UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB
(Mark One)

      [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND
                              EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2006

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO 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                  (IRS Employer
         incorporation or organization)               Identification No.)

              #700-300 South Fourth Street, Las Vega, Nevada 89101
               (Address of principal executive offices)(Zip Code)

                                 (403) 261-2929
              (Registrant's telephone number, including area code)

                          CANGLOBE INTERNATIONAL, INC.
(Former  name,  former  address and former  fiscal year,  if changed  since last
report)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  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 in Rule 12b-2 of the Exchange Act. Yes [ ] No [X]

         As  of  June  1,  2006,  we  had  56,847,458  shares  of  Common  Stock
outstanding.

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

                                       1

<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                      March 31,           December 31,
                                                                         2006                 2005
                                                                  ------------------- ---------------------
Assets:
<S>                                                               <C>                 <C>
   Cash and Cash Equivalents                                               $   9,763            $    1,219
   Prepaid & advances                                                         15,343                     -
   Accounts Receivable                                                         1,629                     -
                                                                  ------------------- ---------------------

      Total Current Assets                                                    26,735                 1,219
                                                                  ------------------- ---------------------

   Tangible assets                                                            41,276                     -
   Intangible property - patents, licenses                                 1,286,840                     -
   Investment in Beiseker                                                     39,274                     -
                                                                  ------------------- ---------------------

      Total Assets                                                        $1,394,125            $    1,219
                                                                  =================== =====================

 Liabilities and Shareholders' Equity
 Liabilities:
    Accounts Payable and Accrued Liabilities                               $ 194,887            $   80,845
    Due to Goldner et al -current portion                                    607,000                     -
    Due to related party                                                      87,167                     -
    Demand Notes Payable                                                     171,233                     -
    Due to Shareholders                                                      733,903               733,903
                                                                  ------------------- ---------------------

       Total Current Liabilities                                           1,794,190               814,748
                                                                  ------------------- ---------------------

     Due to Goldner et al                                                    971,200                     -
     Convertible Debentures                                                   45,000                     -
                                                                  ------------------- ---------------------

        Total Liabilities                                                  2,810,390               814,748
                                                                  ------------------- ---------------------

 Stockholders' Equity:
   Common Stock, Par value $.001, Authorized
     100,000,000 shares, Issued 48,073,030 at
     March 31, 2006 and at December 31, 2005                                  48,073                48,073
   Paid-In Capital                                                         2,374,342             2,374,342
   Retained Deficit                                                        (273,432)             (273,432)
   Deficit Accumulated During the
      Development Stage                                                  (3,565,248)           (2,962,512)
                                                                  ------------------- ---------------------
      Total Stockholders' Equity                                         (1,416,265)             (813,529)
                                                                  ------------------- ---------------------

        Total Liabilities and Stockholders' Equity                        $1,394,125            $    1,219
                                                                  =================== =====================
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                       2

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                           Cumulative
                                                                                              Since
                                                                                           December 1,
                                                                                              2001
                                               For the Three Months Ended                 Inception of
                                                        March 31,                          Development
                                       --------------------------------------------
                                               2006                   2005                    Stage
                                       ---------------------- --------------------- --------------------------

<S>                                    <C>                    <C>                   <C>
Revenues                                             $     -               $     -                   $      -
Costs of Sales                                             -                     -                          -
                                       ---------------------- --------------------- --------------------------

Gross Profit                                               -                     -                          -

Expenses:
Consulting                                            78,458                     -                    538,471
General and Administrative                            48,121               134,815                    537,127
                                       ---------------------- --------------------- --------------------------
      Total Expenses                                 126,579               134,815                  1,075,598
                                       ---------------------- --------------------- --------------------------

     Operating Loss                                (126,579)             (134,815)                (1,075,598)

Other Income (Expense):
Interest Expense                                     (1,336)                     -                  (249,194)
Currency Exchange                                          -                     -                      (285)
Write-Down of Goodwill/Assets                      (474,821)                     -                  (874,821)
Write-Down of License Rights                               -                     -                  (101,276)
Loss on Investment                                         -                     -                (1,558,485)
Forgiveness of Debt                                        -                     -                    294,411
                                       ---------------------- --------------------- --------------------------

Total Other Income (Expense)                       (476,157)                     -                (2,489,650)
                                       ---------------------- --------------------- --------------------------

     Net Income (Loss)                           $ (602,736)            $(134,815)              $ (3,565,248)
                                       ====================== ===================== ==========================

Loss per Share, Basic &
Diluted                                           $   (0.01)             $  (0.00)
                                       ====================== =====================

Weighted Average Shares
Outstanding                                       48,073,030            35,683,850
                                       ====================== =====================
</TABLE>

    The accompanying notes are an integral part of these financial statements


                                       3

<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                 For the Three Months Ended         Inception of
                                                                          March 31,                 Development
                                                             ------------------------------------
                                                                   2006               2005             Stage
                                                             ------------------ ------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                 <C>               <C>              <C>
Net Loss for the Period                                             $(602,736)        $(134,815)       $(3,565,248)
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                                              474,821                 -            874,821
     Write-Down of Licensing Rights                                          -                 -            101,276
     Interest Expense from Beneficial Conversion                             -                 -            247,858
     Loss on Investment                                                      -                 -          1,558,485
Changes in Operating Assets and Liabilities
     Increase (Decrease) in Accounts Payable                           114,042            57,338            177,488
     Increase (Decrease) due to Goldner et al                        1,578,200                 -          1,578,200
     Increase (Decrease) in Accrued Interest                                 -                 -                  -
                                                             ------------------ ------------------------------------
Net Cash Provided/Used in Operating Activities                       1,564,327          (77,477)          1,202,227
                                                             ------------------ ------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Logmed Invesment                                               (492,285)                 -          (492,285)
      Beiseker Envirotech advances                                    (39,274)                 -           (39,274)
      Halle Machine                                                   (41,276)                 -           (41,276)
      Patents / licenses                                           (1,286,840)                 -        (1,286,840)
      Cash acquired in acquisition                                         492                 -                492
                                                             ------------------ ------------------------------------
Net Cash Used in Investing Activities                              (1,859,183)                 -        (1,859,183)
                                                             ------------------ ------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Payment for logmed
     Proceeds from Shareholder Loans                                         -            85,718            362,578
     Related Party Loan                                                 87,167                 -             87,167
     Sale of Demand Promissory Note                                    171,233                 -            171,233
     Sale of Convertible Debentures                                     45,000                 -             45,000
                                                             ------------------ ------------------------------------
Net Cash Provided by Financing Activities                              303,400            85,718            665,978
                                                             ------------------ ------------------------------------

Net (Decrease) Increase in Cash                                           8544             8,241               9022
Cash at Beginning of Period                                              1,219                 -                741
                                                             ------------------ ------------------------------------
Cash at End of Period                                                   $9,763         $   8,241             $9,763
                                                             ================== ====================================
</TABLE>


    The accompanying notes are an integral part of these financial statements



                                       4

<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                    Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                       2001
                                                                 For the Three Months Ended        Inception of
                                                                         March 31,                  Development
                                                             -----------------------------------
                                                                   2006              2005              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                                      $      -        $  247,858          $  528,086
Shares Issued to Acquire Equipment                                   $      -           $     -          $  400,000
Shares Issued to Acquire Company                                     $      -           $     -         $ 1,000,000
</TABLE>


























    The accompanying notes are an integral part of these financial statements

                                        5


<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005

NOTE 1 - INTERIM FINANCIAL PRESENTATION

The interim consolidated financial statements of Globetech  Environmental,  Inc.
(the "Company") are prepared  pursuant to the requirements for reporting on Form
10-QSB.  These  financial  statements  have not been audited by our  independent
registered  public accounting firm. The December 31, 2005 balance sheet data was
derived from audited  financial  statements but does not include all disclosures
required by generally  accepted  accounting  principles.  The interim  financial
statements and notes thereto  should be read in  conjunction  with the financial
statements  and notes  included in the Company's  Form 10-KSB for the year ended
December  31,  2005.  In the  opinion of  management,  these  interim  financial
statements  reflect all adjustments of a normal recurring nature necessary for a
fair presentation of the results for the interim periods presented.  The current
period results of operations are not  necessarily  indicative of results,  which
ultimately will be reported for the full year ending December 31, 2006.

NOTE 2 - 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
$3,838,680 for the period from April 7, 1997  (inception) to March 31, 2006, has
no source of revenue, 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.


                                       6

<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 3 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This  summary of  accounting  policies  for  Globetech  Environmental,  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.

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. to reflect the new focus of the Company. On January 16, 2003,
the Company changed its name to Canglobe International, Inc. On August 12, 2005,
the Company changed its name to Globebtech Environmental, Inc.

During March,  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  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.

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

During  March  2006,  the  Company  has closed on the  acquisition  of  patents,
marketing  rights,  technology,   equipment  and  intellectual  property  of  H.
Goldners' Logmed Technology.  Logmed is a world-leading patented technology that
sterilizes  medical and  bio-hazardous  waste  through a process  that  includes
shredding,  heating  and  the  application  of  pressure.  Logmed  machines  are
currently operating in several countries  including Holland,  Germany and France
and have a substantial history of reliable performance.
The company  plans to market for sale and lease the Logmed  machines  worldwide.
The Logmed machines are also capable of neutralizing prions (proteins associated
with mad cow disease and chronic  wasting  diseases)  and plans are under way to
obtain government approval for such applications in North America and the EU.


                                       7

<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 3 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Principles of Consolidation

The  consolidated   financial  statements  include  the  accounts  of  Globetech
Environmental,  Inc. (formerly Canglobe International,  Inc.) Logmed Technologie
GmbH a  wholly  owned  subsiary,  Beiseker  Envirotech,  Inc.,  a  wholly  owned
subsidiary,  and CW  Remediation,  Ltd.,  which  the  Company  has a 50  percent
interest,  of which Beiseker  Envirotech,  Inc. and CW Remediation are insolvent
and dormant respectively.

The results of  subsidiaries  acquired or sold during the year are  consolidated
from their  effective  dates of  acquisition  through their  effective  dates of
disposition.

All significant inter-company accounts and transactions have been eliminated.

Nature of Business

The Company has been  pursuing  opportunities  in the  medical  waste  treatment
industry.

NOTE 3 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 December 31, 2005 and 2004.

                                       8

<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 3 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Foreign Currency Translation

The Company's  functional  currency is the U.S. dollar.  Transactions in foreign
currency are translated  into U.S.  dollars as follows:  o monetary items at the
rate  prevailing  at  the  balance  sheet  date;  o  non-monetary  items  at the
historical  exchange  rate;  o revenue and expense at the average rate in effect
during the  applicable  accounting  period  Exchange  gains or losses arising on
translation are included in income (loss) for the year.

Reclassifications

Certain  reclassifications  have been made in the 2005  financial  statements to
conform with the 2006 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.

 NOTE 4 - COMMITMENTS

As of March 31,  2006,  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.

                                       9


<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 4 - COMMITMENTS (Continued)

The Company entered into an employment agreement with Donald Sampson,  effective
as of March 1, 2005 for a period ending February 28, 2007, pursuant to which Mr.
Sampson is employed as the  Company's  President  and Chief  Executive  Officer.
Under his  employment  agreement,  Mr.  Sampson is  entitled to a base salary of
$120,000, a bonus equal to 2% of the EBITDA when it becomes positive, which will
be paid quarterly,  and a stock option grant covering 1,400,000 shares of common
stock.  The  employment  agreement  provides that Mr. Sampson may earn up to one
year's salary if terminated without cause. As of March 31, 2006 and 2005, $0 and
$0 in salary has been paid and $130,000 and $0 has been accrued.

The  Company  entered  into  a  consulting   agreement  with  Theodor   Hennig's
professional  corporation  pursuant to which Mr.  Hennig serves as the Company's
Chief Financial Officer.  The consulting  agreement was effective  September 27,
2005 and runs through  September 27, 2007. Under the consulting  agreement,  Mr.
Hennig is entitled to a monthly fee of $8,333 plus  expenses and an annual bonus
should certain  EBITDA  thresholds be met. As of March 31, 2006 and 2005, $0 and
$0 in fees and expenses have been paid and $75,338 and $0 have been accrued.

Except  for Mr.  Sampson's  employment  agreement  and Mr.  Hennig's  consulting
agreement,  the  Company  does not  presently  have  employment  agreements,  or
agreements  relating  to  changes in  control  of the  company,  with any of its
officers or employees.

The Company expects to enter into employment  agreements with key employees,  to
implement comprehensive compensation arrangements with its officers and to adopt
benefit  plans in the  future at the  discretion  of the Board of  Directors  to
attract and retain officers and key employees.

NOTE 5 - SHAREHOLDER ADVANCES

Shareholders  of the Company  have  advanced  the Company  money in order to pay
general and administrative  expenses. As of March 31, 2006 and December 31 2005,
the Company owed $733,903 and $733,903, respectively, relating to these notes.

NOTE 6 - DEMAND NOTES PAYABLE

The Company  financed  the 150,000  Euro  Logmed down  payment  through a demand
Promissory Note with Creative Financial  Solutions,  LLC of Arizona. The Note is
for  $200,000  Cdn,  bears  interest  at 12% per annum and can be  converted  to
shares.

NOTE 7 - RELATED PARTY PAYABLES

The  Company  financed  the 50,000 Euro  Logmed  down  payment and some  working
capital advances  through a demand  Promissory Note with the spouse of a Company
officer. The Note is for $90,000 Cdn, bears interest at 12% per annum and can be
converted to shares.

                                       10

<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 8 - CONVERTIBLE DEBENTURES

The Company issued $45,000 in convertible debentures during the first quarter of
2006. The  debentures are for a term of two years,  pay interest at 8% per annum
and can be converted to common shares at market. The debentures were issued with
warrants  attached  which granted the holder to acquire one share for each $1 of
debenture  for $.15 during the first year and $.25 during the second year of the
term.

NOTE 9 - ACQUISITIONS

Beiseker Waste Treatment Facility - Abandoned Acquisition

On April 8, 2005,  the Company  signed a  conditional  agreement to acquire from
Cristallo  Holdings,  Inc.  a medical  waste  treatment  facility  in  Beiseker,
Alberta,  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.  As  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 further 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,   terminated  the
acquisition  of the  Beiseker  facility  and  returned the facility to Cristallo
Holdings, Inc. Moreover, the Company recorded all amounts invested in connection
with the proposed acquisition, upgrade and operation of the Beiseker facility as
an investment  that was written off as an investment  loss during 2005. Up until
March  15,  2006 the  Company  continued  to fund  the  operations  of  Beiseker
Envirotech  Inc,  after which time the  operation was shut down. As of March 31,
2006,  $39,274  of  advances  were  listed  on the  balance  sheet.  The  entire
receivable was collected in the subsequent quarter.

Logmed Acquisition

On March 17, 2006, Globetech  Environmental,  Inc. ("Globetech") entered into an
agreement with Hans-Eberhardt  Frenzel ("Frenzel"),  Helmut Goldner ("Goldner"),
Goldner  Umwelt &  Hygienetechnik  GmbH  ("GUH"),  and Logmed  Technologie  GmbH
("Logmed Technologie") pursuant to which Globetech agreed to purchase:

o        for a purchase  price of 406,000 Euro  (approximately  $486,000),  from
         Frenzel  and  Goldner,  100% of the  stock of Logmed  Technologie.  The
         unpaid  portion of the  406,000  Euro  purchase  consideration  for the
         Logmed  Technologie  GmbH shares  will accrue  interest at 8% per annum
         from March 23,  2006 until the final  payment is made on  December  31,
         2008;

                                       11

<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 9 - ACQUISITIONS (Continued)

o        for a  purchase  price of 34,000  Euro  (approximately  $40,000),  from
         Frenzel and  Goldner,  an operating  Logmed  hospital  waste  treatment
         machine (a "Logmed") and existing contract rights pursuant to which the
         Logmed unit is currently  operated at the Halle clinic medical facility
         in Wittenberg,  Germany.  The Logmed acquisition  agreement states that
         the purchaser  (Globetech) will be responsible for any  Value-Added-Tax
         liabilities  that may arise on this  transaction.  The  purchase of the
         Halle Logmed  machine for Euro 35,000 is the only portion that attracts
         VAT,   however  as  this  machine  is  to  be   transferred  to  Logmed
         Technologies  GmbH, a credit will be created  which will offset any VAT
         and  hence  no  liability  has  been   recorded  in  the   consolidated
         financials.  Germany's  current VAT rate is 16% and is set to go to 20%
         shortly; and

o        for a purchase  price of 660,000 Euro  (approximately  $790,000),  from
         Goldner,  a portfolio of patents  constituting  the  underlying  Logmed
         technology.

The  agreement  also  provides  that  Globetech  will  pay to GUH  400,000  Euro
(approximately  $478,000) for annulment of an existing  license  agreement  with
Logmed and  assignment  to Logmed of the rights of GUH with respect to operating
rights at the Halle clinic medical facility.

The aggregate  sums payable by Globetech  under the  agreement,  1,500,000  Euro
(approximately $1,795,000), are payable in installments as follows:

o        50,000 Euro is credited for payments  previously made through Cristallo
         Holdings, Inc. on the request of Globetech;

o        150,000 Euro was due and paid March 23, 2006;

o        500,002 Euro is due December 31, 2006;

o        434,000 Euro is due December 31, 2007; and

o        365,998 Euro is due December 31, 2008.

In addition to the  installments  payable  under the  agreement,  Globetech  has
agreed to pay to Goldner an ongoing fee with respect to each Logmed unit sold by
Globetech in the amount of 10,000  Euro,  and 25,000 Euro with respect to Logoil
units sold by Globetech,  with the fee  terminating on the earlier of payment of
an aggregate of 2,500,000 Euro or March 31, 2011;  provided,  however,  that the
term of the fee payment  will be extended  until March 31, 2014 with  respect to
units  subject to  purchase  contracts  or options in place at March 31, 2011 if
delivery of units occurs on or before  March 31,  2014.  Where units are sold in
installments,  the fee payable to Goldner is payable  upon  receipt of the first
installment.  With  respect to units  operated or licensed by  Globetech  or its
affiliates,  Globetech will pay a fee per kilo or liter of material processed in
lieu of the per unit fee.

In the event that the Company  cannot meet its financial  obligations  under the
Logmed  Acquisition  as  they  become  due,  and  the  repayment  terms  are not
renegotiated,  the Company  stands to lose all assets and deposits  made to date
under this agreement.

                                       12



<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 10 - 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  share 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. 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 11 - 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 at $0.05 to $0.07 per share.  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 to $0.07, the Company has recognized interest expense of $247,858
in connection with this beneficial conversion.

Pursuant to the conditional purchase agreement with Cristallo Holdings Inc. (see
Note 9 above),  the Company issued  2,000,000 shares to Cristallo at fair market
value of $.50 per share.  A stop trade has been placed on these  shares  pending
there eventual return for failure to perform.

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.


                                       13




<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 12 - STOCK OPTIONS

Pursuant to a year 2003 and 2005 Stock Option and Compensation  Plan,  grants of
shares  can  be  made  to  employees,   officers,  directors,   consultants  and
independent  contractors of non-qualified stock options as well as for the grant
of stock  options to employees  that qualify as incentive  stock  options  under
Section  422 of the  Internal  Revenue  Code of 1986 or as  non-qualified  stock
options.  The Plan is  administered by the Board of Directors  ("Board"),  which
has, subject to specified  limitations,  the full authority to grant options and
establish the terms and conditions for vesting and exercise thereof.

In order to exercise an option granted under the Plan, the optionee must pay the
full exercise price of the shares being  purchased.  Payment may be made either:
(i) in cash;  or (ii) at the  discretion of the Board,  by delivering  shares of
common stock  already  owned by the optionee that have a fair market value equal
to the applicable  exercise price; or (iii) with the approval of the Board, with
monies borrowed from the Company.

Subject to the foregoing, the Board has broad discretion to decide the terms and
conditions  applicable to options  granted under the Plan.  The Board may at any
time discontinue granting options under the Plan or otherwise suspend,  amend or
terminate  the  Plan and  may,  with  the  consent  of an  optionee,  make  such
modification of the terms and conditions of such optionee's  option as the Board
shall deem advisable.

During 2005, the Company  granted its President an option to purchase  1,400,000
shares of its common stock at an exercise price of $0.50 for an exercise  period
expiring May 2007.  The fair market price per share at the date the options were
granted was $0.13. No compensation expense was recorded.

During  2005,  the  Company  granted its  Officers  and  Directors  an option to
purchase  6,600,000 shares of its common stock at an exercise price of $0.50 for
an exercise  period  expiring  December  2005 through May 2007.  The fair market
price per share at the date the options were granted was $0.13.  No compensation
expense was recorded.

Effective  December 31,  2005,  the Company  adopted the fair value  recognition
provisions  of Financial  Accounting  Standards  Board  ("FASB")  Statement  No.
123(R),  SHARE-BASED PAYMENT, ("FAS 123R"). Prior to 2005, the Company accounted
for share-based payments under the recognition and measurement provisions of APB
Opinion No. 25, ACCOUNTING FOR STOCK ISSUED TO EMPLOYEES ("APB 25"), and related
Interpretations,  as  permitted  by  FASB  Statement  No.  123,  ACCOUNTING  FOR
STOCK-BASED  COMPENSATION ("FAS 123"). In accordance with APB 25 no compensation
was required to be  recognized  for options  granted that had an exercise  price
equal to or greater than the market value of the underlying  common stock on the
date of grant.

Compensation  cost is  recognized  on a  straight-line  basis,  net of estimated
forfeitures,  over the requisite  service period of each award.  The results for
the prior periods have not been restated.

Our loss from  operations and net loss for the three months ended March 31, 2006
was not  effected by our  adoption of FAS 123R as compared to our results had we
accounted for stock-based compensation under APB 25.

During the quarter  ended March 31, 2006,  the Company  granted its Officers and
Directors  options  to  purchase  4,000,000  shares  of its  common  stock at an
exercise price of $0.08 for an exercise period

                                       14



<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 12 - STOCK OPTIONS (Continued)

expiring  through  March 2008.  The fair market  price per share at the date the
options  were  granted  was $0.08 and  therefore  no  compensation  expense  was
recorded.  Two company consultants were also granted options to purchase 600,000
shares in  aggregate  at an  exercise  price of $.08  under  the same  terms and
conditions.

The following  table  summarized  stock option  activity during the three months
ended March 31, 2006:

                                                              WEIGHTED
                                                              AVERAGE
                              SHARES EXERCISE PRICE
                                          -----------------------------------
Outstanding at beginning of year              3,400,000 $               0.50
Granted                                       4,600,000                 0.08
Exercised                                             --                    --
Forfeited                                             --                    --
                                          -----------------------------------

Outstanding at end of period                  8,000,000 $               0.26
                                          ===================================

Options exercisable at end of period          8,000,000 $               0.26
                                          ===================================

The  following  table   summarizes   information   concerning   outstanding  and
exercisable common stock options under the 2005 Plan at March 31, 2006:

<TABLE>
<CAPTION>
  EXERCISE     OPTIONS      REMAINING              WEIGHTED             NUMBER OF OPTIONS      WEIGHTED
                           CONTRACTUAL                                CURRENTLY EXERCISABLE     AVERAGE
                             LIFE (IN              AVERAGE                                     EXERCISE
   PRICE     OUTSTANDING      YEARS)            EXERCISE PRICE                                  PRICES
-------------------------------------------------------------------------------------------- --------------
<S>              <C>                <C>              <C>                          <C>            <C>
   $0.50         3,400,000          1.41             $0.50                        3,400,000      $0.50

   $0.08         4,600,000           2.0             $0.08                        4,600,000      $0.08
</TABLE>

NOTE 13 - LOSS ON INVESTMENTS

The Company operated the Beiseker  facility during 2005 pursuant to the terms of
the proposed  acquisition of the facility.  Subsequent to year-end,  the Company
determined  that  the  seller  of the  facility,  Cristallo  Holdings,  had  not
performed  fully  under the terms of the  acquisition  agreement  regarding  the
Beiseker facility and determined to cease operation of the Beiseker facility and
to return control of those facilities to Cristallo Holdings.  As a result of the
cessation of  operation  of the  Beiseker  facility and return of control of the
same  to  Cristallo  Holdings  due  to  non-performance  under  the  acquisition
agreement,  the Company has excluded all revenues and expenses  associated  with
the  operation  of the  Beiseker  facility  from its  consolidated  Statement of
Operations.  Moreover,  the Company  recorded all amounts invested in connection
with the proposed acquisition, upgrade and operation of the Beiseker facility as
an investment that was written off as an investment loss during 2005. During the
first quarter of 2006 the Company  continued to fund the  operations of Beiseker
Envirotech Inc, after which time the operation was shut

                                       15


<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                   THE QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (Continued)

NOTE 13 - LOSS ON INVESTMENTS (Continued)

down.  As of March 31,  2006,  $39,274 of  advances  were  listed on the balance
sheet. The entire receivable was collected in the subsequent quarter.

NOTE 14 - SUBSEQUENT EVENTS

In April  2006,  the Company  adopted the  Globetech  Environmental,  Inc.  2006
Consultant  and  Employee  Stock Plan  pursuant to which  5,000,000  shares were
reserved  for  issuance as payment for  services to the  Company.  Also in April
2006,  the Company  issued an aggregate  of 3,789,688  shares of common stock in
settlement of $303,175 of salary,  fees and expenses owed,  including  2,964,688
shares issued to the Company's  principal  officers in settlement of $237,175 of
accrued but unpaid salary, fees and expenses.

In April 2006, the Company issued 4,984,740 shares to extinguish $498,474 due to
several shareholders of the Company.





























                                       16



<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

THE FOLLOWING  INFORMATION  SHOULD BE READ IN  CONJUNCTION  WITH THE FORM 10-KSB
FILED FOR THE YEAR ENDED DECEMBER 31, 2005, AND OTHER INFORMATION  REGARDING OUR
FINANCIALS PERFORMANCE FOR THE PERIOD COVERED BY THIS REPORT, INCLUDING, BUT NOT
LIMITED TO, THE FINANCIAL STATEMENTS INCLUDED ELSEWHERE IN THIS REPORT.

FORWARD-LOOKING STATEMENTS

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.

OVERVIEW

Globetech  Environmental,  Inc.'s ("Globetech" or the "Company") business during
the first quarter of 2006 consisted principally of the operation of the Beiseker
medical waste treatment facility in Alberta, Canada. The Company began operating
the Beiseker  facility in June 2005 and operated that facility until March 2006.
As a result of the failure of the seller to fully perform under the terms of the
acquisition of the Beiseker facility,  the Beiseker facility was returned to the
seller  of that  facility  in March  2006.  The  Company's  investment  in,  and
operations  of, the Beiseker  facility  were  reported as "loss on  investments"
during the year ended  December  31,  2005.  During the quarter  ended March 31,
2006, the Company  completed the acquisition of certain assets and operations of
Logmed  Technologie.  With the exception of completion  of the  acquisition,  no
substantial  operations  relating to Logmed  Technologie  took place  during the
quarter.  At,  and  for  the  quarter  ended  March  2005,  the  Company  had no
substantial  operations  other than  ongoing  efforts to acquire or invest in an
operating business.  Accordingly,  the financial position and results at and for
the  quarters  ended  March 31,  2006 and 2005 may not be  comparable  given the
changes in operations among those periods.

2006 DEVELOPMENTS

In March 2006, the Company  determined that Cristallo Holdings Inc had defaulted
in  its   obligations  to  acquire  and  transfer  to  the  Company  the  Logmed
Technologies.  Following such  determination,  and efforts to negotiate  revised
terms  with  Cristallo  Holdings  Inc,  the  Company  (1)  acquired  the  Logmed
Technologies  directly from Logmed  Technologie in March 2006 and (2) terminated
operation of the Beiseker facility and notified Cristallo Holdings of its intent
to terminate  the purchase and return  control of the Beiseker  facilities.  The
Company is attempting to negotiate a formal  agreement  terminating the purchase
of the  Beiseker,  returning  the shares  issued to Cristallo  and releasing all
claims  relating  to  the  proposed  purchase  and  sale.  As a  result  of  the
termination of the Company's  operation of the Beiseker  facility and the return
of control of the facilities to Cristallo Holdings, the Company recorded none of
the revenues or expenses  relating to operation of the Beiseker  facility during
the quarter ended March 31, 2006.

                                       17


<PAGE>

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

CRITICAL ACCOUNTING POLICIES

The Company's  discussion and analysis of its financial condition and results of
operations are based upon the Company's  financial  statements,  which have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United  States of America.  The Company  believes  certain  critical  accounting
policies  affect  its  more  significant  judgments  and  estimates  used in the
preparation of its financial statements. A description of the Company's critical
accounting policies is set forth in the Company's Form 10-KSB for the year ended
December 31, 2005. As of, and for the quarter ended,  March 31, 2006, there have
been no  material  changes  or  updates  to the  Company's  critical  accounting
policies.

RESULTS OF OPERATIONS

REVENUES.  The Company recorded no operating  revenues during either the 2006 or
2005 first  quarters.  As noted,  revenues  attributable to the operation of the
Beiseker facility were excluded from consolidated  revenues for 2006 as a result
of the  termination of operation of the Beiseker  facility and return of control
of the facility to Cristallo Holdings based on the failure of Cristallo Holdings
to fully perform under the terms of the proposed acquisition of the facility.

OPERATING EXPENSES. Operating expenses totaled $126,579 during the quarter ended
March 31, 2006 as compared to $134,815  during the quarter ended March 31, 2005.
Operating  expenses  consisted  principally  of salary and  consulting  fees and
general corporate  overhead.  The decrease in operating expenses during the 2006
quarter was  principally  attributable  to cost  control  measure and a narrowed
focus  implemented  by new  management.  Operating  expenses  exclude all direct
expenses of operation of the Beiseker facility.

OTHER INCOME (EXPENSE). The Company reported other expense, net of other income,
of $1,336 during the 2006 quarter as compared to $0 during the 2005 quarter. Net
other  expense  during the 2006  quarter  consisted  of interest on  outstanding
indebtedness. The Company has written off $474,821 in goodwill pertaining to the
amount by which the Logmed  Technologie  GmbH share  purchase price exceeded the
net underlying net asset value.

LIQUIDITY AND CAPITAL RESOURCES

CASH AND WORKING CAPITAL POSITION

The Company had nominal resources at March 31, 2006 and December 31, 2005 with a
cash  balance of $9,763 at March 31, 2006 and $1,219 at December  31, 2005 and a
deficit in working  capital of  $1,767,455  at March 31,  2006 and  $813,529  at
December 31, 2005.

The  Company  has  been  dependent  upon  financing  provided  in  the  form  of
shareholder  loans from its principal  officers,  directors and  shareholders to
support its ongoing operations.  The Company expects to continue to be dependent
upon financing  provided by its principal  officers,  directors and shareholders
and from the sale of  securities  to, or financing  provided by, third  parties.
Except as noted  herein,  the  Company  has no  commitments  from its  principal
officers, directors and shareholders or third parties to provided financing.

Included  in the  Company's  working  capital  deficit  at March  31,  2006 were
shareholder  loans  totaling  $733,903  and  demand  notes  totaling   $258,400.
Subsequent  to March 31,  2006,  $ 498,474  in  principal  amount of loans  from
shareholders  were converted into 4,984,740  shares of common stock and $303,175
in payables were settled for the issuance of 3,789,688 shares of common stock.

                                       18


<PAGE>

CASH FLOWS

The Company provided  $1,578,200 in cash from operations during the 2006 quarter
as compared to $77,514 used in operations during the 2005 quarter.  The decrease
in cash used in operations in the 2006 period was principally attributable to an
increase in accounts payable and accrued expenses during the 2006 period.

Investing activities used $1,859,183 of cash during the 2006 quarter as compared
to $0 used in  investing  activities  during  the  2005  quarter.  Cash  used in
investing  activities  related to the Logmed technology  acquisition  during the
2006 quarter.

Financing  activities  provided  $303,400 of cash to the Company during the 2006
quarter as compared to $85,715  provided in the 2005  quarter.  Cash provided by
financing  activities was attributable to the sale of demand promissory notes in
the amount of $258,400 and the sale of  convertible  debentures in the amount of
45,000 during the 2006 quarter and shareholder loans during the 2005 quarter.

LONG-TERM DEBT

Long-term  debt  totaled  $1,016,200  at March  31,  2006 as  compared  to $0 at
December 31, 2005.  Long-term  debt at March 31, 2006 consisted of amounts owing
with  respect to the Logmed  Technologie  acquisition,  totaling  $971,200,  and
convertible debentures in the amount of $45,000.

Amounts owing with respect to the Logmed Technologie  acquisition are payable in
installments as follows:

o        500,002 Euro due December 31, 2006 (shown in current liabilities);

o        434,000 Euro due December 31, 2007; and

o        365,998 Euro due December 31, 2008.

In addition to the instalments  payable under the agreement,  the Company agreed
to pay to a principal  of Logmed an ongoing fee with respect to each Logmed unit
sold by the Company in the amount of 10,000  Euro,  and 25,000 Euro with respect
to Logoil units sold by the Company,  with the fee terminating on the earlier of
payment of an aggregate of 2,500,000 Euro or March 31, 2011; provided,  however,
that the term of the fee  payment  will be  extended  until  March 31, 2014 with
respect to units subject to purchase  contracts or options in place at March 31,
2011 if delivery of units occurs on or before  March 31,  2014.  Where units are
sold in  instalments,  the fee is payable upon receipt of the first  instalment.
With respect to units operated or licensed by the Company or its affiliates, the
Company  will pay a fee per kilo or liter of material  processed  in lieu of the
per unit fee.

The convertible  debentures mature in February 2008, bear interest at 8% and are
convertible into common stock at market.

FINANCIAL COMMITMENTS AND REQUIREMENTS

The Company's principal financial commitments and requirements relate to funding
operational deficits, overhead and purchase and operational payments relating to
the March 2006 acquisition of Logmed Technologie GmbH.

                                       19

<PAGE>

PLAN OF OPERATION

Following  the  termination  of  operations  of the  Beiseker  facility  and the
acquisition of Logmed  Technologie GmbH, the Company's planned operations during
2006 and beyond are expected to focus on marketing  and sale of Logmed units for
treatment of medical waste and other hazardous material.

In connection  with the  acquisition  of Logmed  Technologie  GmbH,  the Company
acquired  certain rights to operate a Logmed unit at the Halle medical clinic in
Wittenberg,  Germany.  The Company  plans to continue to provide  medical  waste
treatment  services  at the  Halle  clinic  as  both a  profit  center  and as a
demonstration facility to support sales and marketing of Logmed units.

The Company intends to market its Logmed units as a viable on-site medical waste
treatment  alternative in the principal  developed markets of the world.  Logmed
units are initially expected to be marketed in Europe and Australia based on the
previous marketing efforts and relationships of Logmed Technologie GmbH in those
markets and with the assistance of the principal  officers of Logmed Technologie
GmbH.  Marketing  representatives  are expected to be retained to facilitate the
sale of Logmed units in additional markets including the Americas.

The Company expects to contract out all manufacturing  operations to experienced
manufacturers  with initial  manufacturing  to be  undertaken by a firm that has
previously manufactured for Logmed Technologie GmbH.

In order to carry  out the  Company's  planned  operations  going  forward,  the
Company will require continued  financial  support from its principal  officers,
directors and shareholders,  or from outside investors,  to meet its operational
overhead  requirements  pending the  generation of  sufficient  sales to support
those operations.  The Company has no commitments in that regard and there is no
assurance that financing will be available as needed to support operations.

INFLATION

Inflation  has   historically  not  had  a  material  effect  on  the  Company's
operations.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements.

ITEM 3. CONTROLS AND PROCEDURES

The  Company's  Chief  Executive  Officer  ("CEO") and Chief  Financial  Officer
("CFO") are responsible for establishing and maintaining disclosure controls and
procedures for the Company.

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  CEO and CFO, 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 CEO and CFO
concluded that, as of the end of the period, the Company's  disclosure  controls
and  procedures  were  effective  in  timely  alerting  management  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.

                                       20


<PAGE>

During the quarter ended March 31, 2006,  there were no  significant  changes in
our internal controls over financial reporting that materially affected,  or are
reasonably  likely  to  materially  affect,  internal  controls  over  financial
reporting.  The Company had significant  difficulties in obtaining the financial
records  from the  previous  CFO which  resulted in delays in filing of the 2005
10KSB and this 10QSB. It is anticipated that all future filings will now be done
within the prescribed time limits.


                           PART II - OTHER INFORMATION

ITEM 2.  UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS

During the quarter  ended March 31,  2006,  the Company  issued an  aggregate of
$45,000 in principal amount of Convertible Debentures to 2 accredited investors.
The Convertible Debentures are due in February 2008, bear interest at 8% and are
convertible into common stock at market.

All of the securities described above were issued pursuant to the exemption from
registration  provided  by  Section  4(2) of the  Securities  Act of  1933.  The
issuance was privately  negotiated  and with no general  solicitation  or public
advertising.

ITEM 6.  EXHIBITS

Exhibit
Number   Title of Document

10.1     Form of Convertible Debenture
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.

                                   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: August 2, 2006           By: /s/ Donald Sampson
                               ---------------------------------------------
                               Donald Sampson
                               President and Director
                               (Principal Executive Officer)



Date: August 2, 2006           By: /s/ Theodor Hennig
                               ---------------------------------------------
                               Theodor Hennig
                               Chief Financial Officer, Secretary and Director
                               (Principal Financial Officer)



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