telkonet inc (TKOI) Key Developments
Telkonet, Inc. Enters into Revolving Credit Facility with Bridge Bank, N.A
Jun 6 13
Effective as of May 31, 2013, Telkonet, Inc. entered into a revolving credit facility with Bridge Bank, N.A. in a principal amount not to exceed $2,000,000. The agreement is subject to a borrowing base that is equal to the sum of 80% of the company's eligible accounts receivable and 25% of the eligible inventory. The agreement is available for working capital and other lawful general corporate purposes. The outstanding principal balance of the facility bears interest at prime rate plus 2.75. The company is subject to certain financial covenants under the agreement, consisting of a minimum asset coverage ratio of not less than 1.50:1.0 and minimum revenue and net income of at least 75% of the operating projections approved by the Company's board of directors. The agreement contains other representations and warranties, covenants, events of default, and other provisions customary to transactions of this nature. Pursuant to the agreement and the intellectual property security agreement the company granted to the bank a security interest in all of its assets to secure its obligations under the agreement.
Telkonet, Inc. Announces Auditor Changes
Jun 6 13
On June 03, 2013, the audit committee of the board of directors of Telkonet, Inc. dismissed Baker Tilly Virchow Krause, LLP as the company's independent registered public accounting firm, and appointed BDO USA, LLP as the company's new independent registered public accounting firm.
Telkonet, Inc. Presents at SeeThruEquity Second Annual Investor Conference, Jun-04-2013 10:30 AM
May 20 13
Telkonet, Inc. Presents at SeeThruEquity Second Annual Investor Conference, Jun-04-2013 10:30 AM. Venue: The Penn Club, 30 West 44th Street, New York, NY 10036, United States. Speakers: Jason L. Tienor, Chief Executive Officer, President and Director.
Telkonet, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013
May 15 13
Telkonet, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company's total net revenue was $3,127,634 compared to $1,928,601 a year ago. Loss from operations was $394,928 compared to $697,060 a year ago. Loss before provision for income taxes was $411,566 compared to $728,824 a year ago. Net loss was $411,846 compared to $728,824 a year ago. Net loss attributable to common stockholders was $584,743 or $0.00 per basic and diluted share compared to $919,577 or $0.01 per basic and diluted share a year ago. LBITDA was $330,810 compared to $624,462 a year ago. Adjusted LBITDA was $328,787 compared to $588,297 a year ago.
Telkonet, Inc. to Report Q1, 2013 Results on May 15, 2013
May 8 13
Telkonet, Inc. announced that they will report Q1, 2013 results at 12:30 PM, GMT Standard Time on May 15, 2013