SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

(Mark One)

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

                   For the Fiscal Year Ended December 31, 2006

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

          For the transition period from ____________ to _____________

                           Commission File No. 0-27737

                          GLOBETECH ENVIRONMENTAL, INC.
   --------------------------------------------------------------------------
                 (Name of Small Business Issuer in its charter)

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

 Title of each class           Name of each exchange on which each is registered
 --------------------          -------------------------------------------------
        None                                         None

Securities registered pursuant to Section 12(g) of the Act:

                         Common Stock, $0.001 par value
                   -------------------------------------------
                                (Title of Class)

Check whether the issuer is not required to file reports pursuant to Section 13
or 15(d) of the Exchange Act. [ ]

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports); and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [ ]

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

The Issuer's revenues for the fiscal year ended December 31, 2006 were $379,841.

The aggregate market value of the voting and non-voting common equity held by
non-affiliates of the registrant on May 31, 2007, based on the last reported
sales price on the Pink Sheets, was approximately $2,588,303.

The number of shares of the registrant's common stock, $0.001 par value per
share, outstanding as of May 31, 2007 was 67,354,007.

                       DOCUMENTS INCORPORATED BY REFERENCE

None

Transition Small Business Disclosure Format: Yes [ ] No [X]



<PAGE>



                          GLOBETECH ENVIRONMENTAL, INC.

                              INDEX TO FORM 10-KSB
                                December 31, 2006


<TABLE>
<CAPTION>
<S>            <C>     <C>                                                                         <C>
Part I    Item 1.      Description of Business                                                      3
          Item 2.      Description of Property                                                     16
          Item 3.      Legal Proceedings                                                           17
          Item 4.      Submission of Matters to a Vote of Security Holders                         17

Part II   Item 5.      Market for Common Equity, Related Stockholder Matters and
                          Small Business Issuer Purchases of Equity Securities                     17
          Item 6.      Management's Discussion and Analysis or Plan of Operation                   18
          Item 7.      Financial Statements                                                        24
          Item 8.      Changes in and Disagreements with Accountants on
                           Accounting and Financial Disclosure                                     24
          Item 8A.     Controls and Procedures                                                     25
          Item 8B.     Other Information                                                           25

Part III  Item 9.      Directors and Executive Officers of the Registrant                          25
          Item 10.     Executive Compensation                                                      29
          Item 11.     Security Ownership of Certain Beneficial Owners and
                           Management and Related Stockholder Matters                              32
          Item 12.     Certain Relationships and Related Party Transactions                        33
          Item 13.     Exhibits                                                                    34
          Item 14.     Principal Accountant Fees and Services                                      34
Signatures                                                                                         35
</TABLE>

                                       2

<PAGE>


FORWARD-LOOKING STATEMENTS

This annual report on Form 10-KSB contains forward-looking statements within the
meaning of the federal securities laws. These forwarding-looking statements
include, without limitation, statements regarding the Company's expectations and
beliefs about the market and industry, its goals, plans, and expectations
regarding its properties and services, its intentions and strategies regarding
future acquisitions and sales of properties and businesses, its intentions and
strategies regarding the formation of strategic relationships, its beliefs
regarding the future success of its properties and services, its expectations
and beliefs regarding competition, competitors, the basis of competition and its
ability to compete, its beliefs and expectations regarding its ability to hire
and retain personnel, its beliefs regarding period to period results of
operations, its expectations regarding revenues, its expectations regarding
future growth and financial performance, its beliefs and expectations regarding
the adequacy of its facilities, and its beliefs and expectations regarding its
financial position, ability to finance operations and growth and the amount of
financing necessary to support its operations. These statements are subject to
risks and uncertainties that could cause actual results and events to differ
materially. The Company undertakes no obligation to update forward-looking
statements to reflect events or circumstances occurring after the date of this
annual report on Form 10-KSB.

                                     PART I

ITEM 1.           BUSINESS

General

Globetech Environmental, Inc., a Nevada corporation ("Globetech" or the
"Company"), is engaged, since mid-2005, in the medical waste treatment business,
including, since early 2006, the marketing of proprietary medical waste
treatment technology.

History and Development of the Company

The Company was originally incorporated in April 1997 under the name "Alaskan
Geodetic Survey, Inc." and remained dormant until March 2000.

From inception through December 2004, the Company undertook a series of name
changes and pursued various acquisitions and businesses, each of which was
eventually terminated and/or abandoned.

During 2005 and 2006, the Company developed and implemented plans to enter into
the environmental services and medical waste treatment industry. Plans with
regard to entering into those industries centered around three transactions
undertaken by the Company, (1) the acquisition of a license from Blue Ribbon
Environmental Products ("BREP") and Advanced Water and Research Development,
Inc. ("AWRD") to market certain products and services developed through CW
Remediation Ltd. ("CWR"), (2) the acquisition from Cristallo Holdings, Inc. of
medical waste treatment facilities, and (3) the acquisition of technology and
marketing rights relating to medical waste treatment technology from H. Goldner
and affiliates ("Logmed Technologies").

In April 2005, the Company acquired, for $100,000, a license to market the
following products, services and technologies of CWR:

     o    Soil and water remediation techniques to remove salt, hydrocarbons and
          other contaminants from soil and water and improve in-situ land-farm
          sites by speeding up the process while controlling customer exposure;

     o    Clean water resonator technology to release bound-up oxygen in water
          and accelerate the effectiveness of microbes;

     o    Water clarifier technology capable of cleaning up to 3,000 gallons of
          water per minute;

     o    Cold water evaporator technology capable of cleaning by way of ambient
          temperature evaporation up to 400 gallons of oil or gas well water per
          hour; and

     o    Naturally occurring strains of microbes to remediate contaminants.

                                       3
<PAGE>


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

In conjunction with, and to facilitate, the Company's efforts in 2005 to acquire
or establish viable business operations, the Company (1) in January 2005,
entered into a settlement agreement with various creditors whereby the Company
issued notes totaling $247,858 in settlement of amounts then due and payable,
said notes being due December 31, 2005, bearing interest at 10% and being
convertible into common stock at $0.05 to $0.07 per share; (2) in February 2005,
carried out a 6-for-1 stock split; (3) in April 2005, issued 800,000 shares of
common stock to a company controlled by the Company's president, in exchange for
three auto-clave units to be installed as part of the planned upgrade to the
Beiseker facility; (4) in August 2005, changed its name to "Globetech
Environmental, Inc.;" and (5) from time to time during 2005, borrowed funds from
the Company's principal shareholders to facilitate the Beiseker and CRW
acquisitions, upgrades to the Beiseker facility and fund operations. The
convertible notes issued in January 2005 were converted into 26,969,568 shares
of common stock in February 2005.

In conjunction with the commencement of operations at the Beiseker facility, the
Company, during the third quarter of 2005, determined to defer commencement of
efforts to market and commercialize the products and services of CRW. This
investment was written off as of December 31, 2005.

In March 2006, the Company determined that Cristallo had defaulted in its
obligations to acquire and transfer to the Company the Logmed Technologies.
Following such determination, and efforts to negotiate revised terms with
Cristallo, the Company (1) acquired the Logmed Technologies directly from H.
Goldner and affiliates in March 2006 and (2) terminated operation of the
Beiseker facility and notified Cristallo of its intent to terminate the purchase
and return control of the Beiseker facilities. The Company unsuccessfully
attempted to negotiate a formal agreement terminating the purchase of the
Beiseker, returning the shares issued to Cristallo and releasing all claims
relating to the proposed purchase and sale.

With the direct acquisition of the Logmed Technologies and the termination of
operation of the Beiseker facility, the Company altered its business plan to
focus exclusively on the marketing, sales and leasing of Logmed machines.

During 2006, the Company entered into a series of transactions designed to
finance operations and acquisitions, including (1) borrowing an aggregate of $
102,487 from various related parties, (2) borrowing Cdn 200,000 from a third
party to pay a $150,000 downpayment in connection with the Logmed acquisition,
(3) the sale of $65,000 of convertible debentures, (4) borrowing Euro 100,000
under a line of credit facility, (5) issuing 2,652,188 shares of common stock to
pay accrued and unpaid salary and expenses totaling $237,175 owing to officers
and directors, and (6) issuing _4,985,740 shares of common stock to pay $498,574
of debt owing to shareholders.

In May 2007, the Company entered into a joint venture agreement with Medivac
Limited, an Australian company, pursuant to which the Company and Medivac agreed
to form a joint venture company to market the Company's Logmed machines and
Medivac's MetaMizer machine.

                                       4
<PAGE>

Industry Overview

The medical waste industry has arisen from, and developed as a result of,
growing public concerns regarding environmental hazards and work place dangers
associated with the treatment of infectious diseases such as AIDS, hepatitis,
SARS and other pathogenic diseases and the handling of the waste stream
associated therewith. The roots of this growth in public concern, particularly
in the developed countries of the world, can be traced to intense media coverage
and public outrage at medical waste washing ashore on the beaches of New York
and New Jersey during the 1980s. In response to the public outcry, the U.S.
Congress passed the Medical Waste Tracking Act of 1988, or MWTA. The MWTA, in
turn, spurred increased scrutiny, heightened regulation and the enactment of
laws governing the handling, tracking and disposal of medical waste at the
federal and state levels in the U.S. and in most countries in Europe, North
America and in other developed countries around the globe. Those laws and
regulations have established comprehensive regimens and guidelines governing the
packaging, transportation, treatment and disposal of medical waste and, in turn,
the development of the medical waste industry.

In response to the expansive new regulatory structure governing medical waste,
health care facilities, such as hospitals and clinics, as well as individual
physicians offices, dental offices, veterinarians and other small health care
operators, have sought out solutions to assure compliance with such regulations
and cost effectiveness in such responses. Each of those facilities produce on a
regular and ongoing basis varying levels of medical clinical waste, including
human or animal tissue, blood or other body fluids, excretions, drugs or other
pharmaceutical products, swabs or dressings, or syringes, needles or other sharp
instruments, each of which may prove hazardous unless properly handled, treated
or disposed of.

A vast and diverse industry has developed to provide a comprehensive range of
products and services all designed to address the regulatory compliance
requirements of health care facilities in dealing with medical waste. Product
and service offerings within the industry range from on-site education,
training, waste identification, reduction and treatment equipment and services
to comprehensive off-site waste gathering, transportation and treatment services
and equipment. Solutions are commonly categorized by the treatment technology
utilized and as being either on-site or off-site. Among the solutions, users
typically select a solution based on an evaluation of a combination of its
regulatory effectiveness, ease of use and cost-effectiveness.

According to industry publications, the volume of infectious waste generated in
the U.S. alone is millions of tons annually and growing .The Company believes
that the global infectious waste market, excluding the U.S., is at least as
large as, or larger than, the U.S. market.

The Company believes that the demand for medical waste products and services
will continue to grow and expand driven by various factors, including:

     o    Pressure to reduce hospital costs. Pressure to reduce costs and
          improve efficiency within the healthcare industry has resulted in a
          growing reliance on outside contractors to develop and deliver cost
          effective solutions to various aspects of facilities operations and
          risk management, including the handling of medical waste. Medical
          waste management service and product companies, including the Company,
          offer a range of products and services all with a view to assuring a
          cost-effective compliance program.

     o    Shift to non-acute care treatment settings. A shift in the medical
          treatment setting from high cost acute care facilities to alternative
          lower-cost settings, driven by managed care and cost-containment
          measures, has resulted in a growing amount of medical waste being
          generated at smaller facilities that lack the resources, experience
          and expertise necessary to develop and implement an effective medical
          waste management solution without the involvement of outside solutions
          providers.

                                       5
<PAGE>



     o    Growing demand for medical services. Demand for medical services in
          North America and Europe has grown in recent years with the growth in
          government and private health programs and the development of
          technologies and treatments not previously available and is expected
          to grow at an accelerated pace with aging populations and falling
          mortality rates. With the aging populations and extended life
          expectancy, and an accompanying increase in demand for medical
          services, the volume of medical waste generated is expected to grow.

     o    Increasing environmental and safety concerns and regulation. Public
          concern regarding the effects of industry on the environment and on
          safety have led to extensive regulation of various aspects of the
          medical waste management industry. Applicable environmental
          regulations regarding the discharge of pollutants into the atmosphere
          has increased the cost of operating medical waste incinerators and
          resulted in the closure of many facilities resulting in a growing
          demand for non-incineration alternatives for medical waste treatment.
          Similarly, workplace regulations regarding exposure of workers to
          blood-borne pathogens and other potentially infectious materials have
          resulted in a growing demand for effective solutions to assure proper
          handling and disposal of medical wastes.

Services and Operations

The Company's principal services and operations are comprised of the marketing,
sales and leasing of its proprietary Logmed medical waste
disinfection/sterilization units and the operation of a contract medical waste
treatment facility, the Halle clinic medical facility in Wittenberg, Germany.

- Logmed Products. Effective with the acquisition of underlying technology and
marketing rights in March 2006, the Company's principal focus is the marketing,
sale and leasing of its proprietary medical waste treatment units known as
Logmed. Logmed represents an environmentally friendly cost-effective medical
waste treatment solution with potential application in the treatment of other
waste that is considered bio-hazardous such as airline garbage.

Logmed is an advanced autoclave unit incorporating proprietary patented
technologies and processes, including continuous feeding, shredding, mixing,
fragmenting, drying, chemical treatment and compaction in an enclosed
environment to deactivate, dis-infect, sterlize and reduce contaminated waste.
Logmed offers a fully automated medical waste treatment solution with multiple
user benefits, including:

     o    elimination of manual separation;

     o    reduction in end product and accompanying reduction in transportation
          and disposal cost;

     o    energy efficient thermal treatment; and

     o    minimal environmental impact due to reduced end product and no harmful
          discharge to the environment.

Treatment of medical waste in a Logmed unit begins with loading waste material,
inside of and including disposable containers, bags or collection bins, into a
conveying basin. Once the loading door is closed the actual loading process is
initiated electronically with the weight of waste material being measured and
recorded before transporting the waste into a charging funnel. Individual locks
within the unit are utilized to create a low-pressure atmosphere within the unit
preventing emission of contaminated particles from the unit with aspirated air
being filtered before release into the ambient air.

Within the closed unit environment, the waste is continuously fed into a
single-shaft shredder disintegrator to reduce the waste material to a defined
particle size. Waste is then fed through a dosing device exposing the waste to a
disinfection process incorporating exposure to heat by the injection of
saturated steam under pressure.


                                       6
<PAGE>


The entire process is independently monitored and controlled electronically with
process data being stored and available for review and printing. In the event of
any process failures, the unit's monitoring capabilities will notify the
operator on a display panel as well as by an audible alarm and the unit will
shut off automatically to assure there is no release of contaminated material.

Logmed incorporates an automated thermal self-disinfection process to facilitate
safe maintenance and repair.

Typical cycle time to treat a load of medical waste ranges from 30 to 60 minutes
based on the heat level to be utilized and the size of the load.

Logmed effectively renders medical waste harmless while reducing the end volume
of by-product by up to 80% of original volume. The unit does not emit any
significant odor or steam to the atmosphere nor create any significant noise.
Wastewater is minimal and meets EPA and other general standards on wastewater
emission.

Incorporating over 30 years of research and development by Helmut Goldner, the
inventor of Logmed, the current generation of Logmed was first introduced in
2001 with the first commercial deployment of Logmed units occurring in 2001. At
December 31, 2006, a total of 5 Logmed units were deployed and operational in 3
countries in Europe.

The Company's current product offerings include the Logmed I and Logmed II as
well as the Logfood and a variety of Logmed container systems, described
generally as follows:

o        Logmed I - a stationary disinfection unit with a processing capacity of
         approximately 400 to 550 pounds of waste material per hour with
         dimensions of approximately 25 feet (length), 13 feet (depth) and 8
         feet (height). Logmed is equipped with a hydraulic lift and tipping
         device for ease of loading waste into the unit.

o        Logmed II - a mobile sterilization unit that may also be operated as a
         fixed unit with a processing capacity of 220 to 330 pounds of waste
         material per hour with dimensions of approximately 20 feet (length), 11
         feet (depth) and 8 feet (height).

o        Logfood - a mobile sterilization unit that may also be operated as a
         fixed unit being substantially similar to Logmed II in capacity, size
         and function but targeted to catering waste and animal production
         markets in addition to medical waste markets.

o        Logmed Case Systems - container systems designed specifically for
         collection and disposal of waste in hospitals and medical facilities to
         assure secure, hygienic collection and transportation of waste.


                                       7
<PAGE>



- Medical Waste Treatment Operations. Since March 2006, the Company has owned
and operated a medical waste treatment facility in Wittenberg, Germany. From
June 2005 to March 2006, the Company managed the operation of a medical waste
treatment facility in Beiseker, Alberta, Canada.

Operation of the German facility was transferred to the Company pursuant to the
Company's March 2006 acquisition of the Logmed Technologies. The facility was
previously operated by Mr. Goldner from 1998 until the acquisition of the
facility by the Company. The facility serves as both an operating facility and
profit center for the Company and as a prototype facility to demonstrate and
aide in the marketing of Logmed units in operation.

The German facility is located within the Halle medical facility in Wittenberg,
Germany and houses a Logmed I unit. The facility provides waste treatment
services exclusively for the Halle medical facility with approximately 1500
kilos of medical waste being treated daily during 2005 and 2006. The facility is
operated under a contract with the Halle medical facility to provide treatment
services on a fee per day basis. Services provided at the facility range from
receiving and processing medical waste to turn key services including education,
transportation and ultimate disposal of treated by-products. The facility
operates in a single eight hour shift 5 days per week and employs a single
operator. This unit was completely refurbished in the Fall of 2006 and is now in
as-new condition.

Pursuant to the Company's agreement with Cristallo to acquire the Beiseker
facility, the Company commenced management of operations of the Beiseker
facility in June 2005 and operated the facility until March 2006. The Beiseker
facility is a medical waste incineration facility with a treatment capacity of
approximately 700 pounds per hour. The Company's original agreement with
Cristallo to acquire the Beiseker facility was amended on multiple occasions to
permit the management of the facility by the Company pending closing and to
close the purchase subject to the ultimate delivery by Cristallo of the Logmed
Technologies. Following the expiration of Cristallo's exclusive rights to
acquire the Logmed Technologies, the Company elected to acquire the Logmed
Technologies directly from H. Goldner and his associates and to terminate the
acquisition of the Beiseker facility and the Company's operation of that
facility.

Strategy

The Company's strategy is principally focused on deploying Logmed units at
health care facilities at pricing points that make on-site medical waste
treatment more cost effective than treatment of waste at off-site third party
facilities.

Because of capital constraints at most health care facilities and adverse
environmental impact and other issues associated with the operation of on-site
incineration facilities, many health care facilities have closed their on-site
incineration facilities and outsourced medical waste treatment to various third
party service providers. While the move toward off-site third party medical
waste treatment has allowed health care facilities to avoid the need for new
capital investment to replace old incineration capabilities and has provided
certain other operating benefits, off-site treatment has disadvantages including
the cost and logistics associated with sorting waste and transporting and
tracking medical waste for treatment at off-site facilities.

The Company intends to initially target the high-volume institutional segment of
the health care market by positioning the Logmed unit as a viable, easy-to-use
and cost-effective alternative to off-site third party treatment of medical
waste. The Company intends to provide lease financing for units with each unit
being leased at an affordable base rate plus additional payments based on volume
of waste processed. The Company believes that such lease financing will be
comparable to, or less than, the cost currently paid by health care institutions
for off-site third party treatment without the need to access the health care
institution's capital budget.

In addition to the potential reduction in operating costs to the health care
institution, the Company intends to emphasize other benefits of deploying the
Logmed on-site, including ease of handling waste material derived from
elimination of the need to sort and separate medical waste and elimination of
risks and costs associated with transporting untreated waste from the
institution to off-site facilities.

                                       8
<PAGE>

The Company intends to initially target health care facilities in Europe and
Australia where units are already operational or are on order and to expand
marketing efforts to North America and other developed nations of the world. The
Company's existing treatment facility in Wittenberg, Germany will serve as a
prototype to demonstrate the Logmed technology and use. In order to accelerate
or otherwise facilitate entry into various markets, the Company has entered into
joint ventures and/or agency agreements with several local marketing companies
in Dubai, China, Australia and France.

The Company also intends to undertake efforts to expand its current market for
Logmed units from high-volume institutional settings to other hazardous waste
treatment applications outside of the medical field. With the formation of its
joint venture with Medivac, the Company intends to enter the mid- and
small-volume health care facilities market through sales of Medivac's MetaMizer
machines. See "Medivac Joint Venture" below.

Equipment Financing

Because of the high cost associated with the production and sale of effective
medical waste treatment technologies, the Company considers product financing as
a critical component of the successful marketing of any on-site treatment
technology.

Viable financing alternatives consist, principally, of financed sales of units
and financing leases. While Company financing and financing arranged by
purchasers might be viable in limited circumstances, the Company believes that
the most attractive financing alternatives from the standpoint of both the
Company and end users is third-party financing arranged by the Company. In some
instances, third-party financing might consist of direct purchase money
financing provided by an institution to a health care facility to purchase
units. However, in most instances, the Company believes that health care
institutions will prefer leasing arrangements in which the Company pairs a lease
of a unit with institutional financing provided to the Company with the stream
of lease payments servicing the Company's debt incurred in the institutional
financing.

The Company, and previously Logmed Technologie GmbH, historically arranged
financing on units on a negotiated basis as transactions arose. The Company has
now, through its Australian joint venture with MediVac, established a
relationship with one institutional lender wherein standardized financing and
leasing arrangements are available for Logmed and MetaMizer equipment sales to
creditworthy customers. The ability to offer lease financing is expected to lead
to additional sales opportunities for the Company.

Acquisitions

In order to facilitate the Company's entry into the medical waste treatment and
environmental services and solutions market, and to facilitate growth, the
Company has entered into a number of acquisitions and may carry out additional
acquisitions in the future. Principal acquisitions undertaken to date, include:

-- CWR/BREP/AWRD License

In April 2005, the Company acquired, for $100,000, a license from BREP and AWRD
to market certain products and services developed by CWR. The license entitles
the Company to commercialize CWR's environmental remediation technologies and
services, including:

     o    Soil and water remediation techniques to remove salt, hydrocarbons and
          other contaminants from soil and water and improve in-situ land-farm
          sites by speeding up the process while controlling customer exposure;

     o    Clean water resonator technology to release bound-up oxygen in water
          and accelerate the effectiveness of microbes;

     o    Water clarifier technology capable of cleaning up to 3,000 gallons of
          water per minute;

     o    Cold water evaporator technology capable of cleaning by way of ambient
          temperature evaporation up to 400 gallons of oil or gas well water per
          hour; and

     o    Naturally occurring strains of microbes to remediate contaminants.

The Company is not actively pursuing commercialization of the CWR technologies
at this time.

                                       9

<PAGE>


-- Beiseker Facility

In April 2005, the Company signed an agreement with Cristallo to purchase the
Beiseker medical waste treatment facility in Alberta, Canada. The Beiseker
facility is a fully permitted medical waste treatment facility operating an
incineration unit.

The agreement on the Beiseker facility provided for a purchase price of
CAD$2,000,000 plus 2,000,000 shares of common stock. The cash portion of the
purchase price was payable CAD$50,000 on exercise of the option with the balance
being payable CAD$1,400,000 by proceeds of a mortgage to be placed on the land
and buildings comprising the Beiseker facility and CAD$550,000 by seller
financing with interest accruing at 6% per annum and repayable at the rate of
CAD$100,000 per month, plus interest, beginning January 1, 2006, decreasing to
CAD$50,000 per month, plus interest, beginning May 1, 2006. Pursuant to the
terms of the acquisition of the Beiseker facility, the seller, Cristallo agreed
to acquire and transfer to the Company all technology and marketing rights
relating to a medical waste treatment technology developed by H. Goldner (the
"Logmed Technologies"). In December 2005, the terms of payment of the purchase
price of the Beiseker facility were amended to provide for an immediate cash
payment of CAD$225,000 with the balance of the purchase price, in the amount of
CAD$1,631,000, being financed by the seller, with a balloon payment of
CAD$500,000 being due January 15, 2006 and the balance being payable in monthly
installments based on the vendor take back mortgage terms.

In June 2005, pending Cristallo's delivery of the Logmed Technologies and
payment of the final purchase price, the Company took control and began
operations at the Beiseker facility. The Company continued operation of the
Beiseker facility until the expiration of Cristallo's exclusive rights to
acquire the Logmed Technologies in March 2006. Following the expiration of
Cristallo's exclusive rights to acquire the Logmed Technologies , the Company
elected to acquire the Logmed Technologies directly and to terminate the
acquisition of the Beiseker facility and the Company's operation of that
facility. The Company notified Cristallo of its termination and intent to return
the Beiseker facilities and unsuccessfully attempted to negotiate a formal
termination and release agreement and return of the shares issued to Cristallo.

-- Logmed Technologie

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 ("Logmed Technologie") pursuant to which
the Company agreed to purchase:

     o    for a purchase price of 406,000 Euro (approximately $486,000), from
          Frenzel and Goldner, 100% of the stock of Logmed Technologie;

     o    for a purchase price of 34,000 Euro (approximately $40,000), from
          Frenzel and Goldner, an operating Logmed hospital waste treatment
          machine (a "Logmed") and existing contract rights pursuant to which
          the Logmed unit is currently operated at the Halle clinic medical
          facility in Wittenberg, Germany; and

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

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

                                       10
<PAGE>


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

     o    50,000 Euro credited for payments previously made through Cristallo on
          the request of the Company;

     o    150,000 Euro due March 23, 2006;

     o    500,002 Euro due December 31, 2006;

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

     o    365,998 Euro due December 31, 2008.

In addition to the instalments payable under the agreement, the Company agreed
to pay to Goldner 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 payable to Goldner 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 agreement also provides that Goldner will retain certain rights to exploit
the Logoil technology and that the Company will have the rights under its
license to all improvements to the Logoil technology.

On March 24, 2006, the Company paid the initial installment of 150,000 Euro and
the Company completed the acquisition of 100% of the stock of Logmed Technologie
GmbH along with the patent portfolio underlying the Logmed unit and the
operating Logmed unit and contract relating to operation of the unit.

On January 11, 2007, the Company entered into an agreement with Goldner et al to
modify the payment terms under their March 17, 2006 Purchase Agreement for the
Logmed technologies. Pursuant to the terms of the original Purchase Agreement, a
total of 500,002 Euro was due and payable to the Goldner Parties by December 31,
2006. Pursuant to the January 11, 2007 Amendment, the scheduled payment dates
for the amounts originally due to the Goldner Parties on December 31, 2006 have
been revised to provide for a series of instalment payments as follows:

o        50,000 Euro  due January 17, 2007;
o        50,000 Euro  due January 31, 2007 to Goldner;
o        15,000 Euro  due January 31, 2007 to Frenzel;
o 18,332 Euro due August 31, 2007 to Frenzel payable in shares; o 100,000 Euro
due February 28, 2007; o 100,000 Euro due March 31, 2007; o 66,668 Euro due
August 31, 2007; and o 100,000 Euro due September 30, 2007.

All deferred payments bear interest at 8% per annum.

Manufacturing

Logmed units have historically been manufactured to order for Logmed Technologie
GmbH by experienced independent equipment manufacturers.

The Company does not intend to conduct any manufacturing operations but intends
to continue to utilize independent manufacturers with initial units expected to
be manufactured to order by AMF Gustav Bruns GmbH, a German manufacturer that
previously manufactured multiple units on behalf of Logmed Technologie GmbH and
is familiar with the unit and technology.

Manufacturing of units is expected to involve delivery of unit specifications to
experienced manufacturers that will manufacture or source components, and
assemble and test units based on agreed criteria. We may contract for separate
quality control, inspection and testing of units. Cost of manufacturing units is
expected to be based on bids or quotes from manufacturers that may be subject to
negotiation.

As sales volumes increase, we intend to evaluate establishing single source, or
multiple source, contract manufacturing arrangements in which we negotiate
volume based fixed pricing per unit. We believe there are multiple manufacturers
that have the experience and capability of meeting our manufacturing needs.

                                       11

<PAGE>


Marketing

The Company's marketing strategy is focused on targeting high-volume high-value
generators of medical waste where the benefits of on-site operation of Logmed
units are expected to be most compelling. Principal target customers will be
acute care hospitals with 200 or more beds as well as day surgery clinics and
other high volume medical clinics and nursing facilities.

Pricing of Logmed units will be fixed, coupled with financing arrangements, so
as to make the monthly cost to our customers equal to or more favorable than the
costs charged by third party providers to transport and treat medical waste
off-site. We intend to structure our pricing and financing so as to allow our
customers the ability to scale the volume of material treated with a predictable
cash cost without the need to access the customer's capital budget process while
allowing us to generate rental income or other payments streams sufficient to
recoup our cost and a return thereon with the potential of additional revenues
to be derived from increases in volumes treated. See "Equipment Financing."

The Company's marketing efforts will be led by our President, Don Sampson, an
experienced operator in the medical waste treatment industry. Initial marketing
efforts will be focused in markets where Logmed units have enjoyed market
acceptance in the form of units in service, including, in particular, Europe and
Australia. We intend to assemble a sales team including a mix of employees,
sales representatives and marketing alliance partners, as appropriate, to enter
and service principal markets worldwide. Our initial marketing efforts in Europe
are expected to be carried out with the assistance of Hans Frenzel, a former
principal and Managing Director of Logmed Technologie GmbH who was responsible
for the sales and marketing effort at Logmed Technologie GmbH and who continues
to serve as a Managing Director of Logmed Technologie GmbH and as a director of
the Company and will provide marketing services on a contractual basis.

In May 2007, the Company entered into a joint venture with Medivac pursuant to
which all marketing efforts of both the Company and Medivac are to be carried
out through a joint venture company. See "Medivac Joint Venture" below.

Medivac Joint Venture

In May 2007, the Company and Medivac Limited entered into a joint venture
agreement pursuant to which the Company and Medivac agreed to form a joint
venture company to serve as the exclusive marketing agent for each company's
products.

Medivac is an Australian healthcare equipment company listed on the Australian
Stock Exchange. Medivac is principally engaged in the manufacture, through third
party manufacturers, and marketing of a medical waste treatment system known as
Metamizer that is principally targeted toward small- and mid-size health care
facilities.

Under the terms of the joint venture agreement, the Company and Medivac will
form a joint venture company under the name Logmed International Pty Ltd that
will be equally owned by the Company and Medivac. The Company and Medivac,
respectively, will grant to the joint venture company the exclusive worldwide
marketing rights with respect to the Logmed and Metamizer product lines. The
joint venture company will maintain sales offices in the US, Australia and
Germany, with marketing efforts being directed by the Company's president, Don
Sampson, and will share engineering resources of the Company and Medivac.

                                       12
<PAGE>

Competition

There are numerous regulated medical waste management services and products
companies operating in the Company's target markets, and the market is highly
competitive. Competition within the industry is based on both the nature of the
solution (outsourced service based solutions vs. in-house product based
solutions) and the technologies offered (incineration vs. autoclaving) and the
related cost-effectiveness and compliance reliability of each solution. The
Company's primary competitors are large corporations with regional, national and
international businesses. These companies provide a variety of products and
services and many have substantially greater financial and other resources than
the Company possesses.

Competition based on the nature of the solution offered relates to in-house
treatment of medical waste as opposed to outsourcing treatment to off-site
operators. The Company's current focus is on sale of Logmed units for use
on-site at medical facilities and, through the joint venture with Medivac, the
sale of Metamizer units for use on-site at small- to mid-size medical
facilities. Many competitors, including large international operators such as
Stericycle, focus on off-site treatment options in which most, or all, aspects
of waste treatment are outsourced with medical waste being transported off-site
for treatment. The Company believes on-site treatment using the Logmed units or
Metamizer units offers competitive advantages compared to outsourced off-site
treatment options, including elimination of manual separation, reduction in
transportation costs, increased control by medical facilities operators, reduced
environmental risk exposure and shortened holding time of waste and at prices
comparable to or better than outsourced solutions.

Competition based on technology relates to the type of treatment technology
utilized to treat and neutralize medical waste. Due to environmental concerns,
incineration is rapidly declining as a viable technology for treatment of
medical waste. An array of alternative technologies have been introduced by a
variety of companies to fill the void left by the decline in incineration as an
acceptable option. Many of the technologies currently deployed, including the
Logmed unit, involve advanced autoclave capabilities. These technologies compete
based on a variety of factors including principally cost effectiveness,
environmental impact, operating effectiveness of the solution and ease of use.
The Company believes that the Logmed unit and the Metamizer compete favorably in
all of these areas.

The Company faces potential competition from new entrants in the market,
including outsourcing operators that may attain sufficient scale of operations
to lower the cost of outsourced treatment to levels at which the Company may be
unable to compete as well as the introduction of new technologies that may
either reduce or eliminate the generation of medical wastes or produce better
results in the form of lower operating costs, more effective treatment and less
environmental impact, among other benefits.

Intellectual Property

The Company considers the protection of its technology to be important to its
business.

The Company relies on patents, proprietary know-how and continuing technological
innovation. The Company attempts to protect this information through a
combination of patent protection and confidentiality agreements with employees,
vendors and consultants. In connection with the acquisition of Logmed
Technologie GmbH the Company acquired a portfolio of 26 patents covering the
principal proprietary technologies incorporated into the Logmed units. The
Company intends to vigorously defend its patents and to continuously seek new
and additional patents as necessary to protect its rights in future
technological advances in the Company's products. There can be no assurance that
the Company's patents will not be contested and will be sustained in the event
of a contest, that the Company will be successful in its efforts to secure new
patents, that confidentiality agreements will not be breached, that the Company
would have adequate remedies for any breach or that its trade secrets or
know-how will not otherwise become known or independently discovered by other
parties.

                                       13
<PAGE>

The Company's commercial success may also depend on its not infringing patents
issued to other parties. There can be no assurance that patents belonging to
other parties will not require the Company to alter its processes, pay licensing
fees or cease using any current or future processes. In addition, there can be
no assurance that the Company would be able to license the technology rights
that it may require at a reasonable cost or at all. If the Company could not
obtain a license to any infringing technology that it currently uses, it could
have a material adverse effect on the Company's business.

Regulation

The Company operates within the medical waste management industry, which is
subject to extensive and frequently changing federal, state and local laws and
regulations. This statutory and regulatory framework imposes compliance burdens
and risks on the Company and the users of its products, including requirements
to obtain and maintain government permits. Those requirements vary from
jurisdiction to jurisdiction.

The Company may be required to obtain certain permits, classifications and
registrations in order to market the Logmed units and MetaMizer units in various
jurisdictions or for selected uses. The Company believes it is presently in
compliance with all applicable regulations relating to its operations in the
markets in which Logmed units and MetaMizer units are currently operational and
intends to take all steps necessary to assure compliance with any applications
regulations that may apply in the future in such markets and in any new markets
the Company may enter.

The Company is evaluating marketing its Logmed unit for use in the food
processing industry and, specifically, for the treatment of prions such as mad
cow disease. The Company intends to conduct testing to verify the effectiveness
of the Logmed technology in treatment of prions and, subject to obtaining
satisfactory results, to securing necessary approvals to market the Logmed unit
for such application. While regulation with regard to treatment of prion
diseases is evolving, the Company expects that the U.S. FDA and similar
organizations will establish standards and guidelines that will govern the
treatment of prions. The Company expects that testing and regulatory compliance
with regard to the use of Logmed units in the treatment of prions will require
at least one year.

While the Company presently intends to limit its operations to the sale and
marketing of its Logmed units, and through its joint venture arrangement
MetaMizer units, for operation by third parties, the Company's customers will be
subject to a broad range of regulations that will indirectly affect the Company
and acceptance of its products. Illustrative of the nature of regulations that
may affect the Company's customers and, indirectly, the Company, are the
regulations applying to operations in the United States which may serve as a
model for other jurisdiction, a summary of the principal regulations being as
follows:

     o    Medical Waste Tracking Act of 1988. In the late 1980s, the MWTA was
          adopted in response to health and environmental concerns over
          infectious medical waste after medical waste washed ashore on beaches,
          particularly in New York and New Jersey, during the summer of 1988.
          The primary objective of the MWTA was to ensure that medical wastes
          which were generated in a covered state and which posed environmental
          problems, including an unsightly appearance, were delivered to
          disposal or treatment facilities with minimum exposure to waste
          management workers and the public. The MWTA's tracking requirements
          included accounting for all waste transported and imposed civil and
          criminal sanctions for violations.

          In regulations implementing the MWTA, the EPA defined medical waste
          and established guidelines for its segregation, handling, containment,
          labeling and transport. The MWTA established a model followed by many
          states in developing their specific medical waste regulatory
          frameworks.

                                       14
<PAGE>

     o    Clean Air Act Regulations. In August 1997, the EPA adopted regulations
          under the Clean Air Act that limit the discharge into the atmosphere
          of pollutants released by medical waste incineration. These
          regulations required every state to submit to the EPA for approval a
          plan to meet minimum emission standards for these pollutants.

     o    Occupational Safety and Health Act of 1970. The Occupational Safety
          and Health Act of 1970 authorizes OSHA to issue occupational safety
          and health standards. OSHA regulations are designed to minimize the
          exposure of employees to hazardous work environments. Various
          standards apply to certain aspects of medical waste treatment
          operations. These regulations govern, among other things:

          o    exposure to blood-borne pathogens and other potentially
               infectious materials;
          o    lock out/tag out procedures;
          o    medical surveillance requirements;
          o    use of respirators and personal protective equipment;
          o    emergency planning; and
          o    hazard communication.

     o    Resource Conservation and Recovery Act of 1976. In 1976, Congress
          passed the Resource Conservation and Recovery Act of 1976, or RCRA, as
          a response to growing public concern about problems associated with
          the handling and disposal of solid and hazardous waste. RCRA required
          the EPA to promulgate regulations identifying hazardous wastes. RCRA
          also created standards for the generation, transportation, treatment,
          storage and disposal of solid and hazardous wastes. These standards
          included a documentation program for the transportation of hazardous
          wastes and a permit system for solid and hazardous waste disposal
          facilities. Medical wastes are currently considered non-hazardous
          solid wastes under RCRA. However, some substances collected by us from
          some of our customers, including photographic fixer developer
          solutions, lead foils and dental amalgam, are considered hazardous
          wastes.

          The Company's customers use landfills for the disposal of autoclaved
          waste. Waste is not regulated as hazardous under RCRA unless it
          contains hazardous substances exceeding certain quantities or
          concentration levels, meets specified descriptions, or exhibits
          specific hazardous characteristics. Following autoclave treatment,
          waste is disposed of as non-hazardous waste.

     o    DOT Regulations. The U.S. DOT has put regulations into effect under
          the Hazardous Materials Transportation Authorization Act of 1994 which
          require medical waste to be packaged and labeled in compliance with
          designated standards, and which incorporate blood-borne pathogens
          standards issued by OSHA. Under these standards, among other things,
          packaging must be identified with a "biohazard" marking on the outer
          packaging, and medical waste containers must be sufficiently rigid and
          strong to prevent tearing or bursting and must be puncture-resistant,
          leak-resistant, properly sealed and impervious to moisture.

          DOT regulations also require that a transporter be capable of
          responding on a 24-hour-a-day basis in the event of an accident,
          spill, or release to the environment of a hazardous material.

     o    Comprehensive Environmental Response, Compensation and Liability Act
          of 1980. The Comprehensive Environmental Response, Compensation and
          Liability Act of 1980, or CERCLA, established a regulatory and
          remedial program to provide for the investigation and cleanup of
          facilities that have released or threaten to release hazardous
          substances into the environment. CERCLA and state laws similar to it
          may impose strict, joint and several liability on the current and
          former owners and operators of facilities from which releases of
          hazardous substances have occurred and on the generators and
          transporters of the hazardous substances that come to be located at
          these facilities. Responsible parties may be liable for substantial
          site investigation and cleanup costs and natural resource damages,
          regardless of whether they exercised due care and complied with
          applicable laws and regulations.


                                       15
<PAGE>

Potential Liability and Insurance

The medical waste industry involves potentially significant risks of statutory,
contractual, tort and common law liability claims. Potential liability claims
could involve, for example:

     o    cleanup costs;
     o    personal injury;
     o    damage to the environment;
     o    employee matters;
     o    property damage; or
     o    alleged negligence or professional errors or omissions in the planning
          or performance of work.

In the event the Company's products fail to operate in the manner intended and
customers suffer liability arising from such failure, the Company could be
subject to claims asserted by the affected customers. The Company could also be
subject to fines or penalties in connection with violations of regulatory
requirements.

The Company does not presently carry liability insurance that would cover
liability arising from failures of products to perform as intended. The Company
intends to evaluate the acquisition of liability insurance to cover such risks
at such time as the Company's financial position will support the same. Even if
the Company is successful in securing such insurance, there can be no assurance
that the Company will not face claims resulting in substantial liability for
which it is uninsured or underinsured and which could have a material adverse
effect on the Company's business.

Employees

As of March 31, 2007, the Company had 5 full-time and 2 part-time
employees/consultants. None of the Company's employees are subject to collective
bargaining agreements.

ITEM 2.           PROPERTIES

As of December 31, 2006, the Company maintained no formal offices in North
America, but conducted its operations in space provided free of charge by the
Company's principal officers. European operations are conducted from offices in
Landsberg, Germany that are used pursuant to the terms of a month to month lease
arrangement.

Management believes that its facilities are adequate to support operations for
the foreseeable future. In the event that the Company experiences growth in its
sales and requires space to house administrative, sales and other personnel, the
Company anticipates it will be required to secure appropriate office space to
house its employees and operations. No arrangements have been made with respect
to secure office space if needed.

The Company may be contacted at #700-300 South Fourth Street, Las Vegas, Nevada
89101, by email at Globetech@shaw.ca, or by telephone at 403-261-2929.

                                       16

<PAGE>


ITEM 3.           LEGAL PROCEEDINGS

The Company may from time to time be a party to lawsuits incidental to its
business. The Company is not aware of any current, pending, or threatened
litigation or proceedings that could have a material adverse effect on its
results of operations, cash flows or financial condition.

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

Not applicable.

                                    PART II

ITEM 5.           MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Stock and Stock Holder Information

The Company's common stock trades on the Pink Sheets under the symbol "GENV".

Prior to February 2005, there was no established trading market in the Company's
common stock and trading therein was sporadic. The following table sets forth
the range of high and low bid prices for each quarter during fiscal 2005 and
2006:

                               Calendar Year 2006        Calendar Year 2005
                               High           Low         High         Low

         Fourth Quarter....     $0.15        $0.03       $0.20        $0.08
         Third Quarter.....     $0.09        $0.03       $0.48        $0.10
         Second Quarter....     $0.14        $0.06       $0.55        $0.35
         First Quarter.....     $0.22        $0.08       $0.80        $0.10

The quotations reflect inter-dealer prices without retail mark-up, mark-down or
commission and may not represent actual transactions.

At March 31, 2007, the closing bid price of the common stock was $0.05.

As of March 31, 2007, there were approximately 56 record holders of the
Company's common stock.

Dividends

The Company has not paid any cash dividends since its inception and presently
anticipates that all earnings, if any, will be retained for development of the
Company's business and that no dividends on the shares of common stock will be
declared in the foreseeable future. Any future dividends will be subject to the
discretion of the Company's Board of Directors and will depend upon, among other
things, future earnings, the operating and financial condition of the Company,
its capital requirements, general business conditions and other pertinent facts.
Therefore, there can be no assurance that any dividends on the common stock will
be paid in the future.

Equity Compensation Plan Information

The following table provides information as of December 31, 2006 with respect to
the shares of the Company's common stock that may be issued under existing
equity compensation plans.

                                       17
<PAGE>



<TABLE>
<CAPTION>
                                                                                                       Number of securities
                                                                                                     remaining available for
                                                                            Weighted-average          future issuance under
                                         Number of securities to be        exercise price of        equity compensation plans
                                           issued upon exercise of        outstanding options,        (excluding securities
                                            outstanding options,          warrants and rights        reflected in column (a))
           Plan Category                   warrants and rights (a)                (b)
-------------------------------------    ----------------------------    -----------------------    ---------------------------
<S>                                      <C>                             <C>                        <C>
Equity compensation plans approved
by security holders (1)                                    7,229,688                      $0.27                              0
Equity compensation plans not
approved by security holders                                       -                          -                              -
                                         ----------------------------    -----------------------    ---------------------------
Total                                                      7,229,688                      $0.27                              -
                                         ============================    =======================    ===========================
</TABLE>

     (1)  Consists of shares reserved for issuance under the 2005 Long Term
          Performance Plan pursuant to which 8,000,000 shares were initially
          reserved.

ITEM 6.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The following discussion and analysis of the Company's financial condition as of
December 31, 2006, and the Company's results of operations for the years in the
two-year period ended December 31, 2006 and 2005, should be read in conjunction
with the Company's audited consolidated financial statements and notes thereto
included elsewhere in this report.

Overview

Globetech Environmental, Inc.'s ("Globetech" or the "Company") business during
2006 consisted principally of the operating and marketing for sale or lease,
medical waste treatment facilities. The Company operated the Beiseker facility
until March 2006 after which time it was returned to the seller. The purchase of
the Logmed technology rights from H. Goldner and affiliates in late March 2006
brought substantial activity and assets to Globetech. Marketing agents were
recruited in numerous regions, sales efforts initiated, medical fairs attended
and the groundwork laid for expected growth in product sales.

2006 Developments

During 2006, the Company fully implemented its plan to enter into the medical
waste treatment industry. The key step was the acquisition of technology and
marketing rights relating to medical waste treatment technology from H. Goldner
and affiliates ("Logmed Technologies").

In April 2005, the Company signed an agreement with Cristallo to purchase the
Beiseker medical waste treatment facility in Alberta, Canada. The Beiseker
facility is a fully permitted medical waste treatment facility operating an
incineration unit.

The agreement on the Beiseker facility provided for a purchase price of
CAD$2,000,000 plus 2,000,000 shares of common stock. The cash portion of the
purchase price was payable CAD$50,000 on exercise of the option with the balance
being payable CAD$1,400,000 by proceeds of a mortgage to be placed on the land
and buildings comprising the Beiseker facility and CAD$550,000 by seller
financing with interest accruing at 6% per annum and repayable at the rate of
CAD$100,000 per month, plus interest, beginning January 1, 2006, decreasing to
CAD$50,000 per month, plus interest, beginning May 1, 2006. Pursuant to the
terms of the acquisition of the Beiseker facility, the seller, agreed to acquire
and transfer to the Company all technology and marketing rights relating to the
Logmed Technologies. In December 2005, the terms of payment of the purchase
price of the Beiseker facility were amended to provide for an immediate cash
payment of CAD$225,000 with the balance of the purchase price, in the amount of
CAD$1,631,000, being financed by the seller, with a balloon payment of
CAD$500,000 being due January 15, 2006 and the balance being payable in monthly
installments based on the vendor take back mortgage terms.


                                       18

<PAGE>


In March 2006, the Company determined that Cristallo had defaulted in its
obligations to acquire and transfer to the Company the Logmed Technologies.
Following such determination, and efforts to negotiate revised terms with
Cristallo, the Company (1) acquired the Logmed Technologies directly from Logmed
Technologie in March 2006 and (2) terminated operation of the Beiseker facility
and notified Cristallo of its intent to terminate the purchase and return
control of the Beiseker facilities. The Company unsuccessfully attempted to
negotiate a formal agreement terminating the purchase of the Beiseker return the
shares issued to Cristallo and release all claims relating to the proposed
purchase and sale. As a result of the termination of the Company's operation of
the Beiseker facility and the return of control of the facilities to Cristallo,
the Company recorded none of the revenues or expenses relating to operation of
the Beiseker facility during 2005, but recorded a loss on investments of
$1,558,485. The loss on investments consisted of (1) the value of the stock
issued in connection with the initial acquisition of the Beiseker facility
($1,000,000), (2) payments made to Cristallo pursuant to the terms of the
acquisition agreement ($323,500), and (3) amounts invested to upgrade the
Beiseker facility, net of cash flows from operation of the facility.
Additionally, as a result of the termination of operation of the Beiseker
facility, during 2005, the Company reported a loss of $400,000 from the
write-down of autoclave units acquired by the Company for use at the Beiseker
facility.

With the direct acquisition of the Logmed Technologies and the termination of
operation of the Beiseker facility, the Company focused its operations on the
marketing, sales and leasing of Logmed machines.

Pursuant to its efforts to begin marketing of its Logmed machines, during 2006,
the Company entered into discussions and preliminary agreements with various
parties to act as the Company's partner in marketing Logmed units in various
markets, including the appointment of an exclusive marketing agent in the
People's Republic of China, which appointment was subsequently terminated.
Pursuant to those efforts, the Company commenced discussions with Medivac
Limited, an Australian Stock Exchange listed company, with respect to the
formation of a joint venture to market each company's medical waste treatment
products. The Company and Medivac entered into a formal joint venture agreement
in May 2007 pursuant to which a newly formed joint venture company will act as
exclusive marketing agent for the Company's Logmed units and Medivac's MetaMizer
product.

Critical Accounting Policies

The following describes the critical accounting policies used in reporting the
Company's financial condition and results of operations. In some cases,
accounting standards allow more than one alternative accounting method for
reporting. In those cases, reported results of operations would be different
should the Company employ an alternative accounting method.

Going Concern. The Company's financial statements are prepared on the basis of
accounting principles applicable to a "going concern", which assumes 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.

The financial statements do not reflect adjustments that would be necessary if
the Company were unable to continue as a "going concern." If the Company were
unable to continue as a "going concern," then substantial adjustments would be
necessary to the carrying value of assets, the reported amounts of liabilities,
the reported revenues and expenses and the balance sheet classifications used.

Impairment of Long-Lived Assets. The Company reviews all long-lived assets on a
regular basis to determine if there has been impairment in the value of those
assets. If, upon review, it is determined that the carrying value of those
assets may not be recoverable, the Company will record a charge to earnings and
reduce the value of the asset on the balance sheet to the amount determined to
be recoverable.

                                       19

<PAGE>

For purposes of evaluating recoverability of long-lived assets, the
recoverability test is performed using undiscounted cash flows of the individual
assets and consolidated undiscounted net cash flows for long-lived assets not
identifiable to individual properties compared to the related carrying value. If
the undiscounted operating income is less than the carrying value, the amount of
the impairment, if any, will be determined by comparing the carrying value of
each asset with its fair value. Fair value is generally based on a discounted
cash flow analysis.

Based on the Company's review of present operating properties and other
long-lived assets, during the fiscal year ended December 31, 2005, the Company
wrote-down its investment in the CRW license ($101,276) and in certain autoclave
units acquired for use at the Beiseker facility ($400,000).

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, 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. As a result of the cessation
of operation of the Beiseker facility and return of control of the same to
Cristallo due to non-performance under the acquisition agreement, the Company
has excluded all revenues and expenses associated with the operation of the
Beiseker facility from its consolidated Statement of Operations. Moreover, the
Company recorded all amounts invested in connection with the proposed
acquisition, upgrade and operation of the Beiseker facility as an investment
that was written off as an investment loss during 2005.

The Company had previously recorded revenues and expenses associated with the
operation of the Beiseker facility in its Statement of Operations for the
quarter and year-to-date periods ended June 30 and September 30, 2005. As a
result of the subsequent termination of operation of the Beiseker facility and
return of control of the facility to Cristallo, the Company amended its Form
10-QSBs for the quarters ended June 30, 2005 and September 30, 2005 to restate
its financial statements and eliminate the revenues and expenses associated with
the Beiseker facility from the Statement of Operations with all amounts relating
to the Beiseker facility to be capitalized as an investment in the facility.

The $474,821 write down of investments in 2006 relates to the acquisition of the
German subsidiary Logmed Technologie GmbH. The purchase price paid for all the
outstanding shares exceeded the underlying net assets of the company and the
difference was written down pursuant to current accounting provisions.

Results of Operations

Revenues. The Company's revenues totaled $432,036 in 2006 as compared to $0 in
2005. As previously noted, revenues attributable to the operation of the
Beiseker facility were excluded from consolidated revenues for 2005 and 2006 as
a result of the termination of operation of the Beiseker facility and return of
control of the facility to Cristallo. The 2006 revenues consist of the sale of
one refurbished Logmed unit ($379,841) and net revenues from operation of a
Logmed unit at the Halle clinic ($52,195).

Operating Expenses. Cost of goods sold totaled $125,965 in 2006 and nil for
2005. The increase in cost of sales was attributable to the commencement of
Logmed sales in 2006.

Consulting expenses totaled $343,019 during 2006 as compared to $236,637 during
2005. The increase in consulting expenses was due to higher travel expenses
relating to international travel in connection with, and following, the Logmed
acquisition and the addition of two consultants to assist in marketing/promotion
and preparation of the Prion grant applications.

The Stock Option benefit was $344,825 in 2006 based upon the Black-Scholes
calculation and nil in 2005. This is not a cash expense, rather an estimate of
the value of the options granted to officers and directors based upon a
mathematical formula.

General & Administrative Expenses. G&A expense was $602,259 in 2006 and $192,264
in 2005. The increase was a result of the acquisition of the German subsidiary
company, Logmed Technologie GmbH, and the staff and office charges related
thereto.

Depreciation Expense Depreciation expense was $26,697 in 2006 and nil in 2005.
The increase was due to the acquisition of the Halle Logmed machine and further
tangible assets in Logmed Technolgie GmbH that were depreciated in 2006.


                                       20

<PAGE>

Other Income (Expense). The Company reported other expense, net of other income,
of $499,711 during 2006 as compared to a net expense of $2,013,240 during 2005.
Net other expense during 2005 consisted principally of (1) a loss on investments
of $1,558,485 relating to the termination of operations and return of control of
the Beiseker facility, including all amounts invested, both cash and stock, in
the acquisition of the facility and upgrade of the facility, (2) a $101,276 loss
associated with the write-down of the CRW license, (3) a $400,000 loss
associated with the write-down of the book value of three autoclave units
acquired for use at the Beiseker facility, (4) deemed interest expense of
$247,588 attributable to the beneficial conversion feature of convertible notes
issued in settlement of debt during 2005, and (5) a gain on the forgiveness of
debt of $294,664. The 2006 other expense is made up of the $487,821 writedown of
the Logmed Technologie GmbH investment and $24,890 of interest expense. The
reduction in interest expense is due to the repayment of a large amount of
shareholder debt with equity.

Liquidity and Capital Resources

Cash and Working Capital Position

The Company had nominal resources at December 31, 2006 and 2005 with a cash
balance of $71,628 at December 31, 2006 and $1,219 at December 31, 2005 and a
deficit in working capital of $1,452,396 at December 31, 2006 and $813,529 at
December 31, 2005. The significant increase in the working capital deficit
relates to the obligations due relating to the purchase of the Logmed
Technology.

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 provide financing.

Cash Flows

The Company used $166,312 in cash from operations during 2006 as compared to
$307,787 used in operations in 2005. The decrease in cash used in operations in
2006 was principally attributable to changes in operating assets and
liabilities.

Financing activities provided $525,921 of cash to the Company during 2006 as
compared to $309,006 provided in 2005. All cash provided by financing activities
for 2005 was attributable to shareholder loans. 2006 cash was provided from
loans, convertible debentures, stock option exercise and private placements.

During 2005, the Company settled $468,746 of debt through the issuance of
convertible notes payable in the amount of $247,588. The convertible notes
payable were converted into 26,969,568 shares of common stock during 2005.
During 2006, the Company raised $65,000 through the issuance of convertible
debentures. The debentures were converted to 1,128,137 common shares during
2006.

                                       21

<PAGE>

During 2006 the Company raised $171,232 through the issuance of a Demand
Promissory Note. This note along with a Related Party Note for $72,862 plus
accrued interest were converted to 3,199,069 and 1,368,746 common shares
respectively subsequent to year end.

Long-Term Debt

Long-term debt, consisting of the payable relating to the Logmed Technology
acquistion, totaled $607,000 at December 31, 2006 as compared to nil at December
31, 2005. See "Logmed Technologie Acquisition" below for a detailed discussion
of the payable relating to the Logmed Technology acquisition.

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 GmhB.

At December 31, 2006, the Company's only contractual obligations requiring
determinable future payments were payments owing with respect to the Logmed
Technology acquisition discussed below.

At December 31, 2006, the Company had limited resources available to fund it
operational deficits and other financial obligations and was dependent upon the
receipt of additional financing to support its operations.

In February 2007, the Company issued 3,214,285 shares of common stock, 2,500,000
two year warrants exercisable at $0.12 per share and 714,285 two year warrants
exercisable at $0.14 per share for aggregate consideration of $200,000.

In May 2007, the Company entered into a sale/leaseback transaction pursuant to
which the Company sold two operating Logmed machines and the rights with respect
to a third Logmed machine that is expected to be put in service during 2007 for
$1,500,000. Pursuant to the sale/leaseback transaction, the Company agreed to
lease each of the Logmed machines for monthly lease payments of $12,000 per
machine for a period of 84 months.

Logmed Technologie Acquisition.

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 ("Logmed Technologie") pursuant to which
the Company agreed to purchase:

     o    for a purchase price of 406,000 Euro (approximately $486,000), from
          Frenzel and Goldner, 100% of the stock of Logmed Technologie;

     o    for a purchase price of 34,000 Euro (approximately $40,000), from
          Frenzel and Goldner, an operating Logmed hospital waste treatment
          machine (a "Logmed") and existing contract rights pursuant to which
          the Logmed unit is currently operated at the Halle clinic medical
          facility in Wittenberg, Germany; and

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

                                       22

<PAGE>

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 Technologie and assignment to Logmed Technologie 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 $2,025,000), are payable in instalments as follows:

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

     o    150,000 Euro due March 23, 2006;

     o    500,002 Euro due December 31, 2006; (amended as reflected in
          Acquisitions section above)

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

     o    365,998 Euro due December 31, 2008.

On January 11, 2007, Globetech entered into an agreement with Goldner et al to
modify the payment terms under their March 17, 2006 Purchase Agreement for the
Logmed technologies. Pursuant to the terms of the original Purchase Agreement, a
total of 500,002 Euro was due and payable to the Goldner Parties by December 31,
2006. Pursuant to the January 11, 2007 Amendment, the scheduled payment dates
for the amounts originally due to the Goldner Parties on December 31, 2006 have
been revised to provide for a series of instalment payments as follows:

     o    50,000 Euro due January 17, 2007;

     o    50,000 Euro due January 31, 2007 to Goldner;

     o    15,000 Euro due January 31, 2007 to Frenzel;

     o    18,332 Euro due August 31, 2007 to Frenzel payable in shares;

     o    100,000 Euro due February 28, 2007;

     o    100,000 Euro due March 31, 2007;

     o    66,668 Euro due August 31, 2007; and

     o    100,000 Euro due September 30, 2007.

                                       23
<PAGE>

All deferred payments bear interest at 8% per annum. All required payments, up
to and including March 31, 2007, have been made.

In addition to the instalments payable under the agreement, the Company agreed
to pay to Goldner 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 payable to Goldner 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.

Issuance of Shares in Settlement of Debt

In April 2006, the Company adopted the Globetech Environmental, Inc. 2006
Consultant and Employee Stock Plan pursuant to which 5,000,000 shares were
reserved for issuance as payment for services to the Company. Also in April
2006, the Company issued an aggregate of 3,789,688 shares of common stock under
the 2006 Plan 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. An
additional 4,984,740 shares were issued in April 2006, outside of the 2006 Plan,
to settle $498,474 of debt to various shareholders.

Subsequent to December 31, 2006, $274,068 of notes payable (including $82,124
owed to affiliates of the Company) were converted into an aggregate of 4,567,815
shares of common stock (representing an effective conversion price of $0.06 per
share) plus two year warrants to purchase 4,567,815 shares of common stock at
$0.12 per share.

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 7.           FINANCIAL STATEMENTS

The Company's financial statements, together with the independent accountants
report thereon, are included herewith immediately following the signature page
of this report

ITEM 8.           CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
                  FINANCIAL DISCLOSURE

On August 17, 2006, Company dismissed Robison, Hill & Co. ("RHC") as the
Company's independent certifying accountants. On the same date, the Company
appointed Child, Van Wagoner & Bradshaw, PLLC ("CVWB") as the Company's new
independent certifying accountants.

The decision to dismiss RHC and appoint CVWB was recommended and approved by the
Company's audit committee and board of directors.

RHC's reports on the financial statements for the years ended December 31, 2005
and 2004 did not contain an adverse opinion or disclaimer, and were not
qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Company's two most recent fiscal years and any subsequent interim
period preceding the dismissal of RHC, there were no disagreements with RHC on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreement(s) if not
resolved to the satisfaction of RHC, would have caused RHC to make reference to
the subject matter of the disagreement(s) in connection with its report.

During the Company's two most recent fiscal years and any subsequent interim
period preceding the dismissal of RHC, there have been no reportable events of
the type required to be disclosed by Item 304(a)(1)(iv) of Regulation S-B.

                                       24
<PAGE>

Prior to the engagement of CVWB, the Company did not consult with such firm
regarding the application of accounting principles to a specific completed or
contemplated transaction, or any matter that was either the subject of a
disagreement or a reportable event. The Company also did not consult with CVWB
regarding the type of audit opinion which might be rendered on the Company's
financial statements and no oral or written report was provided by CVWB.

The Company provided RHC with a copy of the disclosures it made in response to
Item 304(a) of Regulation S-K. The Company requested that RHC review the
disclosure and furnish the Company with a letter addressed to the Commission
stating whether it agreed with the statements made by the Company in response to
Item 304(a) of Regulation S-B and, if not, stating the respects in which it does
not agree. Such letter was filed as an exhibit to the Company's report on Form
8-K relating to the change of auditors.

ITEM 8A. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we have evaluated the
effectiveness of the design and operation of our disclosure controls and
procedures under the supervision and with the participation of our chief
executive officer ("CEO") and chief financial officer ("CFO").

Because we currently lack the financial resources to support accounting
personnel beyond our CFO, certain controls may only be adequately addressed
through the addition of personnel and the related segregation of duties. The
issue of late-filing quarterly and annual returns is of significant concern and
is being addressed to the best of our abilities.
Based on an internal review, our CEO and CFO concluded that the disclosure
controls and procedures were not effective as of December 31, 2006 due to the
foregoing limitations. No changes occurred in internal controls over financial
reporting during the 4th quarter of 2006.

ITEM 8B. OTHER INFORMATION

Not applicable.

                                    PART III

ITEM 9.           DIRECTORS, EXECUTIVE OFFICERS; PROMOTERS AND CONTROL PERSONS;
                  COMPLIANCE WITH SECTION 16A OF THE SECURITIES EXCHANGE ACT

Executive Officers and Directors

The Company's executive officers and directors, and their ages and positions as
of April 1, 2007 are as follows:

   Name                        Age      Position
   Donald Sampson              56       CEO/President and Director
   Theodor Hennig              51       Chief Financial Officer and Director
   Donald Getty                73       Chairman and Director
   Hans-Eberhardt Frenzel      60       Director

There are no family relationships among any of the directors or officers of the
Company.

                                       25

<PAGE>

Donald Sampson has served as President of the Company since March 1, 2005 and as
a director of the Company since February, 2005. From 1999 until his appointment
as President of the Company, Mr. Sampson was President of Process Engineers &
Equipment Corporation of Spokane, Washington. Previously, Mr. Sampson served as
Vice President - International Business Development and Engineering for
Stericycle, Inc., the largest international medical waste treatment operator,
from February, 2000 until February 2005. From 1992 until its sale to Stericycle
in 2000, Mr. Sampson served as a partner of Medical Resource Recycling Systems,
a medical waste treatment company. Mr. Sampson holds a degree in engineering
from the University of Michigan and is a senior member of the Instrument Society
of America and the Plastics Society of America.

Theodor Hennig has served as Chief Financial Officer and a director of the
Company since September 2005. Prior to his appointment by the Company, from May
2004 to September 2005, Mr. Hennig served as Chief Financial Officer of Alpine
Environmental Inc, an environmental consulting and service company. Mr. Hennig
was President of Theodor Hennig Professional Corporation in 2002 and 2003 and
provided tax and consulting advice to a variety of private and public companies.
Mr. Hennig holds an Honours Economics degree from the University of Waterloo and
obtained his Chartered Accountant designation in Alberta in 1984.

Donald Getty has served as a director and Chairman of the Company since December
2004. Mr. Getty is an investor and retired businessman, politician and athlete.
Over a more than 20-year career in politics, ending in 1992, Mr. Getty served in
numerous elective and appointed local, provincial and federal offices in Canada,
including serving two terms as Premier of Alberta as well as service as a member
of the legislative assembly of Alberta, Energy Minister and Minister of Federal
and Intergovernmental Affairs. Mr. Getty founded and served as President of D.
Getty Investments, Limited, served as Chairman and Chief Executive Officer of
Nortek Energy Corporation from 1981 to 1985 and has served as a director of
numerous companies, including Alberta Gas and Ethylene Company Limited, Brinco
Corporation, the Nova Corporation of Alberta, Northern Life Assurance Company of
Canada, Novacor Chemicals Limited, Pacific Copper Mines Limited, Placer
Development Limited, Pacific Trans-Ocean Resources Limited, and the Royal Bank
of Canada. Mr. Getty received his BA degree (with honors) in Business
Administration from the University of Western Ontario and played ten years as
quarterback of the Edmonton Eskimos of the Canadian Football League.

                                       26

<PAGE>

Hans-Eberhardt Frenzel has served as a director of the Company since April 2006.
Mr. Frenzel served as a principal and managing director of Logmed Technologie
GmbH from March 2004 until the Company's acquisition of Logmed Technology in
March 2006 and continues to provide services to Logmed Technologie as a
consultant on an as needed basis. Prior to joining Logmed Technologie, Mr.
Frenzel served in various management capacities for Lufthansa Airlines for more
than 15 years.

Term of Office

The directors named above will serve until the next annual meeting of the
Company's shareholders. Officers will hold their positions at the pleasure of
the Board of Directors, absent any employment agreement.

Committees of the Board

The Company presently maintains a standing audit committee and compensation
committee. Committee assignments are re-evaluated annually and approved by the
Board of Directors.

Audit Committee. The Audit Committee operates pursuant to a written charter that
was adopted and is filed as an exhibit to the Company's Proxy Statement on
Schedule 14A filed with the SEC on July 12, 2005. Under its charter, the Audit
Committee is given the sole authority and responsibility for the appointment,
retention, compensation and oversight of our independent auditors, including
pre-approval of all audit and non-audit services to be performed by our
independent auditors.

Donald Getty (Chairman), Don Sampson and Theodor Hennig are the members, and
during 2006 were the members, of the Audit Committee. The Board of Directors has
determined that each of the members of the Audit Committee is qualified to serve
on the Audit Committee based on their financial and accounting acumen. The Board
of Directors has determined that none of the members of the Audit Committee
meets the SEC criteria of an "audit committee financial expert" and that only
Mr. Getty satisfies the independence standards for audit committee members
(applying the standards adopted by Nasdaq). At such time as the Board of
Directors determines that the size and scope of the Company's operations and its
available financial resources warrant such, the Company expects to seek to add
independent directors for appointment to the Audit Committee, including one or
more directors satisfying the criteria of an "audit committee financial expert."

Compensation Committee. The Compensation Committee is responsible for reviewing
and approving, on behalf of the Board of Directors, the amounts and types of
compensation to be paid to the Company's executive officers and the non-employee
directors; provides oversight and guidance in the development of compensation
and benefit plans for all Company employees; and administers all Company
stock-based compensation plans.

Donald Getty (Chairman) and Donald Sampson are the members, and during 2006 were
the members, of the Compensation Committee. The Board of Directors has
determined that only Mr. Getty satisfies the independence standards established
by Nasdaq.

                                       27

<PAGE>

Board Meetings

During 2006, the Board of Directors held 5 formal meetings, the Audit Committee
held 1 meeting and the Compensation Committee held 1 meeting. Each director
attended at least 75% of the aggregate of (1) the total number of meetings of
the Board of Directors, plus (ii) the total number of meetings held by all
committees of the Board of Directors on which the director served. Nomination of
Directors

The Board of Directors does not maintain a standing Nominating Committee.
Because of the small size of the Board, the lack of independent directors and
the current demands on the directors, the Board determined that the nomination
process would best be carried out by drawing upon the resources of all Board
members with the requirement that nominees be selected by a majority of the
directors.

In assessing potential director nominees, the Board looks for candidates who
possess a wide range of experience, skills, areas of expertise, knowledge and
business judgment, high integrity and demonstrated superior performance or
accomplishments in his or her professional undertakings.

The Board may utilize the services of a search firm to help identify candidates
for director who meet the qualifications outlined above.

The Board will also consider for nomination as director qualified candidates
suggested by stockholders of the Company. Stockholders can suggest qualified
candidates for nomination as director by writing to our corporate secretary at
#700-300 South Fourth Street, Las Vegas, Nevada 89101. Submissions that are
received that meet the criteria outlined above are forwarded to the full Board
of Directors for further review and consideration.

Code of Ethics

The Board of Directors has adopted a Code of Business Ethics covering all of its
officers, directors and employees. The Company requires all employees to adhere
to the Code of Business Ethics in addressing legal and ethical issues
encountered in conducting their work. The Code of Business Ethics requires that
the Company's employees avoid conflicts of interest, comply with all laws and
other legal requirements, conduct business in an honest and ethical manner and
otherwise act with integrity and in the Company's best interest.

The Board of Directors has also adopted a separate Code of Business Ethics for
the CEO and Senior Financial Officers. This Code of Ethics supplements its
general Code of Business Ethics and is intended to promote honest and ethical
conduct, full and accurate reporting, and compliance with laws as well as other
matters.

The Code of Business Ethics for the CEO and Senior Financial Officers is filed
as an exhibit to this Annual Report on Form 10-KSB for the year ended December
31, 2005 and is available for review at the SEC's web site at www.sec.gov.

Section 16(a) Beneficial Ownership Reporting Compliance

Under the securities laws of the United States, our directors, executive
officers, and any person holding more than ten percent of our common stock are
required to report their initial ownership of our common stock and any
subsequent changes in that ownership to the Securities and Exchange Commission.
Specific due dates for these reports have been established and we are required
to disclose any failure to file by these dates during fiscal year 2006. Except
for one Form 3 filed late by Theo Hennig and one Form 4 filed late by each of
Don Sampson, Theo Hennig and Don Getty, to our knowledge, all of the filing
requirements were satisfied on a timely basis in fiscal year 2006. In making
these disclosures, we have relied solely on written statements of our directors,
executive officers and shareholders and copies of the reports that they filed
with the Commission.


                                       28
<PAGE>

ITEM 10.  EXECUTIVE COMPENSATION

The following table provides information about the compensation received during
the last three fiscal years to the Company's "named executive officers". None of
the Company's other employees received greater than $120,000 in salary and bonus
during the last three fiscal years.

Summary Compensation Table

         The following table includes information concerning compensation for
the year ended December 31, 2006 for our CEO and our CFO, being our only
executive officers and employees during the year:

<TABLE>
<CAPTION>
                                                                                               Change in
                                                                                                Pension
                                                                                               Value and
                                                                                Non-Equity    Nonqualified
                                                          Stock    Option     Incentive Plan    Deferred      All Other
                                        Salary     Bonus  Awards   Awards      Compensation   Compensation   Compensation    Total
Name and Principal Position     Year      ($)       ($)    ($)     ($)(1)           ($)        Earnings ($)       ($)         ($)
<S>                             <C>    <C>         <C>    <C>       <C>        <C>            <C>            <C>           <C>
Don Sampson, CEO (2)            2006   $ 120,000   $ -    $ -       $ 112,441  $      -       $     -        $   -         $ 232,441
Theodor Hemnig, CFO (3)         2006     100,000     -      -         112,441         -             -            -           212,441
</TABLE>

(1)  Refer to Note 10, "Stock Options and Awards," in the Notes to Financial
     Statements for the relevant assumptions used to determine the valuation of
     our option awards.
(2)  Salary to Mr. Sampson of $120,000 was accrued during 2006, of which $20,000
     was paid through the issuance of 250,000 shares of common stock and
     $100,000 remained payable at year end.
(3)  Salary to Mr. Hennig of $100,000 was accrued during 2006, of which $16,666
     was paid through the issuance of _208,325 shares of common stock and
     $83,334 remained payable at year end.

         Base Salary

         Compensation of the Company's CEO and CFO is set by employment
agreements at such level as the compensation committee believes will motivate
leadership and accomplishment and compensate such officers for their efforts and
risks taken on in managing an early stage company. The salaries of Mr. Sampson,
as CEO, and Mr. Hennig, as CFO, were contractually fixed at $120,000 and
$100,000, respectively, during 2006. Because of the absence of sufficient
funding to support salary payments, the stated salaries of Mr. Sampson and Mr.
Hennig were accrued during 2006 and partially settled through the issuance of
common stock, with Mr. Sampson receiving 250,000shares of common stock in
settlement of $20,000 of salary and Mr. Hennig receiving 208,325 shares of
common stock in settlement of $16,666 of salary.

         Bonus

         The Company does not presently maintain any formal bonus plan for
executive officers and employees and no bonuses were given during 2006. The
compensation committee may, at its discretion, elect to adopt a formal bonus
plan to reward shorter-term performance based on the satisfaction of specific
financial and other goals to be established by the compensation committee from
time to time. Mr. Sampson and Mr. Hennigs' contracts call for bonuses in the
event that certain EBITDA thresholds are achieved.

         Stock Option and Equity Incentive Programs

         The Company intends that its stock option program is the primary
vehicle for offering long-term incentives and rewarding executive officers and
key employees. The Company also regards its stock option program as a key
retention tool. This is a very important factor in determination of the terms of
options granted, including the number of underlying shares that are granted in
connection with that award. Because of the direct relationship between the value
of an option and the market price of common stock, the Company believes that
granting stock options is the best method of motivating the executive officers
to manage the Company in a manner that is consistent with the interests of the
company and its stockholders.

                                       29
<PAGE>

         Option Awards Granted. The Company grants options to executive officers
and key employees at the time of hiring and, thereafter, at such times as the
compensation committee deems appropriate based upon prior performance, the
importance of retaining their services and the potential for their performance
to help us attain long-term goals. However, there is no set formula for the
granting of options to individual executives or employees. During 2006, the
Company granted stock options to its CEO and CFO to purchase an aggregate of 5%
of the outstanding shares of the common stock.

         Timing of Grants. Stock option awards to the executive officers and
other key employees have, historically, been limited to the commencement of
employment and annually thereafter at such time as the compensation committee
deems appropriate. The compensation committee has adopted as a policy a specific
prohibition of timing stock option grants, and has made no stock option grants,
to coordinate with the release of material non-public information in any manner
designed to affect the value of executive compensation. The exercise price of
all stock options is set at or above the prior day's closing price of the common
stock.

         Stock Ownership Guidelines. The Company does not presently maintain any
guidelines or requirements with respect to minimum number, or value, of our
shares to be owned by our executive officers or directors.

         Perquisites

         Our executives are entitled to few benefits and, in each case, those
benefits are available to all of our employees. In this regard it should be
noted that we do not provide pension arrangements, post-retirement health
coverage, or similar benefits for our executives or employees.

Grants of Plan-Based Awards

         The following table sets forth certain information with respect to
stock options granted during or for the fiscal year ended December 31, 2006 to
each of our named executive officers:

<TABLE>
<CAPTION>
                                                                              All Other All Other
                                                                               Stock    Options     Exercise  Closing
                                  Estimated                Estimated           Awards:   Awards:     or Base   Price    Grant
                                Future Payouts           Future Payouts        Number   Number of     Price     of      Date
                               Under Non-Equity           Under Equity        of Shares Securities      of    Stock   Fair Value
                             Incentive Plan Awards    Incentive Plan Awards   of Stock  Underlying   Options    on     of Option
                     Grant Threshold  Target Maximum Threshold Target Maximum or Units   Options     Awards    Grant    Awards
   Name              Date     ($)       ($)     ($)      ($)     ($)    ($)     (#)       (#)      ($/Sh)(1)   Date    (S)(2)
------------------- ------- -------- ------- ------- --------- ------ ------- --------  ----------- --------- ------- ----------
<S>                 <C>     <C>      <C>     <C>     <C>       <C>    <C>     <C>        <C>        <C>       <C>      <C>
Don Sampson, CEO    4/03/06    -       -        -         -       -      -       -       1,500,000  $    0.08 $  0.08  $ 112,441

Theodor Hennig, CFO 4/03/06    -       -        -         -       -      -       -       1,500,000       0.08    0.08  $ 112,441
</TABLE>

(1)  The exercise price of the stock option awards is equal to the prior day's
     closing price of the common stock as reported by the OTC Bulletin Board.
(2)  Refer to Note 8, "Stock Options and Warrants," in the Notes to Consolidated
     Financial Statements for the relevant assumptions used to determine the
     valuation of our option awards.

         The board granted stock options under the company's 2005 Stock Option
Plan to Don Sampson and Theodor Hennig on April 3, 2006. In keeping with our
standard policy and practice, the exercise price of the stock options that were
awarded was $0.08 per share, the prior day's closing price of our common stock
as reported on the OTC Bulletin Board. The terms of the options provide for
immediate vesting. The options have a life of 5 years.

Outstanding Equity Award at Fiscal Year-End

         The following table includes certain information with respect to the
number of all unexercised options previously awarded to the named executive
officers at December 31, 2006.

                                       30

<PAGE>

<TABLE>
<CAPTION>
                                                                                                                          Equity
                                                                                                                        Incentive
                                                                                                                          Plan
                                                                                                              Equity     Awards:
                                                                                                              Plan       Market
                                                     Equity                                                  Awards:    or Payout
                                                   Incentive                                                Number of   Value of
                                                  Plan Awards                                    Market     Unearned    Unearned
                      Number of     Number of     Number of                         Number of   Value of     Shares      Shares
                      Securities    Securities    Securities                        Shares or   Shares or   Units or    Units or
                      Underlying    Underlying     Underlying                       Units of    Units of      Other       Other
                     Unexercised   Unexercised    Unexercised   Option                Stock        Stock      Rights     Rights
                       Options        Options      Unearned    Exercise  Option     That Have    That Have  That Have   That Have
                     Exercisable  Unexerciseable    Options     Price   Expiraton   Not Vested  Not Vested  Not Vested  Not Vested
       Name            (#)(1)          (#)            (#)        ($)      Date          (#)        ($)         (#)        ($)
-------------------  -----------  --------------  -----------  --------  ----------  ----------  ----------  ---------  ----------
<S>                   <C>         <C>             <C>          <C>       <C>         <C>         <C>         <C>        <C>
Don Sampson, CEO      1,400,000               -            -   $   0.50  05/25/2007           -  $        -          -  $        -
                      1,350,000               -            -       0.08  04/02/2016           -           -          -           -
Theodor Hennig, CFO   1,350,000               -            -       0.08  04/02/2016           -           -          -           -
</TABLE>

Option Exercises and Stock Vested

         The following table includes certain information with respect to
options exercised by executive officers named above during the fiscal year ended
December 31, 2006.

                               Option Awards                  Stock Awards
                        Number of                       Number of
                         Shares           Value          Shares         Value
                       Acquited on     Realized on     Acquited on   Realized on
    Name               Exercise(#)    Exercise($)(1)    Vesting(#)    Vesting($)
--------------------  ------------   ---------------  ------------   -----------
Don Sampson, CEO         150,000           0                -             -
Theodor Hennig, CFO      150,000           0                -             -

(1)  Represents the difference between the exercise price and the fair market
     value of the common stock on the date of exercise.

Post-Employment Compensation

         Pension Benefits

         The Company does not provide pension arrangements or post-retirement
health coverage for executives or employees.
         Nonqualified Deferred Compensation

         The Company does not provide any nonqualified defined contribution or
other deferred compensation plans.
         Other Post-Employment Payments

         The Company has no agreements, written or oral, to provide any payments
to executives or employees upon termination or a change-in-control.

Director Compensation

The Company currently does not pay any compensation to its directors other than
reimbursing costs related to performing their duties. Directors are granted
stock options pursuant to the Company's stock option plan. In connection with
the adoption of the Company's 2005 Long Term Performance Plan, during 2005, each
of the non-employee directors was granted, on a one-time basis, stock options to
purchase 1,000,000 shares of common stock at $0.50 and expiring in May 2007.

Employment Contracts and Change of Control Agreements

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.
Effective March 1, 2007, the Company entered into a new two year employment
agreement with Mr. Sampson. Under his employment agreement, Mr. Sampson was
originally 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. Effective March 1, 2007,
Mr. Sampson's base salary was increased to $180,000. The employment agreement
provides that Mr. Sampson may earn up to one year's salary if terminated without
cause.

                                       31
<PAGE>



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 EDITDA thresholds be met.

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.

ITEM 11.          SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
                  AND RELATED STOCKHOLDER MATTERS

As of May 31, 2007, 67,354,007 shares of common stock were outstanding. The
following table sets forth, as of such date, information with respect to shares
beneficially owned by:

|X|      each person who is known by the Company to be the beneficial owner of
         more than 5% of its outstanding shares of common stock;
|X|      each of the Company's directors;
|X|      each of the Company's named executive officers; and
|X|      all of the Company's directors and executive officers as a group.

Beneficial ownership has been determined in accordance with Rule 13d-3 of the
Exchange Act. Under this rule, shares may be deemed to be beneficially owned by
more than one person (if, for example, persons share the power to vote or the
power to dispose of the shares). In addition, shares are deemed to be
beneficially owned by a person if the person has the right to acquire shares
(for example, upon exercise of an option) within 60 days of the date of this
table. In computing the percentage ownership of any person, the amount of shares
includes the amount of shares beneficially owned by the person by reason of
these acquisition rights. As a result, the percentage of outstanding shares of
any person does not necessarily reflect the person's actual voting power.

To the Company's knowledge, except as indicated in the footnotes to this table
and pursuant to applicable community property laws, the persons named in the
table have sole voting and investment power with respect to all shares of common
stock shown as beneficially owned by them.

                                       32

<PAGE>

<TABLE>
<CAPTION>
                                       Amount and Nature of Beneficial Ownership
                                                          (1)
                                Shares Underlying
-------------------------------------  ---------------    Options, Warrants and    ---------------  -----------------
                                Other Convertible
          Name and Address                                   Securities (2)                            Percent of
         of Beneficial Owner               Shares                                     Total (2)         Class (2)
<S>                                          <C>                        <C>              <C>                    <C>
Donald Sampson (3)                           6,029,500                  2,750,000        8,779,500              12.3%
Theodor Hennig                               1,114,688                  1,350,000        2,464,688               3.4%
Donald Getty (4)                               975,000                  1,750,000        2,725,000               3.9%
Hans-Eberhardt Frenzel                               0                    250,000          250,000                  *
Bert Lavallee (5)                            3,481,495                          0        3,481,495               5.7%
                                       ---------------            ---------------    -------------    ----------------
All executive officers and directors
as a group (4 persons)                       8,119,188                  6,100,000       14,219,188              18.9%
</TABLE>

*     Less than 1%.
(1)      The persons named in the table have sole voting and investment power
         with respect to all shares of Common Stock shown as beneficially owned
         by them, subject to community property laws, where applicable, and the
         information contained in the footnotes to the table.
(2)      Includes shares of Common Stock not outstanding, but which are subject
         to options, warrants and other convertible securities exercisable or
         convertible within 60 days of the date of the information set forth in
         this table, which are deemed to be outstanding for the purpose of
         computing the shares held and percentage of outstanding Common Stock
         with respect to the holder of such options.
(3)      Address is 7716 W. Rutter Pkwy, Seattle, Washington. Includes 39,500
         shares held by members of Mr. Sampson's family. (4) Shares indicated as
         owned by Mr. Getty are held of record by Sunnybank Investments Ltd. (5)
         Shares indicated as owned by Mr. Lavellee are held of record by
         Lavellee Financial Corp.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

The Company has, from time to time, entered into transactions with various
entities controlled by the Company's current or former principal shareholders,
officers and directors.

During 2005, the Company acquired three autoclave units, with a market value of
$400,000, from Mr. Sampson in exchange for the issuance of 800,000 shares of our
common stock with a market value of $400,000. The autoclave units were acquired
for use in connection with the planned upgrade of the Beiseker facility. As a
result of the termination of operations and return of control of the Beiseker
facility, the Company wrote-down the full book value of the autoclave units at
December 31, 2005.

During 2006, Mr. Sampson paid $46,603 of expenses on behalf of the Company and
accrued $100,000 in salary due for a total of $146,603 due him at December 31,
2006 ($120,809.31 at December 31, 2005).

During 2006, Mr. Hennig paid $8,655 of expenses on behalf of the Company and
accrued $90,000 in salary due for a total of $98,655 due him at December 31,
2006 ($52,175 at December 31, 2005).

The amounts due to Mr. Sampson and Mr. Hennig by the Company are repayable on
demand.

Amounts owed to shareholders totaled $773,903 at December 31, 2005 and $107,481
at December 31, 2006. All such amounts were repayable on demand with no specific
repayment terms. In April 2006, substantially all amounts owed to shareholders,
including accrued but unpaid salary and expenses, totaling $735,649 were
converted into an aggregate of 7,949,428 shares of common stock. The conversion
price of such debt was at or above the market price of the stock on the dates of
conversion.

                                       33

<PAGE>
ITEM 13. EXHIBITS

 Exhibit Number             Description of Exhibit

         2.1      Purchase Agreement by and between Canglobe International, Inc.
                  and Cristallo Engineering (incorporated by reference to the
                  respective exhibits filed with Registrant's Annual Report on
                  Form 10-KSB for the year ended December 31, 2005)

         2.2      Agreement, dated as of March 17, 2006, between Globetech
                  Environmental, Inc., Hans-Eberhardt Frenzel, Helmut Goldner,
                  Goldner Umwelt & Hygienetechnik GmbH, and Logmed Technologie
                  GmbH (incorporated by reference to the respective exhibits
                  filed with the Registrants Current Report on Form 8-K, dated
                  March 17, 2006 and filed with the SEC on April 3, 2006)

         3.1      Articles of Incorporation (incorporated by reference to the
                  respective exhibits filed with Registrant's Registration
                  Statement on Form 10-SB filed October 20, 1999)

         3.2      Amended Articles of Incorporation (incorporated by reference
                  to the respective exhibits filed with Registrant's
                  Registration Statement on Form 10-SB filed October 20, 1999)

         3.3      Bylaws (incorporated by reference to the respective exhibits
                  filed with Registrant's Registration Statement on Form 10-SB
                  filed October 20, 1999)

         10.1     Employment Agreement, between Canglobe International, Inc. and
                  Donald Sampson (incorporated by reference to the respective
                  exhibits filed with Registrant's Annual Report on Form 10-KSB
                  for the year ended December 31, 2005)

         10.2     Canglobe International, Inc. 2005 Long-Term Incentive Plan
                  (incorporated by reference to the respective exhibits filed
                  with Registrant's Definitive Proxy Statement on Schedule 14A
                  filed July 11, 2005)

         10.3     Consulting Agreement between Globetech Environmental, Inc. and
                  Theodor Hennig (incorporated by reference to the respective
                  exhibits filed with Registrant's Annual Report on Form 10-KSB
                  for the year ended December 31, 2005)

         10.4     Globetech Environmental, Inc. 2006 Consultant and Employee
                  Stock Plan (incorporated by reference to the respective
                  exhibits filed with the Registrant's Current Report on Form
                  8-K, dated April 1, 2006 and filed with the SEC on April 6,
                  2006)

         10.5     Form of Two Year Warrant issued February 27, 2007
                  (incorporated by reference to the respective exhibits filed
                  with the Registrant's Current Report on Form 8-K, dated
                  February 27, 2007 and filed with the SEC on March 5, 2007)

         10.6*    Employment Agreement between Globetech Environmental, Inc. and
                  Donald Sampson

         10.7*    Joint Venture Agreement between Globetech Environmental, Inc.
                  and MediVac Limited

         10.8*    Master Equipment Lease Agreement between Tech-Rock LLC and
                  Globetech Environmental

         14.1     Code of Ethics for CEO and Senior Financial Officers
                  (incorporated by reference to the respective exhibits filed
                  with Registrant's Annual Report on Form 10-KSB for the year
                  ended December 31, 2005)

         31.1*    Section 302 Certification - CEO

         31.2*    Section 302 Certification - CFO

         32.1*    Section 906 Certification - CEO

         32.2*    Section 906 Certification - CFO

*        Filed herewith

ITEM 14.          PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fees Paid to Independent Public Accountants

The following is a summary of the fees billed to us by Child Von Wagoner &
Bradshaw PLLC and Robison, Hill & Company for professional services rendered for
the years ended December 31, 2006 and 2005:

                                       34
<PAGE>

                                  Fiscal 2006      Fiscal 2005
                                  -----------      -----------
   Audit fees                     $    37,000      $     5,498
   Audit related fees                       -                -
   Tax fees                               193              143
   All other fees                           -                -
                                  -----------      -----------
       Total                      $    37,193      $     5,641
                                  ===========      ===========

Audit Fees - Consists of fees billed for professional services rendered for the
audits of our financial statements, reviews of our interim financial statements
included in quarterly reports, services performed in connection with filings
with the Securities and Exchange Commission and related comfort letters and
other services that are normally provided by Child Von Wagoner & Bradshaw PLLC
and Robison, Hill & Company in connection with statutory and regulatory filings
or engagements.

Tax Fees - Consists of fees billed for professional services for tax compliance,
tax advice and tax planning. These services include assistance regarding
federal, state and local tax compliance and consultation in connection with
various transactions and acquisitions.

Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of
Independent Auditors

The Audit Committee is to pre-approve all audit and non-audit services provided
by the independent auditors. These services may include audit services, audit
related services, tax services and other services as allowed by law or
regulation. Pre-approval is generally provided for up to one year and any
pre-approval is detailed as to the particular service or category of services
and is generally subject to a specifically approved amount. The independent
auditors and management are required to periodically report to the Audit
Committee regarding the extent of services provided by the independent auditors
in accordance with this pre-approval and the fees incurred to date. The Audit
Committee may also pre-approve particular services on a case-by-case basis.

                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized

                                  GLOBETECH ENVIRONMENTAL, INC.

                                  By: /s/ Donald Sampson
                                  Donald Sampson, President

Date: June 20, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
         Signature                                   Title                              Date
<S>                                         <C>                                         <C>
/s/ Donald Sampson                          President and Director                      June 20, 2007
----------------------------------------
Donald Sampson                              (Principal Executive Officer)


/s/Theodor Hennig_________________          Chief Financial Officer and Director        June 20, 2007
-----------
Theodor Hennig                              (Principal Financial and Accounting
                                            Officer)

/s/Donald Getty                             Director                                    June 20, 2007
----------------------------------------
Donald Getty

/s/Hans-Eberhart Frenzel                    Director                                    June 20, 2007
----------------------------------------
Hans-Eberhardt Frenzel
</TABLE>



                                       35
<PAGE>





                                    CONTENTS


                                                                           Page

Report of Independent Registered Public Accounting Firm.....................F-1

Consolidated Balance Sheets
  December 31, 2006 and 2005................................................F-3

Consolidated Statements of Operations for the years ended
  December 31, 2006 and 2005 and for the Cumulative Period from
  December 1, 2001 (inception of development stage) to December 31, 2006....F-4

Consolidated Statement of Stockholders' Equity
  Since April 7, 1997 (inception) to December 31, 2006......................F-5

Consolidated Statements of Cash Flows for the years ended
  December 31, 2006 and   2005 and for the Cumulative Period from
  December 1, 2001 (inception of development stage) to December 31, 2006....F-6

Notes to the Consolidated Financial Statements..............................F-7


<PAGE>

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Officers and Directors
Globetech  Environmental, Inc.

We have audited the accompanying consolidated balance sheet of Globetech
Environmental, Inc. (a development stage company) as of December 31, 2006, and
the related consolidated statements of operations, stockholders' deficit, and
cash flows for the year ended December 31, 2006. These financial statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States of America). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement. The
company is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the company's internal control
over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements, assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Globetech
Environmental, Inc. (a development stage company) as of December 31, 2006, and
the results of its operations, stockholders' deficit and its cash flows for the
year ended December 31, 2006, in conformity with accounting principles generally
accepted in the United States of America.

The accompanying consolidated financial statements referred to above have been
prepared assuming that the Company will continue as a going concern. As
discussed in Note 1 to the consolidated financial statements, the Company has
incurred losses from operations, has a liquidity problem, and requires funds for
its operational activities. These factors raise substantial doubt that the
Company will be able to continue as a going concern. The consolidated financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.


/s/ Child, Van Wagoner & Bradshaw, PLLC
Certified Public Accountants
Salt Lake City, Utah
June 14, 2007

                                      F-1


<PAGE>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS

Globetech Environmental
(Formerly Canaglobe International, Inc)
(A Development Stage Company)

We have audited the accompanying balance sheet of Globetech Environmental, Inc
(a development stage company) as of December 31, 2005, and the related
statements of operations, and cash flows for the year then ended and the
statement of stockholder's equity since April 7, 1997 (inception) to December
31, 2005. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion .

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Globetech Environmental, Inc (a
development stage company) as of December 31, 2005 and the results of its
operations and its cash flows for the year ended December 31, 2005 in conformity
with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 1 to the
financial statements, the Company has suffered recurring losses from operation
and has a deficit in stockholders' equity as of December 31, 2005 that together
raise substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters also are described in Note 1. The
financial statements do not include any adjustments relating to the
recoverability and classification of asset carrying amounts or the amount and
classification of liabilities that might result from the outcome of this
uncertainty.

\s\ Robison, Hill & Co.
Certified Public Accountants
Salt Lake City, Utah
April 17, 2006

MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS OF THE SEC PRACTICE SECTION and THE PRIVATE COMPANIES PRACTICE SECTION
1366 East Murray-Holladay Road, Salt Lake City, Utah 84117-5050

                                      F-2

<PAGE>
                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                         December 31,
                                                                   2006                2005
                                                             -----------------   -----------------
Assets
<S>                                                          <C>                 <C>
   Cash and cash equivalents                                 $          71,628   $           1,219
   Receivables and prepaid expenses                                     71,118                   -
                                                             -----------------   -----------------
      Total Current Assets                                             142,746               1,219

    Fixed Assets, net                                                  113,129                   -
     Intangible Assets                                               1,286,840                   -
                                                             -----------------   -----------------
                                                                     1,399,969                   -
                                                             -----------------   -----------------

      Total Assets                                           $       1,542,715   $           1,219
                                                             =================   =================

Liabilities and Shareholders' Deficit
Liabilities
   Bank line of credit                                       $         134,035   $               -
   Accounts payable and accrued liabilities                            257,273              80,845
   Accrued expenses due officers                                       245,258                   -
   Notes payable                                                       244,095                   -
   Due to shareholders                                                 107,481             733,903
   Due to Goldner - current                                            607,000                   -
                                                             -----------------   -----------------
      Total Current Liabilities                                      1,595,142             814,748
                                                             -----------------   -----------------

   Due to Goldner                                                      971,200                   -
                                                             -----------------   -----------------
      Total Liabilities                                              2,566,342             814,748

Stockholders' Deficit
  Common Stock, Par value $.001, Authorized
    100,000,000 shares, Issued 59,061,192 at
    December 31, 2006 and 48,073,030 at
    December 31, 2005                                                   59,061              48,073
  Paid-In Capital                                                    3,639,074           2,374,342
  Retained Deficit prior to entering development stage               (273,432)           (273,432)
  Deficit Accumulated During the
     Development Stage                                             (4,472,953)         (2,962,512)
Other comprehensive income                                              24,623                   -
                                                             -----------------   -----------------
     Total Stockholders' Deficit                                   (1,023,627)           (813,529)
                                                             -----------------   -----------------

       Total Liabilities and Stockholders' Deficit           $       1,542,715   $           1,219
                                                             =================   =================
</TABLE>

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

                                      F-3

<PAGE>





                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                    For the Year Ended              Inception of
                                                                       December 31,                 Development
                                                                 2006               2005               Stage
                                                          -------------------   ----------------   -----------------
<S>                                                       <C>                   <C>                <C>
Revenues:  Sales                                          $           379,841   $              -   $        379,841
           Halle revenue                                               52,195                                52,195
   Cost of sales                                                    (125,965)                  -          (125,965)
                                                          -------------------   ----------------   -----------------
Gross profit                                                          306,071                  -            306,071

Expenses
   Consulting                                                         343,019            236,637            803,033
   Stock Option Benefit                                               344,825                  -            344,825
   General and Administrative                                         602,259            192,264          1,091,265
   Depreciation and amortization                                       26,697                  -             26,697
                                                          -------------------   ----------------   -----------------
      Total Expenses                                                1,316,800            428,901          2,265,820

Other Income (Expense)
   Interest Expense                                                  (24,890)          (247,858)          (272,748)
   Currency Exchange                                                        -              (285)              (285)
   Write-Down of Assets                                             (474,821)          (400,000)          (874,821)
   Write-Down of License Rights                                             -          (101,276)          (101,276)
   Loss on Investments                                                      -        (1,558,485)        (1,558,485)
   Forgiveness of Debt                                                      -            294,664            294,411
                                                          -------------------   ----------------   -----------------

Total Other Income (Expense)                                        (499,711)        (2,013,240)        (2,513,204)
                                                          -------------------   ----------------   -----------------

Net Loss                                                          (1,510,440)        (2,442,141)        (4,472,953)

  Foreign Currency Adjustment                                          24,623                  -             24,623
                                                          -------------------   ----------------   -----------------
Comprehensive Loss                                        $       (1,485,817)   $    (2,442,141)   $    (4,448,330)
                                                          ===================   ================   =================

Earnings per Share, Basic & Diluted
Loss Per Share                                            $            (0.03)   $         (0.06)
                                                          ===================   ================

Weighted Average Shares Outstanding                                54,416,336         44,435,150
                                                          ===================   ================
</TABLE>


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

                                      F-4
<PAGE>

                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
            CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
              SINCE APRIL 7, 1997 (INCEPTION) TO DECEMBER 31, 2006

<TABLE>
<CAPTION>
                                                                                                      Retained        Cumulative
                                                                                                      Deficit        Deficit Since
                                                                                                      Prior to        December 1,
                                                                                                      Entering           2001
                                                                                                    Development      Inception of
                                                             Common Stock              Paid-In         Stage          Development
                                                        Shares         Par Value       Capital                           Stage
                                                    ---------------  --------------   -----------   --------------   ---------------
<S>                                                 <C>              <C>              <C>           <C>              <C>
Balance at April 7, 1997(inception)                               -  $            -   $         -   $            -   $             -
April 18, 1997 Issuance of Stock
  for payment of accounts payable                           675,000             675         8,537                -                 -
Net Loss                                                          -               -             -          (1,100)                 -
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 1997                                675,000             675         8,537          (1,100)                 -
Retroactive Adjustment for 6:1
Stock Split February 24, 2005                             3,375,000           3,375       (3,375)                -                 -
Restated Balance at December 31, 1997                     4,050,000           4,050         5,162          (1,100)                 -
Net Loss                                                          -               -             -            (100)                 -
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 1998                              4,050,000           4,050         5,162          (1,200)                 -
Net Loss                                                          -               -             -          (4,086)                 -
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 1999                              4,050,000           4,050         5,162          (5,286)                 -
March 31, 2000 Issuance of Stock
  for payment of accounts payable                         8,250,000           8,250         2,750                -                 -
Net Loss                                                          -               -             -        (252,026)
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 2000                             12,300,000          12,300         7,912        (257,312)                 -
Net Loss                                                          -               -             -         (16,120)           (4,313)
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 2001                             12,300,000          12,300         7,912        (273,432)           (4,313)
June 24, 2002, Shares Issued for
    Services                                              1,800,042           1,800       224,459                -                 -
Net Loss                                                          -               -             -                -         (228,459)
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 2002                             14,100,042          14,100       232,371        (273,432)         (232,772)

October 31, 2003, Stock Issued for Debt                   4,203,420           4,203       276,025                -                 -
Net Loss                                                          -               -             -                -          (48,658)
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 2003                             18,303,462          18,303       508,396        (273,432)         (281,430)
Net Loss                                                          -               -             -                -         (238,941)
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 2004                             18,303,462          18,303       508,396        (273,432)         (520,371)

February 2, 2005, Stock Issued for Debt                  26,969,568          26,970       220,888                -                 -
February 2, 2005 Beneficial Conversion                            -               -       247,858                -                 -
June 6, 2005, Stock Issued for Equipment                    800,000             800       399,200                -                 -
June 20, 2005, Stock Issued for Acquisition               2,000,000           2,000       998,000                -                 -
Net Loss                                                          -               -             -                -       (2,442,141)
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 2005                             48,073,030          48,073     2,374,342        (273,432)       (2,962,512)
April 9, 2006, Stock Issued ECSP- Debt                    3,789,688           3,790       287,385                -                 -
May 9, 2006 Beneficial Conversion                         4,985,740           4,986       493,588                -                 -
June 24, 2006, Stock Option Exercise                        370,312             370        29,245                -                 -
June 30, 2006, Stock options issued                               -               -       344,825                -                 -
October 17, 2006, Debenture Conversion                    1,128,137           1,128        66,560                -                 -
Funds received for private placement                        714,285             714        49,286                -                 -
Share issue costs                                                 -               -       (6,157)                -                 -
Net Loss                                                          -               -             -                -       (1,510,441)
                                                    ---------------  --------------   -----------   --------------   ---------------

Balance at December 31, 2006                             59,061,192  $       59,061   $ 3,639,074   $    (273,432)   $   (4,472,953)
                                                    ===============  ==============   ===========   ==============   ===============
</TABLE>

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

                                      F-5
<PAGE>

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

<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                       Since
                                                                                                    December 1,
                                                                                                        2001
                                                                     For the Years Ended            Inception of
                                                                        December 31,                Development
                                                                   2006               2005             Stage
                                                             ----------------      -------------   ----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                          <C>                   <C>             <C>
Net Loss for the period                                      $    (1,510,440)      $ (2,442,141)   $    (4,472,953)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
      Depreciation and Amortization                                    26,697                  -             29,785
      Common Stock Issued for Services                                182,724                  -            408,983
      Stock based compensation                                        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                                                    -          1,558,485          1,558,485
Changes in Operating Assets and Liabilities
    Increase (Decrease) in Accounts Receivable                       (10,316)                  -           (10,316)
    Prepaid Expenses                                                 (11,546)                  -           (11,546)
    Other Receivable                                                 (49,256)                  -           (49,256)
    Accrued Interest                                                   16,473                  -             16,473
   Increase (Decrease) in Accounts Payable                            369,706          (173,265)            433,152
                                                             ----------------      -------------   ----------------
  Net Cash Used in operating activities                             (166,312)          (307,787)          (528,413)

CASH FLOWS FROM INVESTING
ACTIVITIES:
     Logmed Investment                                              (242,800)                  -          (242,800)
     Fixed Asset additions                                           (45,156)                  -           (45,156)
     Cash acquired in acquisition                                         492                  -                492
                                                             ----------------      -------------   ----------------
Net cash used in Investing Activities                               (287,464)                  -          (287,464)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from shareholder advances                                                    309,006            362,579
   Related Party Loan                                                  72,862                  -             72,862
   Stock Option Exercise                                               29,625                  -             29,625
   Sale of Promissory Note                                            171,232                  -            171,232
   Term Loan                                                          134,035                  -            134,035
    Proceeds from private placements                                   53,167                  -             53,167
    Convertible debenture shares                                       65,000                  -             65,000
                                                             ----------------      -------------   ----------------
Net Cash Provided by Financing Activities                             525,921            309,006            888,500

Effect of exchange on cash                                            (1,736)                  -            (1,736)
                                                             ----------------      -------------   ----------------
Net (Decrease) Increase in
  Cash and Cash Equivalents                                            70,409              1,219             70,887
Cash and Cash Equivalents at Beginning of Period                        1,219                  -                741
                                                             ----------------      -------------   ----------------
Cash and Cash Equivalents at End of Period                   $         71,628      $       1,219   $         71,628
                                                             ================      =============   ================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
  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 on 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
                       consolidated financial statements.

                                      F-6
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

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

         Several conditions and events cast doubt about the Company's ability to
continue as a "going concern". The Company has incurred net losses of
approximately $4,448,330 for the period from April 7, 1997 (inception) to
December 31, 2006, has a liquidity problem, and requires additional financing in
order to finance its business activities on an ongoing basis. The Company is
actively pursuing alternative financing and has had discussions with various
third parties, although no firm commitments have been obtained.

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

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

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

NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Organization and Basis of Presentation

         The Company was incorporated under the laws of the State of Nevada on
April 7, 1997. The Company ceased all operating activities during the period
from April 7, 1997 to July 9, 1999 and was considered dormant. On July 9, 1999,
the Company obtained a Certificate of Renewal from the State of Nevada. During
2000, the Company developed an Internet website which provided community,
content and commerce for the sportbike and motorcycle enthusiast. In November
2001, the Company abandoned the Internet business. 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 Globetech Environmental, Inc.

         Principles of Consolidation

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

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

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

                                      F-7
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005



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

Nature of Business

         The Company has been pursuing opportunities in the medical waste
treatment industry. As a result of the Goldner et al acquisition on March 17,
2006, the Company acquired certain patents, marketing rights, technology,
equipment and intellectual property associated with the Logmed Technologies and
focused its plan of operations 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.

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.

Loss per Share

         Basic loss per share has been computed by dividing the loss for the
year applicable to the common stockholders by the weighted average number of
common shares outstanding during the years. There were no common equivalent
shares outstanding at December 31, 2006 and 2005 that have been included in
dilutive loss per share calculation as the effects would have been
anti-dilutive. At December 31, 2006, there were 714,285 warrants and 4,229,688
options outstanding.

Foreign Currency Translation

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

                                      F-8
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005



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

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

Concentrations of Credit Risk

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

         Stock Based Compensation

         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 year ended December 31,
2006 was not affected by our adoption of FAS 123R as compared to our results had
we accounted for stock-based compensation under APB 25.

         Development Stage Entity

         Through December 31, 2006 the Company has presented its financial
statements as a development stage company. Effective January 1, 2007, the
Company will leave the development stage.

                                      F-9

<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

NOTE 3 - FIXED ASSETS

         Fixed assets consisted largely of the Logmed machine and related
equipment operating in Halle.

Original Cost                $139,826
Accumulated Depreciation     ( 26,697)
                             --------
Net Book Value               $113,129
                             ========

NOTE 4 - INTANGIBLE ASSETS

         The intangible assets are comprised of the 26 patents and other
intellectual property acquired from Goldner et al, pursuant to the Logmed
technology acquisition in March 2006.

NOTE 5 - COMMITMENTS

         As of December 31, 2006, all North American 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. The European activities are conducted through the Logmed Technologie
GmbH office in Landsberg Germany which space is utilized under a month to month
lease at a rate of Euro 2,431 per month (USD $3,233).

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. For the years ended December 31, 2006
and 2005, $20,000 and $120,000 respectively, in salary and $0 and $20,000,
respectively, in expenses was paid in stock, by the issuance of 2,000,000 shares
of common stock, and $146,604 and $100,000 has been accrued.

         The Company entered into a consulting agreement with Theodor Hennig's
professional corporation pursuant to which Mr. Hennig serves as the Company's
Chief Financial Officer. The consulting agreement was effective September 27,
2005 and runs through September 27, 2007. Under the consulting agreement, Mr.
Hennig is entitled to a monthly fee of $8,333 plus expenses and an annual bonus
should certain EBITDA thresholds be met. For the years ended December 31, 2006
and 2005, $16,666 and $24,999, respectively, in fees and $35,510 and $0,
respectively, in expenses was paid in stock, by the issuance of 964,688 shares
of common stock, and $98,655 and $40,528 have been accrued.

                                      F-10
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005


NOTE 5 - COMMITMENTS (continued)

         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 6 - SHAREHOLDER ADVANCES

         Shareholders of the Company have advanced the Company money in order to
pay general and administrative expenses. As of December 31, 2006 and 2005, the
Company owed $107,481 and $733,903, respectively, relating to these notes. The
shareholder advances have no specific repayment terms.

NOTE 7 - STOCK SPLITS AND REVERSE STOCK SPLITS

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

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

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

         All references in the accompanying financial statements to the number
of common shares and per-share amounts have been restated to reflect the stock
splits, reverse stock split and cancellation of shares described above.

NOTE 8 - ACQUISITIONS

Beiseker Facility
         On April 8, 2005, the Company signed a conditional agreement to acquire
from Cristallo Holdings, Inc. a medical waste treatment facility in Beiseker,
Albert, Canada. The agreement relating to 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.

                                      F-11
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005


NOTE 8 - ACQUISITIONS (continued)

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

         Logmed Technology

            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 ("Logmed Technologie")
pursuant to which the Company agreed to purchase:



         o        for a purchase price of 406,000 Euro (approximately $486,000),
                  from Frenzel and Goldner, 100% of the stock of Logmed
                  Technologie;

         o        for a purchase price of 34,000 Euro (approximately $40,000),
                  from Frenzel and Goldner, an operating Logmed hospital waste
                  treatment machine (a "Logmed") and existing contract rights
                  pursuant to which the Logmed unit is currently operated at the
                  Halle clinic medical facility in Wittenberg, Germany; and

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

         The agreement also provides that the Company will pay to GUH 400,000
Euro (approximately $478,000) for annulment of an existing license agreement
with Logmed Technologie and assignment to Logmed Technologie 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 instalments as
follows:

         o        50,000 Euro credited for payments previously made through
                  Cristallo on the request of the Company;

         o        150,000 Euro due March 23, 2006;

         o        500,002 Euro due December 31, 2006;

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

         o        365,998 Euro due December 31, 2008.

         In addition to the instalments payable under the agreement, the Company
agreed to pay to Goldner 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 payable to Goldner 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.

                                      F-12
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005


NOTE 8 - ACQUISITIONS (continued)

            The agreement also provides that Goldner will retain certain rights
to exploit the Logoil technology and that the Company will have the rights under
its license to all improvements to the Logoil technology.

         On March 24, 2006, the Company paid the initial installment of 150,000
Euro and the Company completed the acquisition of 100% of the stock of Logmed
Technologie GmbH along with the patent portfolio underlying the Logmed unit and
the operating Logmed unit and contract relating to operation of the unit.

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 and, the Company has recognized
interest expense of $247,858 in connection with this beneficial conversion.

         Pursuant to the conditional purchase agreement with Cristallo (see Note
6 above), the Company issued 2,000,000 shares to Cristallo at fair market value
of $.50 per share.

         In order to facilitate the planned upgrade to the Beiseker facility,
the Company acquired equipment valued at $400,000 from a company affiliated with
its president in exchange for 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 following the
termination of the Beiseker acquisition, the equipment was written down $400,000
to $0 during 2005.

         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.

            In December 2006, the Company received $50,000 pursuant to a private
placement and issued 714,285 shares and 714,285 warrants to purchase shares at
$.14 for a period of two years. In accordance with the provisions of EITF 00-19,
the issuance of the warrants is considered permanent equity and thus no value
has been assigned to the warrants.

                                      F-13
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005


NOTE 10 - STOCK OPTIONS AND WARRANTS

         As of December 31, 2006, the Company has the following share-based
compensation plans:
         2005 Long-Term Incentive Plan. In 2005, the Company's Board of
Directors adopted, and its shareholders approved, the Globetech Environmental,
Inc. 2005 Long-Term Incentive Plan (the "Plan"). The terms of the Plan allow for
the issuance of up to 8,000,000 shares of the Company's common stock pursuant to
the grant of incentive stock options, non-qualified stock options, stock grants
and restricted stock grants. Persons eligible to participate in the Plan are key
employees, consultants and directors of 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, other than
its President, 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. 4,600,000 of the options
granted during 2005 expired unexercised during the year. These options were not
exercised and expired at the end of May.

         During 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. 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.

                                      F-14
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005



NOTE 10 - STOCK OPTIONS AND WARRANTS (continued)

         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 year ended
                                                December 31, 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 year ended December 31, 2006 was as
follows:

<TABLE>
<CAPTION>
                                                                                 Weighted Average      Aggregate
                                                                                     Remaining      Intrinsic Value
                                                                    Weighted     Contractual Term
                                                                    Average         (in years)
                                                 Shares          Exercise Price
<S>                                               <C>         <C>                              <C>
Outstanding at December 31, 2005                  3,400,000   $            0.50                .41
Granted                                           4,600,000                0.08               4.25
Exercised                                         (370,312)                  --
Cancelled                                                 -                  --
                                              --------------  -----------------
Outstanding at December 31, 2006                  7,629,688                0.26                  -
                                              ==============
Vested and expected to vest at December
  31, 2006                                        7,629,688                0.26               2.54   $              0
Exercisable at December 31, 2006                  7,629,688                0.26               2.54   $              0
</TABLE>

Fair market value at December 31, 2006 was $.07 per share, resulting in negative
intrinsic value for all options.

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

<TABLE>
<CAPTION>
                                   Remaining                     Number of       Weighted
                                  Contractual      Weighted        Options        Average
        Exercise      Options       Life (in        average       Currently      Exercise
          Price      Outstanding     years)     exercise price    Exercisable     Prices
       ---------    ------------  -----------   --------------   ------------   ---------
<S>    <C>          <C>               <C>       <C>              <C>            <C>
       $0.50        3,400,000           .41          $0.50          3,400,000       $0.50
       $0.08        4,600,000          4.25          $0.08          4,229,688       $0.08
</TABLE>



                                      F-15
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005


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, 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. As a result of the cessation
of operation of the Beiseker facility and return of control of the same to
Cristallo due to non-performance under the acquisition agreement, the Company
has excluded all revenues and expenses associated with the operation of the
Beiseker facility from its consolidated Statement of Operations. Moreover, the
Company recorded all amounts invested in connection with the proposed
acquisition, upgrade and operation of the Beiseker facility as an investment
that was written off as an investment loss during 2005.

NOTE 12 - HALLE REVENUE

         The Company reflects the net operating income of the Halle Logmed
machine in this income statement item.

NOTE 13 - SUBSEQUENT EVENTS

         On January 11, 2007, Globetech entered into an agreement with Goldner
et al to modify the payment terms under their March 17, 2006 Purchase Agreement
for the Logmed technologies. Pursuant to the terms of the original Purchase
Agreement, a total of 500,002 Euro was due and payable to the Goldner Parties by
December 31, 2006. Pursuant to the January 11, 2007 Amendment, the scheduled
payment dates for the amounts originally due to the Goldner Parties on December
31, 2006 have been revised to provide for a series of instalment payments as
follows:

         o        50,000 Euro due January 17, 2007;

         o        50,000 Euro due January 31, 2007 to Goldner;

         o        15,000 Euro due January 31, 2007 to Frenzel;

         o        18,332 Euro due August 31, 2007 to Frenzel payable in shares;

         o        100,000 Euro due February 28, 2007;

         o        100,000 Euro due March 31, 2007;

         o        66,668 Euro due August 31, 2007; and

         o        100,000 Euro due September 30, 2007.

         All deferred payments bear interest at 8% per annum. All contracted
payments up to and including March 31, 2007 have been paid.

            Effective January 31, 2007, related party notes and accrued interest
thereon, totaling $82,124.74, were converted into 1,368,746 shares of common
stock, representing a conversion price of $.06 per share, plus 1,368,746 two
year warrants exercisable at $.12 per share.

            Effective January 31, 2007, other demand note and accrued interest
thereon, totaling $191,944.11, were converted into 3,199,069 shares of common
stock, representing a conversion price of $.06 per share, plus 3,199,069 two
year warrants exercisable at $.12 per share.

                                      F-16
<PAGE>


                          GLOBETECH ENVIRONMENTAL, INC.
                          (A Development Stage Company)
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
                 FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005


NOTE 13 - SUBSEQUENT EVENTS (continued)

            In February 2007, the Company issued 2,500,000 shares of common
stock, 2,500,000 two year warrants exercisable at $0.12 per share for aggregate
consideration of $150,000.

            In March 2007, the Company entered into a new employment agreement
with Donald Sampson, the Company's President and Chief Executive Officer. Under
the new employment agreement, Mr. Sampson is entitled to a base salary of
$180,000 and quarterly bonuses in an amount equal to two percent (2%) of EBITDA
as well as other benefits generally available to executives of the Company,
including health insurance. The term of the new employment agreement is two
years.

            In May 2007, the Company entered a joint venture with MediVac
Limited of Australia. The joint venture agreement calls for the incorporation of
Logmed International Pty Ltd. which will own worldwide marketing rights for
Globetech's Logmed machines and MediVac's Metamizer machines. The joint venture
will have offices in Sydney Australia, Spokane and Landsberg, Germany and will
be resourced to exploit sales opportunities around the globe.

            In May 2007, the Company entered into a Sales/Lease-back agreement
pursuant to which 3 Logmed machines, 2 of which are presently operational, were
sold for $1,500,000 and leased back by the Company for monthly lease payments of
$12,000 per machine for a period of 84 months.


                                      F-17