Global MobileTech, Inc.

 (Exact name of registrant as specified in its charter)

1312 North Monroe, Suite 750

Spokane, Washington 99201

 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (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 whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    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):

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 November 19, 2012, there were 7,366,991 shares of our common stock, $0.001 par value, issued and outstanding.

USE OF PRONOUNS AND OTHER WORDS

The pronouns “we”, “us”, “our” and the equivalent mean Global MobileTech, Inc. and our consolidated subsidiaries.  In the notes to our financial statements, the “Company” means Global MobileTech, Inc. and our consolidated subsidiaries.  The pronoun “you” means the reader of this quarterly report on Form 10-Q.

FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10–Q and the information incorporated by reference, if any, includes “forward–looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. We intend the forward–looking statements to be covered by the safe harbor provisions for forward–looking statements in these sections.

From time to time, our representatives or we 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. We may, in some cases, use words such as “project”, “believe”, “anticipate”, “plan”, “expect”, “estimate”, “continue”, “intend”, “should”, “would”, “could”, “may”, “will”, “in the event”, "will likely result" and other similar words, use of future tense and absence of assurance that convey uncertainty regarding future events or outcomes and to identify these forward-looking statements. Such statements are qualified in their entirety by reference to and should be considered in the context of certain important factors that could cause actual results to differ materially from such forward-looking statements.  Accordingly, forward-looking statements should not be relied upon as a prediction of actual results.

Management is currently unaware of any trends or conditions other than those 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, you 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 our equity securities or otherwise raise adequate funds from any source should we seek to do so, (iii) increased governmental regulation, (iv) increased competition, (v) unfavorable outcomes to litigation involving us or to which we 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 our management to predict all of such risk factors, nor can it assess the impact of all such risk factors on our 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.

The financial information set forth in the following discussion should be read in conjunction with our consolidated financial statements included elsewhere herein.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

September 30, 2012 and 2011

Index to Consolidated Financial Statements

(Unaudited)

3

4

5

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General Organization and Business

Global MobileTech, Inc. (“Global MobileTech”, “GMT” or the “Company”) is focused on the provision of mobile VoIP communications and mobile advertising solutions and services since April 2010. The Company provides a proprietary mobile marketing platform that enables the Company’s customers to sell advertisement banners on the mobile phones of persons who have registered with them. The Company also provides its customers with access to mobile advertising content via the Company’s proprietary platform, as well as multimedia content production services which the Company’s customers utilize to sell services to advertisers and advertising agencies and to disseminate to registered mobile phone users via the rewards program. In July 2010, the Company expanded into the renewable energy business to include (i) the provision of consultancy services for the design and integration of solar photovoltaic (“PV”)-wind hybrid power generation applications (ii) the production of synthetic gas (“syngas”), bio-oil and biochar using biomass such as wood residues, and oil palm stems and fronds as feedstock; and (iii) the establishment and operation of syngas-to-electricity generation plants.

In June 2011 the Company acquired a U.S. patent and in December 2011, the Company acquired a new Technology License Agreement to drive the Company’s mobile platform by combining the methodologies of the Company’s patent and the Technology License Agreement. The Company’s platform provides the essential business logic, platform intelligence and central management that drives the platform and enables the application of flexible business models. The Company has achieved its objective by integrating the Company’s platform with internal and external enablers that are embedded in the Company’s platform. The Company’s platform enables the conversion of media (text, voice, video and graphics) into value-added solutions in different protocols and formats that are seamlessly integrated for transmission to mobile phones.

Unaudited Interim Financial Statements

The interim consolidated financial statements of the Company at and for the three months ended September 30, 2012 and 2011 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 September 30, 2012 and 2011 and the results of its operations and its cash flows for the three months ended September 30, 2012 and 2011. These results are not necessarily indicative of the results expected for the fiscal year ending June 30, 2013. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). Refer to the Company’s audited financial statements at and for the year ended June 30, 2012, filed with the SEC for additional information.

Basis of presentation

The financial information included herein is unaudited and has been prepared consistent with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these consolidated financial statements do not include all information and footnotes required by GAAP for complete consolidated financial statements. These notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended June 30, 2012. In the opinion of management, these consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period presented. The results of operations for the three months ended September 30, 2012 are not necessarily indicative of the results to be expected for the full year.

Fiscal Year End

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

Cash and Cash Equivalents

For purposes of reporting within the consolidated statements of cash flows, the Company and its subsidiaries consider 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.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and the following entities at September 30, 2012:

All significant intercompany accounts and transactions have been eliminated in consolidation.

Impairment of Long-Lived Assets

In accordance to GAAP Codification of Accounting Standards “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 three months ended September 30, 2012, and 2011, 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. The Company also licenses the right to use its patent through license agreements. The annual license fee revenues are recognized when earned based on the contractual time period covered by the fees.

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. At September 30, 2012 and 2011, 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 Financial Accounting Standards Board (“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.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Stock-based Compensation (Continued)

The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of FASB – ASC Topic 505-50-30. Pursuant to FASB - ASC paragraph 718-10-30-6, 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:

Earnings per Common Share

Earnings/loss per common share is computed pursuant to FASB - ASC Topic 260, Earnings per Share. Basic net income/loss per share is computed by dividing net earnings/loss by the weighted average number of shares of common stock outstanding during the period. Diluted net income/loss per 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.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 carry forward 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 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:

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, deposits, prepayments and other current assets, accounts payable, corporate income tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments.

The Company’s Level 3 financial liabilities consist of the derivative warrant issued in July 2011 for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies. These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financing, volatility, and holder behavior as of the date of issuance and each balance sheet date.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fair Value of Financial Instruments (Continued)

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

It is not, however, practical to determine the fair value of advances from the significant stockholder and lease arrangement with the significant stockholder, if any, due to their related party nature.

Estimates

The consolidated financial statements are prepared on the basis of GAAP. The preparation of consolidated 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 at September 30, 2012 and 2011 and June 30, 2012, and income and expenses for the periods then ended. 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 the Company’s foreign subsidiary is Ringgit Malaysia (“RM”). All foreign currency assets and liabilities amounts are re-measured into U.S. dollars at end-of-period exchange rates. Foreign currency income and expense are re-measured at average exchange rates in effect during the year. 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 ("$"). In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ 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 year. 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.

Unless otherwise noted, the rate presented below per US$1.00 was the midpoint of the interbank rate as quoted by OANDA Corporation ( www.oanda.com ) contained in its consolidated financial statements. Management believes that the difference between RM vs. U.S. Dollar exchange rate quoted by the Central Bank of Malaysia and RM vs. U.S. dollar exchange rate reported by OANDA Corporation were immaterial.  Translations do not imply that the RM amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars. Translation of amounts from RM into U.S. dollars has been made at the following exchange rates for the respective periods:

Property, Plant  and Equipment

Property, plant and equipment are recorded at cost. Depreciation and amortization are computed by the straight-line method over the estimated useful 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. Property, plant and equipment are depreciated and amortized over estimated useful lives ranging from 2 to 5 years.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Intangible Assets

Intangible assets are stated at cost, less accumulated amortization. Amortization is provided using the straight-line method over the estimated useful lives of the assets. Estimated useful lives range from 5 to 10 years.

Lease Obligations

All non-cancelable 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, plant and equipment or over the term of the related lease, if shorter.

Other 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 three months ended September 30, 2012 and 2011, comprehensive income for the Company consisted of net income/loss for the period and foreign currency translation adjustments and is presented in the Company’s Consolidated Statements of Operations and Comprehensive Income. For the three months ended September 30, 2012, components of the Company’s comprehensive income comprised of net income for the period of $414,546 and foreign currency translation income of $271,219. For the three months ended September 30, 2011, components of the Company’s comprehensive income comprised of net income for the period of $382,009 and foreign currency translation adjustment loss of $218,415.

NOTE 2 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost less depreciation. Property, plant and equipment consists of the following at September 30, 2012 and June 30, 2012.

The depreciation expense recorded was $217,546 and $146,864 for the three months ended September 30, 2012 and 2011, respectively.

NOTE 3 – PATENT

On June 27, 2011, Info-Accent Sdn Bhd entered into a Patent Purchase Agreement with Sunway Technology Limited (“Sunway”) to purchase the entire right, title and interest in and to the U.S. patent # 8,005,057 for a total consideration of $3.5 million. The patent relates to a certain invention entitled “DATA COMMUNICATIONS BETWEEN SHORT-RANGE ENABLED WIRELESS DEVICES OVER NETWORKS AND PROXIMITY MARKETING TO SUCH DEVICES”. The patent will expire on June 30, 2028.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 3 – PATENT (Continued)

Pursuant to the Patent Purchase Agreement, Sunway will receive net payment of $3,000,000 after setting off a sum of $500,000 previously paid by Info-Accent to VyseTech Asia Sdn Bhd (“VTA”) as a one-time license fee. Sunway received the remaining purchase consideration of $3.0 million through a combination of $2.0 million cash and issuance of 1.0 million unregistered shares of the Company’s common stock at $1.00 per share. On August 3, 2011, Info-Accent and Sunway executed a Supplemental Agreement to the Patent Purchase Agreement whereby Sunway agreed to receive 1,000,000 unregistered shares of common stock of GMT at $1.00 per share as full and final payment for the purchase of the patent. On August 5, 2011, GMT issued 1,000,000 restricted shares of its common stock to Sunway.

The acquisition of the patent will enable us to commercialize the proprietary technology, further enhance the technology and develop new mobile applications that will allow us to license to third parties globally; and provide us with the security and independence the Company needs for growth without being subjected to any form of control by a third party. Concurrent with the acquisition of the patent, Info-Accent terminated the five-year exclusive Marketing, Distribution and License Agreement with VTA on June 27, 2011.

A summary of the patent at September 30, 2012 and June 30, 2012 is presented below.

The amortization expense recorded was $86,100 and $88,963 for the three months ended September 30, 2012 and 2011, respectively.

NOTE 4 - PATENT AND TECHNOLOGY LICENSE AGREEMENT

On December 15, 2011, GMT entered into a Patent and Technology License Agreement (the “Technology License Agreement”) with Soon Hock Lim (“SHL”) pursuant to which SHL agreed to grant GMT non-exclusive licensing rights to use the proprietary technologies and claims under U.S. patent # 8,089,943 in Malaysia, China, Thailand, Philippines and Indonesia. The provisions of the agreement require GMT to make a onetime license fee payment to SHL in the amount of $600,000, within thirty days of the execution of the Technology License Agreement. In addition to the onetime only payment, GMT will be required to pay a royalty equivalent to one percent (1%) of its gross sales which will be due and payable on or before each anniversary of the effective date of the Technology License Agreement or a minimum royalty payment of $100,000 annually, whichever is the higher. The royalty will remain in perpetuity and continue to be paid beyond the life of any patent. SHL agreed to accept 740,740 shares of GMT common stock at $0.54 per share for $400,000 in the aggregate and cash payment of $200,000 due within thirty days. On December 29, 2011, the Company issued 740,740 restricted shares of its common stock to SHL.

On March 23, 2012, GMT entered into an Amended Patent and Technology License Agreement (the “Amended Technology License Agreement I”) pursuant to the Technology License Agreement signed on December 15, 2011 with SHL. Pursuant to the Amended Technology License Agreement I, SHL agreed to expand the licensed territory to include Vietnam, India and Korea. The provisions of the agreement required GMT to make additional onetime only license fee payment to SHL in the amount of $450,000, within sixty days of the execution of the Technology License Agreement. In addition to the onetime only payment, GMT will be required to pay a royalty equivalent to one percent (1%) of GMT’s gross sales which will be due and payable on or before each anniversary of the effective date of the Technology License Agreement or a minimum royalty payment of $100,000 annually, whichever is the higher. The royalty will remain in perpetuity and continue to be paid beyond the life of any patent. SHL agreed to accept 1,000,000 shares of GMT common stock at $0.30 per share for $300,000 in the aggregate and cash payment of $150,000, in lieu of the original payment of $450,000. The Company issued 1,000,000 restricted shares of its common stock to SHL on March 23, 2012 and the balance of the purchase consideration totaling $150,000 was due by May 22, 2012.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 4 - PATENT AND TECHNOLOGY LICENSE AGREEMENT (Continued)

On June 1, 2012, the Company entered into a Second Amended Patent and Technology License Agreement  (the “Amended Technology License Agreement II”) with SHL. Pursuant to the Amended Technology License Agreement II, SHL agreed to accept 500,000 shares of GMT’s common stock at $0.30 per share for $150,000 in lieu of cash payment. On June 6, 2012, the Company issued 500,000 restricted shares of its common stock to SHL as full and final payment of the license fee.

A summary of the patent and technology license agreement at September 30, 2012 and June 30, 2012 is presented below.

The amortization expense recorded was $26,250 for the three months ended September 30, 2012. There was no amortization expense for the same period in 2011.

NOTE 5 – METHODOLOGY AND TECHNOLOGY ASSIGNMENT

On September 1, 2010, Info-Accent entered into an Assignment Agreement with the Company’s Chairman, Chief Executive Officer and Director 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-wind 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 at $1.00 per share to the Chairman in lieu of cash payment as consideration for the Assignment. On September 1, 2010, GMT issued 50,000 unregistered shares of its common stock at $1.00 per share, to Aris Bernawi in connection with the 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 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 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.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 5 – METHODOLOGY AND TECHNOLOGY ASSIGNMENT (Continued)

A summary of the methodology and technology assignment at September 30, 2012 and June 30, 2012 is presented below.

The amortization expense recorded was $2,535 and $2,619 for the three months ended September 30, 2012 and 2011, respectively.

NOTE 6 – STOCKHOLDERS’ EQUITY

Common Stock

On September 18, 2012, two directors of the Company exercised their stock option to purchase an aggregate of 150,000 shares of common stock at an exercise price of $0.124 per share resulting in gross receipt to the Company of $18,600. The aggregate purchase price was set off against the amount due to the optionees at the date of exercise. The exercise price was based on 70% of the fair market value at the date of exercise.

Stock Option Plan

On December 10, 2007, the Company’s Board of Directors approved the adoption of the “2007 Non-Qualified Stock Option and Stock Appreciation Rights Plan” (“2007 Plan”) by unanimous consent and approved by the shareholders on the same date. The 2007 Plan continues in effect for ten years unless terminated earlier. The 2007 Plan was initiated to encourage and enable officers, directors, consultants, advisors, and other key employees of the Company 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 the Company’s common stock may be subject to, or issued pursuant to, the terms of the 2007 Plan. The 2007 Plan was filed as an exhibit to the Company’s Registration Statement on Form S-1 filed on July 16, 2008.

A summary of the status of the Company’s stock options at September 30, 2012 and 2011; and June 30, 2012; and changes during the three months ended September 30, 2012 and 2011; and for the year ended June 30, 2012 is presented below:

At September 30, 2012 and 2011, 575,000 and 830,000, respectively, of stock options were available for issuance under the 2007 Plan.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 6 – STOCKHOLDERS’ EQUITY (Continued)

Stock Option Plan (Continued)

The following table summarizes information about options outstanding at September 30, 2012 and 2011.

At September 30, 2012, these stock options were valued at 70% of the current fair market value using the Black-Scholes option-pricing model that generated a total current fair value of $75,101. At September 30, 2011, the stock options were valued at 70% of the current fair market value using the Black-Scholes option-pricing model that generated a total current fair value of $57,120.

Warrants

A summary of the status of the Company’s warrants at September 30, 2012 and September 30, 2011 and changes during 2012 and 2011 is presented below:

At September 30, 2012, 116,812 warrants remain outstanding and were valued using Black-Scholes option-pricing model that generated a total current fair value of $16,319. During the three months ended September 30, 2011, four accredited investors exercised their warrants to purchase 53,435 shares of the Company’s common stock at $1.00 per share resulting in gross proceeds to the Company of $53,435. At September 30, 2011, 116,812 warrants remain outstanding and were valued using Black-Scholes option-pricing model that generated a total fair value of $59,399.

NOTE 7 – INCOME TAXES

United States income tax

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

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 7 – INCOME TAXES (Continued)

The provision (benefit) for income taxes for the United States for the three months ended September 30, 2012 and 2011, were as follows (assuming a 15 percent effective tax rate):

The Company had deferred income tax assets at September 30, 2012 and June 30, 2012 as follows:

The Company provided a valuation allowance equal to the deferred income tax assets for the three months ended September 30, 2012 and June 30, 2012, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

At September 30, 2012 and June 30, 2012, the Company had approximately $310,067 and $278,330, 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 three months ended September 30, 2012 due to the temporary differences from the excess of capital allowances over depreciation.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 7 – INCOME TAXES (Continued)

Malaysia income tax (Continued)

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 three months ended September 30, 2012 and 2011, respectively, are as follows:

NOTE 8 – RELATED PARTY TRANSACTIONS

Mohd Aris Bernawi, the Chairman and Chief Executive Officer, is paid a fixed monthly allowance of RM2,000 (approximately $650) in performing his duties as an Officer of the Company. At September 30, 2012, the Company owed Aris Bernawi $6,209 for monthly allowance and $28,569 for out-of-pocket expenses. The Company reimburses out-of-pocket expenses on a monthly basis.

At September 30, 2012, the Company owed Valerie Hoi Fah Looi, the Secretary and Director of the Company $34,482 for out-of-pocket expenses incurred in performing her duties as an Officer of the Company. The Company reimburses out-of-pocket expenses on a monthly basis.

NOTE 9 - SIGNIFICANT CONCENTRATION AND CREDIT RISK

Customer Concentration

At September 30, 2012 and 2011, five customers and one customer, respectively, accounted for 75% and 46%  of the trade accounts receivable. Credit concentration in the form of accounts receivables at September 30, 2012 and 2011 were as follows:

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 9 - SIGNIFICANT CONCENTRATION AND CREDIT RISK (Continued)

Vendor Concentration

At September 30, 2012 and 2011, four and three vendors, respectively, accounted for 91% and 97% of total trade accounts payable. The Company does not rely on any single vendor to provide services. It has made a strategic decision to engage the services of only a small number of vendors after taking into consideration the quality of service and competitive pricing offered. Should the need arise, the Company could utilize alternative vendors for the services required. Vendor concentration for the three months ended September 30, 2012 and 2011 were as follows:

NOTE 10 - SEGMENT INFORMATION

The Company manages its business and aggregates 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.

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 10 - SEGMENT INFORMATION (Continued)

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

Segment assets

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GLOBAL MOBILETECH, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2012 AND 2011

(Unaudited)

NOTE 11 – RECENT ACCOUNTING PRONOUNCEMENTS

In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-01, Health Care Entities (Topic 954) - Continuing Care Retirement Communities - Refundable Advance Fees. ASU 2012-01 updates Subtopic 954-430, Health Care Entities - Deferred Revenue, requires that a continuing care retirement community recognize a deferral of revenue when a contract between a continuing care retirement community and a resident stipulates that  (1) a portion of the advanced fee is refundable if the contract holder’s unit is reoccupied by a subsequent resident, (2) the refund is limited to the proceeds of reoccupancy, and (3) the legal environment and the entity’s management policy and practice support the withholding of refunds under condition (2). The objective of this Update is to clarify the reporting for refundable advance fees received by continuing care retirement communities. The amendments in this Update are effective for fiscal periods beginning after December 15, 2012. The amendments of ASU 2012-01, when adopted of the amended guidance are not expected to have a material impact on the Company’s consolidated financial statements.

In July 2012 the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350) Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies how entities test indefinite-lived intangible assets for impairment. ASU 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test currently required by ASC Topic 350-30 on general intangibles other than goodwill. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, provided that the entity has not yet issued its financial statements. The Company does not anticipate any material impact from the adoption of ASU 2012-02.

NOTE 12 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events per the requirements of ASC Topic 855 and has concluded that there is no event to be reported.

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

Overview

We have two operating segments, namely: (i) mobile VoIP communications and mobile advertising services; and (ii) renewable energy.

Results of Operations

Our revenue for the three months ended September 30, 2012 was  $4,283,208 comprising of $3,093,934 from mobile VoIP and mobile advertising services and $1,189,274 generated from renewable energy applications. Our earnings were $0.05 per share and net income before tax was $444,887 with $278,853 from mobile VoIP and mobile advertising and $166,034 from renewable energy.

The following table sets forth the consolidated statements of operations for the three months ended September 30, 2012 and 2011:

Comparison of the Three Months Ended September 30, 2012 and 2011

Revenues

Operating Segment Revenue

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

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The increase in revenue for our mobile VoIP communications and mobile advertising segment for the three months ended September 30, 2012 compared to September 30, 2011 was attributed to (i) the securing of new mobile VoIP communications and mobile advertising contracts that were secured during 2011; and (ii) adoption of the technology licensing model following the acquisition of U.S. patent #8,005,057 on June 27, 2011. Our adoption of the technology-licensing model has helped us to create a new recurring revenue stream. The new model has also helped our customers to offer a more flexible pricing structure to compete more aggressively in the market. We have mitigated the impact of the lower revenue by securing new multimedia content production and e-commerce contracts that generated a higher profit margin of between 20% and 25%. The lower revenue for our renewable energy segment for the three months ended September 30, 2012 compared to September 30, 2011 was attributed to the completion of renewable energy contracts that were secured during 2011.

Customer Concentration

Customer concentration based on revenue contribution for the three months ended September 30, 2012 and 2011; and credit concentrations at September 30, 2012 and 2011were as follows:

For the three months ended September 30, 2012, five customers from Malaysia accounted for 86% of the revenue from our mobile VoIP communications and mobile advertising segment; and two customers from Malaysia accounted 100% of the revenue from our renewable energy segment. For the three months ended September 30, 2011, three customers from Malaysia accounted for 30% of the revenue and one customer from Hong Kong accounted for 21% of the revenue from our mobile VoIP communications and mobile advertising segment; and four customers from Malaysia accounted 100% of the revenue from our renewable energy segment.

These significant customers play an important role in our revenue. If we are unable to retain any of the significant customers from our mobile VoIP communications and mobile advertising segment and any of the four significant customers from our renewable energy segment, it will have a material adverse effect on our results of operations and financial condition. We have increased our marketing efforts to increase our customer base to reduce our reliance on the four significant customers from our mobile VoIP communications and mobile advertising segment. 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%.

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Geographic Information

The following table sets forth revenues attributed to geographical location of our respective customers.