GlobeTel has been part of an attempt to bring wireless service to Mexico for over a year now.
GlobeTel announced... that they anticipate NMC will generate approx. $11,000,000 in revenues in the first 12 months.
GlobeTel announced they are entitled to 49% of those revenues!
GlobeTel said they would generate a positive operating cash flow within the first 12 months of operation.
GlobeTel said these projections were based on "VERY CONSERVATIVE" estimates of subscribers!
But in the recently released 10K the company said...
"In the absence of continued monthly funding by its current debt holders, the Company would have insufficient funds to continue operations."
So where is all the money? It shouldn't take that much to sustain a bare bones operation of only "seven" employees... should it?
OK, so NMC isn't going like planned, but surely they have something to show for it...
Are do they?
It may be a horrible failure! Why else would they hide the number of customers from everyone!
