UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant To Section 13 Or 15(D) of The Securities Exchange Act of 1934

       Date of report (date of earliest event reported): December 2, 2005



                              GLOBALNET CORPORATION
             (Exact name of registrant as specified in its charter)


           Nevada                      000-24962              75-2863583
(State or Other Jurisdiction          (Commission            (IRS Employer
      of Incorporation)              File Number)         Identification No.)

              2616 South Loop West, Suite 660, Houston, Texas 77054
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (832) 778-9591

                           Copy of correspondence to:

                             Gregory Sichenzia, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                     Tel: (212) 930-9700 Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))



ITEM 8.01 Other Events

      Globalnet Corporation (the "Company") provides the following information
as an update on its current financial condition and operations. All statements,
other than statements of historical facts, included in this report regarding the
Company's strategy, expected future financial position, development and
marketing of products, competitive position, and plans and objectives of
management are forward-looking statements. Words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "will" and other similar
expressions help identify forward-looking statements, although not all
forward-looking statements contain these identifying words. In particular, the
statements regarding the timing of the filings of the restated financial
statements for the on Form 10-K for the year ended December 31, 2003 and the
financial statements for the years ended December 31, 2004 and 2005, the
continued implementation of the Company's strategic plan, the expected future
monthly losses, the availability and terms and conditions of new financing, and
the impact of capital allocation decisions should new financing be obtained, are
forward-looking statements. These forward-looking statements involve substantial
risks and uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company's business and the
telecommunications industry in which the Company operates. The Company may not
actually achieve the plans, intentions or expectations disclosed in its
forward-looking statements, and you should not place undue reliance on the
Company's forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements that the Company makes. In addition, the forward
looking financial information presented below was prepared using very basic
information and assumptions which did not include all, information and
assumptions generally used in the preparation of forward looking financials.
Furthermore, the forwarding looking financial information presented below
assumes the Company is able to obtain funding when needed and on reasonable
terms. There can be no assurance when or if the Company will obtain funding or
the terms of any such funding. At the present time the Company does not have
sufficient cash to fund its operations. The Company's forward-looking statements
do not reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments that the Company may make. The
Company does not assume any obligation to update any forward-looking statements.

Audited Financial Statement and Financial Information Updates

      On May 13, 2005, the Audit Committee and management of the Company
concluded that, based on discussions with the SEC, the Company's financial
statements for the fiscal quarters ended September 30, 2003, March 31, 2004,
June 30, 2004 and September 30, 2004 and the fiscal year ended December 31, 2003
should be restated to correct the accounting treatment of the merger between the
Company and GlobalNet International, Inc. that occurred in August 2003 and the
subsequent extinguishment of the Series A Preferred Stock and return of common
stock by a major shareholder at the time. Issues have also been raised regarding
the treatment of certain financial instruments, and specifically, the
applicability of various derivative accounting standards upon the Company's
specific fact pattern. Accordingly, such financial statements should no longer
be relied upon.

      On July 28, 2005, the Company announced that Ehrhardt Keefe Steiner &
Hottman PC ("Ehrhardt") had resigned as the Company's independent registered
public accountants. On August 3, 2005, the Company announced the appointment of
De Leon & Company, P.A. as its independent registered public accountants, and
also announced the resignation of the Company's Chief Financial Officer, Mr.
Thomas Seifert. On August 24, 2005, the Company announced the appointment of Mr.
Thomas P. Dunn as Chief Financial Officer.


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      The Company has consolidated its accounting in Houston, Texas, and has
also hired a new corporate controller. As a result of the key personnel and
auditor changes, the complexity of the accounting issues involved, and the
review time that is necessary on each of the revised filings, the Company now
expects, although it cannot provide any guarantees, to be fully current with all
filings, including the 2005 Annual Report on Form 10-K, by March 31, 2006. As
the various earlier dated period restatements are completed, the Company
currently expects to file them sequentially, upon completion of review and/or
audit.

      Until these restatements, Annual Reports of Form 10-KSB for the year ended
December 31, 2004 and 2005 and Quarterly Reports on Form 10-Q are filed, the
Company is only able to provide limited financial information. The financial
information that can be provided is preliminary, and therefore subject to
change.

Limited Financial Information Update

      For the quarter ended September 30, 2005, the Company recorded gross
revenues of approximately $3,200,000. The Company's sales do not include any
contribution from GlobalNet International, LLC, which ceased operations in June
2005.

      The Company's sales have continued to decline in the months of October and
November, and substantially so in the latter month. In November, 2005, the
Company significantly reorganized its sales department. While the longer-term
effects of this reorganization are believed to be advantageous, the short-term
disruptions on sales efforts have been significant.

      The Company is experiencing cash losses of approximately $300,000 per
month. These monthly cash losses, under various scenarios developed by
management, are expected to continue at approximately these same levels well
into 2006. The size of the losses and the trend lines of these losses are
dependent upon the Company's success in rebuilding its wholesale business, as
well as upon the success of the Company's Voice Over Internet Protocol ("VoIP")
new product rollouts. If these efforts are successful, certain modeling
scenarios indicate a more rapid reduction in monthly cash losses.

      As disclosed in the Company's Current Report on Form 8-K, filed on October
28, 2005, the Company does not have sufficient capital resources to fund the
Company's business plan through the end of the year. Accordingly, the Company
will be forced to seek additional funding, and the success of such efforts are
not assured. Any such additional funding would likely further dilute the
interests of existing shareholders.

      In the event that additional funding is obtained on terms and conditions
acceptable to the Company, which is not assured, the Company's business plan may
be radically altered by the terms and conditions of such funding. Capital
allocation decisions may affect the Company's ability to offer certain products
or continue certain lines of business. In such event, any current expectations
of future cash losses would be materially affected by these decisions.

VoIP Initiatives

      The Company has made significant progress in developing an array of VoIP
products. The Company has increasingly focused on the technologies of the
future, and today, the Company's operating model is based on our award winning
iDial-IP Turn-Key VoIP solution. GlobalNet's VoIP solution allows Internet
Service Providers (ISPs) and major telecom business customers to enter the VoIP
market with little start-up cost and scale operations as needed. Specifically,
we target the enterprise market where businesses want to offer VoIP technology
without the investment in product development and telecom equipment inherent in
building out a carrier-class VoIP platform.


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         Although significant work remains to successfully migrate to these new
product platforms, initial customer response to the VoIP product lines has been
encouraging. It is believed that access to acceptable levels of funding to
develop and market these product lines will be critical to ultimate success or
failure in these offerings.
Management's Accomplishments - 2005

1.    Subsidiary dismissed from Bankruptcy and ceased operations.
2.    MCI debt settled.
3.    Cisco lease settled.
4.    Former majority shareholder (GEF) no longer involved with Company.
5.    Consolidated operations into Houston and San Antonio.
6.    Reorganized sales organization.
7.    Hired New CFO: On track to complete 2003 re-audit.
8.    Instituted Real Time Profitability Reporting System 9. Received "Best of
      Show" for Internet Telephony Show, 2005


Today's Business
o Carrier Sales (Wholesale)

- -     Historically, Company Expertise
- -     If adequately funded can generate $2 M revenues per month within 2006
- -     Infrastructure Sufficient to grow business
- -     Requires expansion of sales force
- -     One Full Time Network Planner (buyer) required
- -     Capital allocation decisions may ultimately affect viability of wholesale
      product line

Wholesale Business Supports Enhanced Services

Growth Business

- -     VoIP (Enhanced Services)
- -     Exploding Market Demand
- -     Application Not Technology Driven
- -     Initial Platform, Services, Infrastructure Substantially Developed
- -     Gross Profit Margins Expected To Exceed 25%
- -     Monthly Revenue of $1 Million within 2006
- -     Requires at least 3 New Sales Managers, 3 Technicians, 2 Product
      Developers, OSS System

Unique Opportunity for GlobalNet

Competitive Advantages
Enhanced Services Platform Established for Resale
Carriers or ISPs Can Use Service with low Investment

Each Can "Private Label" Service

GlobalNet Carrier Rates a Major Advantage


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High Revenue & Margins for Resellers

PBX/Centrex Features Support Business Applications
Attractive for Small Business

Minimum investment

Higher Margin Business

Service now being offered to ISPs on a limited basis

It's A Sales & Marketing Game
Resale Channels of Distribution
ISPs - Now 2 Customers: Multiple Current Prospects

Wireless Manufacturer - Now in Proposal Stage

CLECs - Next

Interconnect Companies - After Rollout of PBX/Centrex Service

Requiring Transparent Technology Support
Web Interface

OSS System

Billing

Open Market, Few Leaders

2006 Plan
o Capital Availability and Allocation Materially Affects Ability to Execute Plan
o Carrier Sales
Grow Revenue to $2 Million per month in 2006

Focus on Higher Margin Routes

Expand Business within Select Group of Customers

o Enhanced Services
Grow Revenue to $1 Million per month in 2006

Focus on ISPs

Expand Platform to Offer PBX/Centrex Features

Stabilize Carrier Sales, Grow Enhanced Services in 2006
Potential 2006 Scenario w/ Adequate Funding



                                                    Q1        Q2         Q3        Q4
                                                   2006      2006       2006      2006       Total
                                                                            
                                          Sales   $3,675    $4,950     $6,900    $8,900    $24,425
                                       Expenses   $4,455    $5,517     $7,197    $8,893    $26,062
EBITDA W/O Non-Recurring or Non-Operating Items   ($780)    ($567)     ($297)      $7      ($1,637)

         *Assumes full funding of business plan



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                                    SIGNATURE

      Pursuant to the requirement of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                            GLOBALNET CORPORATION


                                            By:  /s/ MARK T. WOOD
                                                 ----------------
                                                 Mark T. Wood
                                                 CEO


Dated:  December 2, 2005



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