UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-QSB/A

MARK ONE)
[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED: JUNE 30, 2005

[  ]     TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                        For the transition period from To

                         Commission file number 0-27737

                          Globetech Environmental, Inc.
        (Exact name of small business issuer as specified in its charter)

              Nevada                                    77-0454856
-------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or organization)

                #700-300 South Fourth Street, Las Vegas, NV 89101
                    (Address of Principal Executive Offices)

                                 (403) 261-2929
                           (Issuer's telephone number)

                          Canglobe International, Inc.
         (Former name, former address and former fiscal year, if changed
                              since last report.)

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 No

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

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,   as  of  the  latest   practical   date:   June  30,  2005   48,073,030

Transitional Small Business Disclosure Format (check one). Yes [ ] ; No [X]



<PAGE>



                                Explanatory Note


We are filing this  Amendment No. 1 to our  Quarterly  Report on Form 10-QSB for
the three and six months ended June 30, 2005 to corrects the error of presenting
the financial statements as consolidated.  We have restated our balance sheet at
June 30, 2005,  and  statements of income,  and cash flows for the three and six
months ended June 30, 2005. The restatement corrects the error of presenting the
financial statements as consolidated.  The Company's  acquisition plan was never
finalized and was eventually rescinded,  therefore all costs related to the plan
of acquisition have been expensed and the financials are not  consolidated.  The
impact  of the  restatement  on net  loss is  $1,926,836  net of tax for the six
months ended June 30, 2005.

For convenience and ease of reference we are filing this Quarterly Report in its
entirety with the applicable  changes.  Unless otherwise stated, all information
contained in this  amendment  is as of August 15,  2005,  the filing date of our
Quarterly  Report on Form  10-QSB  for the three and six  months  ended June 30,
2005. Accordingly, this Amendment No. 1 to the Quarterly Report on Form 10-QSB/A
should be read in conjunction with our subsequent filings with the SEC.
































<PAGE>



                                                      PART I

ITEM 1.  FINANCIAL STATEMENTS

                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                                 BALANCE SHEETS
                                    Restated
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                         June 30,          December 31,
                                                                           2005                2004
                                                                     -----------------  ------------------
Assets:
<S>                                                                  <C>                <C>
   Cash and Cash Equivalents                                         $           4,990  $                -
                                                                     -----------------  ------------------

      Total Current Assets                                                       4,990                   -
                                                                     -----------------  ------------------

      Total Assets                                                   $           4,990  $                -
                                                                     =================  ==================



Liabilities and Shareholders' Equity

Liabilities:
   Accounts Payable and Accrued Liabilities                          $         188,620  $          254,110
   Due to Shareholders                                                         394,699              12,994
                                                                     -----------------  ------------------

     Total Current Liabilities                                                 583,319             267,104
                                                                     -----------------  ------------------

       Total Liabilities                                                       583,319             267,104
                                                                     -----------------  ------------------

Stockholders' Equity:
  Common Stock, Par value $.001, Authorized
    100,000,000 shares, Issued 48,073,030 at
    June 30, 2005 and 18,303,462 at December 31, 2004                           48,073              18,303
  Paid-In Capital                                                            2,374,342             508,396
  Retained Deficit                                                            (273,432)           (273,432)
  Deficit Accumulated During the
     Development Stage                                                      (2,727,312)           (520,371)
                                                                     -----------------  ------------------
     Total Stockholders' Equity                                               (578,329)           (267,104)
                                                                     -----------------  ------------------

       Total Liabilities and Stockholders' Equity                    $           4,990  $                -
                                                                     =================  ==================
</TABLE>

   The accompanying notes are an integral part of these financial statements.


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
                                    Restated
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                               Cumulative
                                                                                                                 Since
                                                                                                              December 1,
                                                                                                                  2001
                                         For the Three Months Ended          For the Six Months Ended         Inception of
                                                  June 30,                           June 30,                 Development
                                     ---------------------------------- ----------------------------------
                                           2005             2004              2005             2004              Stage
                                     ---------------- ----------------- ---------------- ----------------- ------------------
<S>                                  <C>              <C>               <C>              <C>               <C>
Revenues                             $              - $               - $              - $               - $                -
Costs of Sales                                      -                 -                -                 -                  -
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Gross Profit                                        -                 -                -                 -                  -
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Expenses:
Consulting                                     93,753                 -          151,220                 -            151,220
General and Administrative                     87,704             7,937          165,005            19,021            685,124
                                     ---------------- ----------------- ---------------- ----------------- ------------------
      Total Expenses                          181,457             7,937          316,225            19,021            836,344
                                     ---------------- ----------------- ---------------- ----------------- ------------------

     Operating  Loss                         (181,457)           (7,937)        (316,225)          (19,021)          (836,344)
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Other Income (Expense):
Interest Expense                                    -               (60)        (247,858)              (87)          (248,111)
Currency Exchange                                (688)                -             (735)                -               (735)
Write-Down of Assets                         (400,000)                -         (400,000)                -           (400,000)
Write-Down of License Rights                 (101,276)                -         (101,276)                -           (101,276)
Loss on Investment                         (1,435,510)                -       (1,435,510)                -         (1,435,510)
Forgiveness of Debt                           294,664                 -          294,664                 -            294,664
                                     ---------------- ----------------- ---------------- ----------------- ------------------

Total Other Income (Expense)               (1,642,810)              (60)      (1,890,715)              (87)        (1,890,968)
                                     ---------------- ----------------- ---------------- ----------------- ------------------

     Net Income (Loss)               $     (1,824,267)$          (7,997)$     (2,206,940)$         (19,108)$       (2,727,312)
                                     ================ ================= ================ ================= ==================

Loss per Share, Basic &
Diluted                              $         (0.04) $               - $         (0.05) $               -
                                     ================ ================= ================ =================

Weighted Average Shares
Outstanding                                45,409,294        18,303,462       45,341,539        18,303,462
                                     ================ ================= ================ =================
</TABLE>

   The accompanying notes are an integral part of these financial statements.


<PAGE>



                                           GLOBETECH ENVIRONMENTAL, INC.
                                      (Formerly Canglobe International, Inc.)
                                           (A Development Stage Company)
                                             STATEMENTS OF CASH FLOWS
                                                     Restated
                                                    (Unaudited)

<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                  For the Six Months Ended          Inception of
                                                                          June 30,                  Development
                                                             -----------------------------------
                                                                   2005               2004             Stage
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                          <C>                <C>              <C>
Net Loss for the Period                                      $      (2,206,940) $        (19,108)$       (2,727,312)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
     Depreciation and Amortization                                           -                 -              3,088
     Common Stock Issued for Services                                        -                 -            226,259
     Write-Down of Assets                                              400,000                 -            400,000
     Write-Down of Licensing Rights                                    101,276                 -            101,276
     Interest Expense from Beneficial Conversion                       247,858                 -            247,858
     Loss on Investment                                              1,435,510                            1,435,510
Changes in Operating Assets and Liabilities
     Increase (Decrease) in Accounts Payable                           (65,490)           15,625            171,222
     Increase (Decrease) in Accrued Interest                                 -                87                  -
                                                             -----------------  ---------------- ------------------
Net Cash Used in operating activities                                  (87,786)           (3,396)          (142,099)
                                                             -----------------  ---------------- ------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided by investing activities                                    -                 -                  -
                                                             -----------------  ---------------- ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from Shareholders                                         92,776             3,396            146,348
                                                             -----------------  ---------------- ------------------
Net Cash Provided by Financing Activities                               92,776             3,396            146,348
                                                             -----------------  ---------------- ------------------

Net (Decrease) Increase in Cash                                          4,990                 -              4,249
Cash at Beginning of Period                                                  -                 -                741
                                                             -----------------  ---------------- ------------------
Cash at End of Period                                        $           4,990  $              - $            4,990
                                                             =================  ================ ==================
</TABLE>









<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    Restated
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                    Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                       2001
                                                                  For the Six Months Ended         Inception of
                                                                          June 30,                  Development
                                                             ----------------------------------
                                                                   2005              2004              Stage
                                                             ----------------  ---------------- -------------------

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
<S>                                                          <C>               <C>              <C>
  Interest                                                   $              -  $              - $                 -
  Franchise and income taxes                                 $              -  $              - $                 -

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Note Payable Converted to Stock - Note 5                     $        247,858  $              - $           528,086
Shares Issued to Acquire Equipment - Note 5                  $        400,000  $              - $           400,000
Shares Issued to Acquire Company - Note 5                    $      1,000,000  $              - $         1,000,000
</TABLE>


















   The accompanying notes are an integral part of these financial statements.


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                    Restated


NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

         The accompanying  financial  statements have been prepared on the basis
of accounting principles applicable to a "going concern",  which assume that the
Company  will  continue in  operation  for at least one year and will be able to
realize  its assets  and  discharge  its  liabilities  in the  normal  course of
operations.

         Several conditions and events cast doubt about the Company's ability to
continue  as  a  "going  concern".  The  Company  has  incurred  net  losses  of
approximately  $2,727,000 for the period from April 7, 1997  (inception) to June
30, 2005, has a liquidity problem, and requires additional financing in order to
finance its business  activities  on an ongoing  basis.  The Company is actively
pursuing  alternative  financing  and has had  discussions  with  various  third
parties, although no firm commitments have been obtained.

         The  Company's  ability  to survive  will  depend on  numerous  factors
including,  but not  limited to, the  Company's  receiving  continued  financial
support, completing public equity financing, or generating profitable operations
in the future.

         These  financial  statements do not reflect  adjustments  that would be
necessary  if the Company  were unable to continue as a "going  concern".  While
management believes that the actions already taken or planned, will mitigate the
adverse conditions and events which raise doubt about the validity of the "going
concern" assumption used in preparing these financial  statements,  there can be
no assurance that these actions will be successful.

         If the  Company  were unable to  continue  as a "going  concern",  then
substantial adjustments would be necessary to the carrying values of assets, the
reported amounts of its liabilities, the reported revenues and expenses, and the
balance sheet classifications used.

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         This summary of accounting policies for Globetech  Environmental,  Inc.
(formerly Canglobe International,  Inc.) is presented to assist in understanding
the Company's financial statements. The accounting policies conform to generally
accepted  accounting  principles  and  have  been  consistently  applied  in the
preparation of the financial statements.






<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)
                                    Restated

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)


Restatement of previously issued financial statements for the three months ended
February 29, 2004

         We have restated our balance sheet at June 30, 2005,  and statements of
income,  stockholders  equity and cash flows for the three and six months  ended
June 30, 2005. The  restatement  impacts the three and six months ended June 30,
2005 but has no effect on the financial statements issued in prior fiscal years.
The  restatement  corrects the error of presenting  the financial  statements as
consolidated.  The  Company's  acquisition  plan  was  never  finalized  and was
eventually  rescinded,  therefore all costs  related to the plan of  acquisition
have been expensed and the  financials are not  consolidated.  The impact of the
restatement  on net loss is $1,926,836  net of tax for the six months ended June
30, 2005.


Interim Financial Statements

         The  unaudited  financial  statements  as of June 30,  2005 and for the
three and six months then ended,  reflect,  in the  opinion of  management,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
fairly state the financial  position and results of operations for the three and
six months. Operating results for interim periods are not necessarily indicative
of the results which can be expected for full years.

Organization and Basis of Presentation

         The Company was  incorporated  under the laws of the State of Nevada on
April 7, 1997.  The Company  ceased all operating  activities  during the period
from April 7, 1997 to July 9, 1999 and was considered  dormant. On July 9, 1999,
the Company  obtained a Certificate of renewal from the State of Nevada.  During
2000,  the Company  developed  an Internet  website  which  provided  community,
content  and  commerce  for the  sportbike  and  motorcycle  enthusiast.  During
November  2001, the Company  abandoned the internet  business and since December
2001, the Company is in the  development  stage,  and has not commenced  planned
principal  operations.  On March 19, 2002,  the Company's  name was changed from
eSportbike.com,  Inc. to Red Butte Energy, Inc. On January 16, 2003, the Company
changed its name to Canglobe International, Inc. On August 12, 2005, the Company
changed its name to Globetech Environmental, Inc.

         As of March 31, 2005,  the Company  entered into a licensing  agreement
with Blue Ribbon  Environmental  Products,  Inc.  (BREP) and Advanced  Water and
Research Development, Inc. (AWRD) of Spokane, Washington for $100,000. Under the
terms of the licencing agreement the


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)
                                    Restated

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Company has the rights to market  technology  developed by BREP and AWRD through
an Alberta company, CW Remediation, Ltd. (CWR), which is co-owned by the Company
and BREP.

         Subsequently,  the  Company  has  decided  not to  pursue  the  license
agreement with BREP and AWRD and has decided that in the absence of research and
development  efforts the value of the  technology  is $0. Thus,  the  intangible
assets were written-down $101,276.

Nature of Business

         The  Company  has been  pursuing  opportunities  in the  medical  waste
treatment  industry.  The  Company  intends on  rebuilding  the plants  existing
incinerator  technology and other  environmentally  friendly technologies in the
medical waste treatment industry.

Cash and Cash Equivalents

         For purposes of the statement of cash flows, the Company  considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Pervasiveness of Estimates

         The  preparation of financial  statements in conformity  with generally
accepted  accounting  principles  required  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.

Revenue Recognition

         Revenue is recognized as services are performed.

Loss per Share

         Basic loss per share has been  computed  by  dividing  the loss for the
year  applicable to the common  stockholders  by the weighted  average number of
common  shares  outstanding  during the years.  There were no common  equivalent
shares outstanding at June 30, 2005 and 2004.



<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)
                                    Restated

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Foreign Currency Translation

         The  Company's  functional  currency  is the  Canadian  dollar  and the
reporting currency is the U.S. dollar. Monetary assets and liabilities resulting
from  transactions  with foreign  suppliers and customers are translated at year
end exchange  rates while income and expense  accounts are translated at average
rates in effect during the year.  Gains and losses on translations  are included
in income.

Reclassifications

         Certain   reclassifications  have  been  made  in  the  2004  financial
statements to conform with the 2005 presentation.

Advertising Expense

         Advertising costs are expensed when the services are provided.

Income Taxes

         The  Company  has a net  operating  loss for income  taxes.  Due to the
regulatory  limitations  in  utilizing  the loss,  it is  uncertain  whether the
Company  will be able to  realize a benefit  from  these  losses.  Therefore,  a
deferred  tax  asset  has  not  been  recorded.  There  are no  significant  tax
differences requiring deferral.

Concentrations of Credit Risk

         The  Company has no  significant  off-balance-sheet  concentrations  of
credit  risk such as foreign  exchange  contracts,  options  contracts  or other
foreign hedging arrangements.

Stock  Based  Compensation

         In October  1995,  the  Financial  Accounting  Standards  Board  issued
Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation,"  (SFAS  123),  which is  effective  for periods  beginning  after
December  15,  1995.   SFAS  123  requires  that  companies   either   recognize
compensation  expense  for  grants of stock,  stock  options,  and other  equity
instruments based on fair value or provide pro-forma disclosure of the effect on
net income and earnings per share in the Notes to the Financial Statements.  The
Company has adopted SFAS 123 in accounting for stock-based compensation.


<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)
                                    Restated

NOTE 3 - COMMITMENTS

         As of June 30, 2005,  all activities of the Company have been conducted
by corporate  officers from either their homes or business  offices.  Currently,
there  are no  outstanding  debts  owed by the  company  for  the  use of  these
facilities and there are no commitments for future use of the facilities.

NOTE 4 - SHAREHOLDER ADVANCES

         Shareholders of the Company have advanced the Company money in order to
pay general and  administrative  expenses.  As of June 30, 2005 and December 31,
2004,  the Company  owed  $394,699 and $12,994  respectively,  relating to these
notes.

NOTE 5 - ACQUISITIONS PLANS

         On April 8,  2005,  the  Company  entered  into an option  to  purchase
agreement to acquire the medical waste treatment facility at Beiseker,  Alberta,
Canada. The agreement was originally scheduled to be completed on June 30, 2005,
but the anticipated closing date was extended by the vendor to August 29, 2005.


         The Company  signed a conditional  agreement to acquire from  Cristallo
Holdings,  Inc. a medical waste treatment facility in Beiseker,  Albert, Canada.
The  agreement  on the  Beiseker  facility  provided  for a  purchase  price  of
$2,000,000 (Canadian) plus 2,000,000 shares of common stock, the cash portion of
the price payable in  installments  with a portion of the price  financed by the
seller and a portion financed by mortgage  financing,  to be provided by a third
party  lender.  An  integral  term  of the  Beiseker  acquisition,  the  seller,
Cristallo  Holdings,  Inc.,  agreed to deliver  to the  Company  technology  and
marketing rights related to a medical waste treatment technology developed by H.
Goldner ( the "Logmed  Technologies").  In June 2005, pending the acquisition by
Cristallo Holdings, Inc. of the Logmed Technologies and the transfer of the same
to the Company,  the Company took  control of and began  operating  the Beiseker
facility.  In December 2005,  with the  acquisition  of the Logmed  Technologies
still  pending,  the terms of the  acquisition  of the  Beiseker  facility  were
amended.

         In March 2006, the Company determined that Cristallo Holdings,  Inc had
defaulted on its  obligations  to acquire and transfer to the Company the Logmed
Technologies.  Following  such  determination  and failed  efforts to  negotiate
revised  terms with  Cristallo,  the Company  acquired  the Logmed  Technologies
directly from H. Goldner and  affiliates in March 2006 and returned the facility
to Cristallo Holdings, Inc.






<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)
                                    Restated

NOTE 5 - ACQUISITIONS PLANS (Continued)

         With  the  direct  acquisition  of  the  Logmed  Technologies  and  the
termination of operations of the Beiseker  facility,  the Company plans to focus
its  operations  during  2006 on the  marketing,  sales  and  leasing  of Logmed
machines.

NOTE 6 - STOCK SPLIT

         On May 6,  1999,  the Board of  Directors  authorized  1,000 to 1 stock
split, changed the authorized number of shares to 100,000,000 shares and the par
value to $.001 for the Company's common stock. As a result of the split, 999,000
shares were issued.

         On February 23, 2000, the Board of Directors  authorized the acceptance
of 800,000  shares of restricted  common stock returned to the Company by and on
behalf of Mr.  Daniel L.  Hodges,  formerly the sole Officer and Director of the
Company.  The 800,000  shares were canceled  immediately  upon receipt.  Also on
February 23, 2000 the Board of Directors  authorized a 27 to 1 stock split. As a
result of this split the Company issued 5,200,000 shares of common stock.

         On March 19, 2002,  the Board of  Directors  approved a 1 for 8 reverse
stock split.

         On February  24, 2005,  the Board of Directors  approved a 6 to 1 stock
split. All references in the accompanying  financial statements to the number of
common  shares and  per-share  amounts  have been  restated to reflect the stock
split and cancellation of shares.

NOTE 7 - COMMON STOCK TRANSACTIONS

         On June 24, 2002, the Company issued 300,000 shares of common stock for
$198,000 in consulting services to be performed over a six month period.

         On October 31, 2003,  the board of directors  approved a debt to equity
transaction,  where  $280,228  in debt was  converted  into  700,570  shares  of
restricted common stock.

         On January  27,  2005,  the  Company  negotiated  with its  creditors a
settlement  agreement.  Under this agreement the creditors received  convertible
promissory notes totaling  $247,858.  The promissory notes were due December 31,
2005  and  carried  a 10  percent  interest  rate.  The  promissory  notes  were
convertible on demand to common shares on the basis of 20 percent of the current
market value of the shares.  On February 2, 2005, the creditors  converted their
convertible  promissory notes into 26,969,568 shares of common stock. On January
27,  2005,  the fair  market  value of the stock was $0.35,  therefore  the fair
market value of the stock was greater than the  conversion  price of $0.05,  the
Company has recognized interest expense of $247,858.


<PAGE>




                          GLOBETECH ENVIRONMENTAL, INC.
                     (Formerly Canglobe International, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Continued)
                                    Restated

NOTE 7 - COMMON STOCK TRANSACTIONS (Continued)

         Pursuant to the conditional purchase agreement with Cristallo Holdings,
Inc.  (See Note 5), the Company  issued  2,000,000  shares to  Cristallo at fair
market value of $0.50 per share.

         In order to facilitate  upgrade to the Beiseker  facility,  the Company
negotiated  from a company  affiliated with its president,  equipment  valued at
$400,000,  through the issuance of 800,000  shares of common stock.  On April 8,
2005,  the fair  market  value of the stock was $0.50  per  share.  The  Company
decided  because of the  uncertainty of use of the equipment in the future,  the
equipment was written down $400,000.


ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS


         The following  information  should be read in conjunction with the Form
10-KSB  filed for the year  ended  December  31,  2004,  and  other  information
regarding  our  financial  performance  for the period  covered by this  report,
including,  but not limited to, the financial  statements  included elsewhere in
this report.


FORWARD LOOKING STATEMENT

         This  Management's  Discussion  and  Analysis  or  Plan  of  Operations
includes  a number  of  forward-looking  statements  that  reflect  Management's
current  views with respect to future events and  financial  performance.  Those
statements   include  statements   regarding  the  intent,   belief  or  current
expectations  of the Company and members of its  management  team as well as the
assumptions  on which such  statements  are  based.  Prospective  investors  are
cautioned that any such forward-looking  statements are not guarantees of future
performance  and involve  risk and  uncertainties,  and that actual  results may
differ materially from those  contemplated by such  forward-looking  statements.
Readers are urged to carefully review and consider the various  disclosures made
by the Company in this report and in the Company's  other reports filed with the
Securities  and  Exchange  Commission.  Important  factors  currently  known  to
Management  could  cause  actual  results  to differ  materially  from  those in
forward-looking  statements.  The Company  undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated  events or changes in the future  operating  results over time.
The Company believes that its assumptions are based upon reasonable data derived
from and known about its business and operations and the business and operations
of the Company.  No assurances are made that actual results of operations or the
results of the Company's future  activities will not differ  materially from its
assumptions.

Plan of Operations


         During the six months ended June 30, 2005, the Company has entered into
two transactions.  The first of these transactions is a licensing agreement with
Blue Ribbon Environmental Products,



<PAGE>




Inc.  ("BREP") and  Advanced  Water and Research  Development  Inc.  ("AWRD") of
Spokane,  Washington  for  $100,000 on March 31,  2005.  Under the terms of this
licensing agreement the Company has the rights to market technology developed by
BREP and AWRD through an Alberta company, CW Remediation Ltd. ("CWR"),  which is
co-owned by the Company  and BREP.  The  products  and  services  offered by CWR
include the following:

*        Soil and water remediation. Techniques have been developed which remove
         salt,  hydrocarbons  and  other  contaminants  from  soil and water and
         improve  In-situ  Land-farm  sites by  speeding up the process (4 to 12
         weeks)  depending  on size of site and  degree of  contamination  while
         controlling the customers exposure;

*        Use of specific  strains of natural  occurring  microbes  depending  on
         makeup of contaminants at remediation site;

*        Clean Water Resonator  Technology which releases the bound-up oxygen in
         the water and accelerates the effectiveness of microbes;

*        Water  Clarifier  that is capable of  cleaning  up to 3,000  gallons of
         water per minute.

*        Cold Water Evaporator capable of cleaning by way of ambient temperature
         evaporation of up to 400 gallons of oil or gas well water per hour.

         The  Company  has  been  successful  in  securing  a test  site for the
implementation of this technology with a major Albertan oil and gas company.

         The  second  of  these  acquisitions  is the  Cristallo  Holdings  Inc.
transaction discussed in Note 5 above. Management at the time was satisfied that
the  conditions  precedent  would be satisfied and began  operating the Beiseker
facility on June 1, 2005 through a wholly owned subsidiary Beiseker  Envirotech,
Inc.  The  initial  accounting  for  this  transaction  was to  consolidate  the
financial  results  of  the  Company  and  Beiseker  Envirotech,   Inc.  It  was
subsequently  determined  that the Beiseker  facility  acquisition  could not be
completed  due to the vendor  failing to provide  the Logmed  technology  to the
Company.  Managements decision, based upon discussions with its advisors, was to
amend  these  financial  statements  to remove the  operations  of the  Beiseker
facility.

         Prior to closing on the transaction to acquire the Beiseker plant,  the
Company has commenced upgrades which will increase the revenue earning potential
of the plant.  These  improvements  include the  upgrading  of the  incinerator,
installation  of three  auto-clave  units,  automated  washing  facilities,  and
improved  product  handling.  The cost of these  improvements is estimated to be
approximately  $600,000.  The  auto-clave  units have been acquired  through the
issuance of 800,000 shares of common stock to an affiliate of the Company.

         In February,  2005, the Company entered into an agreement with NCC LCC,
whereby it would earn up to 50 percent  of the  Company by raising  equity.  The
Company  has  informed  NCC LCC that it would not be  proceeding  with this fund
raising.


RESULTS OF OPERATIONS - QUARTER ENDED JUNE 30, 2005 AS COMPARED TO QUARTER ENDED
JUNE 30, 2004


        The Company  reported net income (loss) of ($1,824,267) and ($7,997) for
the three  months ended June 30, 2005 and 2004,  respectively,  which was due to
general  and  administrative   expenses  incurred  by  the  Company.   The  most
significant  increase  in  loss  was  due  to the  Company  becoming  active  in
negotiating acquisitions. Of this, $1,435,510 was due to loss on investment, see
Note 5. Results of Operations

         The Company had no sales  revenues  the three and six months ended June
30, 2005 and no sales revenue for the same periods in 2004.




<PAGE>




         The Company had no selling and marketing expenses for the three and six
months ended June 30, 2005 and 2004.  General and  administrative  expenses were
$87,704and  $165,005 for the three and six months ended June 30, 2005 and $7,937
and $19,021 for the three and six months ended June 30, 2004.

Liquidity and Capital Resources

         The Company has working  capital  (deficit) of ($578,329)as of June 30,
2005 as compared to a $267,104 working capital deficiency at December 31, 2004.

          In order to finance the startup of the two  acquisitions,  the Company
is relying on financing provided by its major shareholders.  The amount owing to
the  shareholders  has  increased to $394,699 as of June 30, 2005 as compared to
$12,994 as at December 31, 2004. The Company  remains  reliant for liquidity and
capital resources  through advances from its shareholders.  The Company also may
try to continue to finance its operations  through  borrowing and/or through the
sale of shares.


Government Regulations

         The Company is subject to all pertinent Federal,  State, and Local laws
governing its business.  The Company is subject to licensing and regulation by a
number of authorities in its Province (State) or municipality. These may include
health, safety, and fire regulations.  The Company's operations are also subject
to  Federal  and State  minimum  wage laws  governing  such  matters  as working
conditions and overtime.

ITEM 3. CONTROLS AND PROCEDURES

         The Company's Chief Executive  Officer and Chief Financial  Officer are
responsible for establishing and maintaining  disclosure controls and procedures
for the Company.

         (a) Evaluation of Disclosure Controls and Procedures

         As of the end of the period covered by this report, the Company carried
out an  evaluation,  under the  supervision  and with the  participation  of the
Company's management, including the Company's President, of the effectiveness of
the design and operation of the  Company's  disclosure  controls and  procedures
pursuant to Rule 13a-15 under the  Securities  Exchange Act of 1934,  as amended
(the  "Exchange  Act").  Based  upon the  evaluation,  the  Company's  President
concluded that, as of the end of the period, the Company's  disclosure  controls
and  procedures  were effective in timely  alerting him to material  information
relating to the Company  required to be included in the reports that the Company
files and submits pursuant to the Exchange Act.

         (b) Changes in Internal Controls

         Based on his evaluation as of June 30, 2005,  there were no significant
changes in the Company's  internal  controls over financial  reporting or in any
other areas that could  significantly  affect the  Company's  internal  controls
subsequent to the date of his most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.










<PAGE>



                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

NONE

ITEM 2.  CHANGES IN SECURITIES

NONE

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

NONE

ITEM 5.  OTHER INFORMATION

NONE

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) The following exhibits are included as part of this report:

Exhibit
Number            Title of Document

2.1      Change in Control Agreement dated January 15, 2001 (1)
3.1      Articles of Incorporation (2)
3.2      Amended Articles of Incorporation (2)
3.3      Bylaws (2)
31.1     Certification  Pursuant  to Section  302 of the  Sarbanes-Oxley  Act of
         2002.
31.2     Certification  Pursuant  to Section  302 of the  Sarbanes-Oxley  Act of
         2002.
32.1     Certification  Pursuant  to Section  906 of the  Sarbanes-Oxley  Act of
         2002.
32.2     Certification  Pursuant  to Section  906 of the  Sarbanes-Oxley  Act of
         2002.

(1)      Incorporated by reference to the Registrant's  quarterly report on Form
         10-QSB filed on May 21, 2001.

(2)      Incorporated by reference to the Registrant's registration statement on
         Form 10-SB filed on October 20, 1999.

         (b)      Reports on Form 8-K filed. Form 8-K filed April 29, 2005










<PAGE>



                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the  undersigned,  thereto duly
authorized.

                          GLOBETECH ENVIRONMENTAL, INC.


Date: April 21, 2006              By: /s/ Donald Sampson
                                  ---------------------------------------------
                                  Donald Sampson
                                  President and Director
                                  (Principal Executive Officer)



Date: April 21, 2006              By: /s/ Theodor Hennig
                                  --------------------------------------------
                                  David Alexander
                                  Chief Financial Officer, Secretary and
                                  Director
                                  (Principal Financial Officer)