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Friday, Feb 3, 2023
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Concerns About Axesstel Growing

Axesstel Inc., a San Diego distributor of fixed wireless phones mainly in developing countries, said in an April 11 filing for its 2007 financials that its auditors, Gumbiner Savett Inc., issued a going concern opinion on the company’s ability to continue operating.

Last year, Axesstel reported a net loss of $9 million on revenue of $82.4 million, compared with a net loss of $6 million on revenue of $95.5 million in 2006.

As of Dec. 31, the company reported holding $555,000 in cash, and a backlog of $23 million. In December, it collected about $19 million in receivables from its Venezuelan customers.

Axesstel previously issued 2008 revenue guidance of more than $100 million.

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Traded on the American Stock Exchange under AFT, shares were at 45 cents April 14, and have ranged from 19 cents to $1.74 in the past 52 weeks.

, Mike Allen

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