IMHO, the proper context to review the 10-K narrative is this:
A seven person Nano company domiciled in South Florida where the two head honchos have a dismal track record of enhancing shareholder value in prior ventures. Moreover, the current CEO's past track record hints to "potential nefarious" dealings. Meanwhile, the company has by its own admission "no defined source of funding".
The other facts which are unrefuttable: Numerous default judgments, a Wells Notice, too many lawsuits to mention, pink sheet status and to this date...no definable source of revenue from any existing or prior business ventures.
One might ask the question: Why does Globetel continue to exist? To keep the shell company status alive (for future paradigm shifting opportunites)? To allow insiders to unload their holdings when financials are current?
Only Shimmi and Jonny-L know and they're not talking. Hopefully the SEC will get to the bottom of what appears to be just another South Florida SCAM company.
All the above is JMHO and conjecture.
