We already knew that GlobeTel (AMEX:GTE) was under the gun. Its home exchange, after all, sent it a notice of intention to delist the stock, saying GlobeTel had "engaged in a pattern of issuing overly promotional press releases" at the same time that "its management has engaged in operations, which, in the opinion of the Exchange, are contrary to the public interest."

Thursday, the firm -- whose loyal fans believe it can outcompete or make obsolete companies as powerful as Lockheed Martin (NYSE:LMT), Cisco (NASDAQ:CSCO), Motorola (NYSE:MOT), Verizon (NYSE:VZ), Comcast (NASDAQ:CMCSA), and AT&T (NYSE:T) -- released an 8-K detailing another note from the American Stock Exchange.

To put it mildly, the Amex does not seem pleased. GlobeTel reveals that the exchange now accuses the company of (emphasis mine):

(1) Failure to make timely, accurate, and compete disclosure of material corporate developments, as well as engaging in a pattern of issuing materially misleading and overly promotional public disclosures;

(2) Failure to comply with Securities and Exchange Commission reporting obligations by filing incomplete, misleading, and/or inaccurate information in its public filings;

(3) Failure to provide information to the exchange;

(4) Providing materially false and misleading information and statements to the Amex staff, hindering its investigation of the company's compliance with Amex listing requirements;

(5) Acting to interfere with the operation of a fair and orderly market by issuing public statements not warranted by the company's affairs that were intended to affect the price of its common stock;

(6) Association with an individual with a history of regulatory misconduct that rises to the level of a public interest concern;

(7) Serious internal control weaknesses that rise to a level of a public interest concern.

Quite a list, no? And I'd say the latter allegations are by far the most interesting. No. 5, well, that sounds like stock manipulation to me. I wonder if the SEC is paying attention to this. Hello? SEC?

Nos. 3 and 4 are even more curious. What is it the Amex wants to know? Why would GlobeTel fail to provide information? And why would GlobeTel provide materially false and misleading information and statements to the Amex?

Maybe, like me, Amex would like to see proof that GlobeTel's claims about various worldwide entities were warranted. For instance, I'm still waiting to see proof that Internafta -- the Russian outfit with the "binding" contract that didn't bind -- ever existed, let alone had assets sufficient to warrant the "contract" and the PR blitz.

(I was suspicious of that deal from day one, especially because CEO Tim Huff couldn't give me a single shred of contact information on those foreign partners when we spoke in the days after the deal. But GlobeTel has long since stopped responding to my calls and emails.)

I doubt those of us who are following the drama will ever see enough evidence to satisfy our curiosity. And as for GlobeTel, I'm not sure it's long for this world. The latest 10-Q showed less than $2 million in cash, versus payroll and taxes of more than $1 million a quarter, in addition to $441,000 for travel and $635,000 in officer compensation. I'd say it's just about out of money.

And on that last bit, management agrees. Here's what it had to say, "The Company anticipates increased cash flows from 2006 sales activities; however, additional cash will still be needed to support operations."

Hmm. And if it can't find anyone to loan or invest?

". If budgeted sales levels are not achieved, or if significant unanticipated expenditures occur, or if the Company is unable to obtain the necessary funding, the Company may have to modify its business plan, reduce or discontinue some of its operations or seek a buyer for all or part of its assets to continue as a going concern through December 31, 2006."

There's not a whole lot more that needs to be said.

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Seth Jayson would still LOVE to see those Russian-Brazilian bank wires. At the time of publication, he had no positions in any company mentioned. View his stock holdings and Fool profile here. Fool rules are here.