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 September 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 Vegas, 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 November 15, 2006, we had 58,346,907 shares of Common Stock
outstanding.

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






                                        1

<PAGE>




                          GLOBETECH ENVIRONMENTAL, INC.

                                   FORM 10-QSB

                                      INDEX

                                                                        Page No.
PART I. FINANCIAL INFORMATION

    Item 1. Financial Statements (Unaudited)

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

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

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

        Statements of Cash Flows for the nine months
         ended September 30, 2006 and September 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    .......................................25

PART II           OTHER INFORMATION



     Item 4. 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>
                                                                    September 30,         December 31,
                                                                         2006                 2005
                                                                  ------------------   -------------------
Assets:
<S>                                                               <C>                  <C>
   Cash and Cash Equivalents                                      $            7,475   $             1,219
   Prepaid & advances                                                          9,160                     -
   Accounts Receivable                                                         8,620                     -
                                                                  ------------------   -------------------
      Total Current Assets                                                    25,255                 1,219
                                                                  ------------------   -------------------

   Tangible assets                                                            80,166                     -
   Intangible property - patents, licenses                                 1,286,840                     -
                                                                  ------------------   -------------------

      Total Assets                                                $        1,392,261   $             1,219
                                                                  ==================   ===================


Liabilities and Stockholders' (Deficit)
Liabilities:
   Accounts Payable and Accrued Liabilities                       $          234,165   $            80,845
   Due to Goldner et al -current portion                                     607,000                     -
   Due to related party                                                       87,167                     -
   Demand Notes Payable                                                      171,233                     -
   Term loan                                                                 126,870                     -
   Due to Stockholders                                                       132,482               733,903
                                                                  ------------------   -------------------

      Total Current Liabilities                                            1,358,917               814,748
                                                                  ------------------   -------------------

    Due to Goldner et al                                                     971,200                     -
                                                                  ------------------   -------------------

       Total Liabilities                                                   2,330,117               814,748
                                                                  ------------------   -------------------

Stockholders' (Deficit):
  Common Stock, Par value $.001, Authorized
    100,000,000 shares, Issued 58,346,907 at
   September 30, 2006 and 48,073,030 at December 31,                          58,347                48,073
2005
  Paid-In Capital                                                          3,589,307             2,374,342
   Retained Deficit                                                         (273,432)             (273,432)
   Deficit Accumulated During the
     Development Stage                                                    (4,314,587)           (2,962,512)
   Other comprehensive income                                                  2,509                     0
                                                                  ------------------   -------------------
     Total Stockholders' (Deficit)                                          (937,856)             (813,529)
                                                                  ------------------   -------------------

       Total Liabilities and Stockholders' (Deficit)              $        1,392,261   $             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
                                                      September 30,                       Development
                                               2006                   2005                   Stage
                                       ---------------------  --------------------  ------------------------
<S>                                    <C>                    <C>                   <C>
Revenues                               $                   -  $                  -  $                  3,419
Costs of Sales                                             -                     -                         -
                                       ---------------------  --------------------  ------------------------

Gross Profit                                               -                     -                     3,419

Expenses:
Consulting                                            58,643                40,000                   676,426
Stock Option Benefit                                       -                     -                   344,825
General and Administrative                           125,958                   102                   780,659
                                       ---------------------  --------------------  ------------------------
      Total Expenses                                 184,601                40,102                 1,801,910
                                       ---------------------  --------------------  ------------------------

     Operating Loss                                 (184,601)              (40,102)               (1,798,491)

Other Income (Expense):
Interest Expense                                     (10,808)                    -                  (271,286)
Interest income                                          742                     -                       742
Currency Exchange                                          -                   450                      (651)
Write-Down of Goodwill/Assets                              -                     -                  (874,821)
Write-Down of License Rights                               -                     -                  (101,276)
Loss on Investment                                         -                     0                (1,558,485)
Depreciation & amortization                           (4,730)                    -                    (4,730)
Forgiveness of Debt                                        -                     -                   294,411
                                       ---------------------  --------------------  ------------------------

Total Other Expense                                  (14,796)                  450                (2,516,096)
                                       ---------------------  --------------------  ------------------------

     Net Loss                          $            (199,397) $            (39,652) $             (4,314,587)
                                       =====================  ====================  ========================
Foreign currency adjustment                          (24,883)                    -                     2,509
                                       ---------------------  --------------------  ------------------------
Comprehensive loss                     $            (224,280) $           (39,652)  $             (4,312,078)
                                       =====================  ====================  ========================

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

Weighted Average Shares
Outstanding                                       53,086,023            48,073,030
                                       =====================  ====================
</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 Nine Months Ended                  Inception of
                                                      September 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                                           216,414               191,220                     676,426
Stock Option Benefit                                 344,825                     -                     344,825
General and Administrative                           292,019               165,107                     780,659
                                       ---------------------  --------------------  --------------------------
      Total Expenses                                 853,258               356,327                   1,801,910
                                       ---------------------  --------------------  --------------------------

     Operating Loss                                 (849,839)             (356,327)                 (1,798,491)

Other Income (Expense):
Interest Expense                                     (23,429)             (247,858)                   (271,286)
Interest income                                          742                     -                         742
Currency Exchange                                          -                  (285)                       (651)
Write-Down of Goodwill/Assets                       (474,821)             (400,000)                   (874,821)
Write-Down of License Rights                               -              (101,276)                   (101,276)
Loss on Investment                                         -            (1,494,210)                 (1,558,485)

Depreciation & amortization                           (4,730)                    -                      (4,730)

Forgiveness of Debt                                        -               294,664                     294,411
                                       ---------------------  --------------------  --------------------------

Total Other Expense                                 (502,238)           (1,948,965)                 (2,516,096)
                                       ---------------------  --------------------  --------------------------

     Net Loss                          $          (1,352,077) $        ( 2,305,292) $               (4,314,587)
                                       =====================  ====================  ==========================
Foreign Currency Adjustment                            2,509                     -                       2,509
                                       ---------------------  --------------------  --------------------------
Comprehensive loss                     $          (1,349,568) $        ( 2,305,292) $               (4,312,078)
                                       =====================  ====================  ==========================
Loss per Share, Basic &
Diluted                                $               (0.03) $              (0.05)
                                       =====================  ====================
Weighted Average Shares
Outstanding                                       53,086,023          46,262,040
                                       =====================  ====================
</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 Nine Months Ended         Inception of
                                                                        September 30,               Development
                                                                   2006               2005             Stage
                                                             -----------------  ---------------- ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                          <C>                <C>              <C>
Net Loss for the Period                                      $      (1,352,077) $     (2,305,292)$       (4,314,587)
Adjustments to reconcile net loss to net cash
  used in operating activities:
     Depreciation and Amortization                                       4,730                 -             12,090
     Common Stock Issued for Services                                  182,724                 -            408,983
      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                                                      -         1,494,210          1,558,485
Changes in Operating Assets and Liabilities
     Increase in Accounts Payable                                      117,689            19,432            227,079
     Increase in Accrued Interest                                       20,318                 -             20,318
                                                             -----------------  ---------------- ------------------
Net Cash (Used in) Operating Activities                               (206,970)          (42,516)          (518,852)
                                                             -----------------  ---------------- ------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Logmed Invesment                                                (242,800)                -           (242,800)
      Fixed asset additions                                            (34,160)                -            (34,160)
      Cash acquired in acquisition                                         492                 -                492
                                                             -----------------  ---------------- ------------------
Net Cash (Used) in Investing Activities                               (276,468)                -           (276,468)
                                                             -----------------  ---------------- ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from Stockholder Loans                                    16,968            43,945            379,544
     Related Party Loan                                                 87,167                 -             87,167
     Stock Option Exercise                                              29,625                 -             29,625
     Sale of Demand Promissory Note                                    171,232                 -            171,232
     Sale of convertible debentures                                     65,000                 -             65,000
     Term loan                                                         126,870                 -            126,870
                                                             -----------------  ---------------- ------------------
Net Cash Provided by Financing Activities                              496,862            43,945            859,438
                                                             -----------------  ---------------- ------------------
Effect of rate changes on cash                                          (7,168)                -            (57,862)
Net Increase in Cash                                                     6,256             1,429              6,256

Cash at Beginning of Period                                              1,219                 -              1,219
                                                             -----------------  ---------------- ------------------
Cash at End of Period                                        $           7,475  $          1,429 $            7,475
                                                             =================  ================ ==================
</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 Nine Months Ended         Inception of
                                                                       September 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 $           400,000
                                                             ----------------  ---------------- -------------------
Shares Issued to Acquire Company                             $              -  $      1,000,000 $         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 subsidiary                   $        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 CONSOLIDATED FINANCIAL STATEMENTS
                 THE QUARTERS ENDED SEPTEMBER 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
$4,590,528 for the period from April 7, 1997 (inception) to September 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 CONSOLIDATED FINANCIAL STATEMENTS
                 THE QUARTERS ENDED SEPTEMBER 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 accounting principles generally accepted in the
United States of America 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>


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


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.

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 financial statements.
                  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


                                       10

<PAGE>


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


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 price paid in
connection with the Logmed acquisition was allocated to the assets acquired in
accordance with the terms of the Purchase and Sale agreement which 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 ($41,276) for the Halle machine and 400,000 Euro ($485,600) for
other intangible licensing rights. Goodwill in the amount of $474,821 was
recorded in connection with the acquisition of the Logmed Technologie shares.
During the quarter ended March 31, 2006, the Company determined that the
goodwill associated with the Logmed Technologie shares was impaired and goodwill
in the amount of $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. The Company has
applied for CDN$200,000 in Prion research grants from Alberta Ingenuity and has
met with government officials in Alberta, Canada regarding the deployment of the
Logfmed technology in Alberta.




                                       11

<PAGE>








                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 THE QUARTERS ENDED SEPTEMBER 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.

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

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 and 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 September 30, 2006 and 2005.




                                       12

<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 THE QUARTERS ENDED SEPTEMBER 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 nine months ended September 30,
2006 was approximately 352,750.

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 September 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 CONSOLIDATED FINANCIAL STATEMENTS
                 THE QUARTERS ENDED SEPTEMBER 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 September 30, 2006 and 2005,
$20,000 and $0 in salary has been paid in shares and $70,000 and $0 has been
accrued. Mr. Sampson's outstanding accrued salary and expenses from March 1,
2005 up to February 28, 2006, totaling $ 160,000 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 September 30, 2006 and 2005,
$16,666 and $0 in fees have been paid in shares and $58,331 and $0 have been
accrued. Mr. Hennig's accrued fees and expenses from September 27, 2005 up to
February 28, 2006, totaling $77,175 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 - STOCKHOLDER ADVANCES

Stockholders of the Company have advanced the Company money in order to pay
general and administrative expenses. Amounts advanced by stockholders are
non-interest bearing and are due on demand. As of September 30, 2006 and
December 31, 2005, the Company owed $132,482 and $733,903, respectively,
relating to these advances.

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, can be converted to shares,
at the election of the holder, at market and is due on demand.

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, can be
converted to shares, at the election of the holder, at market and is due on
demand.

                                       14

<PAGE>





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

NOTE 8 - CONVERTIBLE DEBENTURES

The Company issued $45,000 in convertible debentures during the first quarter of
2006 and an additional $20,000 in July. The debentures were for a term of two
years, paid interest at 8% per annum and could 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 was subsequently reduced to $.06 effective September
30, 2006 when all debentures were converted through the issuance of 1,128,137
shares.

NOTE 9 - LINE OF CREDIT

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.

NOTE 10 - 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. Because of the uncertainty
of use of the equipment in the future, the equipment was written down from
$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 Stockholders of the Company.


                                       15

<PAGE>






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

NOTE 11 - 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 nine months ended September 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 expiring through March
2011.

                                       16

<PAGE>





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

NOTE 11 - STOCK OPTIONS (Continued)

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.


                        Shares       Exercise price
                     ------------  -------------------

       Granted          4,600,000                 0.08


The fair value of each option grant issued is estimated at the date of grant
using the Black-Scholes option-pricing model with the following weighted average
assumptions for the periods indicated:


                                         For the three months
                                          September 30, 2006
Expected volatility                                          161%
Risk free interest rate                                      4.9%
Expected option life                                      5 years
Dividend yield                                                 0%
Fair value of options granted                           $ 344,825

Stock option activity during the nine months ended September 30, 2006 was as
follows:


<TABLE>
<CAPTION>
                                                                                          Weighted
                                                                       Weighted           Average
                                                                       Average           Remaining               Aggregate
                                                                       Exercise         Contractual              Intrinsic
                                                 Shares                 Price         Term (in years)              Value
                                             ---------------     ------------------   -----------------    ------------------
<S>                                          <C>                 <C>                  <C>                  <C>
Outstanding at December 31, 2005                   3,400,000     $             0.50                 .67
Granted                                            4,600,000                   0.08                 4.5
Exercised                                          (370,312)                     --
Cancelled                                                  -                     --
                                             ---------------     ------------------   -----------------    ------------------
Outstanding at September 30, 2006                  7,629,688                   0.26                        $                0
                                             ===============     ==================   =================    ==================
                                             ===============
Vested and expected to vest at September
 30, 2006                                          7,629,688                   0.26                        $                0
                                             ---------------     ------------------   -----------------    ------------------
Exercisable at September 30, 2006                  7,629,688                   0.26                        $                0
                                             ---------------     ------------------   -----------------    ------------------
</TABLE>


                                       17

<PAGE>



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


The aggregate intrinsic value in the table above represents the total pretax
intrinsic value (the difference between our closing stock price on September 30,
2006 and the exercise price, multiplied by the number of in-the-money options)
that would have been received by the option holders had all option holders
exercised their options on September 30, 2006. This amount changes based on the
fair market value of our stock. No options were exercised for the nine moths
ended September 30, 2006. As of September 30, 2006, total unrecognized
stock-based compensation expense related to non-vested stock options was $0,
which is expected to be recognized over 0 years. As of September 30, 2006 there
were 7,629,688 shares of common stock available for issuance pursuant to future
stock option grants.



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


<TABLE>
<CAPTION>
                                                                                                Weighted
               Options      Remaining              Weighted             Number of Options       Average
  Exercise   Outstanding   Contractual             average                  Currently           Exercise
   Price                  Life (in years)       exercise price             Exercisable           Prices
----------------------------------------------------------------------------------------------------------
<C>            <C>                      <C>             <C>                      <C>               <C>
$0.50          3,400,000                .67             $0.5050                  3,400,000         $0.50

$0.08          4,229,688                4.5             $0.0808                  4,229,688         $0.08
</TABLE>

NOTE 12 - 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.




                                       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.

Current Year Developments

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.

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;



                                       19

<PAGE>




             *    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 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 financial statements.
                  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. The purchase price paid in
connection the Logmed acquisition was allocated to the assets acquired in
accordance with the terms of the Purchase and Sale agreement which 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 ($41,276) for the Halle machine and 400,000 Euro ($485,600) for
other intangible licensing rights. Goodwill in the amount of $474,821 was
recorded in connection with the acquisition of the Logmed Technologie shares.
During the quarter ended March 31, 2006, the Company determined that the
goodwill associated with the Logmed Technologie shares was impaired and goodwill
in the amount of $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


                                       20

<PAGE>




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.


Following the acquisition of the Logmed Technology and related assets, the
Company commenced an overhaul of the Logmed unit at the Halle medical clinic. As
a result, medical waste treatment operations at the Halle clinic ceased in
October 2006 and will not resume until completion of the ongoing overhaul which
is expected to be complete in November.

In October, Logmed Technologie GmbH's contractor, Gustav Bruns GmbH & Co. KG,
commenced construction of the initial Logmed II machine for SITA Polen of
France. The contract calls for the machine to be delivered and installed in
January 2007.

In October, Logmed Technologie GmbH sold a refurbished Logmed I machine for cash
proceeds of approximately $435,000.

In November, the Company entered into a Letter of Intent with Sumstar Group Corp
of Beijing China to act as Gobetech's exclusive agent for marketing Logmed
machines and related technology to the People's Republic of China. The Letter of
Intent also contemplates manufacturing Logmed machines in China under a
yet-to-be negotiated manufacturing license, and establishing a joint venture
company with Sumstar to pursue Logmed project opportunities in China.

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, September 30, 2006, there
have been no material changes or updates to the Company's critical accounting
policies other than the adoption of stock-based compensation in accordance with
the provisions of SFAS 123R, constituting a new critical accounting policy.

Stock-Based Compensation. We account for stock-based compensation in accordance
with the provisions of SFAS 123R. We use the Black-Scholes option-pricing model,
which requires the input of highly subjective assumptions. These assumptions
include estimating the volatility of the Company's common stock price over the
vesting term and the number of options that will ultimately not complete their
vesting requirements ("forfeitures"). Changes in the subjective assumptions can
materially affect the estimated fair value of stock-based compensation and
consequently, the related amount recognized on the Statements of Operations. See
Note 11 of the Notes to the Financial Statements in this Form 10-QSB for further
discussion of stock-based compensation.

Results of Operations

Revenues. The Company's revenues totaled $3,419 during the nine months ended
September 30, 2006 as compared to $0 during the nine months ended September,
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 $853,258 during the nine months
ended September, 2006 as compared to $356,327 during the nine months ended
September, 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 stock option
benefit of $344,825. Operating expenses exclude all direct expenses of operation
of the Beiseker facility.


                                       21

<PAGE>




Other Income (Expense). The Company reported other expense, net of other income,
of ($502,238) during the 2006 nine month period as compared to net other loss of
$1,948,965 during the 2005 period. Net other expense during the 2006 period
consisted of interest on outstanding indebtedness ($23,429) 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 September 30, 2006 and December 31, 2005
with a cash balance of $7,475 at September 30, 2006 and $1,219 at December 31,
2005 and a deficit in working capital of $1,333,662 at September 30, 2006 and
$813,529 at December 31, 2005.

The Company has been dependent upon financing provided in the form of
stockholder loans from its principal officers, directors and stockholders to
support its ongoing operations. The Company expects to continue to be dependent
upon financing provided by its principal officers, directors and stockholders
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 stockholders or third parties to provided financing.

Included in the Company's working capital deficit at September 30, 2006 were
stockholder loans totaling $132,482 demand notes totaling $258,400 and term loan
totaling $126,870. During the nine months ended September 30, 2006, $ 498,574 in
principal amount of loans from stockholders 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.

Cash Flows

The Company used $206,970 in cash for operations during the 2006 period as
compared to $42,516 used in operations during the 2005 period. The increase in
cash used in operations in the 2006 period was principally attributable to fewer
adjustments to net cash used by operations for 2006 as compared with 2005.

Investing activities used $276,468 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 and other fixed asset
additions during the 2006 period.

Financing activities provided $496,862 of cash to the Company during the 2006
period as compared to $43,945 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, term loan of $126,870
and the sale of convertible debenture in the amount of $67,688 during the 2006
period and stockholder loans during the 2005 period.

The convertible debentures sold during 2006 and maturing in 2008 were converted
effective September 30, 2006 into 1,128,137 shares of common stock.

Long-Term Debt

Long-term debt totaled $971,200 at September 30, 2006 as compared to $0 at
December 31, 2005. Long-term debt at September 30, 2006 consisted of amounts
owing with respect to the Logmed Technologie acquisition, totaling $971,200.

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; and

              *   365,998 Euro due December 31, 2008.



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<PAGE>




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.

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.

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 Halle
Logmed machine is currently undergoing a complete overhaul. As a result, the
Halle Logmed machine has been idle since October 2006 and is not expected to
resume operations until approximately December 2006.

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 stockholders, 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.


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<PAGE>




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 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 September 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.

                           PART II - OTHER INFORMATION

Item 4.  Exhibits

Exhibit
 Number       Title of Document

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


Date: November 21, 2006          By: /s/ Theodor Hennig
                                 Theodor Hennig
                                 Chief Financial Officer, Secretary and Director
                                 (Principal Financial Officer)




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