"We may have to wait another month or two but this is gonna blow, imo."

Well it already BLOWS for everyone that was duped into buying those diluted shares.

Although I have to give Vinny credit for masterminding the news releases on October 24th, 26th, 27th, 28th, 30th, and November 3rd, 11th, and 16th to soak up those 354,959,100 additional shares that were dumped on the market. LOL

The point is Flint is in DEFAULT and the whole company could be gone tomorrow if Thermocredit forecloses. That is FACT.

SO WHY CANT THEY GET ANY MONEY UNTIL THEY FILE THE S1? IT SEEMED FROM THE FINANCIALS ALL THEY HAD TO DO WAS INCREASE THE SHARES O/S TO 900M?

THANKS

I left that paragraph out because the debt with CHVC is irrelevant if Thermocredit decides to foreclose on the company. Then everyone gets wiped out.

"Thermo shall be entitled to foreclose upon its security interests granted under the Agreement and to cause the Collateral to be immediately seized wherever found and sold with or without appraisal. Collateral consists of any and all of our subsidiaries’ property or assets, real or personal, tangible or intangible, now existing or hereafter acquired, and all supporting obligations, products and proceeds of all of the foregoing."

From the 10Q - WHY CANT FLTT PAY THEIR DEBTS???

Debt Defaults:
As of the date of the filing of this quarterly report, the first principal payment due to Thermocredit (Thermo), which was due on or before August 31, 2010 pursuant to an Amendment executed with Thermo in June 2010, has not been made and we are therefore in default and the total balance has therefore been classified as a current liability. Upon default, the entire unpaid balance of principal, together with all accrued but unpaid interest thereon, and all other indebtedness owing to Thermo at such time, which as of November 12, 2010 was $2,312,285, shall, at the option of Thermo, become immediately due and payable without further notice. In addition, Thermo shall be entitled to foreclose upon its security interests granted under the Agreement and to cause the Collateral to be immediately seized wherever found and sold with or without appraisal. Collateral consists of any and all of our subsidiaries’ property or assets, real or personal, tangible or intangible, now existing or hereafter acquired, and all supporting obligations, products and proceeds of all of the foregoing.

As of the date of the filing of this annual report, we have not made any payments to China Voice Holding Corp. (CHVC) pursuant to a settlement agreement we executed in June 2010, and we are therefore in default. A default interest rate of 18% shall be applied to any outstanding payments owed as of the date of default. An additional cash payment of $500,000 will also be immediately due and payable. Effective June 30, 2010 the settlement agreement was amended to delete CHVC’s option to be repaid through the issuance of shares of Flint’s common stock. CHVC will also be entitled to apply to the court and obtain judgment against Flint for the outstanding payments outstanding and not made as of the Default Event.

Well I am considering putting a limit buy in for .0001 tomorrow to pick up some cheap capitulation shares. Flint is practically doubling the O/S every month and they are going to run out of shares before the end of the year. But the sooner they hit that 900M O/S the better. LOL!

I wouldnt bet on it.

Seems Flint has had trouble filing on time for the past two years. Don't expect this one to be any different.

Nilbud

You weren't aware of this?

It's stated in the 8k filed on June 17th.

Interesting
http://images.businessweek.com/ss/10/10/1021_dying_tech/4.htm

Dying Technology: Credit cards

One billion credit cards in American wallets are landfill-bound. "We have reviewed more than 100 companies that are developing payment schemes that would eliminate cards altogether," says phone and card industry consultant Richard Crone, of Crone Consulting in San Carlos, Calif. Indeed, credit-card companies such as Visa and Mastercard might lose out on swipe fees if merchants are able to capitalize on direct payments from bank accounts, referred to as "decoupled debit." Cards and phone companies want so-called near field communication, a chip integrated into cards and phones that provides for contactless swipes. Paired with biometrics, such as fingerprint identification, other bygones could include a PIN number and your John Hancock.

The 10M in financing is a done deal as of 8/13/10 when they voted to raise the O/S from 200M to 900M.

It's the trickle down theory...if their 29 followers each had 16 followers who had 8 followers who had 4 followers...thats 14,848 twits buying FLTT. LOL

(remember this was trading in the .20s months ago)

That was when there were less than 100M shares. Now at about 400M your 5¢ price is probably a realistic target. But a 10x gain in 10 days is rather optimistic dont you think?

Well here's another huge reason to buy Flint...they are a certified GREEN company!

But not for the reason you might think. Sure the stock went wild today putting some green into your accounts. However that is not the reason. Flint is a master at recycling old news! LOL

But hey that's OK. It provided the ignition for todays stupendous rally fueled by Flipperkeepers.

Maybe that merger document was deleted because the company is not conducting business in Florida as filed on April 29th, 2010.

http://www.sunbiz.org/pdf/77885710.pdf

Sorry, that page doesn’t exist!

...is all I get from Twitter.

How do you know I'm negative?

I could be one of your biggest shareholders if I see something I like.

This company does not currently meet the listing requirements for Amex or Nasdaq. Vince is talking 3-5 YEARS down the road IF everything works as planned.

mitshelton

I answered this question for Sklauble in post 3956 over the weekend but it was deleted. Seems someone here doesnt want investors to know the truth buried in the SEC filings. Everything posted was factual information from 10K filings for the past 3 years. All your going to get here are Rah-Rah posts from the paid Flint cheerleaders while your hard earned money goes down the toilet.

Good Luck to Ya!

Well AlternaCardServices.com sure looks like one SHELL of a website. Clicking on the links that actual paying customers would use like "Where to Buy" and "Where to Load" give you a teaser page saying "Content to Come... ". And to top it off the link for customers to login to their account goes to a dead link "http://70.155.8.52:9080/willy/"; and the link for "Business Affiliates" is a stub. You would also think that a website for immigrants would be done in their native language but if you click on the "Espanol" link you get a 404 Page not found error message.

From the looks of things todays PR was meant to satisfy investors and not paying customers. I have to say any company that is serious about their business would have their website functioning 100% before revealing it to the public. And what took so long? This domain name was registered in 2007 and they STILL dont have a working website? For all we know someone set up this website shell in about 30 minutes using a GoDaddy website template(GoDaddy holds the registration see below). You have to wonder if Terra Card Services has even done any business in the past 4 years.

So I Googled the name "Terra Card Services". Very little tangible information comes up about the company that has existed for 4 years. Dont they do any marketing? The only bright spot I found was that http://nexpaycard.com is using Terra Card Services for a similar debit card website. Check the About page. At least that website supports several foreign languages and the customer login page actually works.


FYI
Registered through: GoDaddy.com, Inc. (http://www.godaddy.com)
Domain Name: ALTERNACARDSERVICES.COM
Created on: 31-Jan-07
Expires on: 31-Jan-11
Last Updated on: 30-Jan-09

Well that is an eye popping revelation!

I found this in the NY Times from August 29, 2008:
http://www.nytimes.com/2008/08/30/sports/baseball/30bonds.html

"Nicholas H. Rossi, a lawyer for Madeleine Gestas who is based in San Jose, said she had not been contacted by federal authorities. Rossi said he had “no knowledge about what anyone is being pressured about.”

Public records in California show Gestas, 59, declared personal bankruptcy in 1992 under Chapter 13 and was involved with a business that declared bankruptcy in 2002. A profile on LinkedIn, a business networking Web site, says she owns Terra Card Services, a company that provides prepaid credit cards to share with family members in developing countries. The company is affiliated with a group called Save Our Children Foundation. Public records named Gestas on federal tax liens in 1992 and 1996 and on state tax liens in 1993, 1996, 2000 and 2006."

Nice Find! Looks like a must read.

great DD coastiretired!

Do you have a link to this information? My concern is that if Gotham never paid for the GlobeTel property then GlobeTel may have an ownership claim against these Flint assets in the future.

You can rest assured I am not going to "smoke the story" with inaccurate due diligence. I am also not going to drink the kool aid being served here. I just want to know if Flint is for real before I put any skin in the game. So far I am not convinced and remain a skin flint.

Yes they did. How do you think Gotham got into the debit card business?

Gotham Financial (a private company in 2006) BOUGHT the stored value card division that was also known as the Magic Money program from GlobeTel (a public company). The sale was executed on November 10, 2006 by the GlobeTel CEO Peter Khoury.

The article you referred to with GlobeTel changing their name to SansWire has nothing to do with it.

----------------------------------------------

1.01 Entry into Definitive Material Agreement


GlobeTel Communications Corp. entered into an agreement to sell substantially
all of the assets related to its stored value card division that was also known
as the Magic Money program, to Gotham Financial LLC. Under terms of the
agreement, Gotham acquired substantially all of the assets, which include the
stored value program, financial processing switch and contracts, and assumed the
liabilities associated with the program including certain employees and leased
office space.

The agreement calls for the payment, over a 3 to 6 year period, of up to $4
million. The length of the payment period depends upon Gotham making certain
minimum payments. Payments to GlobeTel will be based on the successful rollout
of the platform by Gotham and on user fees following a formula that considers
the total number of transactions on a Stored Value card and use of the card at
any ATM, POS or other transaction, under closed and committed contracts GlobeTel
had at the time of sale, and the number of transactions utilizing the Financial
Processing Switch.

The agreement also gives GlobeTel the right to the most favorable pricing if it
decides in the future to utilize the services to be provided by Gotham.

9.01 Financial Statements and Exhibits


(c) Exhibits

10.1 Agreement between GlobeTel Communications Corp. and Gotham Financial LLC


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signedon its behalf by the
undersigned hereunto duly authorized.

GLOBETEL COMMUNICAITONS CORP.
(Registrant)



Date: November 10, 2006 /s/ Peter Khoury
------------------------------------
Peter Khoury,
Chief Executive Officer

Duly noted.

So I am not entitled to ask questions that help with my due diligence?

A small case?... Maybe not.

From the 10K filed on 10/21/10

Debt Defaults:
Although we have not yet received any written default notices, because we failed to file this annual report by no later than the extended due date of October 13, 2010, we are in default on all of our convertible promissory notes issued during this fiscal year, totaling approximately $573,000 of principal owed. Generally, upon default these notes become immediately due and payable and we are required to pay between 120% - 150% of the then outstanding balance owed plus accrued and unpaid interest, plus default interest at an annual rate of between 18% - 25%. If we fail to pay the default amount within five (5) business days of written notice that such amount is due and payable, then the note holder shall have the right at any time, so long as we remain in default (and so long and to the extent that there are sufficient authorized shares), to require us, upon written notice, to immediately issue, in lieu of the default amount, the number of shares of our common stock equal to the default amount divided by the conversion price then in effect.


10/28/10 was the fifth day and the volume swelled. Can anyone here confirm this default did or did not result in more dilution?

Well if your pie in the sky numbers were remotely achievable then GlobalTel would not have sold this company to Gotham Financial in 2006 for $4M payable over 3-6 years.

http://yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?SessionID=UZlBWYkL6iOQJ-h&ID=4759730

GlobeTel Communications Corp. entered into an agreement to sell substantially all of the assets related to its stored value card division that was also known as the Magic Money program, to Gotham Financial LLC. Under terms of the agreement, Gotham acquired substantially all of the assets, which include the stored value program, financial processing switch and contracts, and assumed the liabilities associated with the program including certain employees and leased office space.

The agreement calls for the payment, over a 3 to 6 year period, of up to $4 million. The length of the payment period depends upon Gotham making certain minimum payments. Payments to GlobeTel will be based on the successful rollout of the platform by Gotham and on user fees following a formula that considers the total number of transactions on a Stored Value card and use of the card at any ATM, POS or other transaction, under closed and committed contracts GlobeTel had at the time of sale, and the number of transactions utilizing the Financial Processing Switch.

It's no wonder the stock sold off hard today. This "news" has been baked in for weeks. Now the hot air is escaping from this balloon. Where's the P&L for these acquisitions? They must be in the RED? 1.5 BILLION SHARE DILUTION within 2 years!!! Well in 2 years they'll be closing down these subsidiaries just like they did with CVC Int’l, Phone House Inc. of Florida, Dial-Tone Communications and Starcom Alliance. LOL Give me a freakin break!!! Goin back to .001 or LOWER. SELL SELL SELL