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GBFL FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
Suspended and most likely heading to the gray sheets.
GBFL SEC Suspension because of questions regarding the adequacy and accuracy of information about the company.
https://www.sec.gov/litigation/suspensions/2019/34-85835.pdf
Order:
https://www.sec.gov/litigation/suspensions/2019/34-85835-o.pdf
Still waiting, might take a long time but some day I believe this will pay off w such a low share count here
Hedge Funds Have Bigger Appetite For Bank Stocks:50 PM ET 3/4/10 | Dow Jones
By Matthias Rieker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Hedge funds have taken a renewed interest in bank stocks.
The funds have significantly increased their investments in banks in the last year, particularly buying more stock in the fourth quarter, regulatory filings show. Hedge funds now own 19% of Popular Inc. (BPOP), more than 9% of SunTrust Banks Inc. (STI), 6% of Citigroup Inc. (C) and Zions Bancorp (ZION), and more than 4% of Wells Fargo & Co. (WFC).
"Hedge funds like to buy bargains," said Anton Schutz, a portfolio manager with Mendon Capital Advisors Corp., who bought $3.4 million in Citigroup stock and invested in several regional banks such as New York Community Bancorp Inc. (NYB).
Lori E Calvasina, an analyst with Citigroup Global Markets, wrote in a recent research report: "For large cap financials, average hedge fund ownership stakes are sitting at the highest level we have seen since first quarter 2005, when our data series begins."
It's not just banks; hedge funds also own 20% of E-Trade Financial Corp. (ETFC), with several funds taking new positions in the fourth quarter.
Big bank investors include Paulson & Co., which is now the biggest shareholder of SunTrust, Appaloosa Management, and J.P. Morgan Chase & Co's (JPM) Highbridge Capital Management.
None discussed their holdings or strategy.
According to Standard & Poor's Capital IQ research unit, Appaloosa has 73% of its long equity portfolio invested in U.S. banks, including Citi, compared to just under 20% a year earlier, and Paulson invested 34% in banks compared to 14% a year earlier.
A year ago, hedge funds owned 2.2% of Citi and less than 1% of many banks, including SunTrust and Popular, according to Capital IQ.
While some banks are still too risky for mutual fund portfolio managers, hedge fund inflows reflect a belief that the worst may be over for the banks. In some cases, like Popular, the investments also show bets on which banks will be winners from industry consolidation.
"We see this as a positive," one banker said. "These are very awake investors. They test you all the time...(but) offer a lot of ideas."
But some hedge fund managers warn that despite a recovery from the worst of the financial crisis, their conviction to the bank sector is only lukewarm, and they may ended up with bigger stakes from recent equity offerings than they want. The filings show only hedge fund's long position, and some said they use those stakes to offset short positions.
The massive stock offerings of Citi, Wells Fargo, and Bank of America late last year when the three banks repaid funds to the government from the Troubled Asset Relief Program, offered an attractive entry point, several fund managers said. Institutional ownership of Citi stock doubled after that offering to 40%.
Citi, Popular, and South Financial Group Inc. (TSFG), which is 16% owned by hedge funds, also converted preferred securities classes into common stocks last year, and for some hedge funds such conversion were the entry point into a common stock ownership. At Citi and Popular, meanwhile, several hedge funds have since increased their stake.
Paulson, first reported a big 168 million-share stake in Bank of America, worth $2.2 billion at the time, by June 30--and sold small parts of it every quarter since. Bank of America's shares rose almost 26% since Paulson reported the stake, to $16.41.
Citi's shares fell almost 30%, to $3.44, since Paulson reported a first 300 million-share stake, worth $1.5 billion, on Sept. 30. In December, Citi, which is 27% owned by the Treasury Department, pulled off the largest equity offering in U.S. history, causing the stock to decline.
-By Matthias Rieker, Dow Jones Newswires; 212-416-2471; matthias.rieker@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=ySsuUanM3n7EqK3Mxe1Ubg%3D%3D. You can use this link on the day this article is published and the following day.
> Dow Jones Newswires
03-04-10 1450ET
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): December 22, 2009
Global Telecom & Technology, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware 000-51211 20-2096338
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
8484 Westpark Drive
Suite 720
McLean, VA 22102
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (703) 442-5500
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (See General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Item 2.01. Completion of Acquisition or Disposition of Assets.
In our Current Report on Form 8-K filed on December 22, 2009 (the “ Initial 8-K ”), we reported that we completed our acquisition (the “ Acquisition ”), effected through our wholly-owned subsidiaries Global Telecom & Technology Americas, Inc. and GTT EMEA Limited, of all of the equity interests in WBS Connect LLC (“ WBS ”), TEK Channel Consulting, LLC (“ TEK Channel ”) and WBS Connect Europe Ltd. (“ WBS Europe ” and, together with WBS and TEK Channel, the “ Companies ”). As permitted by Item 9.01 of Form 8-K, we indicated in the Initial 8-K that we would file financial statements for the Companies and pro forma financial information reflecting the effect of the Acquisition by amendment to the Initial 8-K. This amendment is being filed to amend and supplement the Initial 8-K to include such financial statements and financial information.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired
The consolidated financial statements of the Companies as of and for the year ended December 31, 2008 (audited), the nine month period ended September 30, 2008 (unaudited), and as of and for the nine month period ended September 30, 2009 (unaudited), respectively, as required by this Item 9.01(a), are attached as Exhibit 99.1 to this report and incorporated by reference into this Item 9.01(a).
(b) Pro Forma Financial Information
The unaudited pro forma condensed consolidated financial information of the Registrant and the Companies for the twelve month period ended December 31, 2008, and the nine month period ended September 30, 2009, as required by this Item 9.01(b), is attached as Exhibit 99.2 to this report and incorporated by reference into this Item 9.01(b).
(c) Exhibits
99.1 The consolidated financial statements of WBS Connect LLC, TEK Channel Consulting, LLC and WBS Connect Europe Ltd. as of and for the year ended December 31, 2008 (audited), the consolidated financial statements for nine month period ended September 30, 2008 (unaudited), and the nine month period ended September 30, 2009 (unaudited).
99.2 The unaudited pro forma condensed combined financial information of Global Telecom & Technology, Inc., WBS Connect LLC, TEK Channel Consulting, LLC and WBS Connect Europe Ltd. for the twelve month period ended December 31, 2008 and the nine month period ended September 30, 2009.
2
--------------------------------------------------------------------------------
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 hereunto duly authorized.
Date: March 3, 2010 GLOBAL TELECOM & TECHNOLOGY, INC.
/s/ Chris McKee
Chris McKee
Secretary and General Counsel
3
Exhibit 99.1
Contents
Independent Auditors’ Report 2
WBS Connect LLC Consolidated Balance Sheets 3
WBS Connect LLC Consolidated Statements of Operations 5
WBS Connect LLC Consolidated Statement of Members’ Deficit 6
WBS Connect LLC Consolidated Statements of Cash Flow 7
Summary of Significant Accounting Policies 8
Notes to Consolidated Financial Statements 17
1
--------------------------------------------------------------------------------
Independent Auditors’ Report
Board of Managers and Members
WBS Connect LLC
8400 East Crescent, Suite 600
Greenwood Village, Colorado 80111
We have audited the accompanying consolidated balance sheet of WBS Connect LLC (the “Company”) as of December 31, 2008 and the related consolidated statements of operations, members’ deficit, and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 10, the Board of Managers has completed the sale of 100% of the outstanding equity of the Company to a third party.
In our opinion, the consolidated financial statements referred to above presents fairly, in all material respects, the financial position of WBS Connect LLC at December 31, 2008, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
/s/ Anton Collins Mitchell LLP
Denver, Colorado
February 26, 2010
2
--------------------------------------------------------------------------------
WBS Connect LLC
Consolidated Balance Sheets
September 30, 2009
(Unaudited) December 31, 2008
Assets
Current:
Cash and cash equivalents $ 40,230 $ 146,908
Accounts receivable, net of allowances of $1,237,696 and $804,663 2,677,245 2,581,178
Deferred contract costs 2,052,544 1,883,700
Prepaid expenses and other current assets, net 225,804 144,496
Total current assets 4,995,823 4,756,282
Property and equipment, net 1,135,968 1,512,628
Other assets:
Deferred contract costs, less current portion 86,928 144,870
Other assets 34,503 34,503
Total other assets 121,431 179,373
Total assets $ 6,253,222 $ 6,448,283
See accompanying summary of significant accounting policies and notes to financial statements.
3
--------------------------------------------------------------------------------
WBS Connect LLC
Consolidated Balance Sheets
September 30, 2009
(Unaudited) December 31, 2008
Liabilities and Members’ Deficit
Current liabilities:
Accounts payable $ 6,600,982 $ 5,195,248
Accounts payable — related party 148,225 93,767
Accrued expenses and other current liabilities 1,649,583 1,164,481
Capital lease, current portion, net 324,728 285,900
Term loan 277,778 402,778
Line of credit 1,489,368 1,401,607
Promissory note, current portion 246,191 230,179
Unearned and deferred revenues 2,827,982 2,833,509
Total current liabilities 13,564,837 11,607,469
Capital lease, less current portion, net 334,363 575,293
Promissory note, less current portion 462,700 649,397
Unearned and deferred revenue, less current portion 118,799 203,510
Other long-term liabilities 26,652 45,329
Total long-term liabilities 942,514 1,473,529
Total liabilities 14,507,351 13,080,998
Commitments and contingencies
Members’ deficit:
Members’ deficit — 2,260,000 units authorized, 2,000,000 issued and outstanding as of September 30, 2009 and December 31, 2008 (8,254,129 ) (6,632,715 )
Total liabilities and members’ deficit $ 6,253,222 $ 6,448,283
See accompanying summary of significant accounting policies and notes to financial statements.
4
--------------------------------------------------------------------------------
WBS Connect LLC
Consolidated Statements of Operations
Nine Months Ended September 30,
2009 2008 Year Ended
(Unaudited) (Unaudited) December 31, 2008
Revenue:
Telecommunications services sold $ 20,751,899 $ 19,746,162 $ 26,058,882 Costs and expenses:
Cost of telecommunication services provided 16,112,410 14,819,244 20,466,380
Selling, general and administrative expense 5,434,345 5,167,843 6,956,006
Depreciation and amortization 470,301 366,559 534,782
Loss on sale of assets — — 106,489
Settlement expense — 1,233,435 1,233,435
Total costs and expenses 22,017,056 21,587,081 29,297,092
Operating loss (1,265,157 ) (1,840,919 ) (3,238,210 )
Other income (expense):
Interest expense (289,735 ) (100,202 ) (183,057 )
Other income 78,571 216,565 238,821
Total other income (expense) (211,164 ) 116,363 55,764
Net loss $ (1,476,321 ) $ (1,724,556 ) $ (3,182,446 )
See accompanying summary of significant accounting policies and notes to financial statements.
5
--------------------------------------------------------------------------------
ETC.....
http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=gtltw
Last Trade: 0.015 Change: 0.000 ( +0.000 %)
Previous Close: 0.015 Today's Open: 0.010
# of Trades: N/A Volume: 2,000
Avg. # of Trades: 0 Avg. Daily Volume: 3,705
Bid: 0.006 Bid Size: 9,990,000
Ask: 0.240 Ask Size: 500,000
Day High: 0.015 Day Low: 0.010
52 Week High: 0.800 52 Week Low: 0.004
Market Cap: 38.37K Dividend: N/A
EPS: N/A P/E Ratio: N/A
someone seems to be trying to buy 10M shares @ .006!!
Something seems to be up here!
Seems like the bottom is in and we could get a reversal here soon.
GBFL — Great Basin Financial Corp.
Common Stock
Par Value: 0.01
QuoteNewsChartsCompany InfoFilingsResearchShort InterestInsider Trans.Best Bid Best Ask Time of Last Inside Change
0.0152 (5000 shares) 0.04 (5000 shares) 5:42 PM
Inside Quote Last Sale 0.0152 Prev Close 0.0152
Change +0.00 % Change +0.000002
Daily High 0.00 Daily Low 0.00
Volume 0 Last Trade Mar 2, 2010
MMID Bid Price Shares Date/Time
NITE 0.0152 5000 03/02/2010
DOMS 0.01 5000 01/11/2010
ETMM 0.0051 5000 02/25/2010
HDSN 0.0046 5000 08/07/2009
MONR U 06/21/2002
MOKEA U 08/03/2007
MWRI U 08/16/2007
AUTO U 03/05/2010
cUBSS U 10/28/2008
MMID Ask Price Shares Date/Time
ETMM 0.04 5000 02/25/2010
NITE 0.04 5000 03/02/2010
DOMS 0.05 5000 01/11/2010
HDSN 1.01 500 08/07/2009
MONR U 06/21/2002
MOKEA U 08/03/2007
MWRI U 08/16/2007
AUTO U 03/05/2010
cUBSS U 10/28/2008
Real time as of Mar 7, 2010 09:00:36 AM
Real-Time Level 2 Montage Last Sale 0.0152 Change +0.00
% Change +0.000002 Tick Down
Daily High 0.00 Daily Low 0.00
Opening Price 0.00 Volume 0
52 wk. High 1.00 52 wk. Low 0.0035
Prev Close 0.0152 Dividend 0.00
Yield 0.00 Beta Coefficient 0.75
Earnings/Share 0.71 P/E Ratio 0.0214
Trade data delayed 15 minutes.
Trade Data / Last Trade Mar 2, 2010 Refresh All Data
All quotes displayed here are published by market makers on Pink Quote, Pink OTC Markets' electronic inter-dealer quotation system for OTC securities.
Please see Terms of Service and Risk Warning for more information.
MMID — Market maker quotation published in Pink Quote that meets the Inside marketMMID — Market maker quotation published in Pink QuotecMMID — Closed quoteU — Unpriced quote in Pink QuoteMMIDu — Unsolicited market maker quotation published in Pink Quote
Contact Information Business Description
Great Basin Financial Corp.
P.O. Box 2808
Elko, NV 89803
http://www.greatbasinbank.com
Phone: 775-748-4433
OTC Market Tier
Pink Quote/OTCBB
State Of Incorporation
NV
Jurisdiction Of Incorporation
United States
Company Officers
Carolyn Ross, COO
SEC Reporting Status
non-SEC Reporting Company
Bank/Thrift/Other Regulated Company
Bank/Thrift
Fiscal Year End
12/31
Estimated Market Cap
$38,884 as of Mar 5, 2010
Outstanding Shares
2,558,168 as of May 16, 2006
Current Capital Change
shs increased by 4 for 1 split
Ex-Date: May 16, 2006
Record Date: May 1, 2006
Pay Date: May 15, 2006
Security Notes
?Capital Change=shs increased by 2 for 1 split. Ex-date=02/21/2002. Rec date=01/31/2002. Pay date=02/20/2002.
Transfer Agent
Company Office
GBFL — Great Basin Financial Corp.
Common Stock
Par Value: 0.01
QuoteNewsChartsCompany InfoFilingsResearchShort InterestInsider Trans.Best Bid Best Ask Time of Last Inside Change
0.0152 (5000 shares) 0.04 (5000 shares) 5:42 PM
Inside Quote Last Sale 0.0152 Prev Close 0.0152
Change +0.00 % Change +0.000002
Daily High 0.00 Daily Low 0.00
Volume 0 Last Trade Mar 2, 2010
MMID Bid Price Shares Date/Time
NITE 0.0152 5000 03/02/2010
DOMS 0.01 5000 01/11/2010
ETMM 0.0051 5000 02/25/2010
HDSN 0.0046 5000 08/07/2009
MONR U 06/21/2002
MOKEA U 08/03/2007
MWRI U 08/16/2007
AUTO U 03/05/2010
cUBSS U 10/28/2008
MMID Ask Price Shares Date/Time
ETMM 0.04 5000 02/25/2010
NITE 0.04 5000 03/02/2010
DOMS 0.05 5000 01/11/2010
HDSN 1.01 500 08/07/2009
MONR U 06/21/2002
MOKEA U 08/03/2007
MWRI U 08/16/2007
AUTO U 03/05/2010
cUBSS U 10/28/2008
Real time as of Mar 7, 2010 08:56:36 AM
Real-Time Level 2 Montage Last Sale 0.0152 Change +0.00
% Change +0.000002 Tick Down
Daily High 0.00 Daily Low 0.00
Opening Price 0.00 Volume 0
52 wk. High 1.00 52 wk. Low 0.0035
Prev Close 0.0152 Dividend 0.00
Yield 0.00 Beta Coefficient 0.75
Earnings/Share 0.71 P/E Ratio 0.0214
Trade data delayed 15 minutes.
Trade Data / Last Trade Mar 2, 2010
Sneaking in on my new addition i see. LOL i was saving the first for me.
ANTICIPATED ADDITIONS
DL Date Symbol Company Name Effective Date OATS Reportable Flag Comments
5/6/1998 GBFL Great Basin Financial Corporation 5/6/1998
SECURITY ADDITIONS
DL Date Symbol Company Name Effective Date OATS Reportable Flag Comments
5/8/1998 GBFL Great Basin Financial Corporation 5/8/1998
SYMBOL CHANGES
DL Date Date Old Symbol New Symbol/Name
11/1/1999 11/5/1999 GBFL** GBFLE Great Basin Financial Corp
4/12/2000 4/14/2000 GBFL** GBFLE Great Basin Financial Corp+
DIVIDENDS
Record Date Symbol Company Name Dividend Type
5/1/2006 GBFL Great Basin Financial Corp. Common Stock Stock Dividend or Split
http://www.otcbb.com/asp/dailylist_search.asp?DirectSymbol=GBFL&OTCBB=ALL
Symbol
--------------------------------------------------------------------------------
Symbol Name Expiration Date
GBFL Great Basin Financial Corporation
GBFLE Great Basin Financial Corporation 04/25/2000
GBFL Great Basin Financial Corp 04/14/2000
GBFLE Great Basin Financial Corporation 11/24/1999
GBFL Great Basin Financial Corp 11/05/1999
http://www.otcbb.com/profiles/gbfl.htm
Share Data
--------------------------------------------------------------------------------
Authorized Outstanding
Date Shares Source Date Shares Source
05/16/2006 2,559,920 Stock Split 12/31/2007 2,558,168 MGFS
Followers
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RAiDAR alerts Learn More About RAiDAR-LT |
company profile |
A commercial bank ... MORE INFO CONTACT: Dallas E. Haun (CEO) | Great Basin Financial Corporation 487 Railroad Street Elko, NV 89801 P: (775) 753-3800 P: (877) 226-5482 F: (775) 753-8544 Company Home Page | |
Industry: Banking SIC: 6022 Employees: 98 Locations: 1 State of Inc: NEVADA 1993 Development Stage? N | Transfer Agent: Company Investor Relations: Company | Authorized Shares: 2,559,920 Source: Stock Split ( 05/16/2006 ) Outstanding Shares: 2,558,168 Source: MGFS ( 12/31/2007 ) Fiscal Year End: December 31 |
MANAGEMENT & INSIDERS: |
Terrance R. Sullivan, PR/CEO | Donald E. Martin, SR VP/CFO | Drury J. Thiercof, SEC |
Mike Ericksen, CB | Carol Huether, OFF | Carolyn Ross, SR VP/COO |
Robin O'Hanahan, OFF | Shean Schwengel, OFF | Blake Marchant, SR VP/CLO |
Charlene Johnson, OFF |
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All quotes displayed here are published by market makers on Pink Quote, Pink OTC Markets' electronic inter-dealer quotation system for OTC securities. Please see Terms of Service and Risk Warning for more information. MMID — Market maker quotation published in Pink Quote that meets the Inside market MMID — Market maker quotation published in Pink Quote cMMID — Closed quote U — Unpriced quote in Pink Quote MMIDu — Unsolicited market maker quotation published in Pink Quote
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