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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n \n\n**(Mark One)**\n\n \n\n \n\n**☒******\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the quarterly period ended **March 31, 2026**\n\n \n\n \n\n**☐******\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nCommission file number **000-56482**\n\n \n\n \n\n  \n\n**GLOBALTECH CORPORATION**\n\n*(Exact Name of registrant as specified in its charter)*\n\n \n\n**Nevada**\n\n \n\n**82-3926338**\n\n*(State or other jurisdiction of*\n\n \n\n*(I.R.S. Employer*\n\n*incorporation or organization)*\n\n \n\n*Identification Number)*\n\n \n\n**3550 Barron Way Suite 13a, Reno, NV 89511**\n\n(Address of principal executive offices, including zip code.)\n\n \n\n**(775) 624-4817**\n\n(Telephone number, including area code)\n\n \n\n**N/A**\n\n(Former name, former address, and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act: **None.**\n\n \n\nIndicate 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 ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging grown company,” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated Filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\n \n\nEmerging Growth company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐     No ☒\n\n \n\nIndicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date: 151,071,091 of Common Stock as of May 15, 2026.\n\n \n\n \n\n \n\n \n\n**Table of Contents**\n\n \n\n \n\n \n\n \n\n **Page** \n\n \n\n**Glossary of Industry Terms**\n\n \n\n 3\n\n \n\n \n\n \n\n \n\n \n\n**Cautionary Note Regarding Forward-Looking Statements**\n\n \n\n 4\n\n \n\n \n\n \n\n \n\n \n\n**PART I. FINANCIAL INFORMATION**\n\n[Item 1.](#i1)\n\n[Condensed Consolidated Financial Statements (Unaudited)](#i1)\n\n \n\n 5\n\n \n\n \n\n[Condensed Consolidated Balance Sheets as on March 31, 2026 (Unaudited) and December 31, 2025](#bs)\n\n \n\n 5\n\n \n\n \n\n[Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)](#so)\n\n \n\n 6\n\n \n\n \n\n[Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (Unaudited)](#sc)\n\n \n\n 7\n\n \n\n \n\n[Condensed Consolidated Statements of Cash flows for the months ended March 31, 2026 and 2025 (Unaudited)](#cf)\n\n \n\n 8\n\n \n\n \n\n[Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2026 and 2025 (Unaudited)](#se)\n\n \n\n 9\n\n \n\n \n\n[Notes to the Condensed Consolidated Financial Statements (Unaudited)](#nt)\n\n \n\n 10\n\n \n\n[Item 2.](#i2)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i2)\n\n \n\n53\n\n \n\n[Item 3.](#i3)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i3)\n\n \n\n64\n\n \n\n[Item 4.](#i4)\n\n[Controls and Procedures](#i4)\n\n \n\n65\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART II. OTHER INFORMATION**\n\n[Item 1.](#p2i1)\n\n[Legal Proceedings](#p2i1)\n\n \n\n66\n\n \n\n[Item 1A.](#p2i1a)\n\n[Risk Factors](#p2i1a)\n\n \n\n66\n\n \n\n[Item 2.](#p2i2)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#p2i2)\n\n \n\n66\n\n \n\n[Item 3.](#p2i3)\n\n[Defaults upon Senior Securities](#p2i3)\n\n \n\n66\n\n \n\n[Item 4.](#p2i4)\n\n[Mine Safety Disclosures](#p2i4)\n\n \n\n66\n\n \n\n[Item 5.](#p2i5)\n\n[Other Information](#p2i5)\n\n \n\n 66\n\n \n\n[Item 6.](#p2i6)\n\n[Exhibits](#p2i6)\n\n \n\n67\n\n \n\n \n\n \n\n2\n\n*Table of Contents*\n\n  \n\n**Glossary of Industry Terms**\n\n \n\nThe following are abbreviations, acronyms and definitions of certain terms used in this document, which are commonly used in our industry:\n\n \n\n“AI” means artificial intelligence.\n\n \n\n“ARD” means annual regulatory dues.\n\n \n\n“BEPS” means base erosion and profit shifting, which are tax planning strategies that exploit gaps and mismatches in national tax laws to shift profits to low or no tax locations.\n\n \n\n“CESTAT” means Pakistan’s Customs, Excise and Sales Tax Appellate Tribunal.\n\n \n\n“CIR” means Commissioner Inland Revenue is the commissioner of Pakistan’s Federal Board of Revenue.\n\n \n\n“DPLC” means domestic private lease circuits, a private, point-to-point connection between two locations within a country, ensuring exclusive use of bandwidth.\n\n \n\n“ECA” means the U.S. Export Control Reform Act of 2018.\n\n \n\n“FCPA” means the U.S. Foreign Corrupt Practices Act.\n\n \n\n“Fiber” thin flexible fibers of glass or other transparent solids used to transmit light signals for telecommunications.\n\n \n\n“FTTH” means fiber to the home, a broadband internet technology that uses optical fiber to deliver high-speed internet directly to individual buildings.\n\n \n\n“GoP” means the Government of Pakistan.\n\n \n\n“ICH” means International Clearing House.\n\n \n\n“IT” means information technology.\n\n \n\n“LDI” means the Company’s 55% owned subsidiary, WorldCALL Public’s Long Distance & International network.\n\n \n\n“LHC” means the Honorable Lahore High Court.\n\n \n\n“MoIT&T” means Pakistan lies with the Ministry of Information Technology and Telecommunication.\n\n \n\n“OECD” means Organization for Economic Co-operation and Development.\n\n \n\n“OLT” means optical line termination, a piece of hardware in a PON, acting as the service provider’s endpoint, converting electrical signals to optical signals for transmission over fiber optic cables and managing data traffic to multiple subscribers.\n\n \n\n“ONT” means optical network termination, a device that serves as the endpoint of an optical network, connecting users to the network.\n\n \n\n“Ordinance” means Pakistan’s Income Tax Ordinance, 2001.\n\n \n\n“PEMRA” means the Pakistan Electronic Media Regulatory Authority.\n\n \n\n“PON” means passive optical network, a fiber-optic telecommunications network that uses only unpowered devices to carry signals.\n\n \n\n“PSX” means Pakistan Stock Exchange.\n\n \n\n“PTA” means the Pakistan Telecommunications Authority.\n\n \n\n“Telecommunications Act” means the Pakistan Telecommunications (Re-organization) Act, 1996, as amended.\n\n \n\n“Telecommunications Rules” means the rules and regulations made under the Telecommunications Act.\n\n \n\n“VOIP” means voice over internet protocol.\n\n \n\n \n\n3\n\n*Table of Contents*\n\n  \n\n**Cautionary Note Regarding Forward-Looking Statements.**\n\n \n\nCertain of the matters we discuss in this quarterly report may constitute forward-looking statements. You can identify forward-looking statements because they contain words such as “believes”, “expects”, “may”, “will”, “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates”, or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. There may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements.\n\n \n\nForward-looking statements include, but are not limited to, statements about:\n\n \n\n \n·\nour need for additional capital, the terms of such capital and potential dilution caused thereby;\n\n \n\n·\n\nthe fact that we are exposed to foreign currency exchange loss, fluctuation and translation risks related to our business in Pakistan;\n\n \n\n·\n\nthe international economic environment, geopolitical developments and unexpected global events could cause our business to decline;\n\n \n\n·\n\nthe fact that emerging markets, where our operations are located, are subject to greater risks than investing in more developed markets, including significant political, legal and economic risks;\n\n \n\n·\n\nthe unpredictability of our revenue performance due to the fact that a large majority of our customers have not entered into long-term fixed contracts with us;\n\n \n\n·\n\nour ability to compete in highly competitive markets, which we expect only to become more competitive, and as a result, we may have difficulty expanding our customer base or retaining existing customers;\n\n \n\n·\n\nour ability to keep pace with technological changes and evolving industry standards, which could harm our competitive position and, in turn, materially harm our business;\n\n \n\n·\n\ncyber-attacks and other cybersecurity threats that may lead to compromised or inaccessible telecommunications, digital and financial services, and/or leaks or unauthorized processing of confidential information, which may cause customers to lose confidence in our services;\n\n \n\n·\n\nthe highly capital-intensive nature of the telecommunications industry, which requires substantial and ongoing expenditures of capital;\n\n \n\n·\n\nthe terms of our interconnect agreements and access to third-party-owned infrastructure and networks, over which we have no direct control;\n\n \n\n·\n\nincreases in license fees;\n\n \n\n·\n\nrisks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended;\n\n \n\n·\n\nthe loss of important intellectual property rights, as well as third-party claims that we have infringed on their intellectual property rights;\n\n \n\n·\n\nour substantial amounts of indebtedness and debt service obligations;\n\n \n\n·\n\nour ability to keep ownership control of Worldcall Telecom Limited and 123 Investments Limited;\n\n \n\n·\n\nconflicts of interest;\n\n \n\n·\n\nour ability to comply with an extensive variety of laws and regulations;\n\n \n\n·\n\nthe fact that our operating subsidiaries, assets and certain of our officers and directors are located in Pakistan;\n\n \n\n·\n\nthe outcome of legal disputes, claims and litigation;\n\n \n\n·\n\nour ability to obtain and maintain licenses;\n\n \n\n·\n\neconomic downturns both in Pakistan and globally, changes in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding;\n\n \n\n·\n\nrisks relating to future divestitures, asset sales, joint ventures and acquisitions;\n\n \n\n·\n\nfuture operating results; and\n\n \n\n·\n\nother plans, objectives, expectations and intentions contained in this Report that are not historical.\n\n \n\nAll forward-looking statements and projections attributable to us or persons acting on our behalf apply only as of the date of this Report and are expressly qualified in their entirety by the cautionary statements included in this Report. We undertake no obligation to publicly update or revise any written or oral forward-looking statements made by us or on our behalf, including any of the projections presented herein, to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.\n\n \n\nAs used in this report, the terms “we”, “us”, “our” and the “Company”, refer to GlobalTech Corporation, a Nevada corporation and its consolidated subsidiaries. The Company serves as a holding company for its consolidated subsidiaries discussed in greater detail below.\n\n \n\n \n\n4\n\n*Table of Contents*\n\n  \n\n**PART I.**"}