UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Metropolitan Health Networks, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
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(CUSIP Number)
Sandra F. Pessin, c/o Norman H. Pessin, 605 Third Ave.,
19th Floor, New York, NY 10158
(tel: 212-476-5654)
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
1/06/04
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Check the following box if a fee is being paid with the statement |_|. (A fee is
not required only if the reporting person: (has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; has filed no amendment subsequent thereto
reporting beneficial ownership of five percent or less of such class.)(See Rule
13d-7).
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13-d(a) for other parties to whom copies are to be
sent.
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Page 1 of 6 Pages
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the putpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 2 of 6 Pages
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1) Names of Reporting Persons, S.S or I.R.S. Identification Nos of Above
Persons:
a) Sandra F. Pessin
b) SEP IRA F/B/O Norman H. Pessin 092-30-0438
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) N/A
(b)
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3) SEC Use Only
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4) Source of Funds (See Instructions)
PF
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
of 2(e)
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6) Citizenship or Place of Organization: USA
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Number of 7) Sole Voting Power: a) 699,883
Shares b) 1,648,372
Beneficially
owned by each --------------------------------------------------------
Reporting 8) Shared Voting Power: ___________
Person with
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9) Sole Dispositive Power: a) 699,883
b) 1,648,372
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10) Shared Dispositive Power: _____________
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11) Aggregate Amount Beneficially Owned by Each Reporting Person
a) 699,883
b) 1,648,372
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12) Check if the Aggregate Amount in Row (11) Excludes certain shares: N/A
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13) Percent of Class Represented by Amount in Row (11): a) 1.97%
b) 4.64%
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14) Type of Reporting Person (See Instructions): IN
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Page 3 of 6 Pages
ITEM 1: IDENTITY AND BACKROUND
(a) Sandra F. Pessin
(b) c/o Norman H. Pessin, 605 Third Ave., 19th Floor, New York, NY 10158
(c) Housewife
(d) None
(e) None
(f) USA
(a) Norman H. Pessin
(b) 605 Third Avenue, 14th floor, New York, NY, 10158
(c) Retired
(d) None
(e) None
(f) USA
ITEM 3: SOURCE AND AMOUNT OF FUNDS
Sandra F. Pessin purchased a total of 699,883 shares on the following
dates, amount, and prices:
Date Number of Shares Price per share
11/19/03 100,000 0.563
11/20/03 120,000 0.568
11/21/03 125,000 0.578
11/25/03 40,000 0.640
12/01/03 220,000 0.680
12/03/03 40,000 0.700
12/04/03 20,000 0.710
12/09/03 24,000 0.680
12/10/03 10,000 0.663
TOTAL 699,883
The total amount paid for shares is $441,161.
SEP IRA F/B/O Norman H. Pessin purchased a total of 1,648,372 shares on
the following dates, amounts and prices:
Date Number of Shares Price per share
12/11/03 65,000 0.650
12/12/03 50,000 0.655
12/15/03 150,000 0.625
12/16/03 25,000 0.590
12/29/03 50,000 0.750
01/06/04 1,258,327 0.680
TOTAL 1,648,372
The total amount paid for is $1,118,325.
Page 4 of 6 Pages
ITEM 4: PURPOSE OF TRANSACTION
The shares were purchased for investment. Each filer reserves the right to
seek changes in the management of the issuer in the future or in its business.
No such plans currently exist.
ITEM 5: INTEREST IN SECURITIES OF THE ISSUER
(a) Sandra F. Pessin owns 699,883 shares of the Issuer's Common Stock,
constituting 1.97% thereof.
(b) Sandra F. Pessin has sole power of disposition over 699,883 shares and
sole power to vote the 699,883 shares.
(c) Sandra F. Pessin purchased the 699,883 shares in open market
transactions..
(d) Not Applicable
(e) Not Applicable
(a) SEP IRA F/B/O Norman H. Pessin owns 1,648,372 shares of the Issuer's
Common Stock, constituting 4.64% thereof.
(b) SEP IRA F/B/O Norman H. Pessin has sole power of disposition over
1,648,372 shares and sole power to vote the 1,648,372 shares.
(c) SEP IRA F/B/O Norman H. Pessin purchased 1,648,372 the shares in open
market transactions.
(d) Not Applicable
(e) Not Applicable
ITEM 6: CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
THE SECURITIES OF THE ISSUER.
N/A
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
N/A
Page 5 of 6 Pages
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Signature: /s/ Sandra F. Pessin
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Sandra F. Pessin
Signature: /s/ SEP IRA F/B/O Norman H. Pessin
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SEP IRA F/B/O Norman H. Pessin
By /s/ Norman H. Pessin
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Norman H. Pessin
March 3, 2004
Page 6 of 6 Pages