DELAWARE
|
22-3337365
|
|
(State
or other jurisdiction of incorporation of organization)
|
(I.R.S.
Employer Identification Number)
|
|
3960
HOWARD HUGHES PARKWAY
SUITE
460
LAS
VEGAS, NV 89169
(702)
697-0377
|
||
(Address,
including zip code, and telephone number,
including
area code, of Company's principal executive
offices)
|
STEVEN
Z. STRASSER
CHAIRMAN
AND CHIEF EXECUTIVE OFFICER
POWER
EFFICIENCY CORPORATION
3960
HOWARD HUGHES PARKWAY
SUITE
460
LAS
VEGAS, NV 89169
TEL:
(702) 697-0377
FAX:
(702) 697-0379
|
||
(Name,
address, including zip code, and telephone number,
including
area code, of agent for service of
process)
|
Copy
to:
BARRY
GROSSMAN, ESQ.
ADAM
S. MIMELES, ESQ.
ELLENOFF
GROSSMAN & SCHOLE LLP
150
EAST 42ND
STREET,
11TH
FLOOR
NEW
YORK, NEW YORK 10017
TEL:
(212) 370-1300
FAX:
(212) 370-7889
|
Title
of Each Class of Securities to be Registered
|
Amount
to be
Registered(1)
|
Proposed
Maximum
Offering
Price Per
Share
|
Proposed
Maximum Aggregate Offering Price(2)
|
Amount
of Registration Fee
|
||||
Common
Stock, par value $.001 per share
|
8,140,000
|
$
0.325 (2)
|
$
2,645,500
|
$
156.34
|
||||
Common
Stock, par value $.001 per share (3)
|
6,120,000
|
$
0.60 (4)
|
$
3,672,000
|
$
144.31
|
||||
Total
|
14,260,000
|
$
6,317,500
|
$
300.65
|
Page
|
|
ABOUT
THIS PROSPECTUS
|
1
|
PROSPECTUS
SUMMARY
|
1
|
THE
OFFERINGS
|
1
|
THE
COMPANY
|
2
|
RISK
FACTORS
|
4
|
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
11
|
USE
OF PROCEEDS
|
12
|
PRICE
RANGE OF COMMON STOCK
|
12
|
DIVIDEND
POLICY
|
12
|
BUSINESS
|
17
|
MANAGEMENT
|
24
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. | 33 |
CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
|
34
|
SELLING
STOCKHOLDERS
|
35
|
DESCRIPTION
OF SECURITIES
|
35
|
PLAN
OF DISTRIBUTION
|
51
|
LEGAL
MATTERS
|
53
|
EXPERTS
|
53
|
WHERE
YOU CAN FIND MORE INFORMATION
|
53
|
FINANCIAL
STATEMENTS
|
F-i
|
|
·
|
delay
or prevent a change in the control;
|
|
·
|
impede
a merger, consolidation, takeover or other transaction involving
the
Company; or
|
|
·
|
discourage
a potential acquirer from making a tender offer or otherwise attempting
to
obtain control of the Company.
|
|
·
|
Investors
may have difficulty buying and selling or obtaining market
quotations;
|
|
·
|
Market
visibility for our common stock may be limited;
and
|
|
·
|
Such
a lack of visibility for our common stock may have a depressive effect
on
the market price for our common
stock.
|
|
·
|
Control
of the market for the security by one or a few broker-dealers that
are
often related to the promoter or
issuer;
|
|
·
|
Manipulation
of prices through prearranged matching of purchases and sales and
false
and misleading press releases;
|
|
·
|
"Boiler
room" practices involving high pressure sales tactics and unrealistic
price projections by inexperienced sales
persons;
|
|
·
|
Excessive
and undisclosed bid-ask differentials and markups by selling
broker-dealers; and
|
|
·
|
The
wholesale dumping of the same securities by promoters and broker-dealers
after prices have been manipulated to a desired level, along with
the
inevitable collapse of those prices with consequent investor
losses.
|
Three
months Ended March 31, 2008
|
High
|
Low
|
|||||
January
1, 2008 — March 31, 2008
|
$
|
0.54
|
$
|
0.30
|
|||
April
1, 2008 to June 30, 2008
|
0.39
|
0.26
|
Twelve months Ended December 31, 2007
|
High
|
Low
|
|||||
October
1, 2007 — December 31, 2007
|
$
|
0.70
|
$
|
0.37
|
|||
July
1, 2007 — September 30, 2007
|
0.75
|
0.20
|
|||||
April
1, 2007 — June 30, 2007
|
0.26
|
0.20
|
|||||
January
1, 2007 — March 31, 2007
|
0.30
|
0.18
|
Twelve months Ended December 31, 2006
|
High
|
Low
|
|||||
October
1, 2006 — December 31, 2006
|
$
|
0.40
|
$
|
0.21
|
|||
July
1, 2006 — September 30, 2006
|
0.30
|
0.18
|
|||||
April
1, 2006 — June 30, 2006
|
0.43
|
0.20
|
|||||
January
1, 2006 — March 31, 2006
|
0.40
|
0.20
|
(a)
|
Business
Development
|
|
(b)
|
Business
of the Company
|
|
·
|
Motor
and Equipment Life: The MEC extends motor life by reducing the stress
and
strain on the motor and surrounding equipment, and reduces the amperage
to
the motor, which results in cooler running
temperatures.
|
|
·
|
Successful
Utility and Customer Tests: The MEC has been successfully tested
by
numerous electric utilities and customers. For example, Paragon Consulting
Services, a contractor for Nevada Power Company, the electric utility
for
southern Nevada, performed 8 field tests on escalators and one on
an
elevator in major Las Vegas casinos. The tests resulted in average
energy
savings of over 30% on the escalators and 20% on the elevator.
|
|
·
|
Utility
Incentive Financing: The product has qualified for rebate incentive
financing, most frequently called “rebates”, from many electric utilities.
This financing is generally paid to the end user of the MEC as an
incentive to invest in energy saving products. As such, this financing
effectively decreases the cost of the Company’s MEC for end users. The
utilities that have approved the Company’s products for incentive
financing include: Nevada Power Company, the Los Angeles Department
of
Water and Power, Sierra Pacific Power, Southern California Edison,
the New
York Power Authority, Excel Energy, Sacramento Municipal Utility
District
and San Diego Gas and Electric.
|
|
·
|
Acceptance
by Original Equipment Manufacturers: The Company’s products have been
approved and installed by numerous original equipment manufacturers
(“OEMs”) in the escalator and granulator
industries.
|
|
·
|
Increased
ease of installation and reduced technical support requirements.
For
example, instead of approximated and manual adjustments during
installation, which can require technical support from the Company,
the
digitized unit will allow more simplified and precise adjustments
by
customers and third party installers.
|
|
·
|
Reduced
product size, which is important for many
installations.
|
|
·
|
Input-output
communications capabilities, so the device can communicate with external
control systems.
|
|
·
|
Increased
functionality. The Company expects to be able to add new functionality
to
the products. These new functions may include such things as:
|
|
o
|
Recording
and reporting of actual energy savings;
|
|
o
|
Prediction
of maintenance problems by reading and reporting on changes in the
motor’s
operating characteristics; and
|
|
o
|
More
secure intellectual property protection through the use of secured
chips
and software.
|
|
·
|
It
combines soft start features with energy savings features in a single
integrated unit that is CSA and CE certified and achieves energy
savings
levels of up to 15% to 35% in independent, third party
testing;
|
|
·
|
Its
circuitry is proprietary, protected by one patent. Numerous other
patent
filings on new innovations are pending approval of the U.S. Patent
and
Trademark Office;
|
|
·
|
It
has been tested extensively by utilities with documented energy savings
and approval for incentive financing rebates;
|
|
·
|
It
is accepted by OEMs in the escalator and granulator
industries.
|
|
(c)
|
Reports
to Security Holders
|
Name
|
Age
|
Director
Since
|
Position
|
|||
Steven
Z. Strasser
|
60
|
2002
|
Chairman,
Chief Executive Officer
|
|||
John
(BJ) Lackland
|
37
|
2002
|
Director,
Chief Financial Officer, and Secretary
|
|||
Raymond
J. Skiptunis
|
65
|
2002
|
Director,
Chairman of the Audit Committee
|
|||
George
Boyadjieff
|
69
|
2006
|
Director,
Senior Technical Advisor
|
|||
Douglas
M. Dunn
|
65
|
2006
|
Director
|
|||
Richard
Morgan
|
62
|
2007
|
Director
|
|||
Gary
Rado
|
68
|
2005
|
Director
|
• |
selects
the independent auditors, considering independence and
effectiveness;
|
•
|
discusses
the scope and results of the audit with the independent auditors
and
reviews with management and the independent auditors our interim
and
year-end operating results;
|
• |
considers
the adequacy of our internal accounting controls and audit
procedures;
|
•
|
reviews
and approves all audit and non-audit services to be performed by
the
independent auditors; and
|
• |
administers
the whistleblower policy.
|
• |
recommends
to the Board of Directors the compensation level of the executive
officers;
|
• |
reviews
and makes recommendations to our Board of Directors with respect
to our
equity incentive plans; and
|
• |
establishes
and reviews general policies relating to compensation and benefits
of our
employees.
|
SUMMARY
COMPENSATION TABLE
|
||||||||||||||||||||||||||||
Name
and principal position
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock
Awards ($)
|
Option
Awards ($)
|
Non-Equity
Incentive Plan Compensation ($)
|
Nonqualified
Deferred Compensation Earnings ($)
|
All
Other Compensation ($)
|
Total
($)
|
|||||||||||||||||||
Steven
Z. Strasser(1)
|
2007
|
$
|
297,172
|
-
|
-
|
-
|
-
|
-
|
-
|
$
|
297,172
|
|||||||||||||||||
Chairman
and Chief
|
2006
|
$
|
288,750
|
-
|
-
|
-
|
-
|
-
|
-
|
$
|
288,750
|
|||||||||||||||||
Executive
Officer
|
|
|||||||||||||||||||||||||||
John
(BJ) Lackland (2)
|
2007
|
$
|
189,109
|
-
|
-
|
-
|
-
|
-
|
-
|
$
|
189,109
|
|||||||||||||||||
Director
and Chief
|
2006
|
$
|
183,750
|
-
|
-
|
-
|
-
|
-
|
-
|
$
|
183,750
|
|||||||||||||||||
Financial
Officer
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Name
|
Salary
(1)
|
Bonus(4)
|
Common
Stock Options(5)
|
|||||||
Steven
Strasser
|
$
|
275,000(2)
|
|
3,000,000
|
||||||
BJ
Lackland
|
$
|
175,000(3)
|
|
1,800,000
|
(1)
|
To
be increased annually by at least 5% of base
salary.
|
(2)
|
First
year's salary to be paid $60,000 in cash and options to purchase
1,612,500
shares of Common Stock at an average exercise price equal to $0.21
per
share in lieu of remaining cash vesting quarterly over one
year.
|
(3)
|
First
year's salary to be paid $120,000 in cash and options to purchase
412,500
shares of Common Stock at an exercise price equal to $0.20 per share
in
lieu of remaining cash vesting quarterly over one year.
|
(4)
|
At
the Board's discretion.
|
(5)
|
Vesting
evenly and quarterly beginning on August 31, 2005 and ending on May
28,
2010.
|
OUTSTANDING
EQUITY AWARDS AT FISCAL YEAR-END
|
||||||||||||||||||||||||||||
OPTION
AWARDS
|
STOCK
AWARDS
|
|||||||||||||||||||||||||||
Name
|
Number
of Securities Underlying Unexercised Options (#)
Exercisable
|
Number
of Securities Underlying Unexercised Options
(#)
Unexercisable
|
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised
Unearned Options
(#)
|
Option
Exercise Price
($)
|
Option
Expiration Date
|
Number
of Shares or Units of Stock That Have Not Vested
(#)
|
Market
Value of Shares or Units of Stock That Have Not Vested
($)
|
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other
Rights
That Have Not Vested
(#)
|
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares,
Units or
Other Rights That Have Not Vested
(#)
|
|||||||||||||||||||
Steven
Strasser
|
1,590,972
|
971,817
|
-
|
$
|
0.22
|
5/31/2010
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1,521,588
|
518,183
|
-
|
$
|
0.20
|
5/31/2015
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
600,000
|
-
|
-
|
$
|
0.65
|
11/28/2015
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
BJ
Lackland
|
1,252,500
|
960,000
|
-
|
$
|
0.20
|
5/31/2015
|
-
|
-
|
-
|
-
|
||||||||||||||||||
375,000
|
-
|
-
|
$
|
0.65
|
11/28/2015
|
-
|
-
|
-
|
-
|
(i) |
two
years from the date of award of the option, or
|
(ii) |
one
year from the date of
exercise.
|
·
|
assumption
or substitution of, or adjustment to, each outstanding
award;
|
·
|
acceleration
of the vesting of options and stock appreciation
rights;
|
·
|
termination
of any restrictions on stock awards or cash awards;
or
|
·
|
cancellation
of awards in exchange for a cash payment to the
participant.
|
DIRECTOR
COMPENSATION
|
||||||||||||||||||||||
Name
(a)
|
Fees
Earned or Paid in Cash
($)
|
Stock
Awards ($)
|
Option
Awards ($)
|
Non-Equity
Incentive
Plan
Compensation
($)
|
Non-Qualified
Deferred Compensation Earnings
($)
|
All
Other
Compensation ($)
|
Total
($)
|
|||||||||||||||
Raymond
J. Skiptunis
|
$
|
12,000
|
-
|
$
|
40,200
|
-
|
-
|
-
|
$
|
52,200
|
||||||||||||
George
Boyadjieff
|
-
|
-
|
$
|
26,800
|
-
|
-
|
-
|
$
|
26,800
|
|||||||||||||
Douglas
M. Dunn
|
-
|
-
|
$
|
26,800
|
-
|
-
|
-
|
$
|
26,800
|
|||||||||||||
Richard
Morgan
|
-
|
-
|
$
|
26,800
|
-
|
-
|
-
|
$
|
26,800
|
|||||||||||||
Gary
Rado
|
-
|
-
|
$
|
26,800
|
-
|
-
|
-
|
$
|
26,800
|
Name
and Address of
|
Percent
of
|
|||||
Title
of Class
|
Beneficial
Owner(1)
|
Shares
Owned
|
Shares
Owned(10)
|
|||
Common
Stock
|
Steven
Strasser, CEO, Chairman of the Board
|
19,617,169(2)
|
38.12%
|
|||
Common
Stock
|
John
(BJ) Lackland, CFO, Director
|
2,060,500(3)
|
4.87%
|
|||
Common
Stock
|
Raymond
J. Skiptunis, Director
|
471,039(4)
|
1.15%
|
|||
Common
Stock
|
Gary
Rado, Director
|
587,500(5)
|
1.43%
|
|||
Common
Stock
|
George
Boyadjieff, Director
|
2,775,000(6)
|
6.58%
|
|||
Common
Stock
|
Douglas
Dunn, Director
|
387,500(7)
|
Less
than 1%
|
|||
Common
Stock
|
Richard
Morgan, Director
|
150,000(8)
|
Less
than 1%
|
|||
Common
Stock
|
Summit
Energy Ventures, LLC
|
8,803,901(2)
|
20.76%
|
|||
Common
Stock
|
Sarkowsky
Family L.P.
|
7,136,981
|
16.14%
|
|||
Common
Stock
|
Ron
Boyer
|
8,935,769
|
18.77%
|
|||
Common
Stock
|
Michael
J. Goldfarb Enterprises LLC
|
2,300,001
|
5.49%
|
|||
Common
Stock
|
Byron
LeBow Revocable Family Trust
|
2,700,003
|
6.41%
|
|||
Common
Stock
|
Marathon
Resource Partners 1, L.P.
|
3,450,000
|
8.16%
|
|||
Common
Stock
|
Commerce
Energy Group
|
4,464,376(9)
|
10.72%
|
|||
Common
Stock
|
All
Executive Officers and Directors as a Group (7 persons)
|
26,298,708
|
45.92%
|
(1)
|
Information
in this table regarding directors and executive officers is based
on
information provided by them. Unless otherwise indicated in the footnotes
and subject to community property laws where applicable, each of
the
directors and executive officers has sole voting and/or investment
power
with respect to such shares. The address for each of the persons
reported
in the table other than Commerce Energy Group is in care of Power
Efficiency Corporation at 3960 Howard Hughes Pkwy, Ste 460, Las Vegas,
Nevada 89169.
|
(2)
|
Includes
8,803,901 common shares and common shares subject to options and
warrants
exercisable within 60 days of the date hereof held by Summit, in
which
Steven Strasser is one of two members, 1,760,000 common shares subject
to
the conversion of 17,600 shares of Series B Preferred Stock, and
9,053,268
common shares and common shares subject to options and warrants which
are
presently exercisable or will become exercisable within 60 days of
the
date hereof. Mr. Strasser was also granted an additional 1,200,000
common shares subject to options and warrants which will become
exercisable after 60 days of the date hereof. Mr. Strasser’s options and
warrants expire on various dates from May, 2010 through November,
2015.
|
(3)
|
Includes
2,060,500 common shares and common shares subject to options and
warrants
presently exercisable or will become exercisable within 60 days of
the
date hereof. Mr. Lackland was also granted an additional 720,000
common
shares subject to options which will become exercisable after 60
days of
the date hereof. Mr. Lackland’s options and warrants expire on various
dates from May, 2010 through November,
2015.
|
(4)
|
Includes
471,039 common shares and common shares subject to options and warrants
presently exercisable or will become exercisable within 60 days of
the
date hereof. Mr. Skiptunis was also granted an additional 75,000
common
shares subject to options which will become exercisable after 60
days of
the date hereof. Mr. Skiptunis’ options and warrants expire on various
dates from October, 2014 through March,
2018.
|
(5)
|
Includes
200,000 common shares subject to the conversion of 2,000 shares of
Series
B Preferred Stock, and 387,500 common shares subject to options presently
exercisable or will become exercisable within 60 days of the date
hereof.
Mr. Rado’s options expire on various dates from September, 2015 through
March, 2018.
|
(6)
|
Includes
400,000 common shares subject to the conversion of 4,000 shares of
Series
B Preferred Stock, and 2,375,000 common shares subject to options
and
warrants presently exercisable or will become exercisable within
60 days
of the date hereof. Mr. Boyadjieff was also granted an additional
1,050,000 common shares subject to options and warrants which will
become
exercisable after 60 days of the date hereof. Mr. Boyadjieff’s options and
warrants expire on various dates from April, 2010 through March,
2018.
|
(7)
|
Includes
100,000 common shares subject to the conversion of 1,000 shares of
Series
B Preferred Stock, and 287,500 common shares subject to options presently
exercisable or which will become exercisable within 60 days of the
date
hereof. Mr. Dunn was also granted an additional 62,500 common shares
subject to options exercisable after 60 days of the date hereof.
Dr.
Dunn’s options expire on various dates from May 2016 through March,
2018.
|
(8)
|
Includes
150,000 common shares subject to options presently exercisable or
which
will become exercisable within 60 days of the date hereof. Mr. Morgan
was
also granted an additional 50,000 common shares subject to options
which
will become exercisable after 60 days of the date hereof. Mr. Morgan’s
options expire March, 2018.
|
(9)
|
Includes
400,000 common shares subject to the conversion of 4,000 shares of
Series
B Preferred Stock, and 815,327 common shares subject to warrants
presently
exercisable or which will become exercisable within 60 days of the
date
hereof, as well as 3,249,049 common shares owned by Commerce’s wholly
owned subsidiary, Commonwealth Energy Corporation. Commerce’s warrants
expire on various dates from October 2009 through November
2011.
|
(10)
|
The
percentage for common stock includes all common shares subject to
options
and warrants exercisable within 60 days of the date
hereof.
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
of
Shares of
|
Shares
of Common
|
|||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
|||||||||
Ron
Boyer (14)
|
8,935,769
|
5,935,769
|
3,000,000
|
7
|
%
|
||||||||
1132
SW 19th Avenue
|
|||||||||||||
Suite
612
|
|||||||||||||
Portland,
OR 97205
|
|||||||||||||
Sarkowsky
Family L.P. (15)
|
7,136,981
|
6,086,981
|
1,100,000
|
3
|
%
|
||||||||
700
5th Avenue, Suite 1600
|
|||||||||||||
Seattle,
WA 981045
|
|||||||||||||
The
LeMarque Family Trust
|
1,500,000
|
1,500,000
|
-
|
-
|
|||||||||
Hector
LeMarque TTEE
|
|||||||||||||
3
Shadow Hills Drive
|
|||||||||||||
Las
Vegas, NV 89141
|
|||||||||||||
Warren
and Cathy Smith Trustees
|
300,000
|
300,000
|
-
|
-
|
|||||||||
of
the Warran and Cathy Smith
|
|||||||||||||
Revocable
Trust U.A.
|
|||||||||||||
1648
E. Mira Vista
|
|||||||||||||
Flagstaff,
AZ 86001
|
|||||||||||||
Ronald
R. Butler
|
1,050,000
|
1,050,000
|
-
|
-
|
|||||||||
600
108th Street, #242
|
|||||||||||||
Bellevue,
WA 98004
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Brett
Goldfarb (9)
|
200,001
|
200,001
|
-
|
-
|
|||||||||
1420
5th Ave., #2625
|
|||||||||||||
Seattle,
WA 98101
|
|||||||||||||
Michael
J. Goldfarb Enterprises LLC (9)
|
2,300,001
|
2,300,001
|
-
|
-
|
|||||||||
1420
5th Ave., #2625
|
|||||||||||||
Seattle,
WA 98101
|
|||||||||||||
Irwin
Helford Family Trust
|
1,800,000
|
1,800,000
|
-
|
-
|
|||||||||
One
Hughes Center Drive, #1804
|
|||||||||||||
Las
Vegas, NV 89169
|
|||||||||||||
Commerce
Energy Group, Inc. (8)
|
4,465,276
|
777,088
|
3,688,188
|
9
|
%
|
||||||||
600
Anton Blvd, 20th Floor
|
|||||||||||||
Costa
Mesa, CA 92626
|
|||||||||||||
Michael
A. Saltman and
|
800,001
|
800,001
|
-
|
-
|
|||||||||
Sonja
Saltman
|
|||||||||||||
1997
Family Trust
|
|||||||||||||
One
Hughes Center Drive, #1830
|
|||||||||||||
Las
Vegas, NV 89169
|
|||||||||||||
Byron
LeBow Revocable
|
2,700,003
|
2,700,003
|
-
|
-
|
|||||||||
Family
Trust (16)
|
|||||||||||||
Byron
LeBow TTEE
|
|||||||||||||
One
Hughes Center Drive #1104N
|
|||||||||||||
Las
Vegas, NV 89169
|
|||||||||||||
Jerome
F. Snyder
|
150,000
|
150,000
|
-
|
-
|
|||||||||
8628
Scarsdale Dr.
|
|||||||||||||
Las
Vegas, NV 89117
|
|||||||||||||
PCP
Operating LLC
|
750,000
|
750,000
|
-
|
-
|
|||||||||
Phillip
C. Peckman
|
|||||||||||||
9525
Hillwood Dr., Suite 160
|
|||||||||||||
Las
Vegas, NV 89134
|
|||||||||||||
Fred
Chin
|
150,000
|
150,000
|
-
|
-
|
|||||||||
3230
South Plaris Avenue, Ste. 11
|
|||||||||||||
Las
Vegas, NV 89102
|
|||||||||||||
Arthur
& Jayn Marshall
|
150,000
|
150,000
|
-
|
-
|
|||||||||
Family
Trust DTD 7/2/1973 (10)
|
|||||||||||||
Turmberry
Place
|
|||||||||||||
2877
Paradise Road, No. 1701
|
|||||||||||||
Las
Vegas, NV 89109
|
|||||||||||||
Todd
Marshall Revocable Trust
|
150,000
|
150,000
|
-
|
-
|
|||||||||
UAD
DTD 04/01/2003 (10)
|
|||||||||||||
Todd
Marshall TTEE
|
|||||||||||||
PO
Box 46470
|
|||||||||||||
Las
Vegas, NV 89114
|
|||||||||||||
Cari
Marshall Trust UAD
|
150,000
|
150,000
|
-
|
-
|
|||||||||
DTD
01/09/1995 (10)
|
|||||||||||||
Cari
Marshal TTEE
|
|||||||||||||
2012
Grouse Street
|
|||||||||||||
Las
Vegas, NV 89134
|
|||||||||||||
George
Boyadjieff (3) (4)
|
2,775,000
|
3,550,000
|
275,000
|
*
|
|||||||||
18772
Colony Circle
|
|||||||||||||
Villa
Park, CA 92861
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Douglas
M. and
|
387,500
|
150,000
|
237,500
|
*
|
|||||||||
Karen
M. Dunn Trustees;
|
|||||||||||||
Dunn
Family Trust (3)
|
|||||||||||||
Dated
April 7, 2007
|
|||||||||||||
11817
Oakland Hills Drive
|
|||||||||||||
Las
Vegas, NV 89141
|
|||||||||||||
Alvin
Goldfarb (9)
|
450,000
|
450,000
|
-
|
-
|
|||||||||
4823
Lake Washington Blvd. NE #3
|
|||||||||||||
Kirkland,
WA 98033
|
|||||||||||||
James
G. Coyne
|
150,000
|
150,000
|
-
|
-
|
|||||||||
3230
South Polaris Avenue, Ste. 11
|
|||||||||||||
Las
Vegas, NV 89102
|
|||||||||||||
Gary
Rado (3)
|
587,500
|
400,000
|
187,500
|
*
|
|||||||||
16
Chesterfield Drive
|
|||||||||||||
Warren,
NJ 07059
|
|||||||||||||
Marathon
Resource Partners I, L.P. (11)
|
3,450,000
|
3,450,000
|
-
|
-
|
|||||||||
One
Ferry Building, Suite 255
|
|||||||||||||
San
Francisco, CA 94111
|
|||||||||||||
Marathon
International
|
550,002
|
550,002
|
-
|
-
|
|||||||||
Master
Fund II, L.P. (11)
|
|||||||||||||
One
Ferry Building, Suite 255
|
|||||||||||||
San
Francisco, CA 94111
|
|||||||||||||
Donald
D. and Dorothy R. Snyder
|
400,002
|
400,002
|
-
|
-
|
|||||||||
Living
Trust 1989
|
|||||||||||||
2824
High Sail Ct.
|
|||||||||||||
Las
Vegas, NV 89117
|
|||||||||||||
Charles
Sitkin
|
60,000
|
60,000
|
-
|
-
|
|||||||||
1933
38th Avenue East
|
|||||||||||||
Seattle,
WA 98112-3139
|
|||||||||||||
Edward
& Mona Sher
|
300,000
|
300,000
|
-
|
-
|
|||||||||
3111
Bel Air Drive
|
|||||||||||||
Las
Vegas, NV 89109
|
|||||||||||||
Burton
M Cohen Trust
|
75,000
|
75,000
|
-
|
-
|
|||||||||
3111
Bel Air Drive
|
|||||||||||||
Unit
14C
|
|||||||||||||
Las
Vegas, NV 89109
|
|||||||||||||
MSSS
Family Partners, L.P.
|
300,000
|
300,000
|
-
|
-
|
|||||||||
1912
South Realeza Ct.
|
|||||||||||||
Las
Vegas, NV 89102
|
|||||||||||||
The
Richard A. Oshins
|
120,000
|
120,000
|
-
|
-
|
|||||||||
1995
Irrevocable Trust (12)
|
|||||||||||||
1645
Village Center Circle
|
|||||||||||||
Suite
170
|
|||||||||||||
Las
Vegas, NV 89134
|
|||||||||||||
The
Richard A. Oshins
|
90,000
|
90,000
|
-
|
-
|
|||||||||
1990
Irrevocable Trust (12)
|
|||||||||||||
1645
Village Center Circle
|
|||||||||||||
Suite
170
|
|||||||||||||
Las
Vegas, NV 89134
|
|||||||||||||
The
Ruth S. Oshins
|
75,000
|
75,000
|
-
|
-
|
|||||||||
2000
Irrevocable Trust (12)
|
|||||||||||||
1645
Village Center Circle
|
|||||||||||||
Suite
170
|
|||||||||||||
Las
Vegas, NV 89134
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
The
Benjamin Oshins
|
45,000
|
45,000
|
-
|
-
|
|||||||||
Bypass
Trust (12)
|
|||||||||||||
1645
Village Center Circle
|
|||||||||||||
Suite
170
|
|||||||||||||
Las
Vegas, NV 89134
|
|||||||||||||
The
Edward H. Oshins
|
120,000
|
120,000
|
-
|
-
|
|||||||||
Revocable
Trust (12)
|
|||||||||||||
59
John Street
|
|||||||||||||
New
York, NY 10038
|
|||||||||||||
LUH,
Inc.
|
300,000
|
300,000
|
-
|
-
|
|||||||||
1001
Lakeside Ave., Suite 900
|
|||||||||||||
Cleveland,
OH 44114
|
|||||||||||||
The
Lionel Trust
|
300,000
|
300,000
|
-
|
-
|
|||||||||
Samuel
Lionel, Trustee
|
|||||||||||||
1700
Bank of America Tower
|
|||||||||||||
300
South 4th Street
|
|||||||||||||
Las
Vegas, NV 89101
|
|||||||||||||
David
Heerensperger
|
1,000,002
|
1,000,002
|
-
|
-
|
|||||||||
96
Cascade Key
|
|||||||||||||
Bellvue,
WA 98006
|
|||||||||||||
Terry
L. and Dana A. Wright Living
|
250,002
|
250,002
|
-
|
-
|
|||||||||
Trust
2001, Terry Wright TTEE
|
|||||||||||||
2500
North Buffalo Drive, Suite 150
|
|||||||||||||
Las
Vegas, NV 89128
|
|||||||||||||
John
"BJ" Lackland (3)(6)
|
2,060,500
|
2,737,500
|
43,000
|
*
|
|||||||||
3960
Howard Hughes Pkwy, Ste 460
|
|||||||||||||
Las
Vegas, NV 89169
|
|||||||||||||
Robert
Murray TTEE of the RMM
|
238,000
|
150,000
|
88,000
|
*
|
|||||||||
Living
Trust Dated 9/11/2006 (3)(5)
|
|||||||||||||
3960
Howard Hughes Pkwy, Ste 460
|
|||||||||||||
Las
Vegas, NV 89169
|
|||||||||||||
Sharon
Fay Strasser (2)
|
437,502
|
437,502
|
-
|
-
|
|||||||||
1
Hughes Center Drive
|
|||||||||||||
#1004-N
|
|||||||||||||
Las
Vegas, NV 89109
|
|||||||||||||
Nevada
Trust Company
|
250,002
|
250,002
|
-
|
-
|
|||||||||
As
Custodian F/B/O Mark L Fine
|
|||||||||||||
Rollover
IRA
|
|||||||||||||
U/A
Dated September 24, 1997
|
|||||||||||||
Amended
November 12, 2002
|
|||||||||||||
4043
South Easter Ave.
|
|||||||||||||
Las
Vegas, NV 89193-3685
|
|||||||||||||
William
S. Boyd Trust II
|
250,002
|
250,002
|
-
|
-
|
|||||||||
William
S. Boyd TTEE
|
|||||||||||||
2950
Industrial Road
|
|||||||||||||
Las
Vegas, NV 89109
|
|||||||||||||
Herbert
Soroca (7)
|
174,052
|
101,965
|
72,087
|
*
|
|||||||||
Bear
Stearns Securities Corp
|
|||||||||||||
One
Metro Center
|
|||||||||||||
Brooklyn,
NY 11201-3859
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Patricia
R. Schwarz (13)
|
101,965
|
101,965
|
-
|
-
|
|||||||||
740
Pinehurst Way
|
|||||||||||||
Palm
Beach Gardens, FL 33418
|
|||||||||||||
David
H. Schwartz (13)
|
101,965
|
101,965
|
-
|
-
|
|||||||||
740
Pinehurst Way
|
|||||||||||||
Palm
Beach Gardens, FL 33418
|
|||||||||||||
Yahia
Bagzhouz
|
24,000
|
24,000
|
-
|
-
|
|||||||||
4504
Maryland Parkway
|
|||||||||||||
Box
454026
|
|||||||||||||
Las
Vegas, NV 89154
|
|||||||||||||
Kenneth
Dickey
|
100,000
|
100,000
|
-
|
-
|
|||||||||
6481
Wooded View Drive
|
|||||||||||||
Boston
Heights, OH 44236
|
|||||||||||||
Nicholas
Anderson (3)
|
66,000
|
66,000
|
-
|
-
|
|||||||||
1536
208th Street
|
|||||||||||||
Bayside,
NY 11360
|
|||||||||||||
R.
Scott Caputo
|
4,285
|
4,285
|
-
|
-
|
|||||||||
1155
Colonial Way
|
|||||||||||||
Bridgewater,
NJ 08807
|
|||||||||||||
Norbert
Mayer (3)
|
15,000
|
15,000
|
-
|
-
|
|||||||||
576
Grassy Hill Road
|
|||||||||||||
Orange,
CT 06477
|
|||||||||||||
Scott
Straka
|
14,284
|
14,284
|
-
|
-
|
|||||||||
Hitachi
America Ltd.
|
|||||||||||||
50
Prospect Ave
|
|||||||||||||
Tarrytown,
NY 10591
|
|||||||||||||
Leonard
Bellezza
|
89,927
|
81,284
|
8,643
|
*
|
|||||||||
79
Talltimber Rd.
|
|||||||||||||
Middletown,
NJ 07748
|
|||||||||||||
Art
Marsh
|
1,428
|
1,428
|
-
|
-
|
|||||||||
Blue
Mountain Investments
|
|||||||||||||
7386
Fairway Lane
|
|||||||||||||
Parker,
CO 80134
|
|||||||||||||
Raymond
Skiptunis (3)
|
471,039
|
111,000
|
360,039
|
*
|
|||||||||
4459
Via Bianca Ave.
|
|||||||||||||
Las
Vegas, NV 89141
|
|||||||||||||
Charles
Mataya
|
30,000
|
30,000
|
-
|
-
|
|||||||||
2
Locust Drive
|
|||||||||||||
Helmetta,
NJ 08828
|
|||||||||||||
Timothy
Franzen
|
7,143
|
7,143
|
-
|
-
|
|||||||||
260
E. Flamingo Road, #311
|
|||||||||||||
Las
Vegas, NV 89109
|
|||||||||||||
Joan
Dziena
|
1,214
|
1,214
|
-
|
-
|
|||||||||
865
UN Plaza, #16E
|
|||||||||||||
New
York, NY 10017
|
|||||||||||||
Richard
Koch
|
154,666
|
106,354
|
48,312
|
*
|
|||||||||
1604
Sound Watch Dr.
|
|||||||||||||
Wilmington,
NC 28409
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Leon
Mayer
|
50,000
|
50,000
|
-
|
-
|
|||||||||
547
McKinley
|
|||||||||||||
Plymouth,
MI 48170
|
|||||||||||||
Ron
Heagle
|
100,000
|
100,000
|
-
|
-
|
|||||||||
5533
Bilbao Place
|
|||||||||||||
Sarasota,
FL 34238
|
|||||||||||||
Rick
Pulford
|
168,551
|
25,000
|
143,551
|
*
|
|||||||||
3000
Town Center, Suite 540
|
|||||||||||||
Southfield,
MI 48075
|
|||||||||||||
Don
Fields (3)
|
200,000
|
200,000
|
-
|
-
|
|||||||||
11642
Deer Forest Road
|
|||||||||||||
Reston,
VA 20194
|
|||||||||||||
Nils
Weibull (3 )
|
118,000
|
118,000
|
-
|
-
|
|||||||||
1689
W. Huron River Drive
|
|||||||||||||
Ann
Arbor, MI 48103
|
|||||||||||||
Dan
Koch
|
39,000
|
39,000
|
-
|
-
|
|||||||||
301
W 10th St, Apt 203
|
|||||||||||||
Charlotte,
NC 28202
|
|||||||||||||
Brian
Chan (3)
|
300,000
|
300,000
|
-
|
-
|
|||||||||
7594
Ironwood Knoll Ave
|
|||||||||||||
Las
Vegas, NV 89109
|
|||||||||||||
Bradley
Reifer (7)
|
101,828
|
57,693
|
44,135
|
*
|
|||||||||
123
Fraleigh Hill Rd.
|
|||||||||||||
Millbrook,
NY 12545
|
|||||||||||||
Herman
Gross
|
1,153,850
|
1,153,850
|
-
|
-
|
|||||||||
12
Jordan Drive
|
|||||||||||||
Great
Neck, NY 11021
|
|||||||||||||
Allan
Duffy
|
57,693
|
57,693
|
-
|
-
|
|||||||||
741
Bayshore Drive, Apt. 14
|
|||||||||||||
Fort
Lauderdale, FL 33304
|
|||||||||||||
Kevin
Fisher
|
28,847
|
28,847
|
-
|
-
|
|||||||||
Bear
Stearns Security Corp
|
|||||||||||||
One
Metrotech Center North
|
|||||||||||||
Brooklyn,
NY 11201-3859
|
|||||||||||||
Abacus
Solutions
|
100,000
|
100,000
|
-
|
-
|
|||||||||
745
5th Avenue
|
|||||||||||||
New
York, NY 10151
|
|||||||||||||
Justin
Bellezza
|
1,000
|
1,000
|
-
|
-
|
|||||||||
500
Washington Avenue
|
|||||||||||||
Carlstadt,
NJ 07072
|
|||||||||||||
Steven
Sacharoff
|
33,000
|
33,000
|
-
|
-
|
|||||||||
500
Washington Avenue
|
|||||||||||||
Carlstadt,
NJ 07072
|
|||||||||||||
Bernard
Geik
|
33,000
|
33,000
|
-
|
-
|
|||||||||
500
Washington Avenue
|
|||||||||||||
Carlstadt,
NJ 07072
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Domimick
Rizzitano
|
33,000
|
33,000
|
-
|
-
|
|||||||||
500
Washington Avenue
|
|||||||||||||
Carlstadt,
NJ 07072
|
|||||||||||||
DB
Max
|
700
|
700
|
-
|
-
|
|||||||||
8520
Roundhill Ct.
|
|||||||||||||
Saline,
MI 48176
|
|||||||||||||
Reed
Smith LLP
|
150,000
|
150,000
|
-
|
-
|
|||||||||
P.O.
Box 23416
|
|||||||||||||
Newark,
NJ 07198
|
|||||||||||||
Richard
A. Ackner
|
375,000
|
375,000
|
-
|
-
|
|||||||||
14643
Draft House Lane
|
|||||||||||||
Wellington,
FL 33414
|
|||||||||||||
Daniel
Anderson
|
75,000
|
75,000
|
-
|
-
|
|||||||||
4409
Willow Creek Circle
|
|||||||||||||
Bellbrook,
OH 45305
|
|||||||||||||
Bryan
Arakelian
|
150,000
|
150,000
|
-
|
-
|
|||||||||
7110
N. Fresno Street
|
|||||||||||||
Suite
410
|
|||||||||||||
Fresno,
CA 93720
|
|||||||||||||
Robert
F. Arnold &
|
100,000
|
100,000
|
-
|
-
|
|||||||||
Susan
L. Arnold JR WROS
|
|||||||||||||
2
Fielding Street
|
|||||||||||||
Wakefield,
MA 01880
|
|||||||||||||
Paul
J. Bargiel
|
112,500
|
112,500
|
-
|
-
|
|||||||||
100
West Monroe
|
|||||||||||||
Suite
902
|
|||||||||||||
Chicago,
IL 60603
|
|||||||||||||
John
J. Bender
|
300,000
|
300,000
|
-
|
-
|
|||||||||
2803
22nd Street S.
|
|||||||||||||
Lacrosse,
WI 54601
|
|||||||||||||
Berkowitz
and Garfinkel
|
187,500
|
187,500
|
-
|
-
|
|||||||||
D.D.S.,
P.A. Employees'
|
|||||||||||||
Pension
Plan
|
|||||||||||||
D/T/D
7/1/1972
|
|||||||||||||
Mark
Berkowitz & Eric
|
|||||||||||||
Garfinkel
Trustees
|
|||||||||||||
17
Country Club Lane
|
|||||||||||||
Marlboro,
NJ 07746
|
|||||||||||||
Lester
B. Boelter
|
250,000
|
250,000
|
-
|
-
|
|||||||||
50
Shady Oak Court
|
|||||||||||||
Winona,
MN 55987
|
|||||||||||||
Robert
H. Brackman
|
225,000
|
225,000
|
-
|
-
|
|||||||||
5309
Crave Avenue E
|
|||||||||||||
Port
Orchard, WA 98366
|
|||||||||||||
Keith
Buhrdorf
|
375,000
|
375,000
|
-
|
-
|
|||||||||
4582
South Vister Steet
|
|||||||||||||
Suite
550
|
|||||||||||||
Denver,
CO 80237
|
|||||||||||||
Jeffrey
Davis
|
125,000
|
125,000
|
-
|
-
|
|||||||||
383
North West 112th Ave
|
|||||||||||||
Coral
Springs, FL 33071
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
James
Demarco & Rose
|
375,000
|
375,000
|
-
|
-
|
|||||||||
Demarco
JT WROS
|
|||||||||||||
274
Rose Avenue
|
|||||||||||||
Staten
Island, NY 10306
|
|||||||||||||
Douglas
Dotter
|
112,500
|
112,500
|
-
|
-
|
|||||||||
3615
West Lawther Drive
|
|||||||||||||
Dallas,
TX 75214
|
|||||||||||||
Arun
Dua & Satish Dua
|
75,000
|
75,000
|
-
|
-
|
|||||||||
JT
WROS
|
|||||||||||||
25
W. Houston ST. 28
|
|||||||||||||
New
York, NY 10012
|
|||||||||||||
Edward
Duffy
|
75,000
|
75,000
|
-
|
-
|
|||||||||
178
Hanson Lane
|
|||||||||||||
New
Rochelle, NY 10804
|
|||||||||||||
Ahsan
Farooqi
|
187,500
|
187,500
|
-
|
-
|
|||||||||
54
Kimberly Court
|
|||||||||||||
S.
Brunswick, NJ 08852
|
|||||||||||||
William
L. Fox &
|
262,500
|
262,500
|
-
|
-
|
|||||||||
Lynne
Fox JT WROS
|
|||||||||||||
450
Music Mountain Rd.
|
|||||||||||||
Falls
Village, CT 06031
|
|||||||||||||
Bernie
J. Gallas
|
375,000
|
375,000
|
-
|
-
|
|||||||||
5200
North Diversey Blvd.
|
|||||||||||||
Suite
204
|
|||||||||||||
Milwaikee,
WI 53217
|
|||||||||||||
Mark
T. Hellner
|
1,159,091
|
1,159,091
|
-
|
-
|
|||||||||
900
West Olive
|
|||||||||||||
Suite
A
|
|||||||||||||
Merced,
CA 95348
|
|||||||||||||
Dr.
Paul A. Kaye Family
|
75,000
|
75,000
|
-
|
-
|
|||||||||
Trust
D/T/D 10/06/93
|
|||||||||||||
Dr.
Paul A. Kaye Trustee
|
|||||||||||||
9
Diamonte Lane
|
|||||||||||||
Rancho
Palos Verdes, CA 90275
|
|||||||||||||
Brian
J. Keller &
|
187,500
|
187,500
|
-
|
-
|
|||||||||
Debra
M. Keller JT WROS
|
|||||||||||||
1246
130th Avenue
|
|||||||||||||
New
Richmond, WI 54017
|
|||||||||||||
James
Kelly
|
75,000
|
75,000
|
-
|
-
|
|||||||||
1558
E. County Road
|
|||||||||||||
800
N.
|
|||||||||||||
Ockans,
IN 47452
|
|||||||||||||
Christopher
Kemp
|
75,000
|
75,000
|
-
|
-
|
|||||||||
2528
Boulder Lane
|
|||||||||||||
Auburn
Hills, MI 48326
|
|||||||||||||
Stephen
N. Kitchens &
|
175,000
|
175,000
|
-
|
-
|
|||||||||
Martha
M. Kitchens
|
|||||||||||||
JT
WROS
|
|||||||||||||
28
Fox Vale Lane
|
|||||||||||||
Nashville,
TN 37221
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Lester
Krasno
|
150,000
|
150,000
|
-
|
-
|
|||||||||
400
North 2nd Steet
|
|||||||||||||
Pottsville,
PA 17901
|
|||||||||||||
Edwin
Kriel
|
75,000
|
75,000
|
-
|
-
|
|||||||||
2904
Pocock Road
|
|||||||||||||
Monkton,
MD 21111
|
|||||||||||||
Daniel
J. Lange
|
187,500
|
187,500
|
-
|
-
|
|||||||||
20800
Hunters Run
|
|||||||||||||
Brookfield,
WI 53045
|
|||||||||||||
Lind
Family Investments LP
|
100,000
|
100,000
|
-
|
-
|
|||||||||
1000
West Washington St.
|
|||||||||||||
Suite
#502
|
|||||||||||||
Chicago,
IL 60607
|
|||||||||||||
Barry
Lind Revocable Trust
|
500,000
|
500,000
|
-
|
-
|
|||||||||
Barry
Lind Trustee
|
|||||||||||||
U/A/D
12/19/1989
|
|||||||||||||
1000
West Washinton St.
|
|||||||||||||
Suite
#502
|
|||||||||||||
Chicago,
IL 60607
|
|||||||||||||
National
Financial Services
|
600,000
|
600,000
|
-
|
-
|
|||||||||
LLC
As Custodian
|
|||||||||||||
FBO
Lance Lindsey IRA
|
|||||||||||||
7700
Blanding Blvd.
|
|||||||||||||
Jacksonville,
FL 32244
|
|||||||||||||
Dwight
Long
|
375,000
|
375,000
|
-
|
-
|
|||||||||
406
Belle Glen Lane
|
|||||||||||||
Brentwood,
TN 37027
|
|||||||||||||
Jeffrey
S. McCorstin
|
75,000
|
75,000
|
-
|
-
|
|||||||||
4750
Blue Mountain
|
|||||||||||||
Yorba
Linda, CA 92887
|
|||||||||||||
Glen
Miskiewicz
|
187,500
|
187,500
|
-
|
-
|
|||||||||
Apt.
724
|
|||||||||||||
48
Par-La-Ville Road
|
|||||||||||||
Hamilton
HM11
|
|||||||||||||
Bermuda
|
|||||||||||||
Enrico
Monaco
|
125,000
|
125,000
|
-
|
-
|
|||||||||
2230
Ocean Avenue
|
|||||||||||||
Brooklyn,
NY 11229
|
|||||||||||||
Natchez
Morice
|
150,000
|
150,000
|
-
|
-
|
|||||||||
12
A
West Bank Exwy
|
|||||||||||||
Gretna,
LA 70056
|
|||||||||||||
MSB
Family Trust
|
250,000
|
250,000
|
-
|
-
|
|||||||||
D/T/D
6/25/93
|
|||||||||||||
Michael
Blechman TTEE
|
|||||||||||||
295
Shadowood Ln.
|
|||||||||||||
Northfield,
IL 60093
|
|||||||||||||
Daniel
Navarro Jr. &
|
75,000
|
75,000
|
-
|
-
|
|||||||||
Richard
Navarro JT WROS
|
|||||||||||||
2036
Highway 35 North
|
|||||||||||||
South
Amboy, NJ 08879
|
|||||||||||||
National
Financial Services
|
375,000
|
375,000
|
-
|
-
|
|||||||||
LLC
As Custodian
|
|||||||||||||
FBO
Michael J. Radlove IRA
|
|||||||||||||
2748
Blackbird Hollow
|
|||||||||||||
Cincinnati,
OH 452
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Prahalathan
Rajasekaran
|
187,500
|
187,500
|
-
|
-
|
|||||||||
1
Grosvenor Place
|
|||||||||||||
London,
England SW1X7JJ
|
|||||||||||||
Gretchen
Kinstler
|
750,000
|
750,000
|
-
|
-
|
|||||||||
49-365
Rio Arenoso
|
|||||||||||||
La
Quinto, CA 92253
|
|||||||||||||
Lawrence
Silver
|
250,000
|
250,000
|
-
|
-
|
|||||||||
225
West Hubbard Suite 600
|
|||||||||||||
Chicago,
IL 60610
|
|||||||||||||
Robert
A. Snyder &
|
75,000
|
75,000
|
-
|
-
|
|||||||||
Beverly
J. Snyder JT WROS
|
|||||||||||||
27297
Forest Grove Road
|
|||||||||||||
Evergreen,
CO 80439
|
|||||||||||||
Claire
Spooner
|
225,000
|
225,000
|
-
|
-
|
|||||||||
111
Seaview Court
|
|||||||||||||
Neptune,
NJ 07753
|
|||||||||||||
Henry
H. Strauss
|
75,000
|
75,000
|
-
|
-
|
|||||||||
12
Howard Avenue
|
|||||||||||||
Tappan,
NY 10983
|
|||||||||||||
David
Takacs
|
150,000
|
150,000
|
-
|
-
|
|||||||||
17073
Snyder Road
|
|||||||||||||
Bainbridge,
OH 44023
|
|||||||||||||
Richard
Terranova &
|
375,000
|
375,000
|
-
|
-
|
|||||||||
Vincent
Terranova TEN COM
|
|||||||||||||
349
Bartlett Avenue
|
|||||||||||||
Staten
Island, NY 10312
|
|||||||||||||
William
S. Tyrrell
|
262,500
|
262,500
|
-
|
-
|
|||||||||
2711
Edgehill Avenue
|
|||||||||||||
Bronx,
NY 10463
|
|||||||||||||
Herbert
Weisberger
|
112,500
|
112,500
|
-
|
-
|
|||||||||
2904
West Clay Street
|
|||||||||||||
Richmond,
VA 23230
|
|||||||||||||
Darren
R. Williams
|
75,000
|
75,000
|
-
|
-
|
|||||||||
17280
Timothy Way
|
|||||||||||||
Gladstone,
OR 97027
|
|||||||||||||
Robert
A. Yates
|
187,500
|
187,500
|
-
|
-
|
|||||||||
Shakeseare
No 15-1 Piso
|
|||||||||||||
Cuydad
De Mexico
|
|||||||||||||
Distrito
Federal 11590
|
|||||||||||||
Mexico
|
|||||||||||||
Alan
J. Young
|
250,000
|
250,000
|
-
|
-
|
|||||||||
1750
Braeside Avenue
|
|||||||||||||
Northbrook,
IL 60062
|
|||||||||||||
Jan
Arnett
|
187,500
|
187,500
|
-
|
-
|
|||||||||
7
Longwood Road
|
|||||||||||||
Sandspoint,
NY 11050
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Elliot
Braun
|
187,500
|
187,500
|
-
|
-
|
|||||||||
C/O
Atlantic Beverage
|
|||||||||||||
3775
Park Avenue
|
|||||||||||||
Edison,
NJ 08820
|
|||||||||||||
Larry
J. Buck
|
187,500
|
187,500
|
-
|
-
|
|||||||||
1624
Brandon Drive
|
|||||||||||||
Hebron,
KY 41048
|
|||||||||||||
Keith
H. Cooper
|
100,000
|
100,000
|
-
|
-
|
|||||||||
5840
De Claire Court
|
|||||||||||||
Atlanta,
GA 30328
|
|||||||||||||
Steven
Gurewitsch
|
112,500
|
112,500
|
-
|
-
|
|||||||||
930
5th Avenue
|
|||||||||||||
Apt.
3-G
|
|||||||||||||
New
York, NY 10021
|
|||||||||||||
Antonio
Hernandez
|
187,500
|
187,500
|
-
|
-
|
|||||||||
1575
Bengal Drive
|
|||||||||||||
El
Paso, TX 79935
|
|||||||||||||
James
Herron
|
75,000
|
75,000
|
-
|
-
|
|||||||||
601
Cleveland Street
|
|||||||||||||
Suite
950
|
|||||||||||||
Clearwater,
FL 33755
|
|||||||||||||
Robert
W. Higginson
|
150,000
|
150,000
|
-
|
-
|
|||||||||
247-F
Rosario Blvd.
|
|||||||||||||
Santa
Fe, NM 87501
|
|||||||||||||
Don
Jackler &
|
187,500
|
187,500
|
-
|
-
|
|||||||||
Alana
Jackler JT WROS
|
|||||||||||||
246
E. 51st Street Suite 8
|
|||||||||||||
New
York, NY 10022
|
|||||||||||||
Donald
Mapes
|
75,000
|
75,000
|
-
|
-
|
|||||||||
532
Bellepoint Drive
|
|||||||||||||
St.
Pete Beach, FL 33706
|
|||||||||||||
Dr.
John McPhail
|
375,000
|
375,000
|
-
|
-
|
|||||||||
603
Beamon Steet
|
|||||||||||||
Clinton,
NC 28328
|
|||||||||||||
Grace
Melton
|
375,000
|
375,000
|
-
|
-
|
|||||||||
1250
S. Beverly Glen Blvd.
|
|||||||||||||
#311
|
|||||||||||||
Los
Angeles, CA 90024
|
|||||||||||||
Larry
R. Nichols &
|
50,000
|
50,000
|
-
|
-
|
|||||||||
Janet
B. Nichols JT WROS
|
|||||||||||||
9348
Burning Tree Dr.
|
|||||||||||||
Grand
Blanc, MI 48439
|
|||||||||||||
National
Financial Services
|
187,500
|
187,500
|
-
|
-
|
|||||||||
LLC
As Custodian
|
|||||||||||||
FBO
Michael J. Radlove IRA
|
|||||||||||||
2748
Blackbird Hollow
|
|||||||||||||
Cincinnati,
OH 45244
|
|||||||||||||
Barry
Saxe
|
187,500
|
187,500
|
-
|
-
|
|||||||||
325
E. 41st Street
|
|||||||||||||
New
York, NY 10017
|
Shares
of Common Stock
|
|||||||||||||
Beneficially
Owned
|
Total
Number
|
||||||||||||
Prior
to Offering
|
|
of
Shares of
|
Shares
of Common
|
||||||||||
(All
exercisable within
|
Common
|
Stock
Beneficially
|
|||||||||||
60
days of Prospectus)
|
Stock
|
Owned
After Offering
|
|||||||||||
Selling
|
Number
of
|
Registered
|
Number
of
|
||||||||||
Stockholder
|
Shares(1)
|
for
Sale
|
Shares
|
Percent
|
Theodore
Staahl
|
375,000
|
375,000
|
-
|
-
|
|||||||||
1329
Spanos Court
|
|||||||||||||
Modesto,
CA 95355
|
|||||||||||||
Randolph
Stephenson
|
75,000
|
75,000
|
-
|
-
|
|||||||||
10316-300
Feld Farm Lane
|
|||||||||||||
Charlotte,
NC 28210
|
|||||||||||||
Anthony
Yodice
|
375,000
|
375,000
|
-
|
-
|
|||||||||
2443
Benson Avenue
|
|||||||||||||
Brooklyn,
NY 11214
|
|||||||||||||
USBX
Advisory Services, Inc.
|
210,000
|
210,000
|
-
|
-
|
|||||||||
2425
Olympic Blvd. Ste 500 East
|
|||||||||||||
Santa
Monica, CA 90404
|
|||||||||||||
Brooks
Dexter
|
90,000
|
90,000
|
-
|
-
|
|||||||||
2425
Olympic Blvd. Ste 500 East
|
|||||||||||||
Santa
Monica, CA 90404
|
|||||||||||||
Tony
Acone
|
45,000
|
45,000
|
-
|
-
|
|||||||||
44-489
Town Center Way #D
|
|||||||||||||
Palm
Desert, CA 92260
|
|||||||||||||
Total
Number of Shares of Common Stock Registered for Sale
|
59,687,619
|
(1)
|
All
share numbers are based on information that these selling stockholders
supplied to us. The term “selling stockholders” also includes any
transferees, pledges, donees, or other successors in interest to
the
selling stockholders named in the table below. To our knowledge,
subject
to applicable community property laws, each person named in the table
has
sole voting and investment power with respect to the shares of Common
Stock set forth opposite such person's name, unless otherwise indicated
below. The inclusion of any shares in this table does not constitute
an
admission of beneficial ownership by the selling
stockholder.
|
(2)
|
Sharon
Strasser is married to the Company’s Chief Executive Officer, Steven
Strasser. Mr. Strasser disclaims beneficial ownership of Mrs. Strasser’s
Shares.
|
(3)
|
Indicates
a person that has, within the past three years, served as an employee,
officer or director of the company.
|
(4)
|
Mr.
Boyadjieff has been a Senior Technical Advisor of the Company since
April
2005 and a Director of the Company since May 2006. Mr. Boyadjieff
owns
over 2% of our common stock outstanding and over 6% of our common
stock
issuable for Series B Preferred Stock, options and warrants convertible
or
exercisable within 60 days of the date hereof, and under certain
definitions, may be considered an affiliate of our company. Mr. Boyadjieff
beneficially owns a total of 3,825,000 commons shares, common shares
issuable upon the exercise of stock options and warrants and common
shares
issuable upon the conversion of Series B Preferred
Stock.
|
(5)
|
Mr.
Murray was a Director and the Chief Operating Officer of the Company
from
April 2006 to January 2007.
|
(6)
|
Mr.
Lackland has been a Director of the Company since August 2007 and
the
Chief Financial Officer of the Company since October 2004. Indicates
a
person that has, within the past three years, served as an employee,
officer or director of the company. Mr.
Lackland beneficially owns a total of 2,780,500 commons shares and
common
shares issuable upon the exercise of stock options.
|
(7)
|
Indicates
personnel who are employees of Pali Capital, a registered broker
dealer.
These individuals received these securities in connection with an
investment in secured promissory notes and/or in connection with
fees
related to the issuance of secured promissory notes. The securities
these
individuals received in connection with fees related to the issuance
of
secured promissory notes have not been included in this
prospectus.
|
(8)
|
Commerce
Energy Group owns over 8% of our common stock outstanding and over
10% of
our common stock diluted for Series B Preferred Stock, options and
warrants convertible or exercisable within 60 days of the date hereof,
and
under certain definitions, may be considered an affiliate of our
company.
|
(9)
|
Michael
J. Goldfarb Enterprises LLC owns over 2% of our common stock outstanding
and over 5% of our common stock issuable for Series B Preferred Stock,
options and warrants convertible or exercisable within 60 days of
the date
hereof, and under certain definitions, may be considered an affiliate
of
our company. Michael J. Goldfarb, the managing member of Michael
J.
Goldfarb Enterprises LLC, is the father of Brett Goldfarb, and the
brother
of Alvin Goldfarb. Mr. Goldfarb disclaims beneficial ownership of
Brett
Goldfarb’s and Alvin Goldfarb’s
shares.
|
(10)
|
Arthur
and Jayn Marshall, trustees of the Arthur and Jayn Marshall Family
Trust
DTD 7/2/1973, are the parents of Todd Marshall and Cari Marshall,
trustees
of the Todd Marshall Revocable Trust UAD DTD 04/01/2003 and the Cari
Marshall Trust UAD DTD 01/09/1995, respectively. Arthur and Jayn
Marshall
disclaim beneficial ownership of Todd Marshall’s and Cari Marshall’s
beneficial shares.
|
(11)
|
Marathon
Resource Partners I, L.P. owns over 3% of our common stock outstanding
and
over 8% of our common stock issuable for Series B Preferred Stock,
options
and warrants convertible or exercisable within 60 days of the date
hereof,
and under certain definitions, may be considered an affiliate of
our
company. Marathon Resource Partners I, L.P. is an affiliate of Marathon
International Master Fund II, L.P. and has the same managing partner.
Marathon Resource Partners I, L.P. disclaims beneficial ownership
of
Marathon International Master Fund II, L.P.’s shares.
|
(12)
|
Richard
A. Oshins, trustee of the Richard A. Oshins 1995 Irrevocable Trust
and the
Richard A. Oshins 1990 Irrevocable Trust, is married to Ruth S. Oshins,
trustee of the Ruth S. Oshins 2000 Irrevocable Trust, and is the
father of
Benjamin Oshins and Edward H. Oshins, trustees of the Benjamin Oshins
Bypass Trust and the Edward H. Oshins Revocable Trust, respectively.
Richard A. Oshins disclaims beneficial owners ship of Ruth S. Oshins’,
Benjamin Oshins’, and Edward H. Oshins’ beneficial
shares.
|
(13)
|
Patricia
Schwartz is married to David Schwartz. Mrs. Schwartz disclaims beneficial
ownership to Mr. Schwartz’s shares.
|
(14)
|
Ron
Boyer owns over 4% of our common stock outstanding and over 18% of
our
common stock issuable for Series B Preferred Stock, options and warrants
convertible or exercisable within 60 days of the date hereof, and
under
certain definitions, may be considered an affiliate of our company.
|
(15)
|
The
Sarkowsky Family L.P. owns
over 8% of our common stock outstanding and over 16% of our common
stock
issuable for Series B Preferred Stock, options and warrants convertible
or
exercisable within 60 days of the date hereof, and under certain
definitions, may be considered an affiliate of our company.
|
(16)
|
The
Byron LeBow Revocable Family Trust owns
over 2% of our common stock outstanding and over 6% of our common
stock
issuable for Series B Preferred Stock, options and warrants convertible
or
exercisable within 60 days of the date hereof, and under certain
definitions, may be considered an affiliate of our company.
|
Description
|
Total
Number
of
Shares
Underlying
Options
Before
this Offering
|
Weighted
Average
Exercise
Price
Per
Share
Before
This Offering
|
Total
Number
of
Shares
Underlying
Options
After
This
Offering
|
Weighted
Average
Exercise
Price For
Shares
After this
Offering
|
|||||||||
2000
Stock Option and Restricted
Stock Plan
|
13,884,896
|
$
|
0.37
|
13,884,896
|
$
|
0.37
|
|||||||
1994
Stock Option Plan
|
-
|
$
|
-
|
-
|
$
|
-
|
|||||||
Total
|
13,884,896
|
$
|
0.37
|
13,884,896
|
$
|
0.37
|
·
|
prior
to such date, the corporation's Board of Directors approved either
the
business combination or the transaction that resulted in the stockholder
becoming an interested stockholder;
|
·
|
upon
consummation of the transaction that resulted in such person becoming
an
interested stockholder, the interested stockholder owned at least
85% of
the voting stock of the corporation outstanding at the time the
transaction commenced, excluding for purposes of determining the
number of
shares outstanding, shares owned by certain directors or certain
employee
stock plans; or
|
·
|
on
or after the date the stockholder became an interested stockholder,
the
business combination is approved by the corporation's Board of Directors
and authorized by the affirmative vote, and not by written consent,
of at
least two-thirds of the outstanding voting stock of the corporation
excluding that owned by the interested
stockholder.
|
·
|
ordinary
brokerage transactions and transactions in which the broker-dealer
solicits purchasers;
|
·
|
block
trades in which the broker-dealer will attempt to sell the shares
as agent
but may position and resell a portion of the block as principal to
facilitate the transaction;
|
·
|
purchases
by a broker-dealer as principal and resale by the broker-dealer for
its
account;
|
·
|
an
exchange distribution in accordance with the rules of the applicable
exchange;
|
·
|
privately
negotiated transactions;
|
·
|
settlement
of short sales entered into after the date of this prospectus;
|
·
|
broker-dealers
may agree with the selling stockholders to sell a specified number
of such
shares at a stipulated price per share;
|
·
|
a
combination of any such methods of sale;
|
·
|
through
the writing or settlement of options or other hedging transactions,
whether through an options exchange or otherwise; or
|
·
|
any
other method permitted pursuant to applicable law.
|
·
|
it
intends to take possession of the registered securities or to facilitate
the transfer of such certificates;
|
·
|
the
complete details of how the selling shareholders shares are and will
be
held, including location of the particular
accounts;
|
·
|
whether
the member firm or any direct or indirect affiliates thereof have
entered
into, will facilitate or otherwise participate in any type of payment
transaction with the selling shareholders, including details regarding
any
such transactions; and
|
·
|
in
the event any of the securities offered by the selling shareholders
are
sold, transferred, assigned or hypothecated by any selling shareholder
in
a transaction that directly or indirectly involves a member firm
of the
NASD or any affiliates thereof, that prior to or at the time of said
transaction the member firm will timely file all relevant documents
with
respect to such transaction(s) with the Corporate Finance Department
of
the NASD for review.
|
INDEX
|
|
Page
|
|
Financial
Statements March 31, 2008:
|
|
Balance
Sheet
|
F-1
|
Statements
of Operations
|
F-2
|
Statements
of Cash Flows
|
F-3
|
Notes
to Financial Statements
|
F-4
- F-5
|
Financial
Statements December 31, 2007:
|
|
Report
of Independent Registered Public Accounting Firm
|
F-6
|
Balance
Sheet
|
F-7
|
Statements
of Operations
|
F-8
|
Statements
of Changes in Stockholders' Equity
|
F-9
|
Statements
of Cash Flows
|
F-10
|
Notes
to Financial Statements
|
F-11
- F-31
|
March
31, 2008
|
||||
ASSETS
|
||||
CURRENT
ASSETS:
|
||||
Cash
|
$
|
4,510,548
|
||
Accounts
receivable, net
|
129,032
|
|||
Inventory
|
133,441
|
|||
Prepaid
expenses and other current assets
|
113,777
|
|||
Total
Current Assets
|
4,886,798
|
|||
PROPERTY
AND EQUIPMENT, Net
|
133,271
|
|||
OTHER
ASSETS:
|
||||
Patents,
net
|
52,159
|
|||
Deposits
|
80,833
|
|||
Goodwill
|
1,929,963
|
|||
Total
Other Assets
|
2,062,955
|
|||
Total
Assets
|
$
|
7,083,024
|
||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||
CURRENT
LIABILITIES:
|
||||
Accounts
payable and accrued expenses
|
$
|
451,507
|
||
Accrued
salaries and payroll taxes
|
47,970
|
|||
Total
Current Liabilities
|
499,477
|
|||
LONG
TERM LIABILITIES
|
||||
Deferred
Rent
|
12,063
|
|||
Total
Liabilities
|
511,540
|
|||
STOCKHOLDERS'
EQUITY:
|
||||
Series
B Convertible Preferred Stock, $.001 par value,
|
||||
10,000,000
shares authorized, 140,000
|
||||
issued
or outstanding
|
140
|
|||
Common
stock, $.001 par value, 140,000,000 shares
|
||||
authorized,
40,411,858 issued and outstanding
|
40,412
|
|||
Additional
paid-in capital
|
34,228,852
|
|||
Accumulated
deficit
|
(27,697,920
|
)
|
||
Total
Stockholders' Equity
|
6,571,484
|
|||
Total
Liabilities and Stockholders' Equity
|
$
|
7,083,024
|
For
the three months ended March 31,
|
|||||||
2008
|
2007
|
||||||
REVENUES
|
$
|
133,695
|
$
|
36,615
|
|||
COST
OF SALES
|
98,163
|
34,639
|
|||||
GROSS
PROFIT
|
35,532
|
1,976
|
|||||
COSTS
AND EXPENSES:
|
|||||||
Research
and development
|
161,398
|
94,712
|
|||||
Selling,
general and administrative
|
789,573
|
675,455
|
|||||
Depreciation
and amortization
|
14,847
|
8,975
|
|||||
Total
Costs and Expenses
|
965,818
|
779,142
|
|||||
LOSS
FROM OPERATIONS
|
(930,286
|
)
|
(777,166
|
)
|
|||
OTHER
INCOME (EXPENSE):
|
|||||||
Interest
income
|
42,130
|
12,320
|
|||||
Interest
expense
|
-
|
(156,897
|
)
|
||||
Total
Other Income, net
|
42,130
|
(144,577
|
)
|
||||
NET
LOSS
|
$
|
(888,156
|
)
|
$
|
(921,743
|
)
|
|
BASIC
AND FULLY DILUTED LOSS
|
|||||||
PER
COMMON SHARE
|
$
|
(0.02
|
)
|
$
|
(0.03
|
)
|
|
WEIGHTED
AVERAGE COMMON SHARES
|
|||||||
OUTSTANDING,
BASIC
|
40,393,007
|
36,765,138
|
For
the three months ended March 31,
|
|||||||
2008
|
2007
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|||||||
Net
loss
|
$
|
(888,156
|
)
|
$
|
(921,743
|
)
|
|
Adjustments
to reconcile net loss to net cash used for operating
activities:
|
|||||||
Depreciation
and amortization
|
14,847
|
8,975
|
|||||
Amortization
on capitalized manufacturing costs
|
1,377
|
||||||
Debt
discount related to issuance of debt securities
|
-
|
79,555
|
|||||
Warrants
and options issued to employees and consultants
|
207,000
|
179,030
|
|||||
Amortization
of deferred financing costs
|
-
|
3,368
|
|||||
Changes
in assets and liabilities:
|
|||||||
Accounts
receivable, trade
|
(19,780
|
)
|
(3,047
|
)
|
|||
Inventory
|
(1,679
|
)
|
2,798
|
||||
Prepaid
expenses and other current assets
|
(73,858
|
)
|
(36,032
|
)
|
|||
Deposits
|
41,430
|
-
|
|||||
Accounts
payable and accrued expenses
|
(86,981
|
)
|
(68,875
|
)
|
|||
Customer
Deposits
|
(1,605
|
)
|
|||||
Net
Cash Used for Operating Activities
|
(807,405
|
)
|
(755,971
|
)
|
|||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|||||||
Costs
related to patent applications
|
(12,661
|
)
|
-
|
||||
Purchase
of property and equipment
|
(35,764
|
)
|
(36,780
|
)
|
|||
Net
Cash Used for Investing Activities
|
(48,425
|
)
|
(36,780
|
)
|
|||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||
Proceeds
from issuance of equity securities
|
280,000
|
1,025,000
|
|||||
Payments
on notes payable
|
-
|
(8,332
|
)
|
||||
Net
Cash Provided by Financing Activities
|
280,000
|
1,016,668
|
|||||
(Decrease)
Increase in cash
|
(575,830
|
)
|
223,917
|
||||
Cash
at beginning of period
|
5,086,378
|
1,693,584
|
|||||
Cash
at end of period
|
$
|
4,510,548
|
$
|
1,917,501
|
POWER EFFICIENCY
CORPORATION
|
||||
BALANCE SHEET
|
||||
DECEMBER 31, 2007
|
||||
ASSETS
|
||||
CURRENT
ASSETS:
|
||||
Cash
|
$
|
5,086,378
|
||
Accounts
receivable, net of allowance of $19,648
|
109,252
|
|||
Inventories
|
131,762
|
|||
Prepaid
expenses and other current assets
|
41,296
|
|||
Total
Current Assets
|
5,368,688
|
|||
PROPERTY
AND EQUIPMENT, Net
|
112,106
|
|||
OTHER
ASSETS:
|
||||
Deposits
|
122,263
|
|||
Patents,
net
|
39,746
|
|||
Goodwill
|
1,929,963
|
|||
Total
Other Assets
|
2,091,972
|
|||
$
|
7,572,766
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||
CURRENT
LIABILITIES:
|
||||
Accounts
payable and accrued expenses
|
$
|
538,488
|
||
Customer
deposits
|
1,605
|
|||
Accrued
salaries and payroll taxes
|
47,970
|
|||
Total
Current Liabilities
|
588,063
|
|||
LONG-TERM
LIABILITIES:
|
||||
Deferred
Rent
|
12,063
|
|||
Total
Long-Term Liabilities
|
12,063
|
|||
Total
Liabilities
|
600,126
|
|||
COMMITMENTS
AND CONTINGENCIES
|
||||
STOCKHOLDERS'
EQUITY:
|
||||
Series
B Convertible Preferred Stock, $0.001 par value
|
||||
10,000,000
shares authorized, 134,400 issued and outstanding
|
134
|
|||
Common
stock, $0.001 par value, 140,000,000 shares
|
||||
authorized,
40,367,523 shares issued and oustanding
|
40,368
|
|||
Additional
paid-in capital
|
33,741,902
|
|||
Accumulated
deficit
|
(26,809,764
|
)
|
||
Total
Stockholders' Equity
|
6,972,640
|
|||
$
|
7,572,766
|
See
report of independent registered public accounting firm
|
|
||||||
and
notes to financial statements.
|
POWER EFFICIENCY CORPORATION | |||||||
STATEMENTS
OF OPERATIONS
|
|||||||
|
|
|
|||||
Year
Ended December 31,
|
|||||||
2007
|
2006
|
||||||
REVENUES
|
$
|
490,510
|
$
|
188,811
|
|||
COMPONENTS
OF COST OF SALES:
|
|||||||
Material,
labor and overhead
|
340,468
|
136,240
|
|||||
GROSS
MARGIN
|
150,042
|
52,571
|
|||||
COSTS
AND EXPENSES:
|
|||||||
Research
and development
|
667,786
|
567,591
|
|||||
Selling,
general and administrative
|
2,721,284
|
3,118,233
|
|||||
Depreciation
and amortization
|
47,036
|
34,028
|
|||||
Total
Costs and Expenses
|
3,436,106
|
3,719,852
|
|||||
LOSS
FROM OPERATIONS
|
(3,286,064
|
)
|
(3,667,281
|
)
|
|||
OTHER
INCOME (EXPENSE):
|
|||||||
Interest
income
|
80,481
|
9,243
|
|||||
Interest
expense
|
(679,306
|
)
|
(1,354,195
|
)
|
|||
Total
Other Expenses, Net
|
(598,825
|
)
|
(1,344,952
|
)
|
|||
LOSS
BEFORE PROVISION FOR TAXES
|
(3,884,889
|
)
|
(5,012,233
|
)
|
|||
PROVISION
FOR TAXES
|
(6,906
|
)
|
(8,542
|
)
|
|||
NET
LOSS
|
$
|
(3,891,795
|
)
|
$
|
(5,020,775
|
)
|
|
BASIC
AND FULLY DILUTED LOSS PER COMMON SHARE
|
$
|
(0.10
|
)
|
$
|
(0.20
|
)
|
|
WEIGHTED
AVERAGE COMMON SHARES OUTSTANDING
|
|||||||
BASIC
|
38,541,012
|
25,150,386
|
See
report of independent registered public accounting firm
|
|
||||||
and
notes to financial statements.
|
POWER
EFFICIENCY CORPORATION
|
||||||||||||||||||||||
STATEMENTS
OF CHANGES IN STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||
YEAR
ENDED DECEMBER 31, 2007 AND 2006
|
||||||||||||||||||||||
Additional
|
Total
|
|||||||||||||||||||||
Common
Stock
|
Preferred
Stock
|
Paid-in
|
Accumulated
|
Stockholders'
|
||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||
Balance,
January 1, 2006
|
23,439,266
|
$
|
23,439
|
-
|
$
|
-
|
$
|
19,189,177
|
$
|
(17,897,194
|
)
|
$
|
1,315,422
|
|||||||||
Issuance
of common stock
|
11,000,008
|
11,000
|
-
|
-
|
3,199,300
|
-
|
3,210,300
|
|||||||||||||||
Common
stock issued upon exercise of
|
||||||||||||||||||||||
warrants
|
602,735
|
603
|
-
|
-
|
(603
|
)
|
-
|
-
|
||||||||||||||
Warrants
and options issued in connection
|
||||||||||||||||||||||
with
the issuance of common stock and debt
|
||||||||||||||||||||||
securities
and to employees and consultants
|
-
|
-
|
-
|
-
|
2,569,965
|
-
|
2,569,965
|
|||||||||||||||
Expenses
related to issuance of
|
||||||||||||||||||||||
common
stock
|
-
|
-
|
-
|
-
|
(30,000
|
)
|
-
|
(30,000
|
)
|
|||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(5,020,775
|
)
|
(5,020,775
|
)
|
|||||||||||||
Balance,
December 31, 2006
|
35,042,009
|
35,042
|
-
|
-
|
24,927,839
|
(22,917,969
|
)
|
2,044,912
|
||||||||||||||
Issuance
of common stock
|
3,416,672
|
3,417
|
-
|
-
|
1,021,583
|
-
|
1,025,000
|
|||||||||||||||
Issuance
of preferred stock
|
-
|
-
|
134,400
|
134
|
6,719,866
|
-
|
6,720,000
|
|||||||||||||||
Common
stock issued upon exercise of
|
||||||||||||||||||||||
options
and warrants
|
1,908,842
|
1,909
|
-
|
-
|
681,591
|
-
|
683,500
|
|||||||||||||||
Warrants
and options issued with common
|
||||||||||||||||||||||
stock
and debt and to employees and
|
||||||||||||||||||||||
consultants,
including debt discount
|
-
|
-
|
-
|
-
|
472,153
|
-
|
472,153
|
|||||||||||||||
Expenses
related to issuances of
|
||||||||||||||||||||||
preferred
and common stock
|
-
|
-
|
-
|
-
|
(81,130
|
)
|
-
|
(81,130
|
)
|
|||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(3,891,795
|
)
|
(3,891,795
|
)
|
|||||||||||||
Balance,
December 31, 2007
|
40,367,523
|
$
|
40,368
|
134,400
|
$
|
134
|
$
|
33,741,902
|
$
|
(26,809,764
|
)
|
$
|
6,972,640
|
See
report of independent registered public accounting firm and notes
to
financial statements.
|
STATEMENTS
OF CASH FLOWS
|
|||||||
|
|
|
|||||
Year
Ended December 31,
|
|||||||
2007
|
2006
|
||||||
CASH
FLOWS PROVIDED BY (USED FOR):
|
|||||||
OPERATING
ACTIVITIES:
|
|||||||
Net
loss
|
$
|
(3,891,795
|
)
|
$
|
(5,020,775
|
)
|
|
Adjustments
to reconcile net loss to net cash
|
|||||||
used
for operating activities:
|
|||||||
Bad
debt expense
|
16,934
|
11,470
|
|||||
Depreciation
and amortization
|
47,036
|
34,028
|
|||||
Loss
on disposition of fixed assets
|
3,516
|
585
|
|||||
Debt
discount related to issuance of debt securities
|
419,859
|
1,039,451
|
|||||
Amortization
of deferred financing costs
|
11,228
|
70,364
|
|||||
Deferred
rent
|
12,063
|
-
|
|||||
Warrants
and options issued in connection with settlements, services
from
|
|||||||
consultants,
vendors, the forgiveness of indebtedness, the issuance
|
|||||||
of
debt, and to employees and consultants
|
655,392
|
1,074,848
|
|||||
Common
Stock issued for consulting services
|
-
|
90,000
|
|||||
Changes
in certain assets and liabilities:
|
|||||||
Accounts
receivable
|
(93,994
|
)
|
26,464
|
||||
Inventory
|
25,090
|
14,487
|
|||||
Prepaid
expenses and other
|
29,173
|
(3,206
|
)
|
||||
Deposits
|
(88,388
|
)
|
(33,875
|
)
|
|||
Restricted
cash related to payment of indebtedness
|
-
|
(4,688
|
)
|
||||
Accounts
payable and accrued expenses
|
1,354
|
(55,454
|
)
|
||||
Customer
deposits
|
1,605
|
(5,105
|
)
|
||||
Accrued
salaries and payroll taxes
|
-
|
4,682
|
|||||
Net
Cash Used for Operating Activities
|
(2,850,927
|
)
|
(2,756,724
|
)
|
|||
INVESTING
ACTIVITIES:
|
|||||||
Costs
related to patent applications
|
(6,927
|
)
|
-
|
||||
Purchase
of property, equipment and other assets
|
(85,610
|
)
|
(90,567
|
)
|
|||
Net
Cash Used for Investing Activities
|
(92,537
|
)
|
(90,567
|
)
|
|||
FINANCING
ACTIVITIES:
|
|||||||
Proceeds
from issuance of equity securities, net of costs
|
8,347,369
|
3,180,000
|
|||||
Proceeds
from issuance of debt securities
|
-
|
2,000,000
|
|||||
Proceeds
from line of credit
|
-
|
1,500,000
|
|||||
Payments
on notes payable
|
(2,011,111
|
)
|
(1,648,245
|
)
|
|||
Payments
on line of credit
|
-
|
(1,500,000
|
)
|
||||
Net
Cash Provided by Financing Activities
|
6,336,258
|
3,531,755
|
|||||
INCREASE
IN CASH
|
3,392,794
|
684,464
|
|||||
CASH
|
|||||||
Beginning
of year
|
1,693,584
|
1,009,120
|
|||||
End
of year
|
$
|
5,086,378
|
$
|
1,693,584
|
See
report of independent registered public accounting firm and notes
to
financial statements.
|
|
Prepaid
insurance
|
$
|
19,705
|
||
Prepaid
expenses
|
87,958
|
|||
Prepaid
expenses and other current assets
|
$
|
107,663
|
Machinery
and equipment
|
$
|
151,497
|
||
Office
furniture and equipment
|
26,326
|
|||
177,923
|
||||
Less:
Accumulated depreciation
|
65,717
|
|||
Property
and Equipment, Net
|
$
|
112,106
|
Patents
|
$
|
49,602
|
||
Less:
Accumulated amortization
|
9,856
|
|||
Intangible
Assets, Net
|
$
|
39,746
|
2008
|
$
|
992
|
||
2009
|
992
|
|||
2010
|
992
|
|||
2011
|
992
|
|||
2012
|
992
|
|||
Thereafter
|
34,786
|
|||
$
|
39,746
|
County
|
2007
|
2006
|
Sweden
|
2%
|
3%
|
Balance,
January 1, 2006
|
$
|
-
|
||
Additions
|
2,580
|
|||
Deductions
|
(2,580
|
)
|
||
Balance,
December 31, 2006
|
-
|
|||
Additions
|
4,151
|
|||
Deductions
|
(742
|
)
|
||
Balance,
December 31, 2007
|
$
|
3,409
|
2007
|
2006
|
||||||
Statutory
rate
|
(34
|
)%
|
(34
|
)%
|
|||
State
income tax - all states
|
(6
|
)%
|
(6
|
)%
|
|||
(40
|
)%
|
(40
|
)%
|
||||
Current
year valuation allowance
|
40
|
%
|
40
|
%
|
|||
Benefit
for income taxes
|
0
|
%
|
0
|
%
|
Warrants
|
Average
Exercise
Price
|
||||||
Warrants
outstanding at January 1, 2006
|
13,252,217
|
$
|
0.45
|
||||
Issued
during 2006
|
10,821,576
|
0.36
|
|||||
Exercised
during 2006
|
(1,701,063
|
)
|
0.20
|
||||
Warrants
outstanding at December 31, 2006
|
22,372,730
|
0.42
|
|||||
Issued
during 2007
|
9,528,338
|
0.52
|
|||||
Exercised
during 2007
|
(2,143,659
|
)
|
0.40
|
||||
Cancelled
and expired during 2007
|
(743,441
|
)
|
0.40
|
||||
Warrants
outstanding at December 31, 2007
|
29,013,968
|
$
|
0.45
|
Years
ended December 31,
|
|||||||
2007
|
2006
|
||||||
Weighted
average risk-free rate
|
4.5
|
%
|
4.5
|
%
|
|||
Average
expected life in years
|
3.6
|
3.5
|
|||||
Expected
dividends
|
None
|
None
|
|||||
Volatility
|
166
|
%
|
100
|
%
|
|||
Forfeiture
rate
|
40
|
%
|
24
|
%
|
Shares
|
Average
Exercise
Price
|
||||||
Options
outstanding and exercisable at January 1, 2006
|
12,470,363
|
$
|
0.46
|
||||
Granted
during 2006
|
5,587,500
|
0.24
|
|||||
Cancelled
during 2006
|
(3,259,592
|
)
|
0.45
|
||||
Expired
during 2006
|
(63,375
|
)
|
14.00
|
||||
Options
outstanding and exercisable at December 31, 2006
|
14,734,896
|
$
|
0.33
|
||||
Granted
during 2007
|
3,725,000
|
0.35
|
|||||
Cancelled
during 2007
|
(4,050,000
|
)
|
0.23
|
||||
Exercised
during 2007
|
(100,000
|
)
|
0.20
|
||||
Options
outstanding and exercisable at December 31, 2007
|
14,309,896
|
$
|
0.36
|
Year
|
||||
2008
|
$
|
170,206
|
||
2009
|
190,664
|
|||
2010
|
177,091
|
|||
2011
|
12,688
|
|||
$
|
550,649
|
2007
|
2006
|
||||||
Interest
|
$
|
248,219
|
$
|
314,750
|
|||
Income/Franchise
Taxes
|
$
|
6,906
|
$
|
$8,542
|
SEC
Registration Fee
|
$
|
300.65
|
||
Legal
Fees
|
15,000.00
|
|||
Accounting
Fees
|
5,000.00
|
|||
Printing
Fees
|
1,150.00
|
|||
Miscellaneous
|
5,000.00
|
|||
Total
|
$
|
26,450.65
|
(a) |
Exhibits
|
(b) |
Financial
Statement Schedules
|
(1)
|
To
file, during any period in which it offers or sells securities, a
post-
effective amendment to this Registration Statement
to:
|
(2)
|
For
determining liability under the Securities Act, treat each post-
effective
amendment as a new registration statement of the securities offered,
and
the offering of the securities at that time to be the initial bona
fide
offering.
|
(3)
|
File
a post-effective amendment to remove from registration any of the
securities that remain unsold at the end of the
offering.
|
POWER
EFFICIENCY CORPORATION
|
|
By:
|
/s/
STEVEN Z. STRASSER
|
Steven
Z. Strasser
Chairman
and Chief Executive Officer
|
Name
|
Title
|
Date
|
||
/s/
STEVEN Z. STRASSER
|
Chairman
and Chief Executive Officer
|
July
25, 2008
|
||
Steven
Z. Strasser
|
(Principal
Executive Officer)
|
|||
*
|
Chief
Financial Officer
|
July
25, 2008
|
||
John
(BJ) Lackland
|
(Principal
Financial and Accounting
|
|||
Officer)
|
||||
*
|
Director
|
July
25, 2008
|
||
Richard
Morgan
|
||||
*
|
Director
|
July
25, 2008
|
||
Douglas
M. Dunn
|
||||
*
|
Director
|
July
25, 2008
|
||
George
Boaydjieff
|
||||
*
|
Director
|
July
25, 2008
|
||
Gary
Rado
|
||||
*
|
Director
|
July
25, 2008
|
||
Raymond
J. Skiptunis
|
||||
Exhibit
Number
|
Description
|
|
3.1
|
Certificate
of Incorporation of the Company, incorporated by reference to Exhibit
3.1
to the Company's Annual Report on Form 10-SB filed on October 20,
2000.
|
|
3.2
|
Amendment
to the Certificate of Incorporation of the Company dated June 5,
2002,
incorporated by reference to Exhibit 3.1 to Company's Current Report
on
Form 8-K filed on June 18, 2002.
|
|
3.3
|
Amendment
to the Certificate of Incorporation of the Company dated July 6,
2005,
incorporated by reference to Exhibit 3.3 to the Company’s Form SB-2
Registration Statement filed October 25, 2005.
|
|
3.4
|
Amendment
to the Certificate of Incorporation of the Company dated October
13, 2005,
incorporated by reference to Exhibit 3.4 to the Company’s Form SB-2
Registration Statement filed October 25, 2005.
|
|
3.5
|
Amended
and Restated By-laws of the Company dated March 23, 2004, incorporated
by
reference to Exhibit 3.1 to Company’s Quarterly Report on Form 10-QSB
filed on May 14, 2004.
|
|
3.6
|
Certificate
of Amendment of Certificate of Designation of Series A Convertible
Preferred Stock of Power Efficiency Corporation, incorporated by
reference
to Exhibit 4.2 to Company's Current Report on Form 8-K filed on May
25,
2003.
|
|
3.7
|
Certificate
of Certificate Eliminating Reference To A Series Of Shares Of Stock
From
the Certificate of Incorporation of the Company, dated October 22,
2007.*
|
|
3.8
|
Certificate
of Designations of Preferences, Rights and Limitations of Series
B
Convertible Preferred Stock of Registrant dated October 24,
2007.*
|
|
4.1
|
Form
of Placement Agent Warrant issued pursuant to Exhibit 10.45, incorporated
by reference to Exhibit 3.2 to Company’s Current Report on Form 8-K Filed
on July 15, 2005
|
|
4.2
|
Form
of Investor Warrant, incorporated by reference to Exhibit 3.1 to
Company’s
Current Report on Form 8-K filed on July 15, 2005
|
|
4.3
|
Specimen
common stock certificate of the Company, incorporated by reference
to
Exhibit 4.5 to the Company’s Form SB-2/A Registration Statement filed
December 8, 2005.
|
|
4.4
|
Agreement
dated April 22, 2005, between the Company and Summit Energy Ventures,
LLC,
for the issuance of preferred stock and warrants, incorporated by
reference to Exhibit 4.6 to the Company’s Form SB-2 Registration Statement
filed October 25, 2005.
|
|
4.5
|
Agreement
dated April 22, 2005, between the Company and Commerce Energy Group,
Inc.,
for the issuance of preferred stock and warrants, incorporated by
reference to Exhibit 4.7 to the Company’s Form SB-2 Registration Statement
filed October 25, 2005.
|
|
4.6
|
Form
of Equity Warrant, incorporated by reference to Exhibit 4.1 to the
Company’s Current Report on Form 8-K, filed January 24,
2007
|
|
4.7
|
Form
of Equity Warrant, incorporated by reference to Exhibit 4.1 to the
Company’s Current Report on Form 8-K, filed March 8,
2007
|
|
4.8
|
Form
of Warrant, issued to certain investors in the Company’s private placement
of units on January 21, 2008.*
|
|
5.1
|
Opinion
of Ellenoff Grossman & Schole LLP*
|
|
10.1
|
United
States Patent #5,821,726, incorporated by reference to Exhibit 10(g)
to
Company's Annual Report on Form 10-SB filed on October 20,
2000.
|
|
10.2
|
1994
Stock Option Plan, incorporated by reference to Exhibit 10(i) to
Company's
Annual Report on Form 10-SB filed on October 20, 2000.
|
|
10.3
|
Patent
License Agreement (DN-858) with NASA, incorporated by reference to
Exhibit
10.10 to Company's Amended Annual Report on Form 10-SB/A filed on
October
26 2001.
|
|
10.4
|
Patent
License Agreement (DE-256) with NASA incorporated by reference to
Exhibit
10.11 to Company's Amended Annual Report on Form 10-SB/A filed on
October
26 2001.
|
10.5
|
Settlement
and Release Agreement with NASA incorporated by reference to Exhibit
10.12
to Company's Amended Annual Report on Form 10-SB/A filed on October
26
2001.
|
|
10.6
|
Modification
No. 1 to Patent License Agreement (DE-256) with NASA, incorporated
by
reference to Exhibit 10.13 to Company's Amended Annual Report on
Form
10-SB/A filed on October 26 2001.
|
|
10.7
|
Product
Warranty, incorporated by reference to Exhibit 10.16 to Company's
Amended
Annual Report on Form 10-SB/A filed on October 26 2001.
|
|
10.8
|
Test
Report from Medsker Electric, Inc., incorporated by reference to
Exhibit
10.17 to Company's Amended Annual Report on Form 10-SB/A filed on
October
26 2001.
|
|
10.9
|
Test
Report from Oak Ridge National Laboratory, incorporated by reference
to
Exhibit 10.18 to Company's Amended Annual Report on Form 10-SB/A
filed on
October 26 2001.
|
|
10.10
|
Test
Report from Oregon State University - The Motor Systems Resource
Facility,
incorporated by reference to Exhibit 10.19 to Company's Amended Annual
Report on Form 10-SB/A filed on October 26 2001.
|
|
10.11
|
Test
Report from Otis Elevator Co., incorporated by reference to Exhibit
10.20
to Company's Amended Annual Report on Form 10-SB/A filed on October
26
2001.
|
|
10.12
|
Certificate
of Amendment of Warrant, incorporated by reference to Exhibit 10.4
to
Company's Current Report on Form 8-K filed May 25,
2003.
|
|
10.13
|
Settlement
Agreement and Mutual General Release with Stephen L. Shulman and
Summit
Energy Ventures, LLC dated October 3, 2003, incorporated by reference
to
Exhibit 10.5 to Company's Quarterly Report on Form 10-QSB filed November
14, 2003.
|
|
10.14
|
Amendment
to the Amended and Restated Stockholders' Agreement among Anthony
Caputo,
Nicholas Anderson, Philip Elkus, Stephen Shulamn, Performance Control,
LLC, Summit Energy Ventures, LLC and Power Efficiency Corporation
dated
September 22, 2003, incorporated by reference to Exhibit 10.7 to
Company's
Quarterly Report on Form 10-QSB filed November 14,
2003.
|
|
10.15
|
Business
Property Lease with Arens Investment Company dated November 1, 2003,
incorporated by reference to Exhibit 10.36 to Company's Annual Report
on
Form 10-KSB filed March 10, 2004.
|
|
10.16
|
Letter
agreement with Pali Capital, Inc. dated February 25, 2004, incorporated
by
reference to Exhibit 10.40 to Company's Annual Report on Form 10-KSB
filed
March 10, 2004.
|
|
10.17
|
Amended
and Restated 2000 Stock Option and Restricted Stock Plan dated February
23, 2004, incorporated by reference to Exhibit 10.41 to Company's
Annual
Report on Form 10-KSB filed March 10, 2004.
|
|
10.18
|
Amended
and Restated 1994 Stock Option Plan, incorporated by reference to
Exhibit
10.42 to Company's Annual Report on Form 10-KSB filed March 10,
2004.
|
|
10.19
|
Single
Phase Licensing Agreement with Commerce Energy Group, incorporated
by
reference to Exhibit 10.1 to Company's Quarterly Report on Form 10-QSB
filed November 15, 2004.
|
|
10.20
|
Business
Property Lease Amendment involving Glenborough LLC and Northwest
Power
Management, Inc. dated February 7, 2005, incorporated by reference
to
Exhibit 10.48 to the Company's Annual Report on Form 10-KSB filed
on March
31, 2005.
|
|
10.21
|
Settlement
and Consulting Agreement with Keith Collin dated September 27, 2004,
incorporated by reference to Exhibit 10.49 to the Company's Annual
Report
on Form 10-KSB filed on March 31, 2005.
|
|
10.22
|
Placement
Agency Agreement dated as of June 1, 2005, between the Company and
Joseph
Stevens & Co., Inc., incorporated by reference to Exhibit 10.51 to the
Company’s Form SB-2 Registration Statement filed October 25,
2005.
|
|
10.24
|
Consulting
Agreement with George Boyadjieff, dated June 9, 2005, incorporated
by
reference to Exhibit 10.54 to the Company’s Form 10-KSB filed on March 31,
2006
|
|
10.25
|
Consulting
Agreement with Steven Blum dated February 21, 2006, incorporated
by
reference to Exhibit 10.55 to the Company’s Form 10-KSB filed on March 31,
2006
|
|
10.26
|
Consulting
Agreement with CEO Cast, Inc, dated January 2, 2006, incorporated
by
reference to Exhibit 10.56 to the Company’s Form 10-KSB filed on March 31,
2006
|
10.27
|
Letter
Agreement with USBX Advisory Services, LLC, dated January 6, 2006,
incorporated by reference to Exhibit 10.57 to the Company’s Form 10-KSB
filed on March 31, 2006
|
|
10.28
|
Employment
Agreement with Steven Strasser dated June 1, 2005, incorporated by
reference to Exhibit 8.1 to the Company’s Current Report of Form 8-K filed
July 13, 2005.
|
|
10.29
|
Employment
Agreement with John Lackland dated June 1, 2005, incorporated by
reference
to Exhibit 8.2 to the Company’s Current Report on Form 8-K filed on July
13, 2005.
|
|
10.30
|
Interim
Financing Agreement with EMTUCK, LLC dated April 18, 2006, incorporated
by
reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K
filed on April 24, 2006.
|
|
10.31
|
Promissory
Note granted to EMTUCK, LLC dated April 19, 2006, incorporated by
reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K
filed on April 24, 2006.
|
|
10.32
|
Security
Agreement with EMTUCK, LLC dated April 19, 2006, incorporated by
reference
to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on April
24, 2006.
|
|
10.33
|
Form
of EMTUCK Warrant, incorporated by reference to Exhibit 10.4 to the
Company’s Current Report on Form 8-K filed on April 24,
2006.
|
|
10.34
|
Promissory
Note granted to EMTUCK, LLC dated May 19, 2006, incorporated by reference
to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on May
26, 2006.
|
|
10.35
|
Form
of Pali Note Extension Consent Letter dated October 23, 2006, incorporated
by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K
filed on October 27, 2006.
|
|
10.36
|
Form
of Securities Purchase Agreement, dated November 30, 2006, incorporated
by
reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K
filed on December 5, 2006.
|
|
10.37
|
Form
of Note, dated November 30, 2006, incorporated by reference to Exhibit
4.1
to the Company’s Current Report on Form 8-K filed on December 5,
2006.
|
|
10.38
|
Form
of Debt Warrant, incorporated by reference to Exhibit 4.2 to the
Company’s
Current Report on Form 8-K filed on December 5, 2006.
|
|
10.39
|
Form
of Equity Warrant, incorporated by reference to Exhibit 4.3 to the
Company’s Current Report on Form 8-K filed on December 5,
2006.
|
|
10.40
|
Form
of Securities Purchase Agreement, incorporated by reference to Exhibit
10.1 to the Company’s Current Report on Form 8-K filed on January 24,
2007.
|
|
10.41
|
Consulting
Agreement amendment with George Boyadjieff, dated June 9, 2007,
incorporated by reference to the Quarterly Report on Form 10-QSB
filed on
August 13, 2007.
|
|
10.42
|
Manufacturing
Services Agreement, dated September 6, 2007 by and among the Company
and Sanima-Sci Corporation, incorporated by reference to Exhibit
10.1 to
the Company’s Current Report on Form 8-K filed on September 13,
2007.
|
|
10.43
|
Consulting
Agreement amendment with George Boyadjieff, dated June 9, 2007,
incorporated by reference to Exhibit 10.1 to the Company’s Quarterly
Report on Form 10-QSB filed on August 13, 2007.
|
|
10.44
|
Manufacturing
Services Agreement, dated September 6, 2007 by and among the Company
and
Sanima-Sci Corporation, incorporated by reference to Exhibit 10.1
to the
Company’s Current Report on Form 8-K filed on September 12,
2007.
|
|
10.45
|
Securities
Purchase Agreement, dated as of October 27, 2007 by and between the
Company and certain Investors.*
|
|
23.1
|
Consent
of Sobel & Co., LLC, Certified Public Accountants.
|
|
23.2
|
Consent
of Ellenoff Grossman & Schole LLP (included in Exhibit
5.1).
|
|
24.1
|
Power
of Attorney (included in signature page).
|
|