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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 | |||||||||
Options | Â | Â | Â | Â | Â | Â | Â (3) | 05/09/2015 | Common | Â | 1,165,038 | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
MCCORMACK JOHN J 11300 U.S. HIGHWAY NO. 1 SUITE 400 NORTH PALM BEACH, FL 33408 |
 X |  |  |  |
/s/ John McCormack | 02/14/2007 | |
**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) | TABLE I & II. Amendment corrects prior inaccurate allocation of securities between non-derivative and derivative (see Table II footnote below) ownership |
(2) | TABLE II. 565,038 of the reported derivative securities have the following terms: TABLE II 2. Exercise price allocated by % of total options: $0.200 (25%), $0.225 (20%), $0.250 (20%), $0.275 (20%), $0.300 (15%) TABLE II. 600,000 of the reported derivative securities have the following terms: TABLE II 2. Exercise price for 400,000 options at $0.75; for 100,000 options at $1.00 and for 100,000 options at $2.00 |
(3) | TABLE II. 565,038 of the reported derivative securities have the following terms: TABLE II 6. Vesting to occur in three equal tranches: 1/3 at 12/30/05, 1/3 at 07/01/06, 1/3 at 12/31/06 TABLE II. 600,000 of the reported derivative securities have the following terms: TABLE II 6. All currently exercisable |