UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF 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 |
|
| ||||||||||||||||||||||||||||||
|
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
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. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
||
Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
Warrants | Â (1) | Â (1) | Common Stock | 10,000,000 | $ (1) | D | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
MUSTAFOGLU MIKE M 9107 WILSHIRE BLVD., SUITE 450 BEVERLY HILLS, CA 90210 |
 X |  |  |  |
/s/ Mike M. Mustafoglu | 09/10/2008 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(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) | Mr. Mustafoglu has been granted cashless warrants to purchase 10,000,000 shares of the Company's common stock (the "Bonus Shares") at an exercise price of fifty cents ($0.50) or fifty percent (50%) of the 20 day average prior to exercise notice, whichever is less. The Bonus Shares have been placed in escrow and are released at the rate of 2,000,000 shares of common stock, or 20% of the Bonus Shares, upon each anniversary of the execution of Mr. Mustafoglu. |