------------------
     Balance, November 30, 2005       48,265,500     $ 4,827 $ 627,402  $         - $   (799,052) $    (166,823)
--------------------------------------==========================================================================
</TABLE>

                      See Notes to the Financial Statements

                                      F-5
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                Statements of Stockholders' Equity (Deficit) From
             November 2, 1998 (inception) through November 30, 2007
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<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 ended
November 30, 2006                                        -             -             -              -         (47,203)      (47,203)
                                                ------------------------------------------------------------------------------------

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




Stock issued August 15, 2007
In exchange of Property & Equipment             18,000,000         1,800       718,200              -               -       720,000
& Goodwill

Net (loss) for the year ended
November 30, 2007                                        -             -             -              -        (376,336)     (376,336)
                                                ------------------------------------------------------------------------------------

                                                67,265,500    $    6,727    $1,346,502            $ -     $(1,222,591)    $ 130,638
                                                ====================================================================================
</TABLE>




                      See Notes to the Financial Statements


                                      F-6
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                            Statements of Cash Flows
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                              November 2, 1998
                                                                                                                 (inception)
                                                                          Year Ended        Year Ended             through
                                                                         November 30,      November 30,          November 30,
                                                                             2007              2006                 2007
                                                                             ----              ----                 ----
<S>                                                                      <C>                 <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
      Net income (loss)                                                  $ (376,336)         $(47,203)         $(1,222,591)
  Adjustments to reconcile net loss to net cash
  used in operating activities:
      Depreciation expense                                                        -             1,000               73,274
      Common stock issued for services                                            -                 -              113,375
      Gain on sale of Investment                                                  -                 -             (359,583)
 Impairment Loss                                                            331,261                 -              331,261
      Write-down of leasehold improvements                                        -                 -                2,663
      Write-down of notes receivable                                              -                 -              (11,435)
      Accrued interest expense - note payable                                41,459            25,412              134,490
      Accrued interest income - notes receivable                            (12,637)           (8,309)            (106,352)
  Changes in operating assets and liabilities:
     (Increase) decrease in accounts receivable                                   -            35,967                    -
     (Increase) decrease in notes receivable                                  8,741                 -             (461,899)
      Increase (decrease) in accounts payable                                 3,410            (6,996)              33,597
                                                                         ----------          --------          -----------

     Net Cash Provided by (Used in) Operating Activities                     (4,102)             (129)          (1,473,200)

CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
      Net sale (purchase) of fixed assets                                         -                 -              (60,937)
     Proceeds from sale of investment shares                                      -                 -              489,061
                                                                         ----------          --------          -----------

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

CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
     Bank Advances                                                            2,834                 -                2,834
     Issuance of common stock                                                     -                 -              156,262
     Payment of common stock subscription receivable                              -                 -              206,239
     Proceeds from notes payable                                              1,185               212              679,741
                                                                         ----------          --------          -----------

     Net Cash Provided by (Used in) Financing Activities                      4,019               212            1,045,076
                                                                         ----------          --------          -----------

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

     Cash at Beginning of Year                                                   83                 -                    -
                                                                         ----------          --------          -----------

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

     Supplemental  Cash Flow Disclosures:

     Cash paid during period for interest                                $        -          $13,500
                                                                         ==========          =======
     Cash paid during period for taxes                                   $        -          $     -
                                                                         ==========          =======

Non-Cash flows activities

Shares issued for Property & Equipment                                   $  605,000          $     -

Shares issued for Goodwill                                               $  115,000
Notes receivable-related party offset with Note Payable                     181,878
Notes receivable exchange for Goodwill                                      216,261
                                                                         ----------

                                                                         $1,118,139
                                                                         ==========
</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, 2007

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. On August 15, 2007 the Company finalized an
Agreement and acquired assets to enter the oxygenated bottled water market.

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


                                      F-8
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007

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.

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. 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.

g. Depreciation

Depreciation is provided on a straight-line basis over the estimated useful
lives, 5 years for tenant improvements, and 5 - 7 years for equipment.


h. 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, 2007.

i. Revenue Recognition and Deferred Revenue

The Company's revenues recognized from inception to November 30, 2007 were
software consultation. Revenue, in respect of all services described, is
recognized on completion of services, when collectability is reasonably assured.

                                      F-9
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007




j. Foreign Currency Exchange

We record our transactions in US dollars.

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.

k. 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.

l. 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.

RECENT ACCOUNTING PRONOUNCEMENTS

In July 2006, the FASB issued Interpretation No. 48, "Accounting for Uncertainty
in Income Taxes - an interpretation of FASB Statement No. 109" ("FIN 48") which
prescribes a recognition threshold and measurement attribute, as well as
criteria for subsequently recognizing, derecognizing and measuring uncertain tax
positions for financial statement purposes. FIN 48 also requires expanded
disclosure with respect to the uncertainty in income taxes assets and

                                      F-10
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007



liabilities. FIN 48 is effective for fiscal years beginning after December 15,
2006 and is required to be recognized as a change in accounting principle
through a cumulative-effect adjustment to retained earnings as of the beginning
of the year of adoption. The Company is currently evaluating the impact of
adopting this statement.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurement, ("SFAS
No. 157"), which establishes a framework for measuring fair value and expands
disclosures about fair value measurements. Additionally, the pronouncement
provides guidance on definition, measurement, methodology and use of assumptions
and inputs in determining fair value. In February 2008, the FASB issued FASB
Staff Position ("FSP") 157-1, Application of FASB Statement No. 157 to FASB
Statement No. 13 and Other Accounting Pronouncements That Address Fair Value
Measurements for Purposes of Lease Classification or Measurement under Statement
13 ("FSP 157-1") and FSP 157-2, Effective Date of FASB Statement No. 157 ("FSP
157-2"). FSP 157-1 removes certain leasing transactions from the scope of SFAS
No. 157. FSP 157-2 delays the effective date of SFAS No. 157 for all
non-financial assets and non-financial liabilities, except for items that are
recognized or disclosed at fair value in the financial statements on a recurring
basis (at least annually) to fiscal years beginning after November 15, 2008.
SFAS No. 157 for financial assets and financial liabilities is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The Company is currently
evaluating the impact of the adoption of SFAS No. 157 on its financial
statements.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities - including an amendment of FAS 115".
This statement permits entities to choose to measure many financial instruments
and certain other items at fair value. This statement is effective for financial
statements issued for fiscal years beginning after November 15, 2007, including
interim periods within that fiscal year. The Company is currently evaluating the
impact of adopting this statement.

In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business
Combinations ("SFAS No. 141R"). SFAS No. 141R establishes principles and
requirements for how an acquirer recognizes and measures in its financial
statements the identifiable assets acquired, the liabilities assumed, any
non-controlling interest in the acquiree and the goodwill acquired. SFAS No.
141R also establishes disclosure requirements to enable the evaluation of the
nature and financial effects of the business combination. SFAS No. 141R is
effective as of the beginning of an entity's fiscal year that begins after
December 15, 2008. The Company is currently evaluating the potential impact, if
any, of the adoption of SFAS No. 141R on its financial statements.

                                      F-11
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007





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
$376,336 for the year ended November 30, 2007 and a net loss of $1,222,591
during the period from November 2, 1998 (inception) through November 30, 2007.
At November 30, 2007 the Company had negative working capital of $474,362 and
stockholders' equity of $130,638. 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.

The officers and directors are committed to help in raising funds to fill 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 are no guarantees that this commitment will be met.













                                      F-12
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007


NOTE 4. NOTES RECEIVABLE

As of November 30, 2007 notes receivable consist of:
                                                November 30,        November 30,
                                                    2007               2006

Advanced Fluid Technologies
(periodic loans                                    $0                $216,261
to Advanced Fluid, all
prior to Dec. 1, 2004)

Anthony Ierfino
(funds due from the sale of
shares of investment                               $0                $177,982
in other companied to Mr. Ierfino at              ______________________________
 a premium to market price)
                                                   $0                $394,243
                                                  ______________________________

NOTE5. PROPERTY & EQUIPMENT

On August 15, 2007 the Company acquired Oxygentation Equipment with a cost of
$605,000 in exchange for common shares (see Note 10 & 12).

                                                November 30,        November 30,
                                                    2007               2006
                                                    ----               ----
         Oxygenation equipment                    $ 605,000         $ --
         Computer equipment                       $ --              $ 72,219
                                                   --------         --------
                                                  $ 605,000         $ 72,219
         Less Accumulated Depreciation             --               ( 72,219)
                                                  ---------         --------
         Net Property and Equipment               $ 605,000         $ --
                                                  =======================

The Oxygenation Unit will be utilized, starting June/July 2008. The Company will
then start depreciating it over its estimated useful life of 7 years on the
straight line.

                                      F-13
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007


NOTE 6. 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,
                                                    2007               2006
                                                ------------------------------
Net income (loss) from operations                $(376,336)      $   (47,203)

Basic income / (loss) per share                  $   (0.01)      $     (0.00)
                                                ===============================
Weighed average number of shares outstanding    54,542,212        48,765,500
                                                ===============================

NOTE 7. NOTES PAYABLE

Note payable as of November 30, 2007, 2006 consist of the following:

                                                    2007          2006
                                                --------------------------

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


                                      .            $436,534     $576,953

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




NOTE 8. 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.

                                      F-14
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007


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 At November 30, 2007 the Company had net operating losses carry-forward
of $960,000. The tax benefits resulting for these losses have been estimated as
follows:



                                                         November 30, 2007
                                                         -----------------
Gross income tax benefit                                    $   326,000
Valuation allowance                                             326,000
                                                            -----------
Net income tax benefit                                      $         0
                                                            ===========

Deficit - December 1, 2006                                  $  (846,255)
Net Loss for Year ended November 30, 2007                      (376,336)
                                                            -----------
Deficit - November 30, 2007                                 $(1,222,591)
                                                            ===========
..

NOTE 9. 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.

                                      F-15
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007


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

On August 15, 2007 the Company issued 18,000,000 shares of common stock in
settlement of Property & Equipment of $605,000 and goodwill of $115,000, a total
of $720,000

As of November 30, 2007 the Company had 67,265,500 shares of common stock issued
and outstanding



NOTE 10. STOCKHOLDERS' EQUITY

The stockholders' equity section of the Company contains the following classes
of capital stock as of November 30, 2007 and 2006:

Common stock, $ 0.0001 par value; 70,000,000 shares authorized; 67,265,500
shares issued and outstanding in 2007 and 49,265,500 in 2006.

NOTE 11. SIGNIFICANT EVENTS

On August 15, 2007 the Company finalized an 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.

Purchase price, for all the aforementioned assets, is a combination of debt this
being the $ 216,261 due by AFT to the Company in a note payable as of August 26,
2005, and 18 million newly issued shares of the Company's common stock, valued
at $0.04 per share or $720,000. The Company recorded $605,000 as equipment and
$331,261 as good will at that time. The company wrote off the good will at
August 31, 2007, due to the lack of certainty of the commercialization-potential
of this oxygenation- process .

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


                                      F-16
<PAGE>

                              GLOBAL BIOTECH CORP.
                          (A Development Stage Company)
                        Notes to the Financial Statements
                             As of November 30, 2007




NOTE 12. SUBSEQUENT EVENTS

On December 6, 2007 the Company raised its authorized Common shares to
260,000,000 and authorized 80,000,000 $0.0001 par value blank check Preferred
shares.



                                      F-17