8-K

- -------------------------------------------------------------------------------------------------------------------


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                 FORM 8-K


                                 CURRENT REPORT


     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


                Date of Report (Date of earliest event reported):
                                  November 22, 2002

                        Commission File Number 000-23087

                    Startec Global Communications Corporation
             (Exact name of Registrant as specified in its charter)

          Delaware                                      52-2099559
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or organization)

     1151 Seven Locks Road
          Potomac, MD                                     20854
(Address of Principal Executive Offices)                (Zip Code)


                                 (301) 610-4300
              (Registrant's telephone number, including area code)







- -------------------------------------------------------------------------------------------------------------------


Item 5.  Other Events.

On November 22, 2002, Startec Global Communications  Corporation,  Startec Global
Operating Company and Startec Global Licensing  Company,  debtors-in-possession,
in Chapter 11 Case Nos. 01-25013 DK, 01-25009 DK and 01-25010 DK,  respectively,
filed monthly  operating reports for the month ended October 31, 2002 with the
United States Bankruptcy Court for the District of Maryland Office of the United
States  Trustee,  copies of which are filed herewith as exhibits 99.1,  99.2 and
99.3,  respectively.  The  Company is filing  this  Current  Report on Form 8-K,
together  with the  aforementioned  exhibits  with the  Securities  and Exchange
Commission.


Item 7. Financial Statements and Exhibits.

(c) Exhibits. The following exhibits are filed with this report:

Exhibit  99.1 - Monthly  Operating Report of Startec Global  Communications
Corporation  for the month ending October 31, 2002.

Exhibit  99.2 -  Monthly  Operating  Report of Startec Global Operating
Company for the month ending October 31, 2002.

Exhibit  99.3 - Monthly  Operating  Report of Startec Global Licensing
Company for the month ending October 31, 2002.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly  caused  this  report to the  signed on its  behalf by the  undersigned
hereunto duly authorized.


                                       For
                                       Startec Global Communications Corporation
                                       and as its Chief Financial Officer:

                                       By: /s/ Prabhav V. Maniyar



Date:  December 19, 2002

EX-99.1

                                                                       FORM No.5

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Communications Corporation
                                           )           CHAPTER 11
                                           )           Case No. 01-25013 DK
                                           )
                                           )
                     Debtor(s)             )

                            MONTHLY OPERATING REPORT
                       For the Month Ending October 31, 2002

                        FINANCIAL BACKGROUND INFORMATION

1. ACCOUNTING BASIS: Cash _______ Accrual X

2.  PREPARER:  State the name,  address,  telephone  number and  position of the
person(s) who actually compiled the information contained in this report.

Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854
(301) 610-4300


3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                  0
- --------------------------------------------------------------------------------
Current number of employees:                           0
- --------------------------------------------------------------------------------
Gross monthly payroll:
- --------------------------------------------------------------------------------
        Officers, directors, and principals            0
- --------------------------------------------------------------------------------
        Other employees                                0
- --------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                    YES
- --------------------------------------------------------------------------------
Exceptions:                                      _______________________________

                                                 _______________________________
================================================================================



4. Have there been any CHANGES IN THE NATURE OF YOUR  BUSINESS  or STATUS
OF OPERATIONS since the last reporting  period?  No.


5. Are all BUSINESS LICENSES or BONDS current?   YES




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 5

6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                              $      -
- --------------------------------------------------------------------------------
B.  Collected this Period                        $      -
================================================================================
C.  Ending Balance (A minus B)                   $      -
================================================================================



7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                              $      -
- --------------------------------------------------------------------------------
B.  Incurred this Period                         $      -
- --------------------------------------------------------------------------------
C.  Collected this Period                        $      -
================================================================================
D.  Ending Balance (A plus B minus C)            $      -
================================================================================

Ending Balance Aging:

0-30 Days: $ __________31-60 Days: $ _____________Over 60 Days:$ _______________


If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the delinquencies.
                                 NOT APPLICABLE


8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                              $      -
- --------------------------------------------------------------------------------
B.  Incurred this Period                                -
- --------------------------------------------------------------------------------
C.  Pay this Period                                     -
================================================================================
D.  Ending Balance (A plus B minus (1)           $      -
================================================================================

Ending Balance Aging:

0-30 Days: $ _____________31-60 Days: $ _________ Over 60 Days: $_______________



If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. - NOT APPLICABLE

(1) Does not  include  approximately  $71,000,000  in  intercompany  accounts
payable.

9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                                    YES (1)

On the attached IRS Form 6123 report all tax  deposits  made with any  financial
institution for federal  employment taxes during the reporting  period.  Be sure
the form is  complete  and signed by an  authorized  employee  of the  receiving
institution  or taxing  authority.  Also attach  copies of the monthly sales tax
statement, payroll tax statement, unemployment tax statement AND real estate tax
statement with evidence of payment of these taxes.

(1) No taxes relating to Post-Petition activity became due and payable during
the post-petition period ending October 31, 2002.

10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period? NO

11. Are all BOOKS AND RECORDS of the debtor(s) being maintained  monthly and are
all all current? YES





                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 5


12.     INSURANCE:                Policy expiration dates:
================================================================================
        Auto and truck                  10/1/2003
- --------------------------------------------------------------------------------
        Fire                            10/1/2003
- --------------------------------------------------------------------------------
        D&O Insurance                   10/28/2002
- --------------------------------------------------------------------------------
        Liability                       10/1/2003
- --------------------------------------------------------------------------------
        Workers Comp.                   10/1/2003
================================================================================



13. ACTIONS OF DEBTOR: During the last month, did the Debtor:
(a) Fail to defend or oppose any action seeking to dispossess the debtor from
control or custody of any asset of the estate? NO

OR consent to relief from the automatic stay ( S362)? NO.

(b) Maintain such stock, inventory, raw materials, insurance,
employees and other resources as are necessary to preserve
and maintain the going concern value of the assets of the
debtor? YES

14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)? No

If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets: NONE

Type of Motion           Brief Description of Asset          Projected Income
================================================================================
                                                             $
================================================================================

You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. NO


15. PAYMENTS TO SECURED CREDITORS during Reporting Period: NONE
================================================================================
Creditor         Frequency        Amount of      Next Payment     Post-Petition
                    of          Each Payment        Due           Payments not
                 Payments                                         Made: Numbers
                   per                                            and Amounts
                 Contract
================================================================================
                             $                  /          /
- --------------------------------------------------------------------------------
                             $                  /          /
================================================================================


16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period: NONE

Professional                       Service                     Projected Income
================================================================================
                                                             $
================================================================================

Note:  If payments  were made to any  professional  during the  reporting
period, a copy of the order authorizing payment must be attached.




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.5


17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:

                                     Monthly Disbursements:
================================================================================
Month 1 ( current quarter)                  None
- --------------------------------------------------------------------------------
Month 2 ( current quarter)                  None
- --------------------------------------------------------------------------------
Month 3 ( current quarter)                  None
================================================================================
Total                                       None
================================================================================

Quarterly Fee Owed $ 250.00 (Refer to Fee Calculation Chart on page 16)
Payment of $250.00 will be due and payable after December 31, 2002.


18. VERIFICATION
I declare under penalty of perjury that the information contained in
this Monthly Operating Report (including schedules) is true and correct
to the best of my knowledge, information and belief.

Dated: November 22, 2002                       DEBTOR IN POSSESSION
                                           By:          Prabhav Maniyar
                                           Name/Title:  Chief Financial Officer,
                                                        Director and Secretary
                                           Address:     1151 Seven Locks Road
                                                        Potomac, MD  20854
                                           Telephone:   (301) 610-4300

                                            /s/ Prabhav Maniyar    




     REMINDER: Attach copies of debtor in possession bank statements.





                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.6


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:   Startec Global Communications Corporation  CHAPTER 11
                                        )           Case No. 01-25013 DK
                                        )
                                        )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                        For the Month Ending October 31, 2002
               (All figures refer to post-petition transactions)



                                        This Month                 Year to Date
================================================================================
A. TOTAL SALES/INCOME                 $                       $
================================================================================
COST OF SALES:
- --------------------------------------------------------------------------------
     Purchases of Inventory           $                       $
- --------------------------------------------------------------------------------
     Purchased Services               $                       $
- --------------------------------------------------------------------------------
     Other: (Identify)                $                       $
- --------------------------------------------------------------------------------
     ___________________
================================================================================
B. SUBTOTAL Cost of Sales             $                       $
================================================================================
C. GROSS PROFIT (A - B)               $                       $
================================================================================
OPERATING EXPENSES:
- --------------------------------------------------------------------------------
     Professional Fees  (Atty. Acct.)        $  250,250           $  2,414,469
- --------------------------------------------------------------------------------
     Taxes                                   $       -            $    229,742
- --------------------------------------------------------------------------------
     Stock Option Expense                    $    5,383           $     48,447
================================================================================
D.  SUBTOTAL Operating Expenses              $  205,633           $  2,692,658
================================================================================
E.  PROFIT/LOSS FROM OPERATION               $ (205,633)          $ (2,692,658)
    (C-D)
================================================================================
Other Income (Expenses)
- --------------------------------------------------------------------------------
     Interest Expense                        $ (218,350)          $ (2,594,802)
- --------------------------------------------------------------------------------
     Interest Income                         $        3           $         29
- --------------------------------------------------------------------------------
     Market adjustment for investment
     in PSN (1)                              $        -           $ (7,779,670)
- --------------------------------------------------------------------------------
     ________________________                                     $
================================================================================
F. SUBTOTAL Other Income (Expenses)          $ (218,347)          $(10,374,443)
================================================================================
G. Income Tax Expense                                             $
================================================================================
H. NET INCOME (LOSS) (E+F-G)                 $ (423,980)          $(13,067,101)
================================================================================

(1)  See Footnote 2 on Form 10.

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.


                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.6


   Case Number 01-25013 Debtor: Startec Global Communications Corporation
                        SCHEDULE AR (Accounts Receivable)
                               As of October 31, 2002
                      (List Post-Petition Receivables Only)


NOT APPLICABLE TO DEBTOR - No Trade Accounts Receivable
================================================================================
Debtor (Due From)    Total Due      Date Incurred     Past Due        Past Due
                                                     31-60 Days     Over 60 Days
================================================================================

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.



   Case Number 01-25013 Debtor: Startec Global Communications Corporation
                         SCHEDULE AP (Accounts Payable)
                               As of October 31, 2002
                       (List Post-Petition Payables Only)

NOT APPLICABLE TO DEBTOR  - No Accounts Payable
================================================================================
Due to      Total Due        Date Incurred         Past Due           Past Due
                                                  31-60 Days        Over 60 Days
================================================================================

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.8



                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Communications Corporation          ) CHAPTER 11
                                                          ) Case 01-25013
                                                          )
                       Debtors (s)                        )


                           CASH RECONCILIATION REPORT
                                Operating Account
                        (Business Debtor, Accrual Basis)

                        For the Month Ending October 31, 2002
               (All figures refer to post-petition transactions)



                                       Operating Account           Totals
================================================================================
A.  Beginning Cash Balance
    from Balance Sheet                                            $    1,620
================================================================================
B. Net Income for month                                          +$ (426,980)
================================================================================
Expenses not requiring cash:
- --------------------------------------------------------------------------------
        Interest                                    $ 218,350
- --------------------------------------------------------------------------------
        Market adjustment for investment in PSN     $       -
- --------------------------------------------------------------------------------
        Unearned Compensation                       $   5,383
================================================================================
C. SUBTOTAL Expenses Not
   Requiring Cash                                               + $  223,733
================================================================================
D. Total Cash from Operations
   (A+B+C)                                                      = $ (198,627)
================================================================================
Other Sources/Uses of Cash:
- --------------------------------------------------------------------------------
       Decrease (Incr) -
       Deferred financing fees                      $     339
- --------------------------------------------------------------------------------
       Decrease (Incr) -                            $       -
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Expenses                             $(355,549)
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Intercompany Payable                         $ 355,460
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Investment in Subsidiaries                   $       -
- --------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Prof. Fees                           $ 200,000
================================================================================
E. Subtotal Other Sources/Uses
   of Cash                                                      + $  200,250
================================================================================
F. Ending Cash Balance (D+E)                                     =$   (1,623)
- --------------------------------------------------------------------------------
       Ending Balance per Bank
       Statement CMA                                                   1,620
- --------------------------------------------------------------------------------
       Ending Balance per Bank
       Statement Premier                                                  -
- --------------------------------------------------------------------------------
       Less Outstanding Checks                    - $
- --------------------------------------------------------------------------------
       Adjustment                                 + $       3
- --------------------------------------------------------------------------------
       Add Deposits in Transit                    + $
================================================================================
G. RECONCILED BANK BALANCE                                       =$    1,623
================================================================================


    Ending Cash Balance (F) and Reconciled Bank Balance (G) Should be Equal.
                             Attach Bank Statements.




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No.10


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Communications Corporation  )         CHAPTER 11
                                                   )         Case No.01-25013 DK
                                                   )

                                  BALANCE SHEET
                               As of October 31, 2002


                                         Asset                      Total
================================================================================
Current Assets:
- --------------------------------------------------------------------------------
    Cash                                   $       1,623
- --------------------------------------------------------------------------------
    Receivables from Officers,
    Employees, Affiliates
- --------------------------------------------------------------------------------
    Notes Receivables Stocks
- --------------------------------------------------------------------------------
    Inventory
- --------------------------------------------------------------------------------
    Other Current Assets:                  $      34,224
================================================================================
A.  SUBTOTAL Current Assets                                    $      35,847
================================================================================
Fixed Assets:
- --------------------------------------------------------------------------------
    Equipment, Furniture & Fixtures
- --------------------------------------------------------------------------------
    Less:  Accumulated Depreciation
================================================================================
B.  SUBTOTAL Fixed Assets                                      $          -
================================================================================
Other Assets:  (Identify)
- --------------------------------------------------------------------------------
    Investments                            $   2,276,327
- --------------------------------------------------------------------------------
    Pledged securities                     $       5,882
- --------------------------------------------------------------------------------
    Deferred financing fees                $   4,583,283
- --------------------------------------------------------------------------------
    Investment in affiliates (1)           $ 219,133,634
================================================================================
C.  SUBTOTAL  Other Assets                                     $ 225,999,166
================================================================================
D.  TOTAL ASSETS (A+B+C)                                       $ 226,034,973
================================================================================

                                             Liability            Total
================================================================================
Post-Petition Liabilities:
- --------------------------------------------------------------------------------
    Accrued expenses                       $   1,391,869
- --------------------------------------------------------------------------------
    Intercompany Payable                   $   1,249,672
- --------------------------------------------------------------------------------
    Notes Payable
- --------------------------------------------------------------------------------
    Accrued interest on secured debt       $   2,758,698
================================================================================
E.  SUBTOTAL Post-Petition Liabilities                        $    5,400,239
================================================================================
Pre-Petition Liabilities:
- --------------------------------------------------------------------------------
    Priority Claims                        $           -
- --------------------------------------------------------------------------------
    Intercompany payable                   $  70,308,632
- --------------------------------------------------------------------------------
    Secured Debts                          $  39,904,224
- --------------------------------------------------------------------------------
    Unsecured Debts                        $ 169,027,027
================================================================================
F.  SUBTOTAL Pre-Petition Liabilities                          $ 279,239,883
================================================================================
Stockholders' Equity (Deficit):
- --------------------------------------------------------------------------------
    Common Stock                           $     165,533
- --------------------------------------------------------------------------------
    Unearned Compensation                  $     (41,902)
- --------------------------------------------------------------------------------
    Additional Paid-in Capital             $ 133,729,414
- --------------------------------------------------------------------------------
    Retained Earnings (deficit):
- --------------------------------------------------------------------------------
         Pre-Petition(3)                   $(179,141,977)
- --------------------------------------------------------------------------------
         Post-Petition                     $ (13,316,217)
================================================================================
G.  SUBTOTAL Stockholders' Equity                              $ (58,605,149)
================================================================================
H.  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (E+F+G)         $ 226,034,973
================================================================================

(1)  Represents the carrying value of investment in affiliates.  Includes
certain  adjustments to reflect current market value and/or the equity in income
or loss of affiliates.

(3)  Includes  approximately  $5,700 in prior period  adjustments.  These
adjustments were the result of the Company's ordinary year-end close procedures.
The Company  will  restate its Monthly  Operating  Report for the post  petition
period ending December 31, 2001 after the audit for the year ending December 31,
2001 has been completed.





                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

EX-99.2

                                                                      FORM No. 5

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Operating Company
                                          )           CHAPTER 11
                                          )           Case No.01-25009 DK
                                          )
                    Debtor(s)             )

                            MONTHLY OPERATING REPORT
                       For the Month Ending October 31, 2002

                        FINANCIAL BACKGROUND INFORMATION


1. ACCOUNTING BASIS: Cash _______ Accrual X

2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.

Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854
(301) 610-4300


3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                     180
- --------------------------------------------------------------------------------
Current number of employees:                              180
- --------------------------------------------------------------------------------
Gross monthly payroll:*
- --------------------------------------------------------------------------------
        Officers, directors, and principals               $ 169,670
- --------------------------------------------------------------------------------
        Other employees                                   $ 767,349
- --------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                       YES
- --------------------------------------------------------------------------------
Exceptions:                                     _______________________________

                                                _______________________________
================================================================================

* Represents  gross payroll  processed and paid during the month ending  October
31, 2002. Actual expense incurred during period shown on Form 6.


4. Have there been any CHANGES IN THE NATURE OF YOUR  BUSINESS  or STATUS
OF OPERATIONS since the last reporting period?  No.


5. Are all BUSINESS LICENSES or BONDS current? YES


6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's         $ 14,165,512
    ending balance)
- --------------------------------------------------------------------------------
B.  Collected this Period                       $    (46,668)
- --------------------------------------------------------------------------------
C.  Adjustments                                 $   (132,517)
- --------------------------------------------------------------------------------
D.  Ending Balance (1)                          $ 13,986,327
================================================================================


7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                             $ 17,144,804
- --------------------------------------------------------------------------------
B.  Incurred this Period                        $  5,109,148
- --------------------------------------------------------------------------------
C.  Collected this Period                       $ (3,702,997)
- --------------------------------------------------------------------------------
D.  Intercompany billing                        $    244,176
- --------------------------------------------------------------------------------
E.  Offsets/Credits/bad debt write off          $ (1,527,449)
- --------------------------------------------------------------------------------
F.  Unbilled revenue adjustment                 $    159,936
- --------------------------------------------------------------------------------
F.  Ending Balance(1)                           $ 17,427,618
================================================================================



                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 5


Ending Balance Aging (2):

0-30 Days:    $5,169,049    31-60 Days:    $4,172,360   Over 60 Days: $8,086,209


If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the
delinquencies. See Aging attached to Form 6.

(1) Does not include approximately $150 million in intercompany accounts
receivable.  Since the date of thefilng, the Company has collected approximately
$10.7 million related to prepetition intercompany accounts receivables.

(2) See aging attached to Form 6.


8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                                 $ 10,950,041
- --------------------------------------------------------------------------------
B.  Incurred this Period                            $  6,919,361
- --------------------------------------------------------------------------------
C.  Pay this Period                                 $ (5,198,448)
- --------------------------------------------------------------------------------
D.  Year Ending Journal Entries                               -
- --------------------------------------------------------------------------------
E.  Ending Balance                                  $ 12,670,954
================================================================================

Ending Balance Aging:

0-30 Days:  $   6,528,975  31-60 Days:  $  1,146,986 Over 60 Days: $   4,994,993


If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. - See aging attached to Form 6.


9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                                     NO (1)

On the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized employee
of the receiving institution or taxing authority. Also attach copies of
the monthly sales tax statement, payroll tax statement, unemployment tax
statement AND real estate tax statement with evidence of payment of these
taxes.

(1)  The  debtor  has not yet paid  certain  pre-petition  taxes  that it was
authorized to pay. The debtor has paid all known post-petition taxes that became
due and  payable  during  the month  ending  October  31,  2002.  The  debtor is
currently  reconciling the past due amounts of the post-petition taxes to ensure
accuracy  and  the  debtor   intends  to  pay  these  amounts  as  soon  as  the
reconciliation is completed.


10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period? NO

11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are
all current? YES


12.    INSURANCE:                Policy expiration date:
================================================================================
       Auto and truck           10/1/2003 *
- --------------------------------------------------------------------------------
       Fire                     10/1/2003 *
- --------------------------------------------------------------------------------
       D&O Insurance            10/28/2002 *
- --------------------------------------------------------------------------------
       Liability                10/1/2003 *
- --------------------------------------------------------------------------------
       Workers Comp.            10/1/2003 *
================================================================================

* - The insurance policies are held by Startec Global Communication Corporation,
Case No. 01-25013 DK

13. ACTIONS OF DEBTOR: During the last month, did the Debtor:
(a) Fail to defend or opposed any action seeking to dispossess the debtor from
control or custody of any asset of the estate? NO

OR consent to relief from the automatic stay ( S362)? NO

(b) Maintain such stock, inventory, raw materials, insurance, employees and
other resources as are necessary to preserve and maintain the going concern
value of the assets of the debtor? YES


14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)? NO


                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.5


If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets:

Type of Motion            Brief Description of Asset            Projected Income
================================================================================
                                                               $
- --------------------------------------------------------------------------------
                                                               $
================================================================================

You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. NO

15. PAYMENTS TO SECURED CREDITORS during Reporting Period:
================================================================================
Creditor        Frequency        Amount of          Next          Post-Petition
                   of           Each Payment       Payment         Payments not
                Payments                            Due           Made: Numbers
                   per                                             and Amounts
                Contract
================================================================================
Allied Capital
Corporation      Monthly                         9/1/2002          $   246,088
- --------------------------------------------------------------------------------
Allied Capital
Corporation      Monthly                        10/1/2002          $   238,750
- --------------------------------------------------------------------------------
Allied Capital
Corporation      Monthly                        11/1/2002          $   246,088
================================================================================


16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period:(2)

Professional                    Service                             Payment Made
================================================================================
Wilmer Cutler and Pickering     Legal counsel to Ch 11 proceedings    $ 150,000
- --------------------------------------------------------------------------------
Levine and Yates                HR legal services (1)                 $  14,000
- --------------------------------------------------------------------------------
White Case LLP                  Legal services, Startec France (1)    $  56,230
- --------------------------------------------------------------------------------
Dickstein Shapiro Morin         Legal counsel to Ch 11 proceeding
  & Oshinsky LLP                  - creditors committee               $  25,000
- --------------------------------------------------------------------------------
Bankruptcy Management           Bankruptcy related publication
                                  services                            $  13,845
- --------------------------------------------------------------------------------
Brobeck Phleger                 Legal services for Canada
                                  operations (1)                      $     750
================================================================================

Note:  If payments  were made to any  professional  during the  reporting
period, a copy of the order authorizing payment must be attached.

(1) Payments were for services rendered in the ordinary course, pursuant
to that certain order authorizing  Debtors to Employ  Professionals  Utilized in
the Ordinary Course of Business entered January 14, 2002 (Docket No. 69).


17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:

                                   Monthly Disbursements:
================================================================================
Month 1 ( current quarter)           $  6,561,907.73
- --------------------------------------------------------------------------------
Month 2 ( current quarter)           $             -
- --------------------------------------------------------------------------------
Month 3 ( current quarter)           $             -
================================================================================
Total                                $  6,561,907.73
================================================================================


Quarterly Fee Owed $10,000
Quarterly fee will be due and payable after October 31, 2002.


18. VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the
best of my knowledge, information and belief.

Dated: 22.Nov-02                 DEBTOR IN POSSESSION
                                        By:             Prabhav Maniyar
                                        Name/Title:     Chief Financial Officer,
                                                        Director and Secretary
                                        Address:        1151 Seven Locks Road
                                                        Potomac, MD  20854
                                        Telephone:      (301) 610-4300

                                         /s/ Prabhav Maniyar           


REMINDER: Attach copies of debtor in possession bank statements.



                                 UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.6


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:     Startec Global Operating Company )           CHAPTER 11
                                            )           Case No. 01-25009 DK
                                            )
                                            )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                        For the Month Ended October 31, 2002
                (All figures refer to post-petition transactions)



                                        This Month               Year to Date
================================================================================
A. TOTAL SALES/INCOME                       $  5,038,204           $  47,311,045
================================================================================
COST OF SALES:
- --------------------------------------------------------------------------------
     Intercompany revenues                  $ (1,452,051)          $ (16,140,621)
- --------------------------------------------------------------------------------
     Purchased Services                     $  5,547,670           $  48,582,628
================================================================================
B. SUBTOTAL Cost of Sales                 - $  4,095,619         - $  32,442,007
================================================================================
C. GROSS PROFIT (A - B)                   = $    942,585         = $  14,869,038
================================================================================
OPERATING EXPENSES:
- --------------------------------------------------------------------------------
     Salaries and Payroll Taxes             $  1,226,564           $  11,045,309
- --------------------------------------------------------------------------------
     Office expense                         $     69,938           $     516,631
- --------------------------------------------------------------------------------
     Education /Training                    $         -            $       4,819
- --------------------------------------------------------------------------------
     Professional Fees                      $    231,879           $     766,166
- --------------------------------------------------------------------------------
     Rent and Facilities Expense            $    165,926           $   1,458,377
- --------------------------------------------------------------------------------
     Sales and Marketing                    $    329,204           $   2,527,256
- --------------------------------------------------------------------------------
     Travel                                 $     23,879           $     235,016
- --------------------------------------------------------------------------------
     Other Operating Expenses               $     11,508           $     178,245
- --------------------------------------------------------------------------------
     Billing Fees                           $     95,288           $     987,606
- --------------------------------------------------------------------------------
     Taxes/fees other than income tax       $     15,894           $     273,370
- --------------------------------------------------------------------------------
     Allocated to Affiliates                $   (773,836)          $  (6,398,727)
================================================================================
D.  SUBTOTAL Operating Expenses           - $  1,396,244           $  11,594,068
================================================================================
E.  PROFIT/LOSS FROM OPERATION
     (C-D)                                = $   (453,659)          $   3,274,970
================================================================================
Other Income (Expenses)
- --------------------------------------------------------------------------------
     Interest Expense                       $   (394,587)          $  (3,459,946)
- --------------------------------------------------------------------------------
     Interest Income                        $     10,476           $     149,532
- --------------------------------------------------------------------------------
     Write off of PSN Intercompany AR for
        FY 2002 (1)                         $        -             $  (1,572,236)
- --------------------------------------------------------------------------------
     Depreciation and amortization (2)      $   (938,917)          $  (7,996,604)
- --------------------------------------------------------------------------------
     Equity earnings in subs                $                      $       2,051
================================================================================
F. SUBTOTAL Other Income (Expenses)       = $ (1,323,028)          $ (12,877,203)
================================================================================
G. Income Tax Expense                       $         -            $          -
================================================================================
H. NET INCOME (LOSS) (E+F)                  $ (1,776,687)          $  (9,602,233)
================================================================================


                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 6

(1)  In  June  2002,  the  Board  of  Directors  of PSN  (a  wholly-owned
subsidiary  of  the  debtor's  parent  company,  Startec  Global  Communications
Corporation) made a decision to liquidate.  Accordingly, the debtor has provided
a reserve  for the  intercompany  receivables  from PSN.  The result was a prior
period  adjustment of approximately  $2.2 million for the balance as of 12/31/01
(see footnote 5 on Form 10) and a current  period charge of  approximately  $1.6
million for intercompany  transactions which occurred during 2002. Subsequent to
this adjustment, no further intercompany amounts have been accrued.

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.


          Case Number 01-25009 Debtor: Startec Global Operating Company
                        SCHEDULE AR (Accounts Receivable)
                               As of October 31, 2002
                    (List Post-Petition Receivables Only)(1)

================================================================================
Debtor (Due From)     Total Due    Date Incurred     Past Due         Past Due
                                                    31-60 Days      Over 60 Days
================================================================================
Retail                7,949,591      Daily           2,521,895         2,135,506
- --------------------------------------------------------------------------------
Commercial            9,478,027      Daily           1,650,465         5,950,703
================================================================================
Total                17,427,618                      4,172,360         8,086,209
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.

(1) Due to voluminous nature of aging reports, accounts receivable aging
information is presented in summary form. Detailed agings are available
upon request.



          Case Number 01-25009 Debtor: Startec Global Operating Company
                         SCHEDULE AP (Accounts Payable)
                            As of October 31, 2002
                  (List Post-Petition Payables Only) (2)

================================================================================
Due To             Total Due    Date Incurred       Past Due            Past Due
                                                  31-60 Days        Over 60 Days
================================================================================
Trade vendors (3)  $12,670,954    Daily            1,146,986           4,994,993
- --------------------------------------------------------------------------------

================================================================================

NOTE:  Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.

(2) Due to voluminous nature of aging reports, accounts payable aging
information is presented in summary form. Detailed agings are available
upon request.




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.8


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Operating Company                 )   CHAPTER 11
                                                         )   Case No.01-25009 DK
                                                         )
                        Debtors (s)                      )

                           CASH RECONCILIATION REPORT
                                Operating Account
                        (Business Debtor, Accrual Basis)

                        For the Month Ending October 31, 2002
                (All figures refer to post-petition transactions)



                                      Operating Account               Totals
================================================================================
A. Beginning Cash Balance
   from Balance Sheet                                          $    417,557
================================================================================
B. Net Income for month                                       +$ (1,776,687)
================================================================================
Expenses not requiring cash:
- --------------------------------------------------------------------------------
   Depreciation                      $    938,917
- --------------------------------------------------------------------------------
   Prior Period Adjustement(1)       $          -
- --------------------------------------------------------------------------------
   Foreign Exchange                  $         -
================================================================================
C. SUBTOTAL Expenses Not
   Requiring Cash                                             +$    938,917
================================================================================
D. Total Cash from Operations
   (A+B+C)                                                    =$   (420,213)
================================================================================
Other Sources/Uses of Cash:
- --------------------------------------------------------------------------------
       Decrease (Incr) - Accounts
       Receivable                    $     30,914
- --------------------------------------------------------------------------------
       Decrease (Incr) - Receivables
       from employees and affiliates $   (389,382)
- --------------------------------------------------------------------------------
       Decrease (Incr) - Other
       receivables                   $   (366,865)
- --------------------------------------------------------------------------------
       Decrease (Incr)-
       Prepayments/Deposits          $   (147,548)
- --------------------------------------------------------------------------------
       Decrease (Incr) - Equipment   $   (172,277)
- --------------------------------------------------------------------------------
       Increase (Decr) - Accounts
       Payable                       $  2,038,731
- --------------------------------------------------------------------------------
       Increase (Decr) - Accrued
       Expenses                      $     11,287
- --------------------------------------------------------------------------------
       Increase (Decr) - Accrued
       Interest                      $   (231,150)
================================================================================
E. Subtotal Other Sources/Uses
   of Cash                                                    +$    773,709
================================================================================
F. Ending Cash Balance (D+E)                                  =$    353,496
================================================================================




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 8

================================================================================
Ending Balance per Bank Statement:
- --------------------------------------------------------------------------------
         SunTrust 702307017                                    $     113,008
- --------------------------------------------------------------------------------
         SunTrust 206568819                                    $     621,598
- --------------------------------------------------------------------------------
         Merrill Lynch - 3307212                               $     446,963
- --------------------------------------------------------------------------------
         Huntington Lockbox account                            $      63,763
- --------------------------------------------------------------------------------
         Chevy Chase operating 162-430501-6                    $      49,966
- --------------------------------------------------------------------------------
         Chevy Chase payroll 162-430504-1                      $        -
- --------------------------------------------------------------------------------
         Chevy Chase Employee insurance account                $     (11,980)
- --------------------------------------------------------------------------------
         Chevy Chase restricted investment 089-320485-4        $      15,338
- --------------------------------------------------------------------------------
         Cash on Hand                                          $       9,500
- --------------------------------------------------------------------------------
         State Bank of India                                   $     180,000
- --------------------------------------------------------------------------------
Total Ending Balance per Bank
Statement                          $ 1,488,156
- --------------------------------------------------------------------------------
Less Outstanding Checks:
- --------------------------------------------------------------------------------
         SunTrust 206568819                                    $   1,031,309
- --------------------------------------------------------------------------------
         First Union 2065204149108 (Payroll)                   $      87,154
- --------------------------------------------------------------------------------
         Chevy Chase payroll 162-430504-1                      $       4,535
- --------------------------------------------------------------------------------
         First Union - 2000005780239                           $      11,662
- --------------------------------------------------------------------------------
Total Outstanding Checks           $ 1,134,660
- --------------------------------------------------------------------------------
Add:  Deposits in Transit:
- --------------------------------------------------------------------------------
         Merrill Lynch 3307212
- --------------------------------------------------------------------------------
         SunTrust 702307017
- --------------------------------------------------------------------------------
Total Deposits in Transit                    -
================================================================================
G. RECONCILED BANK BALANCE                                   = $     353,496
================================================================================

 Ending Cash Balance (F) and Reconciled Bank Balance (G) Should be Equal.
                           Attach Bank Statements.

(1) These adjustments were the result of the Company's  ordinary year-end
close procedures.  The Company will restate its Monthly Operating Report for the
post  petition  period  ending  December  31,  2001 after the audit for the year
ending December 31, 2001 has been completed.




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.9


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Operating Company     )              CHAPTER 11
                                             )              Case No. 01-25009.DK
                                             )
                  Debtors (s)                )

                           CASH RECONCILIATION REPORT
                            Payroll and Tax Accounts
                        (Business Debtor, Accrual Basis)

                        For the Month Ending October 31, 2002
               (All figures refer to post-petition transactions)



                                      Operating Account       Tax Account
================================================================================
A.  Beginning Cash Balance from
    Balance Sheet                     $          -            $
- --------------------------------------------------------------------------------
B. Cash Receipts                     +$                      +$
- --------------------------------------------------------------------------------
C. Transfers from Operating
   Accounts                          +$  26,695.65           +$
- --------------------------------------------------------------------------------
D. Other:_________________           +$                      +$
- --------------------------------------------------------------------------------
E. Other:_________________           +$                      +$
================================================================================
F. TOTAL CASH RECEIPTS (A+B+C+D+E)   =$  26,695,65           =$
================================================================================
G. Cash Available
- --------------------------------------------------------------------------------
Cash Disbursements:
- --------------------------------------------------------------------------------
       Net Payroll Paid              -$ (31,231.13)          -$
- --------------------------------------------------------------------------------
       Bank Service Charges          -$                      -$
- --------------------------------------------------------------------------------
       Other:Check wired from
             wrong account           -$                      -$
================================================================================
H. SUBTOTAL Disbursements            -$ (31,231.13)          -$
================================================================================
I. Ending Cash Balance (F+G-H)        $  (4,535.48)           $
================================================================================
Ending Balance per Bank Statement    +$       -               $
- --------------------------------------------------------------------------------
       Less Outstanding Checks       -$       -
- --------------------------------------------------------------------------------
       Add Deposits in Transit       +$
================================================================================
J. RECONCILED BANK BALANCE           =$      -               =$
================================================================================


   Ending Cash Balance (I) and Reconciled Bank Balance (J) Should be Equal.
                             Attach Bank Statements.





                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                         FORM 10


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Operating Company            )        CHAPTER 11
                                                    )        Case No.01-25009 DK
                                                    )
                                                    )

                                  BALANCE SHEET
                               As of October 31, 2002




                                              Asset                Total
================================================================================
Current Assets:
- --------------------------------------------------------------------------------
    Cash                                $    353,496
- --------------------------------------------------------------------------------
    Pre-Petition Acct. Receivables      $ 13,986,327
- --------------------------------------------------------------------------------
    Post-Petition Acct. Receivables     $ 17,427,618
- --------------------------------------------------------------------------------
    Allowance for Doubtful Accounts     $(17,025,057)
- --------------------------------------------------------------------------------
    Receivables from Officers,
    Employees, Affiliates(6),(7)        $150,802,055
- --------------------------------------------------------------------------------
    Other Current Assets:
- --------------------------------------------------------------------------------
          Deposits                      $  1,401,543
- --------------------------------------------------------------------------------
          Prepaids                      $  3,037,090
- --------------------------------------------------------------------------------
          Other Accounts Receivable     $  1,538,905
================================================================================
A.  SUBTOTAL Current Assets                                   $ 171,521,977
================================================================================
Fixed Assets:
- --------------------------------------------------------------------------------
    Equipment, Furniture & Fixtures     $ 56,260,879
- --------------------------------------------------------------------------------
    Less:  Accumulated Depreciation     $ (9,474,853)
================================================================================
B.  SUBTOTAL Fixed Assets                                    $   46,786,026
================================================================================
Other Assets:  (Identify)
- --------------------------------------------------------------------------------
    Licenses and other intangibles      $     25,604
- --------------------------------------------------------------------------------
    Restricted securities               $         -
================================================================================
C.  SUBTOTAL  Other Assets                                       $   25,604
================================================================================
D.  TOTAL ASSETS (A+B+C) (1)                                  $ 218,333,607
================================================================================




                                         Liability                  Total
================================================================================
Post-Petition Liabilities:
- --------------------------------------------------------------------------------
    Accounts Payable                  $   12,670,954
- --------------------------------------------------------------------------------
    Accrued expenses                  $    3,627,982
- --------------------------------------------------------------------------------
    DIP Financing                     $   24,545,327
================================================================================
E.  SUBTOTAL Post-Petition
    Liabilities                                               $  40,844,263
================================================================================
Pre-Petition Liabilities:
- --------------------------------------------------------------------------------
    Priority Claims (3)
- --------------------------------------------------------------------------------
    Secured Debts (2), (4)            $   13,573,410
- --------------------------------------------------------------------------------
    Unsecured Liabilities             $   43,255,926
================================================================================
F.  SUBTOTAL Pre-Petition Liabilities                         $  56,829,337
================================================================================
Stockholders' Equity (Deficit):
- --------------------------------------------------------------------------------
    Common Stock                      $          -
- --------------------------------------------------------------------------------
    Unearned Compensation             $        4,225
- --------------------------------------------------------------------------------
    Accumulated Other Comprehensive
    Loss                              $     (122,132)
- --------------------------------------------------------------------------------
    Additional Paid-in Capital        $  198,003,765
- --------------------------------------------------------------------------------
    Retained Earnings (deficit):
- --------------------------------------------------------------------------------
          Pre-Petition  (5)           $  (60,795,036)
- --------------------------------------------------------------------------------
          Post-Petition (5)           $  (16,430,814)
================================================================================
G.  SUBTOTAL Stockholders' Equity                             $ 120,660,008
================================================================================
H.  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (E+F+G)        $ 218,333,607
================================================================================


(1)  Represents  the  carrying  value of  assets.  Does not  include  any
adjustments to reflect current market value or any  adjustments  associated with
our  audit  for the  year  ending  December  31,  2001,  which  has not yet been
completed.



                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No.10

(2)  The debtor has pledged as  collateral  all of its assets to secure a
debt owed by the  debtor's  parent  company  to NTFC  Capital  Corporation.  The
balance of this obligation  (including  unpaid interest) was  approximately  $40
million as of September 30, 2002.

(3)  In the  debtor's  Schedule  of Assets  and  Liabilities,  the debtor
acknowledged the existence of priority claims,  however the amount is unknown as
of October 31, 2002.

(4) Startec Global Operating Company and Startec Global Licensing Company
are  jointly  indebted  to Allied for $20.0  million in  principal  amount  (the
"Allied  Facility").  A portion of the Allied  Facility  equal to $10 million is
jointly  secured by the accounts  receivable  of Startec  Operating  and Startec
Licensing (subordinate to NTFC's lien thereon), and the remaining $10 million is
unsecured.  For  bookkeeping  purposes,  the debt is divided  evenly between the
co-debtors.

(5)  Includes  approximately  $33.3 million in prior period  adjustments.
These  adjustments  were the result of the  Company's  ordinary  year-end  close
procedures.  The Company will restate its Monthly  Operating Report for the post
petition  period  ending  December  31, 2001 after the audit for the year ending
December 31, 2001 has been completed.

(6)  On September 30, 2002, the debtor's  parent company  entered into an
agreement to dilute its ownership position in PSN (a majority held subsidiary of
the debtor's  parent  company,  Startec Global  Communications  Corporation)  to
approximately  11%. In connection  with this  transaction,  the debtor agreed to
write off intercompany balances. This balance sheet reflects the consummation of
the transaction as outlined.

(7)  In November 2002, the debtor was advanced an additional $1.9 million
under the DIP  financing  to  purchase a loan made to its  affiliate,  Vancouver
Telephone Company.




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No.12



                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:   Startec Global Operating Company           )        CHAPTER 11
                                                    )        Case No.01-25009 DK
                                                    )
                                                    )

                        Cash Disbursements Summary Report
                        For the Month Ending October 31, 2002

================================================================================
Total Disbursements from Operating Account  (Note 1)             $ 6,516,415.60
- --------------------------------------------------------------------------------
Total Disbursements from Self Funded Medical Insurance Account   $    14,261.00
- --------------------------------------------------------------------------------
Total Disbursements from Payroll Account  (Note 2)               $    31,231.13
- --------------------------------------------------------------------------------
Total Disbursements from Tax Escrow Account  (Note 3)
- --------------------------------------------------------------------------------
Total Disbursements from other Account  (Note 4)                 $         -
================================================================================
Grand Total Disbursements from all Accounts                      $ 6,561,907.73
================================================================================


NOTE 1 - Include in this amount all checks  written,  wire transfers made
from, or any other withdrawal from the general operating  account.  Exclude only
transfers to the debtor in possession payroll account,  the debtor in possession
tax escrow account or other debtor in possession  account where the disbursement
will be listed on this report.

NOTE 2 - Include in this amount all checks  written,  wire transfers made
from, or any other withdrawal from the payroll  account.  Exclude only transfers
to the debtor in possession  operating  account,  the debtor in  possession  tax
escrow account or other debtor in possession account where the disbursement will
be listed on this report.

NOTE 3 - Include in this amount all checks  written,  wire transfers made
from,  or any  other  withdrawal  from  the tax  escrow  account.  Exclude  only
transfers  to  the  debtor  in  possession  operating  account,  the  debtor  in
possession  payroll  account or other  debtor in  possession  account  where the
disbursement will be listed on this report.

NOTE 4 -  Include  in this  amount  any other  disbursements  made by the
debtor  including  (but not limited to) cash paid from a petty cash fund or cash
register,  amounts paid from any other debtor in possession account, and amounts
paid  from  the  accounts  of  others  on  the  debtor's  behalf  (for  example,
disbursements  made from a law  firm's  escrow  account as a result of a sale of
property.)



                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

EX-99.3

                                                                          FORM 5


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Licensing Company
                                             )           CHAPTER 11
                                             )           Case No. 01-25010
                                             )
                                             )
                      Debtor(s)              )

                            MONTHLY OPERATING REPORT
                       For the Month Ending October 31, 2002

                        FINANCIAL BACKGROUND INFORMATION

1. ACCOUNTING BASIS:             Cash _______ Accrual X

2.  PREPARER:  State the name,  address,  telephone  number and  position of the
person(s) who actually compiled the information contained in this report.

Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854
(301) 610-4300


3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                       0
- --------------------------------------------------------------------------------
Current number of employees:                                0
- --------------------------------------------------------------------------------
Gross monthly payroll:
- --------------------------------------------------------------------------------
        Officers, directors, and principals                 0
- --------------------------------------------------------------------------------
        Other employees                                     0
- --------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                         YES
- --------------------------------------------------------------------------------
Exceptions:                                     _______________________________

                                                _______________________________
================================================================================


4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF
OPERATIONS since the last reporting period?  NO

5. Are all BUSINESS LICENSES or BONDS current? YES


6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                              $  -
- --------------------------------------------------------------------------------
B.  Collections (1)                              $ (509)
- --------------------------------------------------------------------------------
C.  BCI withholding                                 -
- --------------------------------------------------------------------------------
D.  Offsets/credits - reinstatement              $  598
================================================================================
E.  Ending Balance                               $   89
================================================================================

(1) Receivables of Startec Global Licensing Company are billed and/or
collected by Startec Global Operating Company. Receivables billed by Startec
Global Operating Company are collected directly by that company and are included
in its aged receivables. Other receivables of Licensing collected by Operating
Company are transferred via intercompany upon receipt of any monies.



                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 5

7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                               $ 648,062
- --------------------------------------------------------------------------------
B.  Incurred this Period                          $ 485,428
- --------------------------------------------------------------------------------
C.  Collected this Period (1)                     $(255,332)
- --------------------------------------------------------------------------------
D.  Via Intercompany                              $(244,177)
- --------------------------------------------------------------------------------
E.  Offsets/credits - reinstatement               $    (259)
================================================================================
F.  Ending Balance                                $ 633,722
================================================================================


Ending Balance Aging (2):

0-30 Days: $____238,830  31-60 Days: $ __243,851_Over 60 Days: $__151,041__


If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the delinquencies.
                                 NOT APPLICABLE

(1) Receivables of Startec Global Licensing Company are billed and/or
collected by Startec Global Operating Company. Receivables billed by Startec
Global Operating Company are collected directly by that company and are included
in its aged receivables. Other receivables of Licensing collected by Operating
Company are transferred via intercompany upon receipt of any monies.

(2) See aging attached to Form 6.



8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                                        $    -
- --------------------------------------------------------------------------------
B.  Incurred this Period
- --------------------------------------------------------------------------------
C.  Pay this Period                                        $    -
================================================================================
D.  Ending Balance (A plus B minus C)                      $    -
================================================================================


Ending Balance Aging:

0-30 Days: $ ________________31-60 Days: $ ______________Over 60 Days: _________


If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. - NOT APPLICABLE


9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                                     NO (1)

On the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized
employee of the receiving institution or taxing authority. Also attach
copies of the monthly sales tax statement, payroll tax statement,
unemployment tax statement AND real estate tax statement with evidence
of payment of these taxes.

   (1)   The debtor has not yet paid certain  pre-petition  taxes that it was
authorized to pay. The debtor has paid all known post-petition taxes that became
due and  payable  during  the month  ending  October  31,  2002.  The  debtor is
currently  reconciling the past due amounts of the post-petition taxes to ensure
accuracy  and  the  debtor   intends  to  pay  these  amounts  as  soon  as  the
reconciliation is completed.



                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 5


10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period? NO


11. Are all BOOKS AND RECORDS of the debtor being maintained monthly and are all
current? YES



12.     INSURANCE:               Policy expiration date
================================================================================
        Auto and truck           10/1/2003 *
- --------------------------------------------------------------------------------
        Fire                     10/1/2003 *
- --------------------------------------------------------------------------------
        D&O Insurance            10/28/2002 *
- --------------------------------------------------------------------------------
        Liability                10/1/2003 *
- --------------------------------------------------------------------------------
        Workers Comp.            10/1/2003 *
================================================================================

* - The insurance policies are held by Startec Global Communication Corporation,
Case No. 01-25013 DK


13. ACTIONS OF DEBTOR: During the last month, did the Debtor:
(a) Fail to defend or opposed any action seeking to dispossess the debtor from
control or custody of any asset of the estate? NO

OR consent to relief from the automatic stay ( S362)? NO

(b) Maintain such stock, inventory, raw materials, insurance,
employees and other resources as are necessary to preserve
and maintain the going concern value of the assets of the
debtor? YES


14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)? NO

If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets: NONE

Type of Motion            Brief Description of Asset            Projected Income
================================================================================
                                                               $
================================================================================


You  may  attach  a copy of the  notice  of  sale  in  lieu  of  completing  the
description. Indicate if notice(s) attached. NO

15. PAYMENTS TO SECURED CREDITORS during Reporting Period: NONE
================================================================================
Creditor        Frequency       Amount of       Next Payment      Post-Petition
                   of          Each Payment         Due            Payments not
                Payments                                          Made: Numbers
                   per                                             and Amounts
                Contract
================================================================================
                             $                  /          /
- --------------------------------------------------------------------------------
                             $                  /          /
================================================================================






                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No. 5


16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period: NONE

Professional                     Service                      Projected Income
================================================================================
                                                             $
================================================================================

Note: If payments were made to any professional during the reporting period, a
copy of the order authorizing payment must be attached.


17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:

                                         Monthly Disbursements:
================================================================================
Month 1 ( current quarter)                   None
================================================================================
Month 2 ( current quarter)                   None
- --------------------------------------------------------------------------------
Month 3 ( current quarter)                   None
================================================================================
Total                                        None
================================================================================


Quarterly Fee owed $250.00 (Refer to Fee Calculation Chart on page 16)
Payment of $250.00 will be due and payable after December 31, 2002.


18. VERIFICATION
I declare under penalty of perjury that the information contained in
this Monthly Operating Report (including schedules) is true and correct
to the best of my knowledge, information and belief.

Dated  November 22, 2002        DEBTOR IN POSSESSION
                                       By:             Prabhav Maniyar
                                       Name/Title:     Chief Financial Officer,
                                                       Director and Secretary
                                       Address:        1151 Seven Locks Road
                                                       Potomac, MD  20854
                                       Telephone:      (301) 610-4300

                                        /s/ Prabhav Maniyar








                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.6



                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:         Startec Global Licensing Company              ) CHAPTER 11
                                                             ) Case No. 01-25010
                                                             )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                        For the Month Ended October 31, 2002
                (All figures refer to post-petition transactions)



                                      This Month         Year to Date
================================================================================
A. TOTAL SALES/INCOME              $ 431,098                  3,846,882
================================================================================
COST OF SALES:
- --------------------------------------------------------------------------------
     Purchases of Inventory        $
- --------------------------------------------------------------------------------
     Purchased Services            $ 206,359                  1,913,437
================================================================================
B. SUBTOTAL Cost of Sales        - $ 206,359               -$ 1,913,437
================================================================================
C. GROSS PROFIT (A - B)          = $ 224,739               =$ 1,933,445
================================================================================
OPERATING EXPENSES:
- --------------------------------------------------------------------------------
     Advertising / Marketing       $ 27,166                 $    216,269
- --------------------------------------------------------------------------------
     Interest                      $                        $         -
- --------------------------------------------------------------------------------
     Professional Fees
     (Atty. Acct.)                 $     -                  $      1,081
- --------------------------------------------------------------------------------
     Taxes (Other)                 $     88                 $      1,368
- --------------------------------------------------------------------------------
     Prior period adjustment       $                        $     10,028
- --------------------------------------------------------------------------------
     Allocated G&A from affiliate  $ 132,433                $  1,327,783
- --------------------------------------------------------------------------------
     Fees and offsets              $ 42,244                 $    391,214
- --------------------------------------------------------------------------------

     _________________________     $                        $
- --------------------------------------------------------------------------------

     _________________________     $                        $
- --------------------------------------------------------------------------------
D.  SUBTOTAL Operating Expenses   -$ 201,843               -$  1,947,743
================================================================================
E.  PROFIT/LOSS FROM OPERATION    =$   22,896              =$    (14,298)
    (C-D)
================================================================================
Other Income (Expenses)
- --------------------------------------------------------------------------------
     Interest                      $                        $
- --------------------------------------------------------------------------------
     ________________________      $                        $

     ________________________      $                        $
================================================================================
F. SUBTOTAL Other Income
   (Expenses)                     =$                       =$
================================================================================
G. Income Tax Expense              $                        $
================================================================================
H. NET INCOME (LOSS) (E+F-G)       $   22,896               $  (14,298)
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.







                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                       FORM No.6


          Case Number 01-25010 Debtor: Startec Global Licensing Company
                        SCHEDULE AR (Accounts Receivable)
                               As of October 31, 2002
                    (List Post-Petition Receivables Only) (1)


================================================================================
Debtor (Due From)    Total Due     Date Incurred     Past Due       Past Due
                                                    31-60 Days    Over 60 Days
================================================================================
Retail customers    $ 633,722.00       Daily         243,851.00     151,041.00
- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.

(1) Due to voluminous nature of aging reports, accounts receivable aging
information is presented in summary form. Detailed aging available upon
request.




          Case Number 01-25010 Debtor: Startec Global Licensing Company
                         SCHEDULE AP (Accounts Payable)
                               As of October 31, 2002
                       (List Post-Petition Payables Only)

NOT APPLICABLE TO DEBTOR  - NO TRADE PAYABLES
================================================================================
Due To       Total Due        Date Incurred       Past Due           Past Due
                                                  31-60 Days        Over 60 Days
================================================================================

- --------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.



                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE

                                                                      FORM No.10


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Licensing Company         )           CHAPTER 11
                                                 )           Case No.01-25010 DK
                                                 )

                              BALANCE SHEET
                               As of October 31, 2002


================================================================================
                                           Asset               Total
================================================================================
Current Assets:
- --------------------------------------------------------------------------------
    Cash                               $       -
- --------------------------------------------------------------------------------
    Pre-Petition Acct. Receivables     $        89
- --------------------------------------------------------------------------------
    Post-Petition Acct. Receivables    $   633,722
- --------------------------------------------------------------------------------
    Allowance for Doubtful Accounts    $  (221,451)
- --------------------------------------------------------------------------------
    Receivables from Affiliates        $ 5,523,265
- --------------------------------------------------------------------------------
    Notes Receivables Stocks
- --------------------------------------------------------------------------------
    Inventory
- --------------------------------------------------------------------------------
    Other Current Assets:
================================================================================
A.  SUBTOTAL Current Assets                                  $   5,935,625
================================================================================
Fixed Assets:
- --------------------------------------------------------------------------------
    Land
- --------------------------------------------------------------------------------
    Building
- --------------------------------------------------------------------------------
    Equipment, Furniture & Fixtures
- --------------------------------------------------------------------------------
    Less:  Accumulated Depreciation
================================================================================
B.  SUBTOTAL Fixed Assets                                    $          -  
================================================================================
Other Assets:  (Identify)
================================================================================
C.  SUBTOTAL  Other Assets                                   $          - 
================================================================================
D.  TOTAL ASSETS (A+B+C)                                     $   5,735,625
================================================================================





                                         Liability               Total
================================================================================
Post-Petition Liabilities:
- --------------------------------------------------------------------------------
    Accounts Payable
- --------------------------------------------------------------------------------
    Accrued Expenses                   $    57,271
- --------------------------------------------------------------------------------
    Rent and Leases Payable
- --------------------------------------------------------------------------------
    Taxes Payable
- --------------------------------------------------------------------------------
    Accrued interest
- --------------------------------------------------------------------------------
    Other
================================================================================
E.  SUBTOTAL Post-Petition Liabilities                       $      57,271
================================================================================
Pre-Petition Liabilities:
- --------------------------------------------------------------------------------
    Priority Claims
- --------------------------------------------------------------------------------
    Secured Debts (1)                  $10,716,937
- --------------------------------------------------------------------------------
    Unsecured Debts                    $    18,281
================================================================================
F.  SUBTOTAL Pre-Petition Liabilities                        $  10,735,218
================================================================================
Stockholders' Equity (Deficit):
- --------------------------------------------------------------------------------
    Common Stock
- --------------------------------------------------------------------------------
    Additional Paid-in Capital
- --------------------------------------------------------------------------------
    Retained Earnings (deficit):
- --------------------------------------------------------------------------------
         Pre-Petition                  $(5,476,562)
- --------------------------------------------------------------------------------
         Post-Petition (2)             $ 619,698
================================================================================
G.  SUBTOTAL Stockholders' Equity                            $  (4,856,864)
================================================================================
H.  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (E+F+G)       $   5,935,625
================================================================================

(1) Startec Global Licensing Company and Startec Global Operating Company are
jointly indebted to Allied for $20.0 million in principal amount (the "Allied
Facility"). A portion of the Allied Facility equal to $10 million is jointly
secured by the accounts receivable of Startec Operating and Startec Licensing
(subordinate to NTFC's lien thereon), and the remaining $10 million is
unsecured. For bookkeeping purposes, the debt is divided evenly between the
co-debtors and this amount reflects the division.

(2) Includes prior period  adjustments  that were the result of the Company's
ordinary  year-end  close  procedures.  The  Company  will  restate  its Monthly
Operating Reoprt for the post petition period ending December 31, 2001 after the
audit for the year ending December 31, 2001 has been completed.




                                   UNAUDITED
             PRELIMINARY, TENTATIVE AND SUBJECT TO MATERIAL CHANGE