hahahahha....yous better 'n me at dis here 'change a ideas....
say! did anyone see this 8-k filed yesterday for MST? It has several references to TKO , regarding money passed back and forth, in it. Note, this filing announces that the CFO for TKO is also the CFO for MST....
Form 8-K for MSTI HOLDINGS, INC.
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26-Jul-2007
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 20, 2007, our Board of Directors appointed Richard J. Leimbach to serve as our Vice President of Finance, and act as our principal financial and accounting officer. Mr. Leimbach has served as a financial consultant to us since February 2006. Mr. Leimbach is a certified public accountant with over fourteen years of public accounting and private industry experience. Mr. Leimbach has been the Vice President of Finance and Controller of Telkonet, Inc. (AMEX: TKO), our majority stockholder and a provider of broadband access, since January 2004. Prior to joining Telkonet, from October 2001 to January 2004, Mr. Leimbach was the Controller at Ultrabridge, Inc., an applications solution provider. Mr. Leimbach also served as Corporate Accounting Manager for Snyder Communications, Inc., a global provider of integrated marketing solutions, from July 1998 to August 2001.
Other than Mr. Leimbach being an officer of Telkonet, with which we have certain related party transactions, there are no related party transactions between us and Mr. Leimbach that are reportable under Item 404(a) of Regulation S-B.
We have a co-marketing agreement with Telkonet, Inc., which owns approximately 63% of our outstanding common stock. Since January 1, 2005, $244,271 was paid to Telkonet pursuant to the terms of this agreement.
Telkonet, Inc. has made approximately $7,004,000 in unsecured loans to Microwave Satellite Technologies, Inc., bearing interest at approximately 8% per annum. Since May 24, 2007, we have made principal and interest payments in the aggregate amount of approximately $2,381,000, and $5,000,000 of such indebtedness was converted into 5,000,000 shares of our common stock at a conversion price of $1.00 per share. Additionally, on July 18, 2007, Telkonet issued unregistered shares of its common stock worth approximately $1,500,000 as consideration for the acquisition of substantially all of the assets of Newport Telecommunications Co. At July 26, 2007, approximately $1,558,000 remained outstanding under these loans.
There is no family relationship among Mr. Leimbach and our other effective officers and directors.
