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 June 30, 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)


(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 October 12, 2006, we had 57,218,770 shares of Common Stock
outstanding.

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






                                        1

<PAGE>




                          GLOBETECH ENVIRONMENTAL, INC.

                                   FORM 10-QSB

                                      INDEX



PART I. FINANCIAL INFORMATION                                           Page No.

     Item 1. Financial Statements (Unaudited)

             Balance Sheets as of June 30, 2006 and December 31, 2005.........3

             Statements of Operations for the three months
              ended June 30, 2006 and June 30, 2005 and
              cumulative since December 1, 2001 inception
              of development stage............................................4

             Statements of Operations for the six months ended
              June 30, 2006 and June 30, 2005 and cumulative since
              December 1, 2001 inception of development stage.................5

             Statements of Cash Flows for the six months
              ended June 30, 2006 and June 30, 2005...........................6

             Notes to Financial Statements  ..................................8

     Item 2. Management's Discussion and Analysis of
             Financial Condition and Results of Operations....................19

     Item 3. Controls and Procedures..........................................23

PART II           OTHER INFORMATION

     Item 2. Unregistered Sales of Securities and Use of Proceeds.............25

     Item 6. Exhibits.........................................................26







                                        2

<PAGE>





                         PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

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

<TABLE>
<CAPTION>
                                                                       June 30,           December 31,
                                                                         2006                 2005
                                                                  ------------------   -------------------
Assets:
<S>                                                               <C>                  <C>
   Cash and Cash Equivalents                                      $            4,473   $             1,219
   Prepaid & advances                                                          9,225                     -
   Accounts Receivable                                                         8,682                     -
                                                                  ------------------   -------------------

      Total Current Assets                                                    22,380                 1,219
                                                                  ------------------   -------------------

   Tangible assets                                                            41,276                     -
   Intangible property - patents, licenses                                 1,286,840                     -
                                                                  ------------------   -------------------

      Total Assets                                                $        1,350,496   $             1,219
                                                                  ==================   ===================


Liabilities and Shareholders' Equity
Liabilities:
   Accounts Payable and Accrued Liabilities                       $          148,942   $            80,845
   Due to Goldner et al -current portion                                     607,000                     -
   Due to related party                                                       87,167                     -
   Demand Notes Payable                                                      156,928                     -
   Due to Shareholders                                                       115,515               733,903
                                                                  ------------------   -------------------

      Total Current Liabilities                                            1,115,552               814,748
                                                                  ------------------   -------------------

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

       Total Liabilities                                                   2,131,752               814,748
                                                                  ------------------   -------------------

Stockholders' Equity:
  Common Stock, Par value $.001, Authorized
    100,000,000 shares, Issued 57,218,770 at
   June 30, 2006 and 48,073,030 at December 31, 2005                          57,219                48,073
  Paid-In Capital                                                          3,522,757             2,374,342
   Retained Deficit                                                         (273,432)             (273,432)
   Deficit Accumulated During the
     Development Stage                                                    (4,115,192)           (2,962,512)
   Other comprehensive income                                                 27,392                     0
                                                                  ------------------   -------------------
     Total Stockholders' Equity                                             (781,256)             (813,529)
                                                                  ------------------   -------------------

       Total Liabilities and Stockholders' Equity                 $        1,350,496   $             1,219
                                                                  ==================   ===================
</TABLE>

The accompanying notes are an integral part of these financial statements


                                        3

<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
                                                        June 30,                          Development
                                               2006                   2005                   Stage
                                       ---------------------  --------------------  ------------------------
<S>                                    <C>                    <C>                   <C>
Revenues                               $               3,419  $                  -  $                  3,419
Costs of Sales                                             -                     -                         -
                                       ---------------------  --------------------  ------------------------

Gross Profit                                           3,419                     -                     3,419

Expenses:
Consulting                                            79,312                93,753                   617,783
Stock Option Benefit                                 344,825                     -                   344,825
General and Administrative                           117,575                87,704                   654,702
                                       ---------------------  --------------------  ------------------------
      Total Expenses                                 541,712               181,457                 1,617,310
                                       ---------------------  --------------------  ------------------------

     Operating Loss                                 (538,293)             (181,457)               (1,613,891)

Other Income (Expense):
Interest Expense                                     (11,285)                    -                  (260,479)
Currency Exchange                                          -                  (688)                     (651)
Write-Down of Goodwill/Assets                              -              (400,000)                 (874,821)
Write-Down of License Rights                               -              (101,276)                 (101,276)
Loss on Investment                                         -            (1,435,510)               (1,558,485)
Forgiveness of Debt                                        -               294,664                   294,411
                                       ---------------------  --------------------  ------------------------

Total Other Income (Expense)                         (11,285)           (1,642,810)               (2,501,301)
                                       ---------------------  --------------------  ------------------------

     Net Income (Loss)                 $            (549,578) $         (1,824,267) $             (4,115,192)
                                       =====================  ====================  ========================
Foreign currency adjustment                           27,392                     0                    27,392
                                       =====================  ====================  ========================
Comprehensive loss                     $            (522,186) $         (1,824,267) $             (4,087,800)
                                       =====================  ====================  ========================

Loss per Share, Basic &
Diluted                                $               (0.01) $              (0.04)
                                       =====================  ====================

Weighted Average Shares
Outstanding                                       51,283,617            45,409,294
                                       =====================  ====================
</TABLE>

    The accompanying notes are an integral part of these financial statements



                                        4

<PAGE>






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


<TABLE>
<CAPTION>
                                                                                            Cumulative
                                                                                              Since
                                                                                           December 1,
                                                                                               2001
                                                For the Six Months Ended                   Inception of
                                                        June 30,                           Development
                                               2006                   2005                    Stage
                                       ---------------------  --------------------  --------------------------
<S>                                    <C>                    <C>                   <C>
Revenues                               $               3,419  $                  -  $                    3,419
Costs of Sales                                             -                     -                           -
                                       ---------------------  --------------------  --------------------------

Gross Profit                                           3,419                     -                       3,419
Expenses:
Consulting                                           157,770               151,220                     617,783
Stock Option Benefit                                 344,825                     -                     344,825
General and Administrative                           166,062               165,005                     654,702
                                       ---------------------  --------------------  --------------------------
      Total Expenses                                 668,657               316,225                   1,617,310
                                       ---------------------  --------------------  --------------------------

     Operating Loss                                 (665,238)             (316,225)                 (1,613,891)

Other Income (Expense):
Interest Expense                                     (12,621)             (247,858)                   (260,479)
Currency Exchange                                          -                  (735)                       (651)
Write-Down of Goodwill/Assets                       (474,821)             (400,000)                   (874,821)
Write-Down of License Rights                               -              (101,276)                   (101,276)
Loss on Investment                                         -            (1,435,510)                 (1,558,485)
Forgiveness of Debt                                        -               294,664                     294,411
                                       ---------------------  --------------------  --------------------------

Total Other Income (Expense)                        (487,442)           (1,890,715)                 (2,501,301)
                                       ---------------------  --------------------  --------------------------

     Net Income (Loss)                 $          (1,152,680) $        ( 2,206,940) $               (4,115,192)
                                       =====================  ====================  ==========================
Foreign Currency Adjustment                           27,392                     -                      27,392
                                       =====================  ====================  ==========================
Comprehensive loss                                (1,125,288)          ( 2,206,940)                 (4,087,800)
Loss per Share, Basic &
Diluted                                $               (0.02) $              (0.05)
                                       =====================  ====================
Weighted Average Shares
Outstanding                                       51,283,617            45,341,539
                                       =====================  ====================
</TABLE>

   The accompanying notes are an integral part of these financial statements


                                        5

<PAGE>






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

<TABLE>
<CAPTION>
                                                                                                       Cumulative
                                                                                                         Since
                                                                                                      December 1,
                                                                                                          2001
                                                                  For the Six Months Ended            Inception of
                                                                          June 30,                    Development
                                                                   2006               2005               Stage
                                                             -----------------  ----------------   ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                          <C>                <C>                <C>
Net Loss for the Period                                      $      (1,152,680) $     (2,206,940)  $       (4,115,192)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
     Depreciation and Amortization                                       4,272            17,324                7,360
     Common Stock Issued for Services                                  157,770                 -              384,029
      Deferred Revenue                                                       -            51,775                    -
      Stock Option Benefit                                             344,825                 -              344,825
     Write-Down of Assets                                              474,821           400,000              874,821
     Write-Down of Licensing Rights                                          -           101,276              101,276
     Interest Expense from Beneficial Conversion                             -           247,858              247,858
     Loss on Investment                                                      -         1,435,510            1,558,485
Changes in Operating Assets and Liabilities
     Increase in Accounts Receivable                                     8,682                 -                    -
     Increase in Prepaids                                                9,225                 -                    -
     Increase (Decrease) in Accounts Payable                            68,097          (65,490)              177,488
     Increase (Decrease) in Accrued Interest                            12,621                 -                    -
                                                             -----------------  ----------------   ------------------
Net Cash Provided/Used in Operating Activities                         (72,367)          (87,786)            (419,050)
                                                             -----------------  ----------------   ------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
      Logmed Invesment                                                (242,201)                -             (242,201)
      Cash acquired in acquisition                                         492                 -                  492
                                                             -----------------  ----------------   ------------------
Net Cash Used in Investing Activities                                 (241,709)                -             (241,709)
                                                             -----------------  ----------------   ------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from Shareholder Loans                                         -            92,776              362,578
     Related Party Loan                                                 87,167                 -               87,167
      Stock Option Exercise                                             29,625                 -               29,625
     Sale of Demand Promissory Note                                    156,928                 -              156,928
     Sale of Convertible Debentures                                     45,000                 -               45,000
                                                             -----------------  ----------------   ------------------
Net Cash Provided by Financing Activities                              318,720            92,776              681,298
                                                             -----------------  ----------------   ------------------
Effect of rate changes on cash                                          (1,390)                -              (17,285)
Net (Decrease) Increase in Cash                                          3,254             4,990                3,254
Cash at Beginning of Period                                              1,219                 -                1,219
                                                             -----------------  ----------------   ------------------
Cash at End of Period                                        $           4,473  $          4,990   $            4,473
                                                             =================  ================   ==================
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                        6

<PAGE>




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


<TABLE>
<CAPTION>
                                                                                                    Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                       2001
                                                                  For the Six Months Ended         Inception of
                                                                          June 30,                  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
Shares Issued- Debt Conversion                               $        783,112  $              - $           783,112

Debt incurred to acquire tangible assets                               41,276                                41,276
Debt incurred to acquire intangible assets                          1,286,840                             1,286,840
Debt incurred for investment in subsidary                             250,084                               250,084
</TABLE>





    The accompanying notes are an integral part of these financial statements

                                        7

<PAGE>






                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                    THE QUARTERS ENDED JUNE 30, 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
$4,361,232 for the period from April 7, 1997 (inception) to June 30, 2006, has
limited revenues and substantial ongoing operating losses, has a liquidity
problem, and requires additional financing in order to finance its business
activities on an ongoing basis. The Company is actively pursuing efforts to
increase its revenues and to secure financing to support its operations and meet
its obligations pending attaining profitability from its operations and has had
discussions with various third parties with respect to financing, 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.




                                        8

<PAGE>




                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                    THE QUARTERS ENDED JUNE 30, 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 Operations

The Company was incorporated under the laws of the State of Nevada on April 7,
1997. The Company had no operating activities during the period from April 7,
1997 to July 9, 1999 and was considered dormant. 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 decided not to pursue the license agreement with BREP
and AWRD and 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 April 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


                                        9

<PAGE>




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. 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.

In March 2006, the Company entered into an agreement with Hans-Eberhardt Frenzel
("Frenzel"), Helmut Goldner ("Goldner"), Goldner Umwelt & Hygienetechnik GmbH
("GUH"), and Logmed Technologie GmbH pursuant to which the Company purchased:

     *    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;

     *    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 (the Company) will be responsible for any
          Value-Added-Tax liabilities that may arise on this transaction. The
          purchase of the Halle Logmed machine for Euro 34,000 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

     *    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 the Company 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 the Company under the agreement, 1,500,000 Euro
(approximately $1,795,000), are payable in installments as follows:

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

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

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

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

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

In addition to the installments payable under the agreement, the Company 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 the Company, with the fee terminating on the earlier of


                                       10

<PAGE>




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.

The acquisition of Logmed and the related assets, technologies and rights was
accounted for using the Purchase Accounting method. The historical financial
statements are those of Globetech Environmental,Inc. The Purchase and Sale
agreement required 406,000 Euro ($492,286) to be paid for 100% of the shares of
Logmed Technologie GmbH, 660,000 Euro ($801,240) be paid for the Logmed patents
& technology, 34,000 Euro for the Halle machine and 400,000 Euro ($485,600) for
other intangible licencing rights. Pursuant to equity investment accounting
provisions, the goodwill paid for the shares of Logmed Technologies GmbH
(purchase price less net book asset value) $474,821 was written off.


As a result of the acquisition, effective March 17, 2006, the Company acquired
certain patents, marketing rights, technology, equipment and intellectual
property associated with the Logmed Technologies and altered its plan of
operations to focus exclusively on the sale, lease and marketing of Logmed
machines worldwide. Logmed is a 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. The Company believes that the
Logmed machines are capable of neutralizing prions (proteins associated with mad
cow disease and chronic wasting diseases) and plans to seek government approval
for such applications in North America and the European Union.







                                       11

<PAGE>





                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                    THE QUARTERS ENDED JUNE 30, 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 subsidiary, Beiseker Envirotech, Inc., a wholly owned
subsidiary, and CW Remediation, Ltd., a 50 percent owned subsidiary, 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.

Cash and Cash Equivalents

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 monthly on waste handling services on an accrual basis as
the services are performed and invoiced. Revenue on the sale of Logmed machines
will be recorded upon completion of the purchase & sale contract for each sale.

Loss per Share

Basic loss per share has been computed by dividing the loss for the period
applicable to the common stockholders by the weighted average number of common
shares outstanding during the period. There were no common equivalent shares
outstanding at June 30, 2006 and 2005.







                                       12

<PAGE>





                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                    THE QUARTERS ENDED JUNE 30, 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: monetary items at the rate
prevailing at the balance sheet date; non-monetary items at the historical
exchange rate; and, revenue and expense at the average rate in effect during the
applicable accounting period.

Exchange gains or losses arising on translation are included in comprehensive
income (loss) for the year.

Reclassifications

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

Income Taxes

The Company has a net operating loss for income tax purposes. 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. A deferred tax
asset has been recorded but has also been fully reserved resulting in a net
deferred tax asset of 0.. There are no significant tax differences requiring
deferral. The change in the allowance for the six months ended June 30, 2006 was
approximately $282,750.

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 and has
expensed $344,825 for stock option benefits related to the granting of 4,600,000
options during the second quarter. The expense amount was determined using the
Black-Scholes method.

 NOTE 4 - COMMITMENTS

As of June 30, 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.


                                       13

<PAGE>







                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                    THE QUARTERS ENDED JUNE 30, 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 June 30, 2006 and 2005, $20,000
and $0 in salary has been paid in shares and $40,000 and $0 has been accrued.
Mr. Sampson's outstanding accrued salary and expenses from March 1, 2005 up to
February 28, 2006 were paid by the issuance of 2 million shares.

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 June 30, 2006 and 2005, $16,666
and $0 in fees have been paid in shares and $33,332 and $0 have been accrued.
Mr. Hennig's accrued fees and expenses from September 27, 2005 up to February
28, 2006 were paid by the issuance of 964,688 shares.

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 June 30, 2006 and December 31, 2005,
the Company owed $115,515 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, at the election of the holder, at market.

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, at the election of the holder, at market.


                                       14

<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 greater of market or $.15/share. The
debentures were issued with warrants attached which granted the holder the right
to acquire one share for each $1 of debenture for $.15 during the first year and
$.25 during the second year of the term. The conversion price has subsequently
been reduced to $.06 effective September 30, 2006 when all debentures were
converted through the issuance of 1,128,137 shares.


NOTE 9 - COMMON STOCK TRANSACTIONS

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, during the six months ended June 30, 2005,
recognized interest expense of $247,858 in connection with this beneficial
conversion.

Pursuant to the conditional purchase agreement with Cristallo Holdings Inc. (see
Note 3, Organization and Operations, 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 their eventual return for failure to perform. The
shares issued to Cristallo Holdings are recorded as stock issued for acquisition
based on the fair market value of the shares at the date of issuance and were
included in the purchase price of the Beiseker facility that was subsequently
written off.

In order to facilitate upgrade to the Beiseker facility, the Company acquired,
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 to $0.

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.

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 4,985,740 shares to extinguish $498,574 due to
several shareholders of the Company.


                                       15

<PAGE>







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

NOTE 10 - 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 June 30, 2006 was increased by $344,825 by our
adoption of FAS 123R as compared to our results had we accounted for stock-based
compensation under APB 25.

During the six months ended June 30, 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

                                       16

<PAGE>





                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                    THE QUARTERS ENDED JUNE 30, 2006 AND 2005
                                   (Continued)

NOTE 10 - STOCK OPTIONS (Continued)

expiring through March 2011. The fair market price per share at the date the
options were granted was $0.08. 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 six months ended
June 30, 2006:

                                                              Weighted
                                                              average
                                             Shares        exercise price
                                          -------------    ---------------
Outstanding at beginning of year              3,400,000    $          0.50
Granted                                       4,600,000               0.08
Exercised                                      (370,312)                 -
Forfeited                                             -                  -
                                          -------------    ---------------
Outstanding at end of period                  7,629,688    $          0.26
                                          =============    ===============

Options exercisable at end of period          7,629,688    $          0.26
                                          =============    ===============

The following table summarizes information concerning outstanding and
exercisable common stock options under the 2005 Plan at June 30, 2006:


<TABLE>
<CAPTION>
                            Remaining                                            Weighted
                           Contractual      Weighted        Number of Options    Average
 Exercise      Options       Life (in        average           Currently         Exercise
   Price     Outstanding      years)      exercise price      Exercisable         Prices
---------  --------------  ------------  -----------------  ------------------  ----------
<S>           <C>               <C>           <C>               <C>               <C>
  $0.50       3,400,000         .92           $0.50             3,400,000         $0.50
  $0.08       4,229,688        4.75           $0.08             4,229,688         $0.08
</TABLE>


NOTE 11 - 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.




                                       17

<PAGE>




                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                    THE QUARTERS ENDED JUNE 30, 2006 AND 2005
                                   (Continued)

NOTE 11 - LOSS ON INVESTMENTS (Continued)

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 down. As of June 30,
2006, all advances with respect to the Beiseker operation had been repaid in
full.

NOTE 12 - SUBSEQUENT EVENTS

In July, the Company's German subsidiary arranged a Euro 100,000 line of credit
to be used in the operation of the business. This credit facility is with the
HypoVereinsbank, bears interest at 9.75% per annum, requires a monthly repayment
of Euro 1,000 and is for a term of one year.

In September, all convertible debentures were converted into 1,128,137 shares
which includes accrued interest up to time of conversion.





                                       18

<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
financial 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 unknown 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 six months 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.

In March 2006, the Company entered into an agreement with Hans-Eberhardt Frenzel
("Frenzel"), Helmut Goldner ("Goldner"), Goldner Umwelt & Hygienetechnik GmbH
("GUH"), and Logmed Technologie GmbH pursuant to which the Company purchased:

     *    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;

     *    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 (the Company) will be responsible for any
          Value-Added-Tax liabilities that may


                                       19

<PAGE>




          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

     *    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 the Company 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 the Company under the agreement, 1,500,000 Euro
(approximately $1,795,000), are payable in installments as follows:

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

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

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

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

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

In addition to the installments payable under the agreement, the Company 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 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
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.

The acquisition of Logmed and the related assets, technologies and rights was
accounted for using the Purchase Accounting method. The historical financial
statements are those of Globetech Environmental, Inc.

As a result of the acquisition, effective March 17, 2006, the Company acquired
certain patents, marketing rights, technology, equipment and intellectual
property associated with the Logmed Technologies and altered its plan of
operations to focus exclusively on the sale, lease and marketing of Logmed
machines worldwide. Logmed is a 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. The Company believes that the
Logmed machines are capable of neutralizing prions (proteins associated with mad
cow disease and chronic wasting diseases) and plans to seek government approval
for such applications in North America and the European Union.


                                       20

<PAGE>






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's revenues totaled $3,419 during the six months ended June
30, 2006 as compared to $0 during the six months ended June 30, 2005. During the
2006 period, revenues were attributable to fees from utilization of the Logmed
unit at the Halle medical clinic facility. During the 2005 period, there were no
fees relating to the Logmed unit as it was acquired in March 2006.

Cost of Sales. Cost of sales totaled $0 during the 2006 & 2005 six month
periods.

Operating Expenses. Operating expenses totaled $668,657 during the six months
ended June 30, 2006 as compared to $316,225 during the six months ended June 30,
2005. Operating expenses consisted principally of salary and consulting fees,
travel expense and general corporate overhead. The increase in operating
expenses during the 2006 period was principally attributable to costs of
assimilating the assets and operations of Logmed Technologie, initial sales and
marketing efforts relating to the Logmed product line and the accrued stock
option benefit of $344,825. 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 ($487,442) during the 2006 six month period as compared to net other loss of
$1,890,715 during the 2005 period. Net other expense during the 2006 period
consisted of interest on outstanding indebtedness ($12,621) and a writedown of
goodwill. Net other loss in 2005 consisted substantially of the writedown of the
Beiseker investment of $1,435,510 and write down of other assets of $501,276.

Liquidity and Capital Resources

Cash and Working Capital Position

The Company had nominal resources at June 30, 2006 and December 31, 2005 with a
cash balance of $4,473 at June 30, 2006 and $1,219 at December 31, 2005 and a
deficit in working capital of $1,093,172 at June 30, 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 June 30, 2006 were
shareholder loans totaling $115,515 and demand notes totaling $244,095. During
the quarter ended June 30, 2006, $ 498,574 in principal amount of loans from
shareholders were converted into 4,985,740 shares of common stock and $303,175
in payables were settled for the issuance of 3,789,688 shares of common stock.


                                       21

<PAGE>






Cash Flows

The Company used $72,367 in cash for operations during the 2006 period as
compared to $87,786 used in operations during the 2005 period. 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 $241,709 of cash during the 2006 period as compared to
$0 used in investing activities during the 2005 period. Cash used in investing
activities related to the Logmed technology acquisition during the 2006 period.

Financing activities provided $318,720 of cash to the Company during the 2006
period as compared to $92,776 provided in the 2005 period. Cash provided by
financing activities was attributable to the sale of demand promissory notes in
the amount of $244,095, stock option exercise for $29,625 and the sale of
convertible debentures in the amount of $45,000 during the 2006 period and
shareholder loans during the 2005 period.

Long-Term Debt

Long-term debt totaled $1,016,200 at June 30, 2006 as compared to $0 at December
31, 2005. Long-term debt at June 30, 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:

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

     *    434,000 Euro due December 31, 2007; an

     *    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.



                                       22

<PAGE>




The Company presently lacks the financial resources to support its operations
and meet its financial commitments over the next twelve months. The Company is
presently seeking financing from various potential funding sources but has no
commitments at this time to provide such financing.

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


                                       23

<PAGE>




"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 not 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.

The Company has determined that material weaknesses exist in its disclosure
controls. The principal weakness identified by the Company is the lack of
adequate accounting personnel to assure both a proper segregation of duties and
the timely recording of accounting information relative to operations in
Germany. The Company's CFO has traveled to Germany in order to evaluate the
necessary procedures and personnel to assure the timely and accurate recording
of accounting information and the integration of systems and information with
the Company's domestic accounting systems. The Company believes that the
resolution of the disclosure control weaknesses will require the addition of
qualified personnel. The Company presently lacks the financial resources to hire
the needed personnel to address the weaknesses but intends to add such personnel
as may be appropriate at such time as the Company has adequate financial
resources.

During the quarter ended June 30, 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.






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<PAGE>






                           PART II - OTHER INFORMATION

Item 2.  Unregistered Sales of Securities and Use of Proceeds

Subsequent to the quarter ended June 30, 2006, the Company issued an aggregate
of $19,000 in principal amount of Convertible Debentures to 1 accredited
investor. The Convertible Debentures are due in February 2008, bear interest at
8% and are convertible into common stock at market. Effective September 30,
2006, all convertible debentures were, with accrued interest, converted into
1,128,137 common shares.

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: October 20, 2006    By: /s/ Donald Sampson
      -----------------      -------------------
                          Donald Sampson
                          President and Director
                          (Principal Executive Officer)



Date: October 20, 2006    By: /s/ Theodor Hennig
      ----------------       -------------------
                          Theodor Hennig
                          Chief Financial Officer, Secretary and Director
                          (Principal Financial Officer)





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