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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 (5) | $ 0.1225 | 06/29/2006 | Â | J/K4 | Â | 5,000,000 | 06/26/2006 | 06/30/2006 | Preferred Stock | $ 0.1225 | 0 | Â | ||
Convertible Loan Common Shares (6) | $ 0.7 | 06/29/2006 | Â | J4 | Â | 932,465 | 06/26/2006 | 06/30/2006 | Common Stock | $ 0.7 | 0 | Â | ||
Anti-dilution Common Shares (7) | $ 0 | 06/29/2006 | Â | J4 | Â | 10,766,395 | 06/26/2006 | 06/30/2006 | Common Stock | $ 0 | 0 | Â | ||
ISA Common Stock Option (8) | $ 0.6 | Â | Â | Â | Â | Â | 07/01/2004 | 06/30/2009 | Common Stock | Â | 0 | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Doubletree Capital Partners, Inc. 2560 N RICE STREET ST PAUL, MN 55113 |
 |  X |  |  |
/s/ Bernard L. Brodkorb | 07/12/2007 | |
**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 by Doubletree Capital Partners, Inc. (DCP) for convertible debt and related interest due thereon. |
(2) | Common Stock restricted shares acquired by Doubletree Capital Partners, Inc. for services rendered. |
(3) | Common Stock restricted shares owned by Doubletree Capital Partners, Inc. since November 14, 2000. |
(4) | Common Stock restricted shares acquired by Doubletree Capital Partners, Inc. pursuant to a reorganization agreement between ISAT and DCP where DCP 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 the conversion. The option was exercised on June 29, 2006. |
(5) | Convertible Preferred Stock issued pursuant to a reorganization agreement between ISAT and DCP dated November 7, 2000. On June 29, 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 DCP. |
(6) | Convertible loan securities agreement with DCP exercisable at any time. Loans made and the related accrued interest due to DCP by the Company were convertible at $0.50 per share at the option of DCP as of December 31, 2004. These loan agreements along with the Convertible Preferred Stock owned by DCP were converted to nonderivative Common stock in July 2006 included under footnote 1. |
(7) | Anti-dilution agreement Common shares due DCP as of December 31, 2004. These became nonderivative Common shares issued to DCP in June 2006 included under footnote 4. |
(8) | Common stock restricted shares due DCP upon exercise at specified option price of $0.60 per share for a 5 year period commencing July 22, 2004. |