SOURCE: Sanswire

October 09, 2008 09:00 ET

Sanswire Files Fiscal 2007 Results on Form 10-KSB

FORT LAUDERDALE, FL--(Marketwire - October 9, 2008) - Sanswire Corp. (PINKSHEETS: SNSR), formerly GlobeTel Communications Corp., today announced that it has filed with the United States Securities & Exchange Commission, its annual report for the year ended December 31, 2007 on Form 10-KSB.

For the year ended December 31, 2007, the Company reported a net loss of ($11,605,478), or ($0.10) per share, on revenues of $53,754, compared to a net loss of ($27,268,267), or ($0.26) per share, on revenues of $37,808 for the year ended December 31, 2006. The Company's weighted shares outstanding at year end 2007, basic and diluted, rose by 15% to 121,171,392, over year end 2006.

The net loss for fiscal 2007 is attributed to an operating loss of ($9,686,672) and losses from discontinued operations totaling ($1,918,806), compared to a fiscal 2006 operating loss of ($19,701,385) and losses from discontinued operations of ($7,566,882).

Jonathan Leinwand, Chief Executive Officer of Sanswire, stated, "The process of turning our company into a viable, compliant enterprise continues as we finally release fiscal 2007 results. This process is fueled by many factors, but none as important as the desire to build and sell the most advanced airships in the world, and the unwavering support of a very patient, loyal shareholder base. We look forward to providing results that demonstrate our commitments to our business plan and to all Sanswire stakeholders."

Sanswire has made its Annual Report on Form 10-KSB available via its web site, www.sanswire.com.

About Sanswire Corp.

Sanswire focuses exclusively on opportunities in Lighter Than Air (LTA) Unmanned Aerial Vehicles (UAV). We seek to build and run a UAV business that includes low-, mid- and high-altitude, lighter-than-air vehicles; adding value to their security, surveillance and broadcasting abilities through the integration of wireless technologies with a wide array of customer payloads. Our long-term objective is to provide commercial and government customers advanced seamless wireless broadband capabilities and surveillance sensor suites utilizing a state of the art High Altitude Airship technology. Building upon this high altitude technology, Our near term goal is to penetrate the military/government use market for low to mid altitude unmanned airships.

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including a lawsuit filed by the U.S. Securities & Exchange Commission and delayed filings of quarterly results, any of which could cause the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.




               GLOBETEL COMMUNICATIONS CORP. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                      FOR THE YEARS ENDED DECEMBER 31,


                                                      2007           2006
REVENUES                                      $      53,754  $      37,808
COST OF REVENUES                                     15,529         96,168
     GROSS MARGIN (LOSS)                             38,225        (58,360)
EXPENSES
  Payroll and related taxes                       3,611,596      3,916,409
  Consulting fees                                 1,635,303        623,219
  Officers' and directors' compensation             696,790      1,931,774
  Bad debts                                              --         93,571
  Research and development                          (14,856)     1,573,150
  General and Administrative                      1,567,968      4,730,437
  Depreciation and amortization                          --        289,914
     TOTAL EXPENSES                               7,496,801     13,158,474
LOSS FROM OPERATIONS                             (7,458,576)   (13,216,834)
OTHER INCOME (EXPENSE)
  Gain on the Extinguishment of Debt                254,200             --
  Loss on disposition of equipment                       --       (682,695)
  Loss on impairment of equipment                        --     (5,222,066)
  Interest expense, net                          (2,482,296)      (579,790)
     NET OTHER EXPENSE                           (2,228,096)    (6,484,551)
LOSS FROM CONTINUING OPERATIONS                  (9,686,672)   (19,701,385)

LOSS FROM DISCONTINUED OPERATIONS                (1,918,806)    (7,566,882)
NET LOSS                                      $ (11,605,478) $ (27,268,267)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
 OUTSTANDING
     BASIC and DILUTED                          121,171,392    105,643,655

LOSS PER SHARE FROM CONTINUING OPERATIONS
     BASIC and DILUTED                                (0.08)         (0.19)
LOSS PER SHARE FROM DISCONTINUED OPERATIONS
     BASIC and DILUTED                                (0.02)         (0.07)
NET LOSS PER SHARE
     BASIC and DILUTED                                (0.10)         (0.26)





                GLOBETEL COMMUNICATIONS CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS


                                                DECEMBER 31,  DECEMBER 31,
                                                    2007          2006
                   ASSETS
CURRENT ASSETS
  Cash and cash equivalents                     $     32,278  $      4,243
  Accounts receivable                                     --       271,262
  Deposits                                                --        72,987
  Current assets from discontinued operations         18,678       106,033
                                                ------------  ------------
     TOTAL CURRENT ASSETS                             50,956       454,525
                                                ------------  ------------
  Deposits                                           391,000            --
  Other assets from discontinued operations               --        54,380
                                                ------------  ------------
TOTAL NONCURRENT ASSETS                              391,000        54,380
                                                ------------  ------------
TOTAL ASSETS                                    $    441,956  $    508,905
                                                ============  ============

      LIABILITIES AND STOCKHOLDERS' (DEFICIT)

LIABILITIES

CURRENT LIABILITIES
  Accounts payable                              $  3,155,722  $  2,463,605
  Notes and convertible notes payable, net of
   discount of $1,257,364 and $882,128             8,056,220     6,262,598
  Bank Overdraft                                          --        14,664
  Accrued expenses and other liabilities           1,067,355       460,097
  Current liabilities from discontinued
   operations                                      1,387,381       895,697
                                                ------------  ------------
     TOTAL CURRENT LIABILITIES                    13,666,678    10,096,661
                                                ------------  ------------
LONG-TERM LIABILITIES
  Due to related party payable in stock                   --     4,598,333
                                                ------------  ------------
     TOTAL LONG-TERM LIABILITIES                          --     4,598,333
                                                ------------  ------------
TOTAL LIABILITIES                                 13,666,678    14,694,994
                                                ------------  ------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' (DEFICIT)
  Series A Preferred stock, $.001 par value,
   250,000 shares authorized; no shares issued
   and outstanding:                                       --            --
  Series B Preferred stock, $.001 par value,
   500,000 shares authorized; no shares issued
   and outstanding:                                       --            --
  Series C Preferred stock, $.001 par value,
   5,000 shares authorized; no shares issued
   and outstanding:                                       --            --
  Series D Preferred stock, $.001 par value,
   5,000 shares authorized; no shares issued
   and outstanding:                                       --            --
    Additional paid-in capital - Series D
     Preferred stock                                      --            --
  Common stock, $.00001 par value, 250,000,000
   shares authorized; 129,756,897 and
   109,470,803 shares issued and outstanding           1,299         1,095
  Additional paid-in capital                     107,169,705    94,733,346
  Stock subscriptions receivable - Common Stock           --      (130,282)
  Accumulated deficit                           (120,395,726) (108,790,248)
                                                ------------  ------------
     TOTAL STOCKHOLDERS' (DEFICIT)               (13,224,722)  (14,186,089)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)   $    441,956  $    508,905
                                                ============  ============

Contact Information

  • Contact:
    Robert Bleckman
    Sanswire Corp.
    (954) 332-3759