10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2011

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission File Number 000-33271

GLOBAL BIOTECH CORP

 (Exact name of registrant as specified in its charter)

DELEWARE	98-0229951
(State of Incorporation)	(I.R.S. Employer Identification No.)
2550 Bates rd Suite 212A Montreal, Quebec
(Address of principal executive offices)	(Zip Code)
	H3S 1A7

(302) 288-0658

 (Registrant’s telephone number, including area code)

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  o

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  o	Non-Accelerated Filer  o
Accelerated Filer  o	Smaller Reporting Company x

Indicate by check mark whether the registrant is a shell company (as determined in Rule 12b-2 of the Exchange Act). NO  X    

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  o   No  o

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of October 18, 2011, the aggregate market value of the issuer's common stock based on its reported price on the OTC Bulletin Board held by non-affiliates of the issuer was approximately $1,280,729.

As of October 18, 2011, the Registrant had 75,361,990 shares of Common Stock outstanding.

INDEX

PART I:  FINANCIAL INFORMATION

Item 1.  Financial Statements

Balance Sheets at August 31, 2011 (Unaudited)  and November 30, 2010

Statements of Operations (Unaudited) for the Nine and Three months ended August 31, 2011and August 31, 2010 and from Inception (November 2, 1998) to August 31, 2011.

Statement of Cash Flows (Unaudited) for the Nine months ended August 31, 2011

and August31, 2010 and from Inception (November 2, 1998) to August 31, 2011.

Notes to the Financial Statements  (Unaudited).

Item 2.  Plan of Operations

Item 4T.  Controls and Procedures

PART II:  OTHER INFORMATION

Item b.  Exhibits and Reports On Form

SIGNATURES

GLOBAL BIOTECH CORP.

(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEETS

ASSETS
	August 31,2011			30-Nov-10
	(Unaudited)
Current Assets
Cash	$	-		$	-
Prepaid expenses		157,916			195,312
Short term investments		189,517			176058
Total current assets		347,433			371,370
Property & Equipment (Net)		259,286			259,286
Total Assets	$	606,719		$	630,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Bank overdraft	$	71		$	32
Accounts payables and accrued liabilities		558,824			123,108
Notes Payable related party		43,262			27,387
Notes Payable		1,164,701			1,097,487
Total current liabilities		1,766,858			1,248,014
Stockholders' Equity
Preferred stock, $0.0001 par value authorized 80,000,000 shares 0 shares issued and outstanding August 31, 2011 and November 30, 2010		-			-
Common stock, $0.0001 par value authorized 260,000,000 shares: issued and outstanding 75,361,990 August 31, 2011 and 67,661,990 November 30,2010		7,536			6,766
Paid in capital		1,601,342			1,448,112
Deficit accumulated during the development stage		(2,769,017	)		(2,072,236	)
Total Stockholders' (Deficit) Equity		(1,160,139	)		(617,358	)
Total liabilities and Stockholders' Equity	$	606,719		$	630,656

See the accompanying notes to financial statements.

GLOBAL BIOTECH CORP.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended August 31,2011			Three Months Ended Augst 31,2010			Nine Months Ended August 31,2011			Nine Months Ended August 31,2010			Inception to August 31,2011
Revenues:	$	-		$	-		$	-		$	-		$	944,811
Cost of Revenues:		-			-			-			-			603,063
		-			-			-			-			341,748
Operating Expenses:
Bad Debt Exp		-			-			-			-			120,844
Licensing rights		-			-			-			-			700,000
Depreciation Exp		-			-			-			-			73,274
Marketing		-			-			-			-			236,266
Professional Fees		3,000			3,000			9,000			9,000			206,295
Selling, general and administrative		442,484			15,908			630,097			143,198			1,205,174
Total Operating Expenses		445,484			18,908			639,097			152,198			2,541,853
(Loss) before other income (expense)		(445,484	)		(18,908	)		(639,097	)		(152,198	)		(2,200,105	)
Other income (expense):
Other  income		-			-			-			-			85,005
Foreign exchange gain (loss)		-			203			(14,829	)		(1,884	)		(47,538	)
Interest income		2,193			2,059			6,579			5,439			125,955
Interest Expense		(16,917	)		(14,832	)		(49,434	)		(43,318	)		(423,714	)
Gain on Sale of Investment		-			-			-			-			359,583
Impairment Loss		-			-			-			-			(676,975	)
Write down - leashold improvements		-			-			-			-			(2,663	)
Write down - Notes receivable		-			-			-			-			11,435
Total other income (Expense)		(14,724	)		(12,570	)		(57,684	)		(39,763	)		(568,912	)
Net (Loss)	$	(460,208	)	$	(31,478	)	$	(696,781	)	$	(191,961	)	$	(2,769,017	)
Basic weighted avg. common shares outstanding		75,361,990			67,661,990			75,361,990			67,661,990
Basic and Diluted (Loss) per common share	$	(0.01	)	$	(0.00	)	$	(0.01	)	$	(0.00	)

See the accompanying notes to financial statements.

GLOBALBIOTECH CORP.

(A DEVELOPMENT STAGE COMPANY)

Statement of Cash Flows (Unaudited)

	Nine months ended						From Inception (November 2, 1998)
	August 31,2011			August 31,2010			to August 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(696,781	)	$	(191,961	)	$	(2,769,017	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense		-			-			73,274
Common stock issued for services		154,000			101,649			369,024
Gain on sale of Investment								(359,583	)
Impairment Loss		-			-			676,975
Write down of leasehold improvements		-			-			2,663
Write down of notes receivable		-			-			(11,435	)
Accrued interest expense - note payable		49,434			43,318			314,226
Accrued interest income - note receivable		(6,579	)		(5,439	)		(120,429	)
Changes in operating assets and liabilities
(Increase) Decrease  - accounts receivable/prepaids		37,396						(157,916	)
(Increase) Decrease in notes receivable		-			-			(461,899	)
Increase (decrease) - accounts payable		435,716			20,748			558,824
Net Cash Provided by (used in) Operating Activities		(26,814	)		(31,685	)		(1,885,293	)
Cash Flows from Investing Activities
Net sale (purchase of fixed assets		-			-			(60,937	)
Purcase of short term investments		(6,880	)		(40,991	)		(175,440	)
Proceeds from sale of investment shares		-			-			489,061
Net Cash Provided by (used in) Investing Activities		(6,880	)		(40,991	)		252,684
Cash Flows from Financing Activities
Bank Advances		39			-			71
Issue of Common stock		-			-			156,262
Payment of common stock subscription receivable		-			-			206,239
Proceeds from notes payable-related party		33,655			29,223			1,270,037
Net Cash provided by  (used in) Financing Activities		33,694			29,223			1,632,609
Net Increase (Decrease) in Cash		-			(43,453	)		-
Cash at Beginning of Period		-			44,019			-
Cash at End of Period	$	-		$	566		$	-

GLOBAL BIOTECH CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

AUGUST 31, 2011

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited financial statements of GLOBAL BIOTECH CORP. have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Qand Rule 10-01 of Regulation S-X.  The financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the periods shown.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

These financial statements should be read in conjunction with the audited financial statements and footnotes thereto included for the year ended November 30, 2010 for GLOBAL BIOTECH CORP. on form 10 K as filed with the Securities and Exchange Commission.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and that effect the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Earnings (Loss) Per Share

The Company follows Statement of Financial Accounting Standards ("SFAS") 128, "Earnings Per Share."  Basic earnings (loss) per Common share ("EPS") calculations are determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year.  Diluted earning per common share calculations are determined by dividing net income (loss) by the weighted average number of common shares and dilutive common share equivalents outstanding.  During the periods presented common stock equivalents were not considered, as their effect would be anti-dilutive.

GLOBAL BIOTECH CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

AUGUST 31, 2011

(UNAUDITED)

NOTE 3 – GOING CONCERN

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.  The company reported net loss of $460,208 and $696,781 for the three and nine months ended August 31, 2011 as well as reporting net losses of $2,769,017 from inception (November 2, 1998) to August 31, 2011. At August 31, 2011 the Company had negative working capital of $1,419,425 and stockholders’ deficit of $1,160139.  This condition raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The officers and directors are committed to help in raising funds to fill any operating cash flow shortages during the next fiscal year until the organization can generate sufficient funds from operations to meet current operating expenses and overhead, although there are no guarantees that this commitment will be met

NOTE 4. SHORT TERM INVESTMENT

As of August 31, 2011, the Company had purchased a term deposit in the amount of $175,440  ($172,000 CDN), bearing interest rate of 5%, maturing on December 3, 2011. As of August 31, 2011, the Company accrued $14,077 of interest income. No withdrawals allowed for first 90 days and 90 days early withdrawal notice needed. Early withdrawal interest rate - 1 ½%.

Note 5 RELATED PARTY TRANSACTIONS

Between June 1, 2011 and August 31, 2011 the Company had no borrowings.  As of August 31, 2011, the outstanding balance of related party note payable is $43,262.

NOTE 6. STOCK ISSUANCE

On January 13, 2011 the Company issued 7,700,000 restricted common shares in settlement of consulting services in the amount of $154,000.

NOTE 7  SUBSEQUENT EVENTS

In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the unaudited interim financial statements. During this period, the Company did not have any material recognizable subsequent events.

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

Special Note Regarding Forward-Looking Statements

Some of the statements under “Plan of Operations,” “Business” and elsewhere in this registration statement are forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements about our plans, objectives, expectations, intentions and assumptions and other statements contained herein that are not statements of historical fact. You can identify these statements by words such as “may,” “will,” “should,” “estimates,” “plans,” “expects,” “believes,” “intends” and similar expressions. We cannot guarantee future results, levels of activity, performance or achievements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements.

Plan of Operation.

The following discussion should be read in conjunction with the financial statements and related notes which are included elsewhere in this prospectus. Statements made below which are not historical facts are forward-looking statements. Forward-looking statements involve a number of risks and uncertainties including, but not limited to, general economic conditions and our ability to market our product.

The business objective of GLOBAL is to position AquaBoost™, our initial product being offered, as a top quality oxygenated water in the specialty waters market. Our oxygenation level (up to 100 ppm and greater), the ability of our bottled water to retain this level of oxygenation, even over lengthy periods of time and the purity of our product, we believe, should give us the ability to become a staple in this specialty waters niche.

We have set a conservative sales objective of 4-6% of the European and American markets, or $12.5 million U.S. to $20 million U.S., by the year 2015. The fact that AquaBoost™ was seen by hundreds of distributors at the SIAL in Montreal, Canada in 2001 and that there is already a market in Mexico for the product, gives us confidence in our abilities to reach our sale objectives. However, no assurances can be given that the Company will meet these goals.

The Company has held discussions with several large beverage companies about oxygenating fruit juices. Should these discussions prove successful, the Company would have another major revenue generating area. Currently, it is too premature to hazard an estimate about the likelihood of finalizing any deals with said corporations

The Company will also attempt to engage in partnering with other beverage distributors or leasing its technology for royalties in those regions and for those products where it will not negatively impact on potential AquaBoost™ sales.

GLOBAL BIOTECH CORP. (“GLOBAL”), formerly (SWORD COMP-SOFT CORP.) was organized on November 2, 1998. Its goal was to bring interactive healthcare information services utilizing the Internet to the consumer, the end user, to access what they, as individuals, need.

As of March 5, 2003 this business was sold along with the assumption of a note payable in the amount of $700,000 to Millenia Hope Inc., its former parent corporation. In exchange, GLOBAL received 30.7 million shares of its outstanding common shares held by Millenia Hope Inc. Subsequently, GLOBAL acquired the exclusive 10 year North American licensing rights to a vehicle tracking system in exchange for 30.7 million of its common shares.

GLOBAL’s vehicle tracking system was supposed to seamlessly tie together wireless communications and the Internet with global positioning technology to link vehicles to a world of unlimited wireless services. As of February 24, 2005,GLOBAL’s Board of Directors concluded that its attempt to enter the vehicle tracking business was unsuccessful and entered into a provisional agreement, with Advanced Fluid Technologies Inc. a Delaware corporation, to acquire assets from the latter corporation pursuant to entering the bottled water, more specifically the oxygenated bottled water, market. This Agreement was finalized on August 15, 2007.

GLOBAL’s goal is to position AquaBoost(TM), the bottled oxygenated water product it acquired, as an energizing alternative to soft drinks and as a beverage with more health benefits than ordinary water. To date, the aforementioned product has had minimal sales and the Company will endeavor, but can offer no guarantees, to raise its sales level significantly. Officers and director of the firm have committed to fund the operations of the Company until sufficient funds have been generated from ongoing business.

In an effort to expand its product line, the Company is working on developing a new product that we currently refer to as “Aquaboost-VitA: Orange Antioxidant”. This experimental product contains water oxygenated using the Aquaboost™ technology, vitamin C, vitamin E and apple skin extract. The Company is in the research and testing phase of the product’s development, and is conducting research into the product’s antioxidant effects and palatability.

The Company’s short-term and medium-term objectives are as follows:

To attach our oxygenation unit in Quebec to the bottling line of a recognized North American bottler via a joint venture, said objective is in the process of being completed as we await the finalization of hooking up our unit and finishing our pre-production tests.

To create a revenue stream through sales from strategic merchandising relationships and highly targeted markets - to this end, the Company is working on forming business relationships with pharmacy chains to place its nutraceutical beverage products in the next 6 to 12 months;

To strengthen its investor relations program, to increase shareholder value and increase public investors’ interest in the Company; and

To complete development of additional oxygenated and non-oxygenated drinks with nutraceutical values, which can be added to the Company’s product offering, distributed by others, or licensed to others.

The Company entered, on October 31, 2010, into an agreement to purchase the rights to a neutraceutical product, specifically a topical cream for women, for a period of 4 years. The total cost of said agreement was $199,467. The Company is currently in the midst of its product roll-out . The product is known by its trade name of Femtra and information on it is available on the Femtra website.

On February 28, 2011, Perry Choiniere was removed as an Officer and as a Director of the Company. The responsibilities of Mr. Choiniere are being undertaken by Mr. Greco, President, and Mr. Lamarre Vice-President, of Global Biotech. On August 18, 2011, Eric Sonigo was removed as an Officer of the Company. The responsibilities of Mr. Sonigo are being undertaken by Mr. Greco, President, and Mr. Lamarre Vice-President, of Global Biotech.

Three months ended August 31, 2011 compared to August 31, 2010.

Professional, selling, general and administrative in 2011 was $445,484 and $18,908 in 2010. In Aug 2011, we had administrative fees in the amount of $406,910 and automobile allowances of $22,032, as agreed to by a Director’s resolution. No sum was recognized for either category in 2010. In 2011 we had $12,467 of developmental costs which are the quarterly portion of our 4 year licensing rights to a neutraceutical cream and $8,648 in 2010.We had no rental expense in 2011 ( we were using a temporary loaned facility to conduct business)and $5,806 in 2010. Our professional fees were $3,000 in 2011 and 2010. We had $964 of regulatory exp in 2011 and $1,418 in 2010.

We had no foreign exchange on our transactions in 2011 and a gain of $203 in 2010. We had net interest expense, on our loans, of $14,724 in 2011 and $12,773 in 2010.

As a result of the above, we had a net loss of $460,208 in 2011 and $31,478 in 2010.

Nine months ended August 31, 2011 compared to August 31, 2010.

Professional, selling, general and administrative in 2011 was $639,097 and $152,198 in 2010. In Aug 2011, we had administrative fees in the amount of $406,910 and automobile allowances of $22,032, as agreed to by a Director’s resolution. No sum was recognized for either category in 2010. We had $154,000, $50,439 of extra, consulting exp in 2011. This was primarily due to additional consulting exp in 2011 in regard to our search for a higher level of financing as we have put our production facility in place and are working on our sales strategy. In 2011 we had $37,396 of developmental costs which are the three quarterly portions of our 4 year licensing rights to a neutraceutical cream and $8,648 in 2010. .We had no rental expense in 2011 we (were using a temporary loaned facility to conduct business)and $13,804 in 2010. Regulatory fees were $9,498 in 2011 and $17,003 in 2010. Our 2011 and 2010 professional fees were $9,000.

 We had foreign exchange losses on our transactions of $14,829 in 2011 and losses of $1,884 in 2010. We had net interest expense, on our loans, of $42,855 in 2011 and $37,873 in 2010.

As a result of the above, we had a net loss of $696,781 in 2011 and $191,961 in 2010.

Liquidity and cash flow needs of the company

From December 1st, 2010 to August 31, 2011 the company used $26,814 for operating activities while recording no revenues. From September 1, 2011 to November 30, 2011, the fiscal year end, the company estimates that its net cash flow needs will be $200,000.

Item 4T. CONTROLS AND PROCEDURES

QUARTERLY EVALUATION OF THE COMPANY’S DISCLOSURE CONTROLS AND INTERNAL CONTROLS.

As of October 19,2011, the date of the report, our Principal Executive Officer and Chief Financial Officer (President )evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a -15(e) under the Securities Exchange act of 1934, as amended. Based upon that evaluation, the Principal Executive and Financial Officer concluded that, as of October 19, 2011, the Company’s disclosure controls and procedures are effective.

Further, there was no change during the last quarter in the Company’s internal control over financial reporting that has materially affected or is likely to materially affect, the Company’s internal control over financial reporting.

Part II other information

Item 2: Sales of Unregistered securities

Date of	Title	Number	Consideration	Exemption from
Sale	of Security	Sold	Received	Registration Claimed
Jan 13,2011	Common	7,700,000	$154,000 for
			Consulting exp	Regulation S

Item 6 Reports on Form 8-K

Change in Principal Officers and Directors

SIGNATURES

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

GLOBAL BIOTECH CORP. (Registrant)

Dated October 19, 2011	By:	/s/ Louis Greco, President
		Principal Executive & Financial Officer

EX-31.1

Exhibit 31.1

CERTIFICATIONS

Principal Exeutive Officer

I, Louis Greco, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of GLOBAL BIOTECH CORP.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) ) and internal controls over financial reporting(as defined in Exchange Act Rules 13a- 15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant’s including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 19, 2011	By: /s/ Louis Greco
	Louis Greco, President
	Principal Executive Officer

EX-32.1

Exhibit 32.1

Certifications Pursuant to 18 U.S.C. Sections 1350

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Principal Executive and Financial Officers of GLOBAL BIOTECH CORP. (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge on the date hereof:

(a)	The Quarterly Report on Form 10-Q of the Company for the period ended August 31, 2011, filed on the date hereof with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and
(b)	Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 19, 2011
	/s/ Louis Greco
	Louis Greco
	President Principal Executive & Financial Officer

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NOTE 4. SHORT TERM INVESTMENT

9 Months Ended

Aug. 31, 2011

Notes to Financial Statements

NOTE 4. SHORT TERM INVESTMENT

As of August 31, 2011, the Company had purchased a term deposit in the amount of $175,440 ($172,000 CDN), bearing interest rate of 5%, maturing on December 3, 2011. As of August 31, 2011, the Company accrued $14,077 of interest income. No withdrawals allowed for first 90 days and 90 days early withdrawal notice needed. Early withdrawal interest rate - 1 ½%.

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NOTE 3 – GOING CONCERN

9 Months Ended

Aug. 31, 2011

Notes to Financial Statements

NOTE 3 – GOING CONCERN

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The company reported net loss of $460,208 and $696,781 for the three and nine months ended August 31, 2011 as well as reporting net losses of $2,769,017 from inception (November 2, 1998) to August 31, 2011. At August 31, 2011 the Company had negative working capital of $1,419,425 and stockholders’ deficit of $1,160139. This condition raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The officers and directors are committed to help in raising funds to fill any operating cash flow shortages during the next fiscal year until the organization can generate sufficient funds from operations to meet current operating expenses and overhead, although there are no guarantees that this commitment will be met

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Balance Sheets (Unaudited) (USD $)	Aug. 31, 2011	Nov. 30, 2010
Current Assets
Cash
Prepaid expenses	157,916	195,312
Short term investments	189,517	176,058
Total current assets	347,433	371,370
Property & Equipment (Net)	259,286	259,286
Total Assets	606,719	630,656
Current Liabilities
Bank overdraft	71	32
Accounts payables and accrued liabilities	558,824	123,108
Notes Payable related party	43,262	27,387
Notes Payable	1,164,701	1,097,487
Total current liabilities	1,766,858	1,248,014
Stockholders' Equity
Preferred stock, $0.0001 par value authorized 80,000,000 shares 0 shares issued and outstanding August 31, 2011and November 30, 2010
Common stock, $0.0001 par value authorized 260,000,000 shares: issued and outstanding 75,361,990 August 31, 2011 and 67,661,990 November 30,2010	7,536	6,766
Paid in capital	1,601,342	1,448,112
Deficit accumulated during the development stage	(2,769,017)	(2,072,236)
Total Stockholders' (Deficit) Equity	(1,160,139)	(617,358)
Total liabilities and Stockholders' Equity	$ 606,719	$ 630,656

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NOTE 1 – BASIS OF PRESENTATION

9 Months Ended

Aug. 31, 2011

Notes to Financial Statements

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited financial statements of GLOBAL BIOTECH CORP. have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Qand Rule 10-01 of Regulation S-X. The financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the periods shown. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

These financial statements should be read in conjunction with the audited financial statements and footnotes thereto included for the year ended November 30, 2010 for GLOBAL BIOTECH CORP. on form 10 K as filed with the Securities and Exchange Commission.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and that effect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Aug. 31, 2011

Notes to Financial Statements

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Earnings (Loss) Per Share

The Company follows Statement of Financial Accounting Standards ("SFAS") 128, "Earnings Per Share." Basic earnings (loss) per Common share ("EPS") calculations are determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income (loss) by the weighted average number of common shares and dilutive common share equivalents outstanding. During the periods presented common stock equivalents were not considered, as their effect would be anti-dilutive.

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Balance Sheets (Parenthetical) (USD $)	Aug. 31, 2011	Nov. 30, 2010
Statement of Financial Position [Abstract]
Preferred stock authorized shares	80,000,000	80,000,000
Preferred stock par value shares	$ 0.0001	$ 0.0001
Preferred stock shares issued and outstanding	$ 0	$ 0
Common stock authorized shares	260,000,000	260,000,000
Common stock par value shares	$ 0.0001	$ 0.0001
Common stock shares issued	75,361,990	75,361,990
Common stock shares outstanding	67,661,990	67,661,990

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Document and Entity Information	9 Months Ended
	Aug. 31, 2011	Oct. 18, 2011
Document And Entity Information
Entity Registrant Name	Global Biotech Corp.
Entity Central Index Key	0001126162
Document Type	10-Q
Document Period End Date	Aug. 31, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		75,361,990
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2011

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Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		156 Months Ended
	Aug. 31, 2011	Aug. 31, 2010	Aug. 31, 2011	Aug. 31, 2010	Aug. 31, 2011
Income Statement [Abstract]
Revenues:					$ 944,811
Cost of Revenues:					603,063
Operating Expenses:
Bad Debt Exp					120,844
Licensing rights					700,000
Depreciation Exp					73,274
Marketing					236,266
Professional Fees	3,000	3,000	9,000	9,000	206,295
Selling, general and administrative	442,484	15,908	630,097	143,198	1,205,174
Total Operating Expenses	445,484	18,908	639,097	152,198	2,541,853
(Loss) before other income (expense)	(445,484)	(18,908)	(639,097)	(152,198)	(2,200,105)
Other income (expense):
Other income					85,005
Foreign exchange gain (loss)		203	(14,829)	(1,884)	(47,538)
Interest income	2,193	2,059	6,579	5,439	125,955
Interest Expense	(16,917)	(14,832)	(49,434)	(43,318)	(423,714)
Gain on Sale of Investment					359,583
Impairment Loss					(676,975)
Write down - leashold improvements					(2,663)
Write down - Notes receivable					11,435
Total other income (Expense)	(14,724)	(12,570)	(57,684)	(39,763)	(568,912)
Net (Loss)	460,208	31,478	696,781	191,961	2,769,017
Basic weighted avg. common shares outstanding	75,361,990	67,661,990	75,361,990	67,661,990
Basic and Diluted (Loss) per common share	$ 0.01	$ 0	$ 0.01	$ 0

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NOTE 7 SUBSEQUENT EVENTS

9 Months Ended

Aug. 31, 2011

Notes to Financial Statements

NOTE 7 SUBSEQUENT EVENTS

In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the unaudited interim financial statements. During this period, the Company did not have any material recognizable subsequent events.

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NOTE 6. STOCK ISSUANCE

9 Months Ended

Aug. 31, 2011

Notes to Financial Statements

NOTE 6. STOCK ISSUANCE

On January 13, 2011 the Company issued 7,700,000 restricted common shares in settlement of consulting services in the amount of $154,000.

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Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended		156 Months Ended
	Aug. 31, 2011	Aug. 31, 2010	Aug. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 696,781	$ 191,961	$ 2,769,017
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense			73,274
Common stock issued for services	154,000	101,649	369,024
Gain on sale of Investment			(359,583)
Impairment Loss			676,975
Write dow n of leasehold improvements			2,663
Write dow n of notes receivable			(11,435)
Accrued interest expense - note payable	49,434	43,318	314,226
Accrued interest income - note receivable	(6,579)	(5,439)	(120,429)
Changes in operating assets and liabilities
(Increase) Decrease - accounts receivable/prepaids	37,396		(157,916)
(Increase) Decrease in notes receivable			(461,899)
Increase (decrease) - accounts payable	435,716	20,748	558,824
Net Cash Provided by (used in) Operating Activities	(26,814)	(31,685)	(1,885,293)
Net sale (purchase of fixed assets			(60,937)
Purcase of short term investments	(6,880)	(40,991)	(175,440)
Proceeds from sale of investment shares			489,061
Net Cash Provided by (used in) Investing Activities	(6,880)	(40,991)	252,684
Cash Flows from Financing Activities	33,694	29,223	1,632,609
Bank Advances	39		71
Issue of Common stock			156,262
Payment of common stock subscription receivable			206,239
Proceeds from notes payable-related party	33,655	29,223	1,270,037
Net Cash provided by (used in) Financing Activities	33,694	29,223	1,632,609
Net Increase (Decrease) in Cash		(43,453)
Cash at Beginning of Period		44,019
Cash at End of Period		$ 566

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Note 5 RELATED PARTY TRANSACTIONS

9 Months Ended

Aug. 31, 2011

Notes to Financial Statements

Note 5 RELATED PARTY TRANSACTIONS

Between June 1, 2011 and August 31, 2011 the Company had no borrowings. As of

August 31, 2011, the outstanding balance of related party note payable is $43,262.