X0202 4 2004-10-29 0 0000810932 GLOBALNET CORP None 0001264159 GROWTH ENTERPRISE FUND SA SEA ORCHARD ELMS AVE POOLE DORSETT X0 BH14 8EE UNITED KINGDOM 0 0 1 0 Common Stock 2004-06-30 4 J 0 1171875000 A 7994937517 D Common Stock 2004-08-26 4 J 0 63999280 D 7930938237 D Common Stock 2004-10-29 4 J 0 3436000720 D 4494937517 D Common Stock 2004-10-29 4 J 0 2120000000 D 2374937517 D Issued on conversion of past due payments of dividends on Preferred Stock. Surrendered to the Issuer for cancellation on 8/25/04. On 10/20/04 Reporting Person (GEF) entered into an agreement (Agmt) with Issuer pursuant to which GEF agreed to surrender to Issuer for cancellation all 100,000 shares of Issuer's Series A Preferred Stock owned by it & convertible into 2,120,000,000 shares of Issuer's Common Stock, waive & irrevocably forgive payment of all outstanding accrued but unpaid dividends on such Preferred Stock through the date of surrender & surrender for cancellation 3,436,000,720 shares of Issuer's Common Stock owned by it in consideration of & within 7 business days after Issuer's receipt of an additional $1,000,000 in financing from 1 or more investors introduced to Issuer by N.I.R. Group LLC (Add'l Investment) provided that such Add'l Investment was received by Issuer on or before 11/15/04. On 10/29/04 Issuer notified GEF that ir received the Add'l Investment & aforementioned shares of the Issuer's Preferred & Common Stock were surrendered to Issuer for cancellation in accordance with term of the Agmt. Pursuant to the transaction described in Footnote 3 above, the shares of Preferred Stock which, upon conversion, would have resulted in the issuance of these shares, were surrendered for cancellation. David Phipps 2004-03-10