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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 2270 (9-02) |
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 Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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(A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | |||||||||
Convertible Preferred Stock (7) | $ 0.1225 | 06/26/2006 | Â | J | Â | 5,000,000 | 06/26/2006 | 06/30/2006 | Preferred Stock | $ 0.1225 | 0 | By Doubletree Capital Partners, Inc. (See footnote 7) | ||
Convertible Loan Common Shares (8) | $ 0.7 | 06/26/2006 | Â | J | Â | 932,465 | 06/26/2006 | 06/30/2006 | Common Stock | $ 0.7 | 0 | By Doubletree Capital Partners, Inc. (See footnote 9) (9) | ||
Anti-dilution Common Shares (10) | $ 0 | 06/26/2006 | Â | J | Â | 10,766,395 | 06/26/2006 | 06/30/2006 | Common Stock | $ 0 | 0 | By Doubletree Capital Partners, Inc.(see footnote 10) | ||
ISA Common Stock Option (11) | $ 0.6 | Â | Â | Â | Â | Â | 07/01/2004 | 06/30/2009 | Common Stock | Â | 0 | By Doubletree Capital Partners, Inc. (See footnote 11) |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Brodkorb Bernard Leonard Jr 2560 N RICE STREET ST PAUL, MN 55113 |
 X |  X |  Chief Executive Officer |  |
Bernard L. Brodkorb Jr. | 07/05/2007 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Common Stock restricted shares acquired for services rendered. |
(2) | Common Stock restricted shares acquired by Doubletree Capital Partners, Inc. for convertible debt and related interest due thereon. Reporting person is a 50% owner of Doubletree Capital Partners, Inc. and all information represents 100% of Doubletree's interest. |
(3) | Common Stock restricted shares acquired by Doubletree Capital Partners, Inc. for services rendered. |
(4) | Common Stock restricted shares owned by Doubletree Capital Partners, Inc. |
(5) | Common Stock restricted shares acquired by Doubletree Capital Partners, Inc. pursuant to a reorganization agreement between ISAT and Doubletree Capital Partners, Inc. where Doubletree could exchange their Preferred Shares for an amount of Common Shares not less than 75% of the outstanding shares of ISAT at the time of conversion. The option was exercised on June 26, 2006. |
(6) | Common Stock restricted shares owned by Doubletree Liquidation Corportation for Indemnification Agreement issued June 2004. Reporting person is a 50% owner of Doubletree Liquidation Corporation and all information represents 100% of Doubletree Liquidation Corporation's interest. |
(7) | Convertible Preferred Stock issued pursuant to a reorganization agreement between ISAT and Doubletree Capital Partners, Inc. dated November 7, 2000. On June 26, 2006 at the option of Doubletree Capital Partners, Inc., 5,000,000 Convertible Preferred shares were converted into 17,054,934 Common shares issued to Doubletree Capital Partners, Inc. This reporting person is a 50% owner of Doubletree Capital Partners, Inc. and all information represents 100% of Doubletree's interest. |
(8) | Convertible loan securities agreement with Doubletree Capital Partners, Inc. excercisable at any time. Shares were issued on June 26, 2006. |
(9) | Convertible loans made and the related interest due to Doubletree Capital Partners, Inc. by the Company were convertible at $0.50 per share at the option of Doubletree Capital Partners, Inc.as of December 31, 2004. These loan agreements along with the the Convertible Preferred Stock owned by Doubletree Capital Partners, Inc. were converted to nondirivative Common Stock on June 26, 2006 included under footnote 2. |
(10) | Anti-dilution agreement Common Shares due Doubletree Capital Partners, Inc. as of December 31, 2004. These became nondirivative Common Shares issued to Doubletree Capital Partners, Inc. under footnote 5. |
(11) | Represents Common Stock restricted shares due Doubletree Capital Partners, Inc. upon exercise at specified option price of $0.60 per share for a 5 year period commencing July 22, 2004. This reporting person is a 50% owner of Doubletree Capital Partners, Inc. and all information represents 100% of Doubletree's interest. |