**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC  20549**

**FORM 10-Q**

**QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the Quarterly Period ended March 31, 2011**

**Commission File Number:  ****000-53493**

 

**Global MobileTech, Inc.**

 (Exact name of registrant as specified in charter)

| **Nevada**

 

**26-1550187**

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer Identification No.)

**1312 North Monroe, Suite 750**

**Spokane, Washington 99201**

 (Address of principal executive offices, including Zip Code)

 

Issuer’s telephone number:******(509) 723-1312**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]   No [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer [  ]

Accelerated filer [  ]

Non-accelerated filer [  ] 

Smaller reporting company [X]

(Do not check if a smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [   ]   No [X]

As of May 20, 2011, there were 3,652,816 shares of our common stock, $0.001 par value, issued and outstanding.

**TABLE OF CONTENTS**

 

 

 

**ITEM NUMBER AND CAPTION**

**PAGE**

 

 

 

**PART I**

 

 

 

 

 

  ITEM 1.

Financial Statements

3

  ITEM 2.

Management’s Discussion and Analysis of Financial Condition And Results of Operations

27

  ITEM 3.  

Quantitative and Qualitative Disclosures About Market Risk

33

  ITEM 4.

Controls and Procedures

33

 

 

 

**PART II**

 

 

 

 

 

  ITEM 1.

Legal Proceedings

34

  ITEM 1A.

Risk Factors

34

  ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

  ITEM 3.

Defaults Upon Senior Securities

34

  ITEM 4.

Submission of Matters to a Vote of Security Holders

34

  ITEM 5.

Other Information

34

  ITEM 6.

Exhibits

35

 

 

 

**SIGNATURES**

 

36

2

**PART I
**ITEM 1.  FINANCIAL STATEMENTS
GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

(FORMERLY TREVENEX RESOURCES, INC.)

March 31, 2011 and 2010

Index to Consolidated Financial Statements 

(Unaudited)

**CONTENTS**

**Page**

Consolidated Balance Sheets as of March 31, 2011 (unaudited) and June 30, 2010 (audited)

4 

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended March 31, 2011 and 2010 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended March 31, 2011 (unaudited)

6

Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2011 and 2010 (unaudited)

7 to 8

Notes to the Consolidated Financial Statements 

9 to 26

3

**GLOBAL  MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**CONSOLIDATED BALANCE SHEETS**

**AS OF MARCH 31, 2011 AND JUNE 30, 2010**

 

**ASSETS**

 

 

 

 

 

 

 

 

**March 31**

 

**June 30,**

 

 

 

 

 

 

 

 

**2011**

 

**2010**

 

 

 

 

 

 

 

 

**(Unaudited)**

 

 

**Current Assets:**

 

 

 

 

 

 

 

 

 

Cash 

 

 

 

 

 

$

34,450 

 

$

18,416 

 

Accounts receivable - Trade

 

 

 

 

7,013,696 

 

3,066,296 

 

 

   Total current assets

 

 

 

 

7,048,146 

 

3,084,712 

 

 

 

 

 

 

 

 

 

 

 

**Property and Equipment:**

 

 

 

 

 

 

 

 

Computer software

 

 

 

 

704,909 

 

452,016 

 

Plant and machinery

 

 

 

 

665,939 

 

- 

 

Furniture and office equipment

 

 

 

 

1,654 

 

1,537 

 

 

 

 

 

 

 

 

1,372,502 

 

453,553 

 

Less - Accumulated depreciation and amortization

 

 

(126,739)

 

(22,678)

 

 

   Net property and equipment

 

 

 

1,245,763 

 

430,875 

 

 

 

 

 

 

 

 

 

 

 

**Other Assets:**

 

 

 

 

 

 

 

 

 

Mineral properties - Available for sale

 

 

 

- 

 

40,000 

 

License Agreement (net of accumulated amortization of $52,931)

476,380 

 

965,107 

 

Methodology & Technology Assignment (net of accumulated amortization of $6,085)

46,069 

 

- 

 

Deposit

 

 

 

 

 

10,000 

 

1,000 

 

 

Total other assets

 

 

 

 

532,449 

 

1,006,107 

**Total Assets**

 

 

 

 

 

$

8,826,358 

 

$

4,521,694 

 

 

 

 

 

 

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' EQUITY**

**Current Liabilities:**

 

 

 

 

 

 

 

 

 

Accounts payable - Trade

 

 

 

 

$

4,633,830

 

$

3,049,421 

 

Accrued liabilities

 

 

 

 

 

660,087

 

219,377 

 

License agreement payable

 

 

 

 

-

 

991,990 

 

Due to related party

 

 

 

 

2,793

 

5,539 

 

Notes payable

 

 

 

 

 

-

 

18,000 

 

 

   Total current liabilities

 

 

 

 

5,296,710

 

4,284,327 

 

 

 

 

 

 

 

 

 

 

 

**Long-Term Liabilities:**

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

 

 

52,600

 

48,891 

 

 

Total long-term liabilities

 

 

 

 

52,600

 

48,891 

 

 

   Total liabilities

 

 

 

 

5,349,310

 

4,333,218 

 

 

 

 

 

 

 

 

 

 

 

**Commitments and Contingencies**

 

 

 

 

 

 

**Stockholders' Equity:**

 

 

 

 

 

 

 

 

 

Preferred stock,  par value $0.001 per share; 10,000,000 shares

 

 

 

 

 

 

authorized; no shares issued or outstanding in 2011 and 

 

 

 

 

 

 

2010, respectively

 

 

 

 

-

 

- 

 

Common stock, par value $0.001 per share; 100,000,000

 

 

 

 

 

 

 

 shares authorized; 3,477,816  and 1,895,270 shares

 

 

 

 

 

 

 

 issued and outstanding as of March 31, 2011 and

 

 

 

 

 

 

 

June 30, 2010, respectively

 

 

 

3,478

 

1,896 

 

Additional paid-in capital

 

 

 

 

1,497,980

 

275,331 

 

Accumulated other comprehensive income (loss)

 

 

128,013

 

(2,135)

 

Accumulated income (deficit) 

 

 

 

 

1,847,577

 

(86,616)

 

 

   Total stockholders' equity

 

 

 

3,477,048

 

188,476 

**Total Liabilities and Stockholders' Equity**

 

 

 

$

8,826,358

 

$

4,521,694 

 

 

 

 

 

 

 

 

 

 

 

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

4

**GLOBAL  MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**AND COMPREHENSIVE INCOME (LOSS)**

**FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2011 AND 2010**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**For the Three**

 

**For the Three**

 

**For the Nine**

 

**For the Nine**

 

 

 

 

 

 

 

**Months ended**

 

**Months ended**

 

**Months ended**

 

**Months ended**

 

 

 

 

 

 

 

**March 31,**

 

**March 31,**

 

**March 31,**

 

**March 31,**

 

 

 

 

 

 

 

**2011**

 

**2010**

 

**2011**

 

**2010**

 

 

 

 

 

 

 

**(Unaudited)**

 

**(Unaudited)**

 

**(Unaudited)**

 

**(Unaudited)**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Revenues**

 

 

 

 

$

8,094,496 

 

$

- 

 

$

24,332,208 

 

$

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Cost of Goods Sold**

 

 

 

 

(6,841,253)

 

- 

 

(20,565,364)

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Gross Profit**

 

 

 

 

1,253,243 

 

- 

 

3,766,844 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Expenses:**

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

 

 

25,107 

 

5,863 

 

71,474 

 

39,856 

 

Rent expense - related party

 

 

 

- 

 

600 

 

- 

 

1,800 

 

Depreciation and amortization

 

 

11,173 

 

2,083 

 

129,412 

 

2,083 

 

Sales and marketing 

 

 

 

228,889 

 

- 

 

516,497 

 

1,610 

 

General and administrative - Other

 

 

114,236 

 

4,621 

 

554,077 

 

5,166 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

 

379,405 

 

13,167 

 

1,271,460 

 

50,515 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Income (Loss) from Operations**

 

 

 

873,838 

 

(13,167)

 

2,495,384 

 

(50,515)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Other (Expense):**

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

- 

 

(420)

 

(577)

 

(527)

 

Loss on disposal of mining claims

 

 

- 

 

 

 

(21,211)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other (expense)

 

 

 

- 

 

(420)

 

(21,788)

 

(527)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Income (Loss) Before Income Taxes**

 

 

873,838 

 

(13,587)

 

2,473,596 

 

(51,042)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Provision for income taxes:**

 

 

 

 

 

 

 

 

 

 

 

Current 

 

 

 

 

(135,065)

 

- 

 

(539,402)

 

- 

 

Deferred

 

 

 

 

- 

 

- 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Net Income (Loss)**

 

 

 

 

$

738,773 

 

$

(13,587)

 

$

1,934,194 

 

$

(51,042)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Comprehensive Income:**

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

60,102 

 

- 

 

130,148 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Total Comprehensive Income (Loss)**

 

 

$

798,875 

 

$

(13,587)

 

$

2,064,342 

 

$

(51,042)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Earnings (Loss) Per Common Share:**

 

 

 

 

 

 

 

 

 

 

Basic 

 

 

 

 

$

0.22 

 

$

(0.01)

 

$

0.68 

 

$

(0.03)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

$

0.20 

 

$

(0.01)

 

$

0.65 

 

$

(0.03)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Weighted Average Number of Common Shares Outstanding:**

 

 

 

 

 

 

 

Basic 

 

 

 

 

3,395,514

 

1,750,000

 

2,831,274

 

1,750,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

3,694,610

 

1,750,000

 

2,973,380

 

1,750,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

5

**GLOBAL  MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY KNOWN AS TREVENEX RESOURCES, INC.)**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**FOR THE PERIOD ENDED MARCH 31, 2011 AND JUNE 30, 2010**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Accumulated**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Additional**

 

**Other**

 

 

 

 

 

 

 

 

**Preferred Stock**

 

**Common stock**

 

**Paid-in**

 

**Comprehensive**

 

**Accumulated**

 

 

**Description**

 

**Shares**

 

**Amount**

 

**Shares**

 

**Amount**

 

**Capital**

 

**(Loss)**

 

**(Deficit)**

 

**Totals**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Balance - June 30, 2009**

 

 

 

-

 

$

-

 

1,700,000

 

$

1,700

 

$

168,600

 

$

- 

 

$

(143,252)

 

$

27,048 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

 

 

 

-

 

-

 

165,270

 

166

 

99,261

 

- 

 

- 

 

$

99,427 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for management consulting services

 

-

 

-

 

30,000

 

30

 

7,470

 

- 

 

- 

 

$

7,500 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

-

 

-

 

-

 

-

 

-

 

(2,135)

 

- 

 

$

(2,135)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income for the period

 

 

 

-

 

-

 

-

 

-

 

-

 

- 

 

56,636 

 

$

56,636 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Balance -June 30, 2010**

 

 

 

-

 

$

-

 

1,895,270

 

$

1,896

 

$

275,331

 

$

(2,135)

 

$

(86,616)

 

$

188,476 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

 

 

 

-

 

-

 

195,224

 

195

 

195,029

 

- 

 

- 

 

$

195,224 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for acquisition of fixed assets

 

 

-

 

-

 

295,000

 

295

 

206,205

 

- 

 

- 

 

$

206,500 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued as payment for acquisition of License Agreement

 

-

 

-

 

769,000

 

769

 

499,081

 

- 

 

- 

 

$

499,850 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued as payment for acquisition of  methodology & technology assignment

 

-

 

-

 

50,000

 

50

 

49,950

 

- 

 

- 

 

$

50,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued as compensation to director and officers

 

-

 

-

 

270,000

 

270

 

269,730

 

- 

 

- 

 

$

270,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for conversion of short term payable

 

-

 

-

 

3,322

 

3

 

2,654

 

- 

 

- 

 

$

2,657 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

-

 

-

 

-

 

-

 

-

 

130,148 

 

- 

 

$

130,148 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income for the period

 

 

 

-

 

-

 

-

 

-

 

-

 

- 

 

1,934,193 

 

$

1,934,193 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Balance -March 31, 2011**

 

 

 

-

 

$

-

 

3,477,816

 

$

3,478

 

$

1,497,980

 

$

128,013 

 

$

1,847,577 

 

$

3,477,048 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

6

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**FOR THE NINE MONTHS ENDED MARCH 31, 2011 AND 2010**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**For the Nine Months ended**

 

 

 

 

 

 

 

**March 31,**

 

 

 

 

 

 

 

**2011**

 

**2010**

 

 

 

 

 

 

 

**(Unaudited)**

 

**(Unaudited)**

**Operating Activities:**

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

$

1,934,194 

 

$

(51,042)

 

Adjustments to reconcile net income (loss) to net cash

 

 

 

 

 

  provided by (used in) operating activities:

 

 

 

 

 

 

Income taxes

 

 

 

 

539,402 

 

- 

 

Depreciation and amortization

 

 

 

129,412 

 

2,083 

 

Common stock issued for services

 

 

276,359 

 

7,500 

 

Changes in assets and liabilities-

 

 

 

 

 

 

 

 

Deposit

 

 

 

 

(9,000)

 

- 

 

 

Accounts receivable - Trade

 

 

(3,714,801)

 

- 

 

 

Accounts payable - Trade

 

 

 

1,354,901 

 

14,078 

 

 

Accrued liabilities

 

 

 

(120,459)

 

- 

 

 

Accrued interest

 

 

 

- 

 

527 

 

 

 

 

 

 

 

 

 

 

**Net Cash Provided by (Used in) Operating Activities**

 

390,008 

 

(26,854)

 

 

 

 

 

 

 

 

 

 

**Investing Activities:**

 

 

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

**Net Cash (Used in) Investing Activities**

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

**Financing Activities:**

 

 

 

 

 

 

 

 

(Repayment to) Proceeds from related party

 

 

(2,893)

 

4,000 

 

(Repayment to) Proceeds from notes payable

 

 

(20,000)

 

18,000 

 

Proceeds from the issuance of common stock

 

 

195,224 

 

5,000 

 

 

 

 

 

 

 

 

 

 

**Net Cash Provided by Financing Activities**

 

 

172,331 

 

27,000 

 

 

 

 

 

 

 

 

 

 

**Effect of Exchange Rate Changes**

 

 

 

(546,305)

 

- 

 

 

 

 

 

 

 

 

 

 

**Net Increase (Decrease) in Cash**

 

 

 

16,034 

 

146 

 

 

 

 

 

 

 

 

 

 

**Cash - Beginning of Period**

 

 

 

18,416 

 

60 

 

 

 

 

 

 

 

 

 

 

**Cash - End of Period**

 

 

 

 

$

34,450 

 

$

206 

 

 

 

 

 

 

 

 

 

 

**Supplemental Disclosure of Cash Flow Information:**

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest

 

 

 

 

$

- 

 

$

- 

 

 

Income taxes

 

 

 

$

- 

 

$

- 

 

 

 

 

 

 

 

 

 

(Continued Below)

(Continued from Above)

**Supplemental Information of Noncash Investing and Financing Activities:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On December 26, 2007, the Company issued 200,000 shares of common stock in acquisition of three mining claims, valued at $20,000.

 

 

 

 

 

 

 

 

 

 

 

On June 12, 2009, the Company issued 14,800 shares of common stock valued at $0.25 per share in lieu of a payment of $3,700 indebted to its former President and CEO and a third party vendor.

 

 

 

 

 

 

 

 

 

 

 

On July 1, 2009, the Company issued 30,000 shares of common stock at $0.25 per share for management consulting services valued at $7,500.

 

 

 

 

 

 

 

 

 

 

 

On April 8, 2010, Info-Accent Sdn Bhd ("Info-Accent"), a wholly owned subsidiary of the Company, entered into a five-year Exclusive Marketing, Distribution and License Agreement with VTA, which required Info-Accent pay a one-time only license fee of Ringgit Malaysia ("RM") 1.6 million and an additional RM1.6 million (approximately $491,990) within 90 days of the execution date of the agreement. On July 7, 2010, Info-Accent and VTA executed a Supplemental Agreement, whereby VTA agreed to receive 769,000 shares of the Company's common stock in lieu of a cash payment. 

 

 

 

 

 

 

 

 

 

 

 

On August 10, 2010, Info-Accent and Digital Kiosk Technologies Sdn Bhd, a Malaysian corporation, entered into a Purchase Agreement to purchase a Vendor Management Inventory software for a total consideration of $206,500. On August 12, 2010, GMT issued 295,000 shares of common stock, par value $0.001 per share priced at $0.70 per share in lieu of cash payment as consideration for the software.  

 

 

 

 

 

 

 

 

 

 

 

On September 1, 2010, the Company issued 100,000 shares of common stock at $1.00 per share to Valerie Looi as compensation for her services rendered to the Company as Corporate Secretary and Director from March 25, 2010, through August 31, 2010. The Company has charged $79,620 as compensation expense for the period from July 1, 2010, through August 31, 2010.

 

 

 

 

 

 

 

 

 

 

 

On September 1, 2010, Info-Accent entered into an Assignment Agreement with the Company’s Chairman, Mr. Aris Bernawi whereby the Chairman assigned to the Company exclusively, throughout the world, all rights, title and interest in the methodology for the optimal sizing of solar PV-hybrid power generation system for a total consideration of $50,000. Under the terms of the Assignment Agreement, GMT issued 50,000 shares of common stock, par value $0.001 per share at a price of $1.00 per share to Mr. Aris Bernawi in lieu of a cash payment as consideration for the Assignment. On September 1, 2010, GMT issued 50,000 unregistered shares of its common stock, par value $0.001 per share at $1.00 per share, to Mr. Aris Bernawi in connection with the above acquisition.

 

 

 

 

 

 

 

 

 

 

 

On December 7, 2010, a creditor of the Company elected to convert the debt of $539 in exchange for 674 shares of our common stock at $0.80 per share. 

 

On December 7, 2010, a former director of the Company elected to convert the debt of $2,118 in exchange for 2,648 shares of our common stock at $0.80 per share. 

 

 

 

 

 

 

 

 

 

 

 

On December 29, 2010, the Company awarded an aggregate of 170,000 shares of the Company’s common stock to its directors and officers.

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes to consolidated financial statements are

an integral part of these statements.

8

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

**NOTE 1 –ORGANIZATION AND OPERATIONS**

*General Organization and Business*

Global MobileTech, Inc. ("Global MobileTech" or "GMT" or "the Company"), a Nevada corporation, was incorporated on December 10, 2007 as a mineral exploration company. The Company did not realize any revenue from its mineral exploration operations, achieved losses since its inception, and relied upon the sale of its securities to fund operations. During 2008 and 2009, the Company faced numerous difficulties and challenges in raising sufficient capital to commence and initiate its planned mineral exploration program.

The management of the Company decided to change its primary business and reorganize the Company’s organization structure, Board of Directors, and management to focus on the provision of mobile VoIP communications and mobile advertising services.  On December 1, 2010, the Company disposed the patented mining claims to pursue the business in the development and sale of solar photovoltaic (“PV”)-wind and solar PV-biomass hybrid power generation applications; and development and sale of mobile VoIP communications and mobile advertising services. 

*Formation of Trevenex Acquisitions, Inc.*

On September 1, 2009, the Company formed a wholly owned subsidiary, Trevenex Acquisitions, Inc. under the laws of the State of Nevada.  Trevenex Acquisitions, Inc. is currently inactive.

*Formation of Info-Accent Sdn Bhd*

On April 7, 2010, we formed a wholly owned subsidiary, Info-Accent Sdn Bhd or Info-Accent under the laws of Malaysia. Info-Accent is a wholly owned subsidiary of Trevenex Acquisitions, Inc. Info-Accent was established to capitalize on business opportunities and the fast growing economies in China and countries in South East Asia such as Singapore, Vietnam, Thailand, Indonesia and Malaysia.

The formation of Info-Accent was not subject to ASC 805-10-50-2 because it was not a business combination. The cost of incorporating Info-Accent was $754 which included payment to the Companies Commission of Malaysia.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Unaudited Interim Financial Statements*

The interim consolidated financial statements of the Company as of March 31, 2011 and March 31, 2010 and for the three months and nine months ended March 31, 2011 and 2010 are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2011 and March 31, 2010 and the results of its operations and its cash flows for the nine months ended March 31, 2011 and March 31, 2010. These results are not necessarily indicative of the results expected for the fiscal year ending June 30, 2011. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States of America. Refer to the Company’s audited financial statements as of June 30, 2010, filed with the SEC for additional information, including significant accounting policies.

*Basis of presentation*

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

9

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

** (Unaudited)**

*Principles of Consolidation*

The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries Trevenex Acquisitions, Inc. and Info-Accent Sdn Bhd. All significant intercompany balances and transactions have been eliminated in consolidation.

*Fiscal year end*

The Company has elected June 30 as its fiscal year ending date.

*Cash and Cash Equivalents*

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

*Mineral Property and Related Mineral Rights - Quartz Load Mining Claims*

Mineral claim and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development cost, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period.

*Impairment of long-lived assets*

In accordance to with ASC 360, “*Accounting for the Impairment or Disposal of Long-Lived Assets,*” the Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. For the nine months ended March 31, 2011 and 2010, no events or circumstances occurred for which an evaluation of the recoverability of long-lived assets was required.

*Revenue recognition*

Info-Accent Sdn Bhd, a wholly owned Malaysian subsidiary, commenced operations on April 7, 2010. The Company recognizes revenue when it is realized or realizable and earned less estimated future doubtful accounts. The Company applies the revenue recognition principles set forth under SEC Staff Accounting Bulletin 104 (“SAB 104”) and considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

The Company derives its revenue from sales contracts with customers with revenues being generated upon the product or services have been rendered.

10

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

*Accounts Receivable and Allowance for Doubtful Accounts*

The Company recognizes an allowance for doubtful accounts to ensure that accounts receivable are not overstated due to uncollectibility. The allowance for doubtful accounts is maintained for all customers based on a variety of factors, including the length of time the receivables are past due, significant one-time events and historical experience. An additional reserve for individual accounts is recorded when the Company and its subsidiaries become aware of a customer’s inability to meet its financial obligation, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. If the circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. As of March 31, 2011 and 2010, the Company had no allowance for doubtful accounts.

*Stock-based Compensation*

The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under FASB ASC Topic 718,*Compensation - Stock Compensation*, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the vesting period.

The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of section 505-50-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.

The fair value of each option award is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows: 

· 

The Company uses historical data to estimate employee termination behavior.  The expected life of options granted is derived from paragraph 718-10-S99-1 of the FASB Accounting Standards Codification and represents the period of time the options are expected to be outstanding.

· 

The expected volatility is based on a combination of the historical volatility of the comparable companies’ stock over the contractual life of the options.

· 

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option.

· 

The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the option.

*Earnings /Loss per Common Share*

Net earnings/loss per common share is computed pursuant to FASB ASC Topic 260,*Earnings per Share*. Basic net earnings/loss per share is computed by dividing net earnings/loss by the weighted average number of shares of common stock outstanding during each period. Diluted net earnings/loss per common share is computed by dividing net earnings/loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period to reflect the potential dilution that could occur from common shares issuable through stock options and warrants. There were no dilutive shares outstanding for the nine months ended March 31, 2011 and 2010. 

The following table shows the weighted-average number of potentially outstanding dilutive shares excluded from the diluted net loss per share calculation for the interim period ended March 31, 2011 and 2010, as they were anti-dilutive:

11

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

 

 

Weighted average number of potentially outstanding dilutive shares

 

 

 

For the Interim Period Ended

March 31, 2011

 

 

For the Interim Period Ended

March 31, 2010

 

Warrants issued from May 2010 to March 31, 2011 in connection with the Company’s  equity financing inclusive warrants to purchase 170,247 shares at $1.00 per share

 

 

98,791 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

Stock options issued on December 29, 2010 to directors and officers options to purchase up to an aggregate of 170,000 shares of the Company’s common stock at an exercise price of 70% of the fair market value.

 

 

40,767 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

Total potentially outstanding dilutive shares

 

 

139,558

 

 

 

- 

 

*Income Taxes*

The Company accounts for income taxes under FASB ASC Topic 740,*Income Taxes*. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the consolidated financial statement classification of the assets and liabilities generating the differences.

The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s consolidated financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.

*Fair Value of Financial Instruments*

The Company has adopted FASB ASC Topic 825,*Financial Instruments*, and ASC Topic 820*, Fair Value Measurements and Disclosures,* which establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, it establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable inputs, which may be used to measure fair value and include the following:

 

 

 

Level 1

 

Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

 

 

 

Level 2

 

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

 

 

 

Level 3

 

Pricing inputs that are generally observable inputs and not corroborated by market data.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts payable, accrued expenses and accrued interest, approximate their fair values because of the short maturity of these instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangement at March 31, 2011.

12

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis.  Consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value as March 31, 2011 or June 30, 2010, nor gains or losses are reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the nine months ended March 31, 2011 and 2010.

*Estimates*

The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of March 31, 2011 and June 30, 2010 and expenses for the nine months ended March 31, 2011 and 2010. Actual results could differ from those estimates made by management.

*Foreign Currency Translation*

The Company follows the provisions of ASC 830, “*Foreign Currency Translation*”. The functional currency of our foreign subsidiary is Ringgit Malaysia (“RM”).  Assets and liabilities are translated from RM into U.S. dollars at the exchange rates prevailing at the balance sheet date. Foreign currency income and expense are re-measured at average exchange rates in effect during the period. Exchange gains and losses arising from foreign currency transactions are included in operations in the period in which they occur. Foreign currency translations are included in other comprehensive income class. 

The reporting currency of the Company is United States Dollar ("US$"). In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, "*Translation of Financial Statement*", using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.

Translation of amounts from RM into US$1 has been made at the following exchange rates for the nine months ended March 31, 2011 and 2010:

 

**2011**

 

**2010**

March 31 - RM: US$1 exchange rate

       3.0228 

 

               -   

Quarterly average - RM: US$1 exchange rate

       3.1095 

 

               -   

*Property and Equipment.*

Office furniture, plant and equipment; and computer software are recorded at cost. Depreciation and amortization are computed by the straight-line method over the estimated lives of the applicable assets, or term of the lease, whichever is shorter, if applicable. Expenditures for maintenance and repairs that do not improve or extend the life of the expected assets are expensed to operations, while expenditures for major upgrades to existing items are capitalized. Furniture, plant and equipment; and computer software are depreciated and amortized over estimated useful lives ranging from 3 to 5 years.

*Lease Obligations*

All noncancellable leases with an initial term greater than one year are categorized as either capital leases or operating leases. Assets recorded under capital leases are amortized according to the methods employed for property and equipment or over the term of the related lease, if shorter.

13

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

*Comprehensive Income*

The Company presents comprehensive income (loss) under FASB ASC 220 Comprehensive Income. ASC 220 states that all items that are required to be recognized under accounting standards as components of comprehensive income (loss) be reported in the financial statements. Accumulated other comprehensive income consisted of unrealized gains or losses resulting from the translation of financial statements from RM to US$. For the nine months ended March 31, 2011, comprehensive income for the Company consists of net income for the period and foreign currency translation adjustments and is presented in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). 

**NOTE 3 – MINING CLAIMS  **

On November 1, 2007, the Company’s former President, CEO and significant stockholder, Scott Wetzel, acquired a ninety-day (90) option to purchase certain mining claims from IBEX Minerals, Inc. Scott Wetzel assigned his rights to this option to the Company upon its formation on December 10, 2007. On December 26, 2007, the Company exercised the option and purchased the three patented mining claims from IBEX Minerals, Inc. for (i) $20,000 and (ii) 200,000 shares of restricted common stock valued at $20,000, the estimated fair value on the date of acquisition and all the rights, title and interest in the three patented mining claims were deeded to the Company free of encumbrances and recorded in the County of Baker, State of Oregon. In January 2008, the Company retained Minex Exploration, Inc., an independent exploration contract company, and expended $34,354 to locate unpatented mining claims contiguous and surrounding the three patented mining claims. Minex Exploration, Inc. located 66 unpatented mining claims contiguous and surrounding the three (3) patented mining claims. Subsequently, these unpatented claims were recorded in the County of Baker, State of Oregon, and with the office of the United States Bureau of Land Management in Portland, Oregon. The three patented mining claims and 66 unpatented mining claims are referred to as the Bayhorse mining property.

The Bayhorse mining property is located approximately 6.5 miles northeast of the community of Huntington, Oregon, in sections 8,9,16,17,19,20 and 21, T. 13 S., R. 45 E., Willamette Meridian in the County of Baker, State of Oregon. The registered mining claims are summarized below:

**Patented mining claims**

 

**Mineral Certificate No., designated by the Surveyor General as Lot No**.

BAY HORSE QUARTZ LODE MINING CLAIM

 

Mineral Certificate No. 67, designated by the Surveyor General as Lot No.  37

O.K. CONSOLIDATED QUARTZ LODE MINING CLAIM

 

Mineral Certificate No.   3, designated by the Surveyor General as Lot No. 301

RAPID QUARTZ LODE MINING CLAIM

 

Mineral Certificate No.   2, designated by the Surveyor General as Lot No. 300

 

 

 

**Unpatented mining claims**

 

**OMC #**

BH1 through BH66

 

163188 through 163253

The Company did not record depletion of mineral properties as it has not started production from such mining claims. Depletion expense for the next five fiscal years is undeterminable as the Company has not commenced its planned operations.  Subsequent to the locating and recording of the 66 unpatented mining claims by Minex Exploration, the management of the Company determined that such claims were of no future utility to the Company. As such, the cost of the claims, amounting to $34,354, was expensed in fiscal 2008. 

On December 1, 2010, the Company had transferred and assigned all of its rights, title and interest in the three patented mining claims to repay a promissory note inclusive of interest totaling $18,789 against the original cost of the patented mining claims of $40,000. As a consequence, the Company suffered a loss of $21,211.

14

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

**NOTE 4 – PROPERTY AND EQUIPMENT**

 

As of March 31,

 

As of June 30,

 

2011

 

2010

 

 

 

 

Computer Software

$704,909 

 

$452,016 

Plant and Machinery

665,939

 

                      -   

Furniture

1,654

 

1,537

 

1,372,502

 

453,553

Less : Accumulated Depreciation

126,739

 

22,678

 

$1,245,763

 

$430,875

The depreciation expense recorded was $99,488 and $0 for the nine months ended March 31, 2011 and 2010 respectively.

**NOTE 5 – NOTES PAYABLE**

 

 

 

As of March 31, 

 

 

As of June 30,

 

 

 

2011

 

 

2010

Notes payable to a non-financial entity, with interest at 7% per annum, with interest due March 9, 2010, with an extension granted to November 30, 2010

$

 

                           -   

 

$

                     

17,500 

Notes payable to a non-financial entity, with interest at 6% per annum, with interest due June 30, 2010, with an extension granted to November 30, 2010

$

 

                           -   

 

$

                     

500 

 

 

$

                            -   

 

 $ 

             18,000 

On December 1, 2010, the company had transferred and assigned all of its rights, title and interest in the three patented mining claims to repay a promissory note inclusive of interest totaling $18,789 against the original cost of the patented mining claims of $40,000. As a consequence, the Company suffered a loss of $21,211.

On December 7, 2010, a creditor of the Company elected to convert the debt of $539 in exchange for 674 shares of our common stock at $0.80 per share. 

On December 7, 2010, a former Director of the Company elected to convert the debt of $2,118 in exchange for 2,648 shares of our common stock at $0.80 per share.

**NOTE 6 – STOCKHOLDERS’ EQUITY**

*Preferred Stock*

Our Articles of Incorporation had authorized 10,000,000 preferred stock at par value of $0.001 per share, of which none have been designated or issued. 

*Common stock*

On June 11, 2009, the Company issued 185,200 shares of common stock for cash at $0.25 per share for total proceeds of $46,300.

On June 12, 2009, the Company issued an aggregate of 14,800 shares of common stock valued at $0.25 per share in lieu of payment of $3,700 indebted to its former President and CEO and an unrelated third- party vendor.

On July 1, 2009, GMT issued 50,000 shares of common stock at $0.25 per share for (i) $5,000 in cash and (ii) $7,500 related to management consulting services, or $12,500 of consideration in the aggregate.

15

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

In May 2010, GMT issued 145,270 shares of common stock and 72,635 common stock purchase warrants pursuant to the private placement, where every two shares of the common stock purchased were entitled to a warrant to purchase one additional share of common stock at an exercise price of $1.00 per share and will expire three years from the date of subscriptionfor cash at $0.65 per share for total proceeds of $94,426. These warrants were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $108,719. 

On July 7, 2010, Info-Accent and VyseTech Asia Sdn Bhd or VTA executed a Supplemental Agreement to the Marketing, Distribution and License Agreement whereby VTA agreed to receive 769,000 unregistered shares of restricted common stock of GMT in lieu of a cash payment as full and final payment of the $500,000 license fee. VTA further agreed to waive its entitlement to a three-year warrant with an exercise price of $1.00 per share for every two shares issued to VTA. Info-Accent completed the transaction contemplated by the Marketing, Distribution and License Agreement on July 7, 2010.

On August 10, 2010, Info-Accent and Digital Kiosk Technologies Sdn Bhd, a Malaysian corporation, entered into a Purchase Agreement to purchase a Vendor Management Inventory software for a total consideration of $206,500. Under the terms of the Purchase Agreement, on August 12, 2010, GMT issued 295,000 shares of common stock, par value $0.001 per share at price $0.70 per share in lieu of cash payment as consideration for the software.  

On September 1, 2010, GMT executed a Compensation Agreement with Valerie Hoi Fah Looi. Under the terms of the agreement, GMT issued 100,000 unregistered shares of its common stock priced at $1.00 per share to Valerie Hoi Fah Looi as compensation for her services rendered to the Company as Secretary and Director between March 25, 2010 and August 31, 2010. 

On September 1, 2010, Info-Accent entered into an Assignment Agreement with the Company’s Chairman, Mr. Aris Bernawi whereby the Chairman assigned to the Company exclusively, throughout the world, all rights, title and interest in the methodology for the optimal sizing of solar PV-hybrid power generation system for a total consideration of $50,000. The methodology relates to finding the optimum configuration, among a set of system components, which meets the desired system reliability requirements with the lowest value of levelized cost of energy.  Under the terms of the Assignment Agreement, GMT issued 50,000 shares of common stock, par value $0.001 per share at a price of $1.00 per share to Mr. Aris Bernawi in lieu of a cash payment as consideration for the Assignment. On September 1, 2010, GMT issued 50,000 unregistered shares of its common stock, par value $0.001 per share at price $1.00 per share, to Mr. Aris Bernawi in connection with the above acquisition. 

On September 14, 2010, GMT entered into definitive agreements relating to the private placement of $32,214 of its securities through the sale of 32,214 shares of our common stock at $1.00 per share and three-year warrants to purchase 16,107 shares of common stock at $1.00 per share to an accredited individual. The purchaser in the private placement was Nor Fairolzukry. There were no fees, commissions or professional fees for services payable in conjunction with the private placement. These warrants were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $24,109.

On December 7, 2010, GMT issued 3,322 shares of its common stock at $0.80 per share as repayment for the short–term loan payable and interest totaling $2,657. 

In December 2010, GMT entered into Securities Purchase Agreements with two accredited investors for the sale of 62,616 of its common stock at $1.00 per share resulting in gross proceeds to GMT of $62,616. At closing, GMT issued a three-year warrants to purchase 31,308 shares of common stock at $1.00 per share to the two non-accredited investors. The private placement, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance of exemptions provided by Rule 505 of Regulation D. These warrants were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $46,861.

On December 29, 2010, the Company awarded an aggregate of 170,000 shares of the Company’s common stock to its directors and officers. These options were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $86,696.

16

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

In January 2011, GMT entered into Securities Purchase Agreements with two accredited investors for the sale of 86,394 of its common stock at $1.00 per share resulting in gross proceeds to GMT of $86,394. At closing, GMT issued a three-year warrants to purchase 43,197 shares of common stock at $1.00 per share to the two accredited investors. The private placement, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance of exemptions provided by Rule 505 of Regulation D. These warrants were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $64,656.

In February 2011, GMT entered into a Securities Purchase Agreement with an existing accredited investor for the sale of 14,000 of its common stock at $1.00 per share resulting in gross proceeds to GMT of $14,000. At closing, GMT issued a three-year warrants  to  purchase  7,000  shares  of common  stock  at $1.00  per share to  the existing accredited investor. The private placement, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance of exemptions provided by Rule 505 of Regulation D. These warrants were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $10,477.

*Stock Option Plan*

The Board of Directors approved the adoption of the “2007 Non-Qualified Stock Option and Stock Appreciation Rights Plan” (“2007 Plan”) by unanimous consent on December 10, 2007. The 2007 Plan was initiated to encourage and enable officers, Directors, consultants, advisors, and other key employees to acquire and retain a proprietary interest in the Company by ownership of its common stock.  A total of 1,000,000 of the authorized shares of our common stock may be subject to, or issued pursuant to, the terms of the 2007 Plan.  

On December 29, 2010, the Company granted its directors and officers options to purchase up to an aggregate of 170,000 shares of the Company’s common stock at an exercise price of 70% of the fair market value. The options are exercisable through December 29, 2015, contingent upon continuous service by the directors and officers through specified dates. 42,500 options each are exercisable on March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, respectively.

The following table summarizes information concerning outstanding stock options as of March 31, 2011.

 

 

March 31, 2011

Beginning balance

 

                               170,000   

Granted

 

                      - 

Exercised

 

                               -   

Cancelled

 

                               -   

Ending balance

 

                      170,000 

 

 

 

These options were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $86,696.

As of March 31, 2011, there were 830,000 shares of stock options remaining available for issuance under the 2007 Plan.

*Warrants*

In May 2010, the Company issued three (3) year common stock purchase warrants to purchase 72,635 shares of common stock pursuant to the private placement at an exercise price of $1.00 per share. 

In September 2010, the Company issued three (3) year common stock purchase warrants to purchase 16,107 shares of common stock pursuant to the private placement at an exercise price of $1.00 per share. 

17

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

In December 2010, the Company issued three (3) year common stock purchase warrants to purchase 31,308 shares of common stock pursuant to the private placement at an exercise price of $1.00 per share.

In January 2011, the Company issued three (3) year common stock purchase warrants to purchase 43,197 shares of common stock pursuant to the private placement at an exercise price of $1.00 per share.

In February 2011, the Company issued three (3) year common stock purchase warrants to purchase 7,000 shares of common stock pursuant to the private placement at an exercise price of $1.00 per share.

These warrants were valued on the date of issuance using the Black-Scholes model that generated a total fair value of $254,822. All 170,247 warrants remain outstanding as of March 31, 2011.

**NOTE 7 – INCOME TAXES**

*United States income tax*

GMT and Trevenex Acquisition are incorporated in the State of Nevada and are subjected to United States of America tax laws.

The provision (benefit) for income taxes for the United States for the nine months ended March 31, 2011 and 2010, were as follows (assuming a 15 percent effective tax rate):

 

 

 

 

 

 

**Nine Months Ended**

 

 

 

 

 

 

**March 31,**

**2011**

 

**March 31,**

**2010**

Current Tax Provision:

 

 

 

 

 

 

 

Federal-

 

 

 

 

 

 

 

 

    Taxable income

 

 

 

$                    - 

 

$                    - 

 

 

 

 

 

 

 

 

 

 

       Total current tax provision

 

 

$                    - 

 

$                    - 

 

 

 

 

 

 

 

 

 

Deferred Tax Provision:

 

 

 

 

 

 

 

Federal-

 

 

 

 

 

 

 

 

    Loss carryforwards

 

 

 

$         54,850 

 

$           7,656 

 

    Change in valuation allowance

 

 

(54,850)

 

(7,656)

 

 

 

 

 

 

 

 

 

 

       Total deferred tax provision

 

 

$                    - 

 

$                    - 

The Company had deferred income tax assets as of March 31, 2011 and June 30, 2010 as follows:

 

 

 

 

 

**As of**

**March 31, 2011**

 

**As of**

**June 30, 2010**

 

 

 

 

 

 

 

 

Loss carryforwards

 

 

 

$              95,209 

 

$              40,359 

Less - Valuation allowance

 

 

(95,209)

 

(40,359)

 

 

 

 

 

 

 

 

     Total net deferred tax assets

 

 

$                        - 

 

$                        - 

The Company provided a valuation allowance equal to the deferred income tax assets for the nine months ended March 31, 2011 and June 30, 2010, because it is not presently known whether future taxable income will be sufficient to utilize the loss carry-forwards.

18

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

As of March 31, 2011 and June 30, 2010, the Company had approximately $634,723 and $269,059, respectively, in tax loss carry-forwards that can be utilized in future periods to reduce taxable income, and will begin to expire in the year 2027.

*Malaysia income tax*

Info-Accent is registered and operates in Malaysia and is subject to Malaysian tax laws. The statutory income tax rate is 20%. Info-Accent provided a deferred income tax liability for the nine months ended March 31, 2011 due to the temporary differences from the excess of capital allowances over depreciation.

The income of the Company was derived from its activities in Malaysia. The entity in Malaysia is subject to file on an entity–by-entity basis. The provision for the income tax liability of the Malaysian subsidiary for the nine months ended March 31, 2011 and 2010, respectively, are as follows:

 

 

 

 

**Nine Months ended**

 

 

 

 

**March 31,**

**2011**

 

**March 31,**

**2010**

  Current tax expense

 

 

$                 539,402 

 

$                     - 

  Deferred tax expense

 

 

- 

 

- 

 

 

 

 

 

 

 

    Provision for Malaysian income tax expense

 

$                 539,402 

 

$                     - 

**NOTE 8 – RELATED PARTY TRANSACTIONS**

On July 1, 2010, the Board of Directors agreed to compensate Mohd Aris bin Bernawi RM2,000 (approximately US$625) a month to meet out-of-pocket expenses incurred in carrying out his duties as Chairman and Director of the Company  As of March 31, 2011, the Company owed the Chairman 2,500. 

As of March 31, 2011, the Company owed Valerie Hoi Fah Looi, the Secretary of the Company, $293. The amount due was for general and administration expenses paid by the Secretary on behalf of the Company. 

**NOTE 9 - EXCLUSIVE MARKETING, DISTRIBUTION, AND LICENSE AGREEMENT**

On March 15, 2010, GMT entered into a five-year exclusive Marketing, Distribution, and License Agreement (the “License Agreement I”) with VTA, a Malaysian corporation. The License Agreement I relates to GMT acquiring the exclusive marketing rights for products developed by VTA and related mobile VoIP services for the express purpose of selling the products and related mobile VoIP services in North America. Subject to reaching certain goals, GMT will be authorized to continue to sell VTA’s products and related mobile VoIP services in North America on an exclusive basis for the term of the Agreement. In the event GMT does not meet certain minimum sales volumes, the License Agreement I will revert to a non-exclusive agreement.

The provisions of the License Agreement I require GMT to make a one-time only license fee payment to VTA in the amount of $500,000, within six months of the execution of the agreement. On September 14, 2010, we requested an extension to the due date of the license fee to March 15, 2011 to enable us to focus our efforts in developing the mobile VoIP communications and mobile advertising business in Asia; and to allow us to have more time to select a suitable partner to implement the mobile VoIP communications and mobile advertising business in North America. VTA agreed to the extension because GMT through its Malaysian subsidiary, Info-Accent, had already developed a good ongoing business relationship with VTA. GMT does not anticipate any problems in receiving another extension from VTA should the need arise given this good working relationship.  On March 14, 2011, GMT and VTA mutually agreed to cancel the License Agreement I. Following the cancellation of the License Agreement, GMT will not be pursuing the mobile VoIP communications and mobile advertising business in North America. GMT will direct its efforts in the renewable energy business vis-à-vis the production of torrefied wood in the United States.

19

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

On April 8, 2010, Info-Accent entered into a five-year Exclusive Marketing, Distribution and License Agreement (the “License Agreement II”) with VTA pursuant to which VTA agreed to grant Info-Accent exclusive marketing, distribution and licensing rights for mobile VoIP communications and mobile advertising products and services developed by VTA in the countries of Malaysia, China, Hong Kong, India, Indonesia, Thailand, Vietnam, Cambodia, Philippines, Korea and Japan. The License Agreement II provides that Info-Accent shall pay a one-time license fee of Ringgit Malaysia (“RM”) 1.6 million (approximately $500,000) to VTA and an additional RM 1.6 million within 90 days of the execution date of the license agreement as consideration to acquire ongoing mobile VoIP communications and mobile advertising related contracts from VTA. The purchase consideration of $500,000 to acquire existing mobile VoIP communications related contracts from VTA were progressively paid in cash to VTA during the second quarter of 2010. On July 7, 2010, Info-Accent and VTA executed a Supplemental Agreement to the License Agreement II whereby VTA agreed to receive 769,000 unregistered shares of restricted common stock of Global MobileTech in lieu of cash payment as full and final payment of the $491,990 license fee. ** **

**NOTE 10 – METHODOLOGY AND TECHNOLOGY ASSIGNMENT**

On September 1, 2010, Info-Accent entered into an Assignment Agreement with the Company’s Chairman, Mr. Aris Bernawi whereby the Chairman assigned to the Company exclusively, throughout the world, all rights, title and interest in the methodology for the optimal sizing of solar PV-hybrid power generation system for a total consideration of $50,000. Under the terms of the Assignment Agreement, GMT issued 50,000 shares of common stock, par value $0.001 per share at a price of $1.00 per share to Mr. Aris Bernawi in lieu of a cash payment as consideration for the Assignment. On September 1, 2010, GMT issued 50,000 unregistered shares of its common stock, par value $0.001 per share at price $1.00 per share, to Mr. Aris Bernawi in connection with the above acquisition.

The methodology relates to finding the optimum configuration, among a set of system components, which meets the desired system reliability requirements with the lowest value of levelized cost of energy (“LCE”). The LCE is a procedure for determining and comparing the cost of producing energy using different solar panel and wind turbine technologies. The procedure takes into account the installed system price and associated costs such as financing, land, insurance, transmission, operation and maintenance, depreciation, carbon emission and efficiency of the solar panel and wind turbine used.

Two steps are involved in the optimal sizing procedure. The first step is to design a solar PV-wind hybrid model based on available local solar and wind data. The second step is to optimize the sizing of a system according to the loss of power supply probability (“LPSP”) and the LCE concepts. The configuration: (i) which can meet the desired system reliability is obtained by changing the type and size of components that make up the system; and (ii) with the lowest LCE gives the optimal choice that places an important role in cost reduction as well as energy production.

The Company has utilized the optimal sizing procedure in the design and integration of its solar PV-wind hybrid power generation applications for:

     1.   rural and remote island electrification,

     2.   powering remote radio base stations,

     3.   potable water production; and

     4.   potable water production and organic vegetable cultivation.

20

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

**NOTE 11 - SIGNIFICANT CONCENTRATIONS AND CREDIT RISK**

*Customer Concentration*

Credit concentration in the form of accounts receivables at March 31, 2011 and June 30, 2010 were as follows:

 

 

**March 31, 2011**

 

**June 30, 2010**

Customer A

 

-

 

41.7%

Customer B

 

10.4%

 

12.6%

Customer C

 

-

 

11.9%

Customer D

 

13.9%

 

11.4%

Customer E

 

13.0%

 

11.2%

Customer F

 

-

 

11.2%

Customer G

 

10.5%

 

-

 

 

47.8%

 

100.0%

*Vendor Concentration*

Accounts payable concentration at March 31, 2011 and June 30, 2010 were as follows:

 

 

**March 31, 2011**

 

**June 30, 2010**

Vendor A

 

-

 

33.0%

Vendor B

 

-

 

16.7%

Vendor C

 

-

 

13.4%

Vendor D

 

12.5%

 

12.5%

Vendor E

 

-

 

12.2%

Vendor F

 

18.3%

 

-

Vendor G

 

18.8%

 

-

Vendor H

 

20.6%

 

-

 

 

70.2%

 

87.8%

**NOTE 12  - SEGMENT INFORMATION**

The Company manages its business and aggregate its operational and financial information in accordance with two operating segments; namely (i) mobile VoIP communications and mobile advertising; and (ii) renewable energy;

Although the Company is able to track revenues by sales channel, the management, allocation of resources, and analysis and reporting of expenses is presented on a combined basis, at the reportable segment level. Contribution margin is defined as net revenue less cost of sales and total operating expenses.

The following table sets forth the revenue and percentage of revenue attributable to each of the Company's operating segments.

21

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

 

 

 

**For the Three Months Ended**

 

 

**For the Nine Months Ended**

 

 

** **

**March 31,**

 

** **

**March 31,**

 

 

**2011**

 

**2010**

 

**2011**

 

**2010**

**Revenue**

 

 

Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

 

$

5,695,868 

 

70%

 

 

- 

 

- 

 

$ 

17,420,807 

 

72%

 

 

- 

 

- 

Renewable Energy

 

 

2,398,628 

 

30%

 

 

- 

 

- 

 

 

6,911,401

 

28%

 

 

- 

 

- 

 

 

$

8,094,496 

 

100%

 

 

- 

 

- 

 

$ 

24,332,208

 

100%

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Cost of Goods Sold**

 

 

Cost of Goods Sold

 

% of Cost of Goods Sold

 

 

Cost of Goods Sold

 

% of Cost of Goods Sold

 

 

Cost of Goods Sold

 

% of Cost of Goods Sold

 

 

Cost of Goods Sold

 

% of Cost of Goods Sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

 

$

4,922,290

 

72%

 

 

- 

 

- 

 

$ 

15,036,502

 

73%

 

 

- 

 

- 

Renewable Energy

 

 

1,918,963

 

28%

 

 

- 

 

- 

 

 

5,528,862

 

27%

 

 

- 

 

- 

 

 

$

6,841,253

 

100%

 

 

- 

 

- 

 

$ 

20,565,364

 

100%

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Gross Profit**

 

 

Gross Profit

 

% of Gross Profit

 

 

Gross Profit

 

% of Gross Profit

 

 

Gross Profit

 

% of Gross Profit

 

 

Gross Profit

 

% of Gross Profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

 

$

773,578

 

62%

 

 

- 

 

- 

 

$ 

2,384,305

 

63%

 

 

- 

 

- 

Renewable Energy

 

 

479,665

 

38%

 

 

- 

 

- 

 

 

1,382,539

 

37%

 

 

- 

 

- 

 

 

$

1,253,243

 

100%

 

 

- 

 

- 

 

$ 

3,766,844

 

100%

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Income before Tax**

 

Income before Tax

 

% of Income before Tax

 

Income before Tax

 

% of Income before Tax

 

Income before Tax

 

% of Income before Tax

 

Income before Tax

 

% of Income before Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

 

$

662,659

 

76%

 

 

- 

 

- 

 

$ 

1,692,410

 

68%

 

 

- 

 

- 

Renewable Energy

 

 

211,179

 

24%

 

 

- 

 

- 

 

 

781,186

 

32%

 

 

- 

 

- 

 

 

$

873,838

 

100%

 

 

- 

 

- 

 

$ 

2,473,596

 

100%

 

 

- 

 

- 

22

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

 

 

 

 

 

**As of**

 

 

**As of**

 

 

 

 

** **

** March 31, 2011**

 

** **

** June 30, 2010**

**Segment assets**

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

$

6,416,256

 

$ 

4,521,694 

 

 

Renewable Energy

 

 

2,410,102

 

 

- 

 

 

 

 

$

8,826,358

 

$ 

4,521,694 

**NOTE 13 – RECENT ACCOUNTING PRONOUNCEMENTS**

On May 28, 2009, the FASB issued FASB Statement No. 165 (ASC Topic 855), “*Subsequent Events*” (“SFAS No. 165”).  SFAS No. 165 (ASC Topic 855) establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued.  Specifically, SFAS No. 165 (ASC Topic 855) provides:

 

1.

The period  after   the    balance  sheet   date  during   which  management   of  a  reporting  entity  should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements.

 

2.

The   circumstances   under   which  an entity  should  recognize  events or  transactions occurring  after the balance sheet date in its financial statements.

 

3.

The disclosures that an entity should make about events or transactions that occurred after the balance sheet date.

In accordance with this Statement, an entity should apply the requirements to interim or annual financial periods ending after June 15, 2009.  The adoption of this pronouncement did not have a material impact on the consolidated financial statements of the Company.

In June 2009, the FASB issued FASB Statement 168 (ASC Topic 105), "*The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles - a replacement of FASB Statement No. 162* " ("SFAS No. 168").  SFAS No. 168 (ASC Topic 105) establishes the FASB Accounting Standards Codification (the "Codification") to become the single official source of authoritative, nongovernmental US generally accepted accounting principles (GAAP). The Codification did not change GAAP but reorganizes the literature.

SFAS No. 168 (ASC Topic 105) is effective for interim and annual periods ending after September 15, 2009. The adoption of this pronouncement did not have a material impact on the consolidated financial statements of the Company.

In January 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-06 to amend ASC 820, “*Fair Value Measurements and Disclosures”* to improve disclosures about fair value measurements.  This ASU provides amendments that require new disclosures regarding transfers in and out of Levels 1 and 2 and with respect to various activities in Level 3 fair value measurements.  The new disclosures and clarifications of existing disclosures are effective for interim and annual reporting periods beginning after December 15, 2009.  The adoption of this portion of the ASU effective January 1, 2010 did not have a material impact to the Company’s consolidated financial statements.  The disclosures with respect to purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010.  The Company does not anticipate that the adoption of these provisions of the ASU will have a material effect on its consolidated financial statements.

In February 2010, the FASB issue ASU No. 2010-09 to amend ASC 855, “*Subsequent Events”* with respect to certain recognition and disclosure requirements.  The amendments in this ASU are effective upon issuance.  The adoption of this ASU effective the current quarter ended December 31, 2010 did not have a material impact on the Company’s consolidated financial statements.

23

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

In April 2010, the FASB issued the FASB Accounting Standards Update No. 2010-17 *“Revenue Recognition — Milestone Method (Topic 605) Milestone Method of Revenue Recognition”*, which provides guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive.

Determining whether a milestone is substantive is a matter of judgment made at the inception of the arrangement. The following criteria must be met for a milestone to be considered substantive. The consideration earned by achieving the milestone should:

1.

commensurate with either of the following:

(a)

The vendor's performance to achieve the milestone

(b)

The enhancement of the value of the item delivered as a result of a specific outcome resulting from the vendor's performance to achieve the milestone 

2.

relate solely to past performance; and

3.

be reasonable relative to all deliverables and payment terms in the arrangement.

A milestone should be considered substantive in its entirety. An individual milestone may not be bifurcated. An arrangement may include more than one milestone, and each milestone should be evaluated separately to determine whether the milestone is substantive. Accordingly, an arrangement may contain both substantive and nonsubstantive milestones.

A vendor's decision to use the milestone method of revenue recognition for transactions within the scope of the amendments in this Update is a policy election. Other proportional revenue recognition methods also may be applied as long as the application of those other methods does not result in the recognition of consideration in its entirety in the period the milestone is achieved.

A vendor that is affected by the amendments in this Update is required to provide all of the following disclosures:

1.

A description of the overall arrangement. 

2.

A description of each milestone and related contingent consideration.

3.

A determination of whether each milestone is considered substantive.

4.

The factors that the entity considered in determining whether the milestone or milestones are substantive; and 

5.

The amount of consideration recognized during the period for the milestone or milestones. 

The amendments in this Update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. If a vendor elects early adoption and the period of adoption is not the beginning of the entity's fiscal year, the entity should apply the amendments retrospectively from the beginning of the year of adoption. Additionally, a vendor electing early adoption should disclose the following information at a minimum for all previously reported interim periods in the fiscal year of adoption:

1.

Revenue. 

2.

Income before income taxes. 

3.

Net income. 

4.

Earnings per share; and

5.

The effect of the change for the captions presented. 

A vendor may elect, but is not required, to adopt the amendments in this Update retrospectively for all prior periods.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

 

24

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

In April 2010, the FASB issued ASU No. 2010-13, "*Compensation—Stock Compensation*(Topic 718)." This update provides amendments to Topic 718 to clarify that an employee share-based payment award with an exercise price denominated in the currency of a market in which a substantial portion of the entity’s equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. The amendments in ASU 2010-13 are effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2010. The provision of ASU No. 2010-13 are not expected to have a material effect on the financial position, results of operations or cash flows of the Company.

In August 2010, the FASB issued ASU 2010-21, *“Accounting for Technical Amendments to Various SEC Rules and Schedules: Amendments to SEC Paragraphs Pursuant to Release No. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies”*(“ASU 2010-21”)*,*issued to conform the SEC’s reporting requirements to the terminology and provisions in *ASC 805, Business Combinations*, and in *ASC 810-10, Consolidation*. ASU No. 2010-21 was issued to reflect SEC Release No. 33-9026, “Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies,” which was effective April 23, 2009. The ASU also proposes additions or modifications to the XBRL taxonomy as a result of the amendments in the update. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

In August 2010, the FASB issued ASU 2010-22, *“Accounting for Various Topics: Technical Corrections to SEC Paragraphs”*(“ASU 2010-22”)*,*which amends various SEC paragraphs based on external comments received and the issuance of SEC Staff Accounting Bulletin (SAB) No. 112, which amends or rescinds portions of certain SAB topics. The topics affected include reporting of inventories in condensed financial statements for Form 10-Q, debt issue costs in conjunction with a business combination, sales of stock by subsidiary, gain recognition on sales of business, business combinations prior to an initial public offering, loss contingent and liability assumed in business combination, divestitures, and oil and gas exchange offers. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

In December 2010, the FASB issued the FASB Accounting Standards Update No. 2010-28 *“Intangibles—Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts”(“ASU 2010-28”).*ASU 2010-28, if the carrying amount of a reporting unit is zero or negative, an entity must assess whether it is more likely than not that goodwill impairment exists. To make that determination, an entity should consider whether there are adverse qualitative factors that could impact the amount of goodwill, including those listed in ASC 350-20-35-30. As a result of the new guidance, an entity can no longer assert that a reporting unit is not required to perform the second step of the goodwill impairment test because the carrying amount of the reporting unit is zero or negative, despite the existence of qualitative factors that indicate goodwill is more likely than not impaired. ASU 2010-28 is effective for public entities for fiscal years, and for interim periods within those years, beginning after December 15, 2010, with early adoption prohibited.  Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

In December 2010, the FASB issued the FASB Accounting Standards Update No. 2010-29 *“Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations”(“ASU 2010-29”).*ASU 2010-29 specifies that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The amendments in this Update also expand the supplemental pro forma disclosures under Topic 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The amended guidance is effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

25

**GLOBAL MOBILETECH, INC. AND SUBSIDIARIES**

**(FORMERLY TREVENEX RESOURCES, INC.)**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2011 AND 2010**

**(Unaudited)**

**NOTE 14 –  SUBSEQUENT EVENTS**

On April 7, 2011, our Chairman, Mr Mohd Aris Bernawi exercised his option to purchase 10,000 shares of the Company’s common stock at an exercise price of $0.54 or 70% of the fair market value resulting in gross proceeds of $5,400.

On April 7, 2011, the option to purchase the patent and technology rights under patent application # 12/164,259 from VyseTECH Asia Sdn Bhd expired.

On April 20, 2011, Info-Accent and Powernique Technology Sdn Bhd or PTSB executed a Supplemental Agreement whereby PTSB agreed to receive 165,000 unregistered shares of common stock, par value $0.001 per share, of Global MobileTech priced at $1.00 per share as payment for the first installment equivalent to twenty-five percent (25%) of the total purchase price. 

26

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

**Forward Looking Statements**

From time to time, we or our representatives have made or may make forward-looking statements, orally or in writing.  Such forward-looking statements may be included in, but not limited to, press releases, oral statements made with the approval of an authorized executive officer or in various filings made by us with the SEC. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project or projected", or similar expressions are intended to identify "forward-looking statements".  Such statements are qualified in their entirety by reference to and are accompanied by the above discussion of certain important factors that could cause actual results to differ materially from such forward-looking statements.

Management is currently unaware of any trends or conditions other than those previously mentioned in this management's discussion and analysis that could have a material adverse effect on our financial position, future results of operations, or liquidity.  However, investors should also be aware of factors that could have a negative impact on our prospects and the consistency of progress in the areas of revenue generation, liquidity, and generation of capital resources.  These include: (i) variations in revenue, (ii) possible inability to attract investors for its equity securities or otherwise raise adequate funds from any source should the company seek to do so, (iii) increased governmental regulation, (iv) increased competition, (v) unfavorable outcomes to litigation involving the company or to which the company may become a party in the future and, (vi) a very competitive and rapidly changing operating environment.

The above-identified risks are not all inclusive.  New risk factors emerge from time to time and it is not possible for management to predict all of such risk factors, nor can it assess the impact of all such risk factors on the company's business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements.  Accordingly, forward-looking statements should not be relied upon as a prediction of actual results.

The financial information set forth in the following discussion should be read with the consolidated financial statements of Global MobileTech, Inc. and subsidiaries included elsewhere herein.

**Overview**

Global MobileTech, Inc. was organized under the laws of the state of Nevada in December 2007 and has two operating segments: (i) renewable energy and (ii) mobile VoIP communications and mobile advertising services, as described below.

 (i) Renewable Energy

We generate revenues from services we render to our customers that include site assessment, site verification, power system modeling and analysis, engineering design, project management, progress inspection, installation and integration of the biomass power generation system with solar PV to operate as a hybrid power generation system.  We help our customers to conceptualize, design and integrate renewable energy systems using biomass as feedstock, for example, oil palm wastes, forest residues and un-harvested low grade wood, for conversion into renewable energy. Woody biomass is converted into bio-oil or torrefied wood which are used as feedstock for co-firing with coal in existing coal-fired plants. A major byproduct in the production of bio-oil is biochar. Biochar is a fine grain and porous substance similar in appearance to charcoal produced by natural burning. It is used primarily for soil enhancement and improving crop efficacy in highly degraded, acidic or nutrient depleted soils. The services we render include site assessment, site verification, power system modeling and analysis, engineering design, project management, progress inspection and installation of biomass power generation systems with solar PV and/or wind to operate as a hybrid power generation system.

 

(ii)  Mobile VoIP Communications and Mobile Advertising Services

We provide a licensed proprietary Ad Server platform by which our customers can sell advertisement banners on the mobile phones of persons who have registered with them. Mobile phone users are incentivized to consent to receiving advertisement banners by a rewards program that allows mobile phone users to earn rewards points to make long distance and international calls and to send multimedia messages from their mobile phones. Our customers, which we call channel partners and private label partners, are marketers/advertisers who we have selected and train and to whom we grant an exclusive territory in which they operate. Our customers pay us a fee to utilize our licensed proprietary platform within their exclusive territory. We provide our customers with access to mobile advertising content via our licensed proprietary platform, as well as multimedia content production services which our customers utilize to sell services to advertisers and 

27

advertising agencies and to disseminate to registered mobile phone users via the rewards program. We utilize some of that fee revenue to purchase VoIP call capacity from our licensor, VyseTech Asia Sdn Bhd (“VTA”), which we provide to our customers (the private label partners) to make available to registered mobile phone users.  

We generate revenues from the sale of mobile VoIP communications and mobile advertising solution; as well as MobiCAST and MobiREWARDS programs to our current private label partners.  Additionally, we generate revenue from the sale of the following products and services to our private label partner customers:

·

multimedia content production services to our customers and they can utilize it to sell services to advertisers and advertising agencies and to disseminate advertisements and multimedia content to registered mobile phone users via the rewards program

·

supply of content management system to enable our customers manage multimedia and advertising content supplied by content publishers and advertisers

·

project management and control system to help our customers to manage their marketing campaigns

·

management and consulting services to help our customers in planning and deploying our mobile solutions; and

·

systems integration and system support to insure a smooth and uninterrupted operation of our private label partners.

**Quarter Highlights**

On March 14, 2011, GMT and VTA mutually agreed to cancel the five-year exclusive Marketing, Distribution, and License Agreement which was entered into between GMT and VTA on March 15, 2010 for the express purpose of allowing GMT to sell the products and  mobile VoIP calls and mobile advertising services in North America. Following the cancellation of the License Agreement, GMT will not be pursuing the mobile VoIP communications and mobile advertising business in North America. GMT will direct its efforts to the renewable energy business in the United States.   

In addition, we decided not to exercise the option to purchase a patent application concerning proprietary technology for a number of applications that include mobile VoIP calls, mobile advertising, and mobile multimedia sharing services from VTA and that option expired on April 7, 2011. We will continue to operate our mobile VoIP communications and mobile advertising business in Asia under the terms of the five-year Exclusive Marketing, Distribution and License Agreement entered into on April 8, 2010 entered into between VTA and Info-Accent pursuant to which VTA agreed to grant Info-Accent exclusive marketing, distribution and licensing rights for mobile VoIP calls and mobile advertising products and services developed by VTA in the countries of Malaysia, China, Hong Kong, India, Indonesia, Thailand, Vietnam, Cambodia, Philippines, Korea and Japan.

In March 2011, we purchased two units of the mobile gasifiers and multi-mode pyrolysis reactors in Malaysia. These self contained units are being used to demonstrate to our potential customers the conversion of biomass into bio-oil and biochar. 

 

**Results of Operations**

Our revenue for the three months ended March 31, 2011 was $8,094,496 comprising of $5,695,868 from mobile VoIP and mobile advertising services and $2,398,628 generated from renewable energy applications. Our mobile VoIP and mobile advertising segment accounted for 70% of the total revenue with 30% generated by our renewable energy segment. Our earnings were $0.22 per share and net income before tax was $873,838 with $662,659 from mobile VoIP and mobile advertising and $211,179 from renewable energy.

Revenue for the nine months ended March 31, 2011 was $24,332,208. Revenue from mobile VoIP and mobile advertising services was $17,420,807 or 72% of total revenue and revenue generated from renewable energy applications was $6,911,401 or 28% of total revenue. Our earnings were $0.68 per share and net income before tax was $2,473,596 with $1,692,410 from mobile VoIP and mobile advertising; and $781,186 from renewable energy.

28

The following table sets forth the consolidated statements of operations for the three and nine months ended March 31, 2011:

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

March 31

 

March 31

Statement of Operations Data

 

2011

 

2010

 

2011

 

2010

Revenues

 

$

8,094,496 

 

 $ 

- 

 

$

24,332,208 

 

 $ 

- 

Cost of goods sold

 

 

(6,841,253)

 

 

- 

 

 

(20,565,364)

 

 

- 

Gross profit

 

 

1,253,243 

 

 

- 

 

 

3,766,844 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses :

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

 

25,107 

 

 

5,863 

 

 

71,474 

 

 

39,856 

 

Rent expense - related party

 

 

- 

 

 

600 

 

 

- 

 

 

1,800 

 

Depreciation and amortization

 

 

11,173 

 

 

2,083 

 

 

129,412 

 

 

2,083 

 

Sales and marketing

 

 

228,889 

 

 

- 

 

 

516,497 

 

 

1,610 

 

General and administration - other

 

 

114,236 

 

 

4,621 

 

 

554,077 

 

 

5,166 

Total operating expenses

 

 

379,405 

 

 

13,167 

 

 

1,271,460 

 

 

50,515 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit / (Loss) from operations

 

 

873,838 

 

 

(13,167)

 

 

2,495,384 

 

 

(50,515)

Other (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

- 

 

 

(420)

 

 

(577)

 

 

(527)

 

Loss on disposal of mining claims

 

 

- 

 

 

- 

 

 

(21,211)

 

 

- 

Income / (Loss) before income taxes

 

 

873,838 

 

 

(13,587)

 

 

2,473,596 

 

 

(51,042)

 

Provision for income taxes

 

 

(135,065)

 

 

- 

 

 

(539,402)

 

 

- 

Net income (loss)

 

$

738,773 

 

 $ 

(13,587)

 

$

1,934,194 

 

 $ 

(51,042)

**Comparison of the Three Months and Nine Months Ended March 31, 2011 and**** 2010**

*Revenues*

*Operating Segment Revenue*

The following table sets forth the revenue and percentage of revenue attributable to each of our two operating segments.

 

 

 

**For the Three Months Ended**

 

 

**For the Nine Months Ended**

 

 

** **

**March 31,**

 

** **

**March 31,**

 

 

**2011**

 

**2010**

 

**2011**

 

**2010**

**Revenue**

 

 

Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

 

$

    5,695,868 

 

70%

 

 

                -   

 

                -   

 

$

  17,420,807 

 

72%

 

 

                -   

 

                -   

Renewable Energy

 

 

    2,398,628 

 

30%

 

 

                -   

 

                -   

 

 

    6,911,401 

 

28%

 

 

                -   

 

                -   

 

 

$

    8,094,496 

 

100%

 

 

                -   

 

                -   

 

$

  24,332,208 

 

100%

 

 

                -   

 

                -   

All revenues were generated by our Malaysian subsidiary, Info-Accent. For the three months ended March 31, 2011, our total revenues were $8,094,496 compared to nil for the three months ended March 31, 2010. Our mobile VoIP communications and mobile advertising segment accounted for 70% while our renewable energy segment accounted for 30% of our total revenues.  For the nine months ended March 31, 2011, our total revenues were $24,332,208 compared to nil for the nine months ended March 31, 2010.  

 

29

*Customer Concentration*

Customer concentration based on revenue contribution for the three and nine months ended March 31, 2011were as follows:

 

For the Three Months Ended

 

For the Nine Months Ended

 

March 31, 2011

 

March 31, 2011

**Mobile VoIP Communications**

 

 

 

**And Mobile Advertising**

 

 

 

Customer A

20%

 

19%

Customer B

16%

 

15%

Customer C

14%

 

14%

Customer D

12%

 

11%

Customer E

-

 

10%

Customer F

10%

 

10%

 

72%

 

79%

 

 

 

 

**Renewable Energy**

 

 

 

Customer A

28%

 

26%

Customer B

24%

 

25%

Customer C

24%

 

25%

Customer D

24%

 

24%

 

100%

 

100%

For the three months ended March 31, 2011, we had five significant vendors for our mobile VoIP communications and mobile advertising business segment contributing 26%, 24%, 16%, 15% and 12% respectively.  For our new renewable energy business segment, we have four significant vendors contributing 28%, 26%, 26% and 26% respectively.  For the nine months ended March 31, 2011, we had six significant vendors for our mobile VoIP communications and mobile advertising business segment contributing 24%, 22%, 17%, 16% and 13% respectively.  For our new renewable energy business segment, we have four significant vendors contributing 26%, 25%, 25% and 24% respectively. 

If we are unable to retain any of our significant vendors, it will impinge on our ability to deliver a smooth and efficient service to our customers. It will also damage our reputation and have an adverse effect on the quality of services we render. To reduce our dependency on a single vendor to provide the services that we require, we have taken proactive steps to engage the services of new vendors who meet our quality of service and pricing criteria.  All our vendors are located in Malaysia.  We outsource our mobile advertising work to our vendors to: (i) accelerate the commercial rollout of our business in a scalable manner, (ii) minimize our up-front investment and financial risks, (iii) enable us to offer products and services to our customers that we believe are best-in-class; and (iv) allow us to focus on our core competency in the development of mobile VoIP communications and mobile advertising applications.  We have adopted a similar outsourcing model for our renewable energy business. 

If we are unable to retain any of the significant customers from our mobile VoIP communications and mobile advertising business segment and any of the four significant customers from our renewable energy business segment, it will have material effect on our results of operations and financial condition. To preempt the possible loss of our customers, we have increased our marketing efforts to appoint additional channel partners and private label partners to reduce the concentration of each customer to below 10%.

30

*Geographical Location of Revenue*

**Geographic Information**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**For the Three Months Ended**

 

 

**For the Nine Months Ended**

 

 

** **

**March 31,**

 

** **

**March 31,**

 

 

**2011**

 

**2010**

 

**2011**

 

**2010**

 

 

 

* Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

* Revenue

 

% of Revenue

 

 

Revenue

 

% of Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Malaysia**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

 

$

    5,555,438 

 

68%

 

 

                -   

 

                -   

 

$

  16,787,265 

 

69%

 

 

                -   

 

                -   

Renewable Energy

 

 

    2,398,628 

 

30%

 

 

                -   

 

                -   

 

 

    6,911,401 

 

28%

 

 

                -   

 

                -   

 

 

$

    7,954,066 

 

98%

 

 

                -   

 

                -   

 

$

  23,698,666 

 

97%

 

 

                -   

 

                -   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Hong Kong**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile VoIP Communications and Mobile Advertising 

 

$

       140,430 

 

2%

 

 

                -   

 

                -   

 

$

       633,542 

 

3%

 

 

                -   

 

                -   

Renewable Energy

 

 

 

 

                  -   

 

 

                -   

 

                -   

 

 

                -   

 

                -   

 

 

                -   

 

                -   

 

 

$

    8,094,496 

 

100%

 

 

                -   

 

                -   

 

$

  24,332,208 

 

100%

 

 

                -   

 

                -   

* Revenues are attributed to geographical location of our respective customers.

For the three months ended March 31, 2011, the total revenue of $8,094,496 comprising of $7,954,066 or 98% was derived from the services rendered to our customers in Malaysia, while $140,430 or 2% was derived from services rendered to our private label partner customer in Hong Kong. For the nine months ended March 31, 2011, the total revenue of $24,332,208 comprising of $23,698,666 or 97% was derived from the services rendered to our customers in Malaysia, while $633,542 or 3% was derived from services rendered to our only customer in Hong Kong. For the three months and nine months ended March 31, 2010, we did not have any revenues as we did not initiate our mobile VoIP communications and mobile advertising until April 2010.

For the three months ended March 31, 2011, out of the $7,954,066 of our revenue generated from our customers in Malaysia, $5,555,438 or 70% was derived from mobile VoIP communications and mobile advertising business segment and $2,398,628 or 30% was derived from our renewable energy business segment. For the nine months ended March 31, 2011, out of the $23,698,666 of our revenue generated from our customers in Malaysia, $16,787,265 or 71% was derived from mobile VoIP communications and mobile advertising business segment and $6,911,401 or 29% was derived from our renewable energy business segment.

*Cost of Goods Sold*

For the three months ended March 31, 2011, total cost of goods sold was $6,841,253 comprising of $4,922,290 for the mobile VoIP communications and mobile advertising business segment and $1,918,963 for our renewable energy business segment compared to nil for the three months ended March 31, 2010. For the nine months ended March 31, 2011, the total cost of goods sold was $20,565,364 comprising of $15,036,502 for our mobile VoIP communications and mobile advertising business segment and $5,528,862 for our renewable energy business segment compared to nil for the nine months ended March 31, 2010. The increase in cost of goods sold was attributed to the increase in revenues generated from both our mobile VoIP communications and mobile advertising contracts and our renewable energy contracts.

*Gross Profit*

For the three months ended March 31, 2011, our total gross profit was $1,253,243 that included $773,578 from our mobile VoIP communications and mobile advertising business segment and $479,665 from our renewable energy business segment. For the nine months ended March 31, 2011, our total gross profit was $3,766,844 that included $2,384,305 from our mobile VoIP communications and mobile advertising business segment and $1,382,539 from our renewable energy business segment. Our gross margin as a percentage of revenue for the three months and nine months ended March 31, 2011 was approximately 15.5%.

31

*Operating Expenses*

Our total operating expenses for the three months ended March 31, 2011 were $379,405 compared to $13,167 for the three months ended March 31, 2010. The increase of $366,238 was attributed primarily to an increase in general and administration expenses of $109,615, sales and marketing expenses of $228,889 and depreciation and amortization of $9,090. Total operating expenses for the nine months ended March 31, 2011were $1,271,460 compared to $50,515 for the nine months ended March 31, 2010. The increase of $1,220,945 was attributed primarily to an increase in general and administration expenses of $548,911, sales and marketing expenses of $514,887 and depreciation and amortization of $127,329. These increases in operating expenses occurred in the context of the initiation of our new business segments, with the mobile VoIP communications and mobile advertising services in Asia initiated in April 2010 and the renewable energy segment initiated in July 2010.

For the three months ended March 31, 2011, general and administrative expenses were $114,236 compared to $4,621 for the three months ended March 31, 2010. The increase was primarily attributed to stock-based compensation of $13,544, administration and clerical costs of $29,566, payroll of $22,524 and office rent of $9,748. For the nine months ended March 31, 2011, general and administrative expenses were $554,077 compared to $5,166 for the nine months ended March 31, 2010. The increase was primarily attributed to stock-based compensation of $263,164, administration and clerical costs of $86,831, payroll of $57,800 and office rent of $29,644.

For the three months ended March 31, 2011, we incurred sales and marketing expenses of $228,889 compared to $0 for the three months ended March 31, 2010. The sales and marketing expenses relate to the promotion and marketing of Info-Accent's renewable energy services in Asia. For the nine months ended March 31, 2011, sales and marketing expenses of $516,497 compared to $1,610 for the nine months ended March 31, 2010. The sales and marketing expenses relate to the promotion and marketing of Info-Accent's renewable energy services, mobile VoIP communications and mobile advertising services in Asia. 

*Provision for Income Taxes*

For the three months and nine months ended March 31, 2011, Info-Accent recorded an income tax provision of $135,065 and $539,402, respectively. For the three months and nine months ended March 31, 2010, we did not record any income tax provision. In 2011 and 2010, we did not record any tax benefit for the losses incurred in the U.S. by effecting a 100% valuation allowance on the potential benefit as per ASC topic 740. We will record the tax benefits of U.S. losses once our U.S. operations have realized consistent profitability.

*Net Income / Loss*

 

For the three months and nine months ended March 31, 2011, net income was $738,773 and $1,934,194, respectively, compared to a net loss of $13,587 and $51,042 for three months and nine months ended March 31, 2010, respectively.

**Liquidity and Capital Resources**

Liquidity is the ability of a company to generate adequate amounts of cash to meet its needs for cash. As of March 31, 2011 and June 30, 2010, we had cash and cash equivalents of $34,450 and $18,416, respectively. For the nine months ended March 31, 2011, our operations were primarily funded from internally generated funds. 

*Operating activities*.  Operating activities provided net cash of $390,008 and used net cash of $26,854 during the nine months ended March 31, 2011 and 2010, respectively.  Net cash provided by operating activities during the nine months ended March 31, 2011was primarily attributed to noncash adjustments of $945,173 and an increase in the accounts payable amounting to $1,354,901. Net cash used in operating activities during the nine months ended March 31, 2010 was primarily attributed to net loss of $51,042.

*Financing activities*.  Cash provided by financing activities during the nine months ended March 31, 2011 of $172,331 resulted from proceeds received from the private placement of our common stock totaling $195,224, offset by the repayment of three promissory notes totaling $20,000 and the repayment of amounts owing to Mohd Aris Bernawi and Valerie Looi in the amount of $2,500 and $393, respectively.  

 

32

In March 2011, we purchased two units of mobile gasifiers and multi-mode pyrolysis reactors in the amount of $666,000.  We will need to raise an additional $1.2 million to meet our capital expenditure to further expand our renewable energy business. We have engaged in discussions with private investors to provide us with the capital necessary to expand our renewable energy business. There is, however, no assurance that any financing will be available or if available, on terms that will be acceptable to us. 

**New Accounting Pronouncements**

Recent accounting pronouncements are disclosed in Note 13 of the financial statements above. We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our financial statements, or any of our subsidiaries’ operating results, financial position, or cash flow.

**ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

**ITEM 4.  CONTROLS AND PROCEDURES**

*Evaluation of Disclosure Controls and Procedures*

In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by our management, with the participation of our Chief Executive Officer and our Chief Financial Officer of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of March 31, 2011.  Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of March 31, 2011.

*Changes in Internal Control Over Financial Reporting*

There has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act)  that occurred during the quarter ended March 31, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

33

**PART II - OTHER INFORMATION**

**ITEM 1.  LEGAL PROCEEDINGS**

None

**ITEM 1A.  RISK FACTORS**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

**ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

In January 2011, GMT entered into two Securities Purchase Agreements with Mohamed Latiff bin Shah Mohd and Hartini binti Mohd Aris for the sale of 36,000 and 50,394 shares, respectively, of its common stock at $1.00 per share resulting in gross proceeds to GMT of $86,394. At closing, GMT issued two three-year warrants to purchase 18,000 and 25,197 shares, respectively, of common stock at $1.00 per share to the two accredited investors.  

In February 2011, GMT entered into a Securities Purchase Agreement with Mohamed Latiff bin Shah Mohd for the sale of 14,000 shares, of its common stock at $1.00 per share resulting in gross proceeds to GMT of $14,000. At closing, GMT issued a three-year warrant to purchase 7,000 of common stock at $1.00 per share to the accredited investor. 

The private placement of these securities was exempt from registration under the Securities Exchange Act of 1933, as amended (the “Act”), pursuant to Regulation D, Rule 505 promulgated by the SEC under the Act and, where applicable, under Rule 903 of Regulation S under the Securities Act of 1933, as amended. 

GMT intends to use the net proceeds from this offering for its working capital.

**ITEM 3.  DEFAULTS UPON SENIOR SECURITIES**

None

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

None
**ITEM 5.  OTHER INFORMATION**

None
34

**ITEM 6.  EXHIBITS**

**Exhibit Number**

 

**Description of Exhibit**

 

 

 

31.1

 

Certification of Principal Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended.

 

 

 

31.2

 

Certification of Principal Financial Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended.

 

 

 

32.1

 

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).

 

 

 

32.2

 

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).

35

**SIGNATURES**

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

 

Global MobileTech, Inc.

 

 

May 20, 2011

By:  

/s/ Aik Fun Chong

 

Aik Fun Chong

President and Chief Executive Officer

(Principal Executive Officer)

 

 

May 20, 2011

By:  

/s/ Hon Kit Wong

 

Hon Kit Wong

Chief Financial Officer

(Principal Financial and Accounting Officer)

36**** |
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