1
|
NAMES
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
Heng
Fai Ambrose Chan
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
|
(a)
[ ]
(b)
[ ]
|
3
|
SEC
USE ONLY
|
|
4
|
SOURCE
OF FUNDS (See Instructions)
PF
|
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
|
[ ]
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
|
Republic
of Singapore
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED
BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE
VOTING POWER:
|
11,493,641
(1)
|
8
|
SHARED
VOTING POWER:
|
|
9
|
SOLE
DISPOSITIVE POWER:
|
11,493,641
(1)
|
10
|
SHARED
DISPOSITIVE POWER:
|
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
11,493,641
(1)
|
12
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
|
[ ]
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
31.77(2)
|
14
|
TYPE
OF REPORTING PERSON (See Instructions)
|
IN
|
(1)
Consists of (a) 1,786,531 shares of common stock, par value $0.02 per share, of Document Security Systems, Inc. (“Common
Stock”) held by Heng Fai Holdings Limited (“Heng Fai Holdings”), (b) 500,000 shares of Common Stock held by
BMI Capital Partners International Limited (“BMI Capital”), (c) 683,000 shares of Common Stock held by Hengfai Business
Development Pte Ltd. (“Hengfai Business Development”), (d) 2,077,682 shares of Common Stock held by the Reporting
Person; and (e) 6,446,428 shares of Common Stock held by LiquidValue Development Pte Ltd.
(2)
Based on 36,180,557 shares of Common Stock outstanding.
1
|
NAMES OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
LiquidValue Development Pte Ltd.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
|
(a) [ ]
(b) [ ]
|
3
|
SEC USE ONLY
|
|
4
|
SOURCE OF FUNDS (See Instructions)
WC
|
|
5
|
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
|
[ ]
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
Republic of Singapore
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED
BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE
VOTING POWER:
|
6,446,428
|
8
|
SHARED
VOTING POWER:
|
|
9
|
SOLE
DISPOSITIVE POWER:
|
6,446,428
|
10
|
SHARED
DISPOSITIVE POWER:
|
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
6,446,428
|
12
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
|
[ ]
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
17.82%(1)
|
14
|
TYPE
OF REPORTING PERSON (See Instructions)
|
CO
|
(1)
Based on 36,180,557 shares of Common Stock outstanding.
This
Amendment No. 7 on Schedule 13D amends the statement on Schedule 13D, filed with the SEC on September 15, 2017, as amended by
Amendment No. 1, filed with the SEC on July 6, 2018, Amendment No. 2, filed with the SEC on December 18, 2018, Amendment No. 3,
filed on February 20, 2019, Amendment No. 4, filed on March 27, 2019, Amendment No. 5, filed on June 11, 2019, and Amendment No.
6, filed on July 23,2019 (the “Sixth Amended Schedule 13D”), which relates to the Common Stock of the Issuer
filed by Heng Fai Ambrose Chan (the “Reporting Person”). Except as previously amended and expressly amended
below, the Sixth Amended Schedule 13D remains in effect and capitalized terms not defined herein are defined in the Sixth Amended
Schedule 13D.
Item
1. Security and Issuer
The
title and class of equity securities to which this Amendment No. 7 to the Schedule 13D relates is the common stock, $0.002 par
value per share, of Document Security Systems, Inc. (“Common Stock”), a New York Corporation (the “Issuer”).
The principal offices of the Issuer are located at 200 Canal View Boulevard, Suite 300, Rochester, NY 14623.
Item
2. Identity and Background
(a)
This statement is being filed by Heng Fai Ambrose Chan and LiquidValue Development Pte Ltd., an entity owned and controlled by
Mr. Chan (the “Reporting Persons”).
(b)
The business address of the Reporting Persons is c/o Singapore eDevelopment Limited, 7 Temasek Boulevard #29-01B, Suntec Tower
One, Singapore 038987.
(c)
Mr. Chan is the Chairman and Chief Executive Officer of Singapore eDevelopment Limited and is the Chairman and Chief Executive
Officer of HF Enterprises Inc. The business address of Singapore eDevelopment Limited is 7 Temasek Boulevard #29-01B, Suntec Tower
One, Singapore 038987. The business address of HF Enterprises Inc. is 4800 Montgomery Lane, Suite 210, Bethesda, MD 20814. Mr.
Chan also serves as Executive Chairman of the Issuer and as Executive Chairman and Chief Executive Officer of one of the Issuer’s
subsidiaries. The Issuer has a business address at 200 Canal View Boulevard, Suite 300, Rochester, NY 14623.
(d)
During the last five years, the Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations
and similar misdemeanors).
(e)
During the last five years, the Reporting Persons have not been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result thereof were or are subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with
respect to such laws.
(f)
Mr. Chan is a citizen of the Republic of Singapore and LiquidValue Development Pte Ltd. was formed in the Republic of Singapore.
Item
3. Source and Amount of Funds or Other Considerations
On
November 1, 2019, the Reporting Persons purchased 6,000,000 shares of the Issuer’s Common Stock, pursuant to a private placement,
at a purchase price equal to $0.3037 per share. All shares were purchased with the Reporting Persons’ personal funds or
working capital.
Item
4. Purpose of Transaction
The
Reporting Persons determined that it was in the best interest of the Issuer, its stockholders, and the Reporting Persons to purchase
the shares.
The
Reporting Persons have previously increased their ownership in the Issuer and may add to their holdings of the Issuer’s
common stock in the future.
Item
5. Interest in Securities of the Issuer
|
a)
|
On
November 1, 2019, the Reporting Persons purchased from the Issuer 6,000,000 shares of
the Issuer’s Common Stock, pursuant to a private placement, in consideration for
$1,822,200.
|
Personal
ownership by the Heng Fai Ambrose Chan: 2,077,682 shares of Issuer’s common stock, par value $0.02 per share.
Ownership
by affiliate Heng Fai Holdings Limited: 1,786,531 shares of Issuer’s common stock, par value $0.02 per share.
Ownership
by affiliate BMI Capital Partners International Limited: 500,000 shares of Issuer’s common stock, par value $0.02 per share.
Ownership
by affiliate Hengfai Business Development Pte. Ltd.: 683,000 shares of Issuer’s common stock, par value $0.02 per share.
Ownership
by affiliate LiquidValue Development Pte Ltd: 6,446,428 shares of Issuer’s common stock.
|
c)
|
Each
of the transactions described in this Item 5 were reported on a Form 4 filed by Mr. Chan
with the SEC pursuant to Section 16 of the Act and are available on the SEC’s website
at www.sec.gov. The information reported in such filing is expressly incorporated herein.
|
Item
6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Other
than as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the
Reporting Persons and any other person with respect to any securities.
Item
7. Material to Be Filed as Exhibits
SIGNATURE
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.
Dated:
November 5, 2019
|
/s/
Heng Fai Ambrose Chan
|
|
Name:
|
Heng
Fai Ambrose Chan
|
|
LiquidValue
Development Pte Ltd
|
|
|
|
/s/
Heng Fai Ambrose Chan
|
|
Name:
|
Heng
Fai Ambrose Chan
|
|
Title:
|
Director
|