Statement of Changes in Beneficial Ownership (4)
February 08 2019 - 11:42AM
Edgar (US Regulatory)
FORM 4
[ ]
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue.
See
Instruction 1(b).
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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OMB APPROVAL
OMB Number:
3235-0287
Estimated average burden
hours per response...
0.5
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
*
Cohen Scot
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2. Issuer Name
and
Ticker or Trading Symbol
Petro River Oil Corp.
[
PTRC
]
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__
X
__ Director
_____ 10% Owner
__
X
__ Officer (give title below)
_____ Other (specify below)
EXECUTIVE CHAIRMAN
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(Last)
(First)
(Middle)
20 EAST 20TH STREET, NO. 6
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3. Date of Earliest Transaction
(MM/DD/YYYY)
10/2/2018
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(Street)
NEW YORK, NY 10003
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line)
_
X
_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1.Title of Security
(Instr. 3)
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2. Trans. Date
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2A. Deemed Execution Date, if any
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3. Trans. Code
(Instr. 8)
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4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
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5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
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6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
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Code
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V
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Amount
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(A) or (D)
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Price
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Common Stock
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10/2/2018
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A
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300000
(1)
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A
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$0.83
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605431
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I
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By ICO Liquidating Trust
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Common Stock
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725000
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I
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By Pearsonia West Investments, LLC
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Common Stock
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36813
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I
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By Structure Oil Corp.
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Common Stock
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34702
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I
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By the Scot Jason Cohen Foundation
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Table II - Derivative Securities Beneficially Owned (
e.g.
, puts, calls, warrants, options, convertible securities)
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1. Title of Derivate Security
(Instr. 3)
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2. Conversion or Exercise Price of Derivative Security
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3. Trans. Date
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3A. Deemed Execution Date, if any
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4. Trans. Code
(Instr. 8)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
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6. Date Exercisable and Expiration Date
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7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
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8. Price of Derivative Security
(Instr. 5)
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9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)
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10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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Code
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V
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(A)
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(D)
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Date Exercisable
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Expiration Date
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Title
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Amount or Number of Shares
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Series A Convertible Preferred Stock
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$0.40
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1/31/2019
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A
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51881
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1/31/2019
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(2)
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Common Stock
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2594040
(3)
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(4)
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51881
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D
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Warrant
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$0.50
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1/31/2019
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A
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2594040
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1/31/2019
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1/31/2024
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Common Stock
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2594040
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(4)
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2594040
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D
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Series A Convertible Preferred Stock
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$0.40
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1/31/2019
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A
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36406
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1/31/2019
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(2)
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Common Stock
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1820300
(3)
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(5)
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36406
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I
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By Petro Exploration Funding, LLC
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Series A Convertible Preferred Stock
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$0.40
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1/31/2019
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A
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58009
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1/31/2019
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(2)
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Common Stock
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2900450
(3)
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(6)
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58009
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I
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By Petro Exploration Funding II, LLC
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Warrant
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$2.38
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1/31/2019
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D
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840336
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6/13/2017
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6/13/2020
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Common Stock
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840336
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(7)
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0
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I
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By Petro Exploration Funding, LLC
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Warrant
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$0.50
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1/31/2019
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A
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840336
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6/13/2017
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1/31/2024
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Common Stock
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840336
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(7)
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840336
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I
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By Petro Exploration Funding, LLC
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Warrant
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$2
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1/31/2019
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D
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1250000
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11/6/2017
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2/6/2020
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Common Stock
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1250000
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(8)
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0
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I
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By Petro Exploration Funding II, LLC
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Warrant
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$0.50
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1/31/2019
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A
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1250000
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11/6/2017
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1/31/2024
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Common Stock
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1250000
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(8)
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1250000
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I
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By Petro Exploration Funding II, LLC
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Explanation of Responses:
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(1)
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The reported shares were issued to ICO Liquidating Trust, LLC ("ICO") by the Issuer as consideration for the sale by ICO to the Issuer of a 66.67% membership interest in LBE Partners, LLC. The Reporting Person is the managing member of ICO. The issuance of the shares was exempt from Section 16(b) pursuant to Rule 16b-3.
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(2)
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Shares of Series A Convertible Preferred Stock ("Series A Preferred") remain convertible so long as the shares remain issued and outstanding.
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(3)
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Each share of Series A Preferred has a stated value of $20.00 per share ("Stated Value"), and is convertible, at the option of the holder, into that number of shares of the Issuer's common stock equal to the Stated Value, divided by $0.40.
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(4)
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On January 31 2019, the Reporting Person and the Issuer entered into a Debt Conversion Agreement, pursuant to which the Reporting Person agreed to convert all outstanding debt owed to the Reporting Person, amounting to $300,000, into units ("Units") issued in connection with a private placement transaction consummated by the Issuer on January 31, 2019 (the "Cohen Debt Conversion"), which Units consisted of shares of Series A Convertible Preferred Stock ("Series A Preferred) and warrants to purchase shares of the Issuer's common stock ("Warrants"). In connection with the Cohen Debt Conversion, the Reporting Person received 51,881 shares of Series A Preferred and Warrants to purchase 2,594,00 shares of common stock. The issuance of the shares was exempt from Section 16(b) pursuant to Rule 16b-3.
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(5)
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On January 31 2019, the Issuer entered into a Debt Conversion Agreement with Petro Exploration Funding, LLC ("Funding Corp."), pursuant to which the parties agreed to convert all outstanding debt owed to Funding Corp. pursuant to a Senior Secured Promissory Note, dated June 13, 2017, in the aggregate amount of $2,327,473, into 116,374 shares of Series A Preferred (the "Funding Corp. Debt Conversion"). The Reporting Person owns or controls 31.25% of Fund Corp., and therefore claims beneficial ownership over 36,406 shares of Series A Preferred; the Reporting Person disclaims beneficial ownership with respect to the remaining 79,968 shares of Series A Preferred issued to Funding Corp. in connection with the Funding Corp. Debt Conversion. The issuance of the shares was exempt from Section 16(b) pursuant to Rule 16b-3.
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(6)
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On January 31 2019, the Issuer entered into a Debt Conversion Agreement with Petro Exploration Funding II, LLC ("Funding Corp. II"), pursuant to which the parties agreed to convert all outstanding debt owed to Funding Corp. II pursuant to a Senior Secured Promissory Note, dated November 6, 2017, in the aggregate amount of $2,802,603, into 140,130 shares of Series A Preferred (the "Funding Corp. II Debt Conversion"). The Reporting Person owns or controls 41.2% of Fund Corp., II and therefore claims beneficial ownership over 58,009 shares of Series A Preferred; the Reporting Person disclaims beneficial ownership with respect to the remaining 82,121 shares of Series A Preferred issued to Funding Corp. II in connection with the Funding Corp. II Debt Conversion. The issuance of the shares was exempt from Section 16(b) pursuant to Rule 16b-3.
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(7)
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The reported transactions involved the modification of certain outstanding warrants in connection with the Funding Corp. Debt Conversion, resulting in the deemed cancellation of the "old" warrants and the grant of replacement warrants with a reduced exercise price of $0.50 per share, which modifications were approved in advance by the Issuer's Board of Directors on January 7, 2019. The cancellation and subsequent grant were both exempt from Section 16(b) pursuant to Rule 16b-3(e) and Rule 16b-3(d), respectively.
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(8)
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The reported transactions involved the modification of certain outstanding warrants in connection with the Funding Corp. II Debt Conversion, resulting in the deemed cancellation of the "old" warrants and the grant of replacement warrants with a reduced exercise price of $0.50 per share, which modifications were approved in advance by the Issuer's Board of Directors on January 7, 2019. The cancellation and subsequent grant were both exempt from Section 16(b) pursuant to Rule 16b-3(e) and Rule 16b-3(d), respectively.
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Reporting Owners
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Reporting Owner Name / Address
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Relationships
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Director
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10% Owner
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Officer
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Other
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Cohen Scot
20 EAST 20TH STREET
NO. 6
NEW YORK, NY 10003
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X
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EXECUTIVE CHAIRMAN
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Signatures
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/s/ Scot Cohen
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2/8/2019
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**
Signature of Reporting Person
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Date
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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*
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If the form is filed by more than one reporting person,
see
Instruction 4(b)(v).
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**
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Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See
18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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Note:
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File three copies of this Form, one of which must be manually signed. If space is insufficient,
see
Instruction 6 for procedure.
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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.
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