<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
ARINCO COMPUTER SYSTEMS INC.
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
040397 10 1
- --------------------------------------------------------------------------------
(CUSIP number)
Leon Nash
2 Bayclub Drive
Bayside, NY 11360
(718) 423-7796
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
May 3, 1996
- --------------------------------------------------------------------------------
(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 this 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: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(Continued on following pages)
(Page 1 of 5 Pages)
<PAGE> 2
SCHEDULE 13D FORMS 7060
- --------------------------------------------------------------------------------
- ------------------------ ------------------
CUSIP NO. 040397 10 I 13D PAGE 2 OF 5 PAGES
- ------------------------ ------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Leon Nash
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 325,000
------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 325,000
------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
325,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
ITEM 1. SECURITY AND ISSUER.
This statement relates to the Common Stock, par value $0.001 per share
("Common Stock"), of the following corporation (the "Company"):
ARINCO COMPUTER SYSTEMS INC.
1650 University Blvd.
Suite 100
Albuquerque, NM 87102
ITEM 2. IDENTITY AND BACKGROUND.
Leon Nash
2 Bayclub Drive
Bayside, NY 11360
Mr. Nash is an executive employed by Business Funding Corporation, 370
Lexington Avenue, New York, New York 10017, a corporation engaged in business
lending. Mr. Nash, a citizen of the United States, has not, during the last five
years, been convicted in a criminal proceeding or been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction
resulting in, or subjecting him 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The consideration for the purchase of the shares of Common Stock
covered hereby was Mr. Nash's personal funds.
ITEM 4. PURPOSE OF TRANSACTION.
Mr. Nash's purpose for buying shares of Common Stock was investment, to
speculate on the possibility that such shares, which were acquired at very low
prices, might increase substantially in value. Such shares were not acquired by
him for the purpose of bringing about any extraordinary transaction, such as a
merger, reorganization or liquidation, sale or disposition of assets, change in
the make-up of the Board, capitalization or dividend policy, or other material
change.
3
<PAGE> 4
Item 5. Interest in Securities of the Issuer.
Mr. Nash purchased 15,000 shares of Common Stock on May 3, 1996,
bringing his ownership up to 5.08% of the 4,034,755 shares then reported by the
Company as outstanding in its Annual Report on Form 10-KSB for the fiscal year
ended December 31, 1995. Thereafter, Mr. Nash purchased 100,000 shares on
October 21, 1996, and 20,000 shares on February 4, 1997, bringing the total
number of shares currently owned by him to 325,000, representing 7.16% of the
4,541,000 shares currently reported to be outstanding.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Not applicable.
Item 7. Material to be Filed as Exhibits.
No exhibits to this Schedule are required.
4
<PAGE> 5
SIGNATURES
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.
3/10/00
--------------------------
Date
/s/ Leon Nash
--------------------------
Signature
Leon Nash
--------------------------
Name/Title
