ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL
OMB Number: 3235-0362
Expires: January 31, 2005
Estimated average burden
hours per response 1.0



Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Form 3 Holdings Reported.

Form 4 Transactions Reported.
1. Name and Address of Reporting Person*SIEGEL MITCHELL

--------------------------------------------------------------------------------
(Last) (First) (Middle)
444 BRICKELL AVENUE, SUITE 522

--------------------------------------------------------------------------------
(Street)MIAMI FL 33131

--------------------------------------------------------------------------------
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
GLOBETEL COMMUNICATIONS CORP [GTEL.OB] 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)X Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Operating Officer

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2003
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)X Form filed by One Reporting Person
Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date(Month/Day/Year) 2A. Deemed Execution Date, if any(Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Amount (A) or (D) Price
COMMON STOCK 0 D
COMMON STOCK 1,035,000 I BY WIFE
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Excercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any(Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
OPTIONS TO PURCHASE COMMON STOCK $ 0.015 3 09/26/2003 09/26/2006 COMMON STOCK 7,444,467 7,444,467 D
OPTIONS TO PURCHASE COMMON STOCK $ 0.015 3 09/26/2003 09/26/2006 COMMON STOCK 4,111,133 4,111,133 I BY WIFE
OPTIONS TO PURCHASE COMMON STOCK $ 0.015 3 12/18/2003 12/18/2006 COMMON STOCK 5,333,333 12,777,800 D
OPTIONS TO PURCHASE COMMON STOCK $ 0.015 3 12/18/2003 12/18/2006 COMMON STOCK 3,333,333 7,444,466 I BY WIFE
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SIEGEL MITCHELL
444 BRICKELL AVENUE
SUITE 522
MIAMI, FL 33131 X Chief Operating Officer
Explanation of Responses:
MITCHELL SIEGEL 02/09/2004
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.