SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* PETERSON JERRY (Last) (First) (Middle) 7887 EAST BELLEVIEW AVENUE SUITE 800 (Street) ENGLEWOOD CO 80111 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol BESTNET COMMUNICATIONS CORP [ BESC.OB ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 10/16/2002
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/27/2003		P		1,500,000	A	(1)	1,474,500	D
Common Stock	10/13/2003		S		22,500	D	(2)	1,474,500	D
Common Stock	10/17/2003		S		3,000	D	(3)	1,474,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Convertible Note	$1	10/16/2002		P		1		10/16/2002	(6)	Common Stock	200,000	$200,000	1	D
Warrant	$1.5	10/16/2002		P		10,000		10/16/2002	(6)	Common Stock	10,000	(4)	100,000	D
Series A Convertible Preferred Stock	$0.1	03/27/2003		P		500,000		09/17/2003	(6)	Common Stock	100,000	(1)	491,500	D
Warrant	$0.3	03/27/2003		P		500,000		09/17/2003	03/27/2006	Common Stock	500,000	(1)	491,500	D
Series A Convertible Preferred Stock	$0.1	10/13/2003		S			7,500	09/17/2003	(6)	Common Stock	15,000	(2)	491,500	D
Warrant	$0.3	10/13/2003		S			7,500	09/17/2003	03/27/2006	Common Stock	7,500	(2)	491,500	D
Series A Convertible Preferred Stock	$0.1	10/17/2003		S			1,000	09/17/2003	(6)	Common Stock	2,000	(3)	491,500	D
Warrant	$0.3	10/17/2003		S			1,000	09/17/2003	03/27/2006	Common Stock	1,000	(3)	491,500	D
Convertible Note	$1	11/14/2003		J(5)			1	11/14/2003	(6)	Common Stock	1,800,000	(5)	1	D

Explanation of Responses:

1. The securities of the Issuer listed here are a component of the 500,000 units of Issuer purchased by Mr. Peterson (each a "Unit" and collectively, the "Units") for a purchase price of $.30 per Unit. Each Unit consists of (a) three shares of the Common Stock of the Issuer, (b) one share of the Series A Convertible Preferred Stock of Issuer and (c) one Warrant to purchase one share of the Common Stock of the Issuer.

2. The securities of the Issuer listed here are a component of the 7,500 Units sold by Mr. Peterson on October 13, 2003 for a purchase price of $1.50 per Unit.

3. The shares of the Common Stock of the Issuer listed here are a component of the 1,000 Units sold by Mr. Peterson on October 17, 2003 for a purchase price of $1.50 per Unit.

4. These Warrants were Issued in connection with Mr. Peterson's purchase of the Convertible Note issued on October 16, 2002 (the "Note").

5. The terms of the Note referenced above were amended on November 14, 2003 to provide for (a) a decrease in the conversion price from $1.00 per share of the Common Stock of the Issuer to $.10 per share, (b) an extension of the Maturity Date of the Note to September 26, 2004, (b) an increase of the interest rate of the Note to 8% and (c) a termination of the Warrants issued in connection with the delivery of the Note upon conversion of the Note.

6. These securities are not subject to a stated expiration date.

	Jerry W. Peterson	11/28/2003
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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