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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)
Under the Securities Exchange Act of 1934
FORWARD INDUSTRIES, INC.
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(Name of Issuer)
COMMON STOCK (.01 PAR VALUE)
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(Title of Class of Securities)
34986210
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(CUSIP Number)
Kenneth Koch, Esq.
Squadron, Ellenoff, Plesent & Sheinfeld, LLP
551 Fifth Avenue, New York, NY 10176
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
October 9, 1998
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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 this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box: / /
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
* 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 ON THE REMAINDER OF THIS COVER PAGE SHALL NOT BE DEEMED
TO BE "FILED" FOR THE PURPOSE 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).
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<CAPTION>
<S><C>
CUSIP No. 34986210
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1 Name of Reporting Person Robert S. Ellin
S.S. or I.R.S. Identification No.
of Above Person
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2 Check the Appropriate Box if (a) [ ]
a Member of a Group (b) [X
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3 SEC Use Only
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4 Source of Funds PF
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5 Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization U.S.A.
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7 Sole Voting Power 125,500 shares including 108,000
shares underlying warrants
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Number of Shares 8 Shared Voting Power 378,500 shares including 181,500
shares underlying warrants
Beneficially Owned by -----------------------------------------------------------------
Reporting Person With
9 Sole Dispositive Power 125,500 shares including 108,000
shares underlying warrants
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10 Shared Dispositive Power 378,500 shares including 181,500
shares underlying warrants
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11 Aggregate Amount Beneficially
Owned By Each Reporting Person 504,000 shares
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12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [X]
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13 Percent of Class Represented
Amount in Row (11) 9.6%
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14 Type of Reporting Person IN
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<TABLE>
<CAPTION>
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CUSIP No. 34986210
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1 Name of Reporting Person Robert Ellin Family 1997 Trust
S.S. or I.R.S. Identification No.
of Above Person
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2 Check the Appropriate Box if (a) [ ]
a Member of a Group (b) [X]
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3 SEC Use Only
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4 Source of Funds PF
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5 Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization U.S.A.
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7 Sole Voting Power 37,500 shares
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Number of Shares 8 Shared Voting Power
Beneficially Owned by -----------------------------------------------------------------
Reporting Person With
9 Sole Dispositive Power 37,500 shares
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10 Shared Dispositive Power
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11 Aggregate Amount Beneficially
Owned By Each Reporting Person 37,500 shares
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12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [ ]
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13 Percent of Class Represented
Amount in Row (11) 0.7%
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14 Type of Reporting Person 00
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</TABLE>
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<TABLE>
<CAPTION>
<S><C>
CUSIP No. 34986210
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1 Name of Reporting Person Atlantis Equities, Inc.
S.S. or I.R.S. Identification No.
of Above Person
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2 Check the Appropriate Box if (a) [ ]
a Member of a Group (b) [X]
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3 SEC Use Only
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4 Source of Funds WC
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5 Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization New York
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7 Sole Voting Power
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Number of Shares 8 Shared Voting Power 295,500 shares including 106,500
shares underlying warrants
Beneficially Owned by -----------------------------------------------------------------
Reporting Person With
9 Sole Dispositive Power
-----------------------------------------------------------------
10 Shared Dispositive Power 295,500 shares including 106,500
shares underlying warrants
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11 Aggregate Amount Beneficially
Owned By Each Reporting Person
-------------------------------------------------------------------------------------------
12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [ ]
-------------------------------------------------------------------------------------------
13 Percent of Class Represented
Amount in Row (11) 5.8%
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14 Type of Reporting Person CO
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</TABLE>
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<TABLE>
<CAPTION>
<S><C>
CUSIP No. 34986210
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1 Name of Reporting Person Robert Ellin Profit Sharing Plan
S.S. or I.R.S. Identification No.
of Above Person
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2 Check the Appropriate Box if (a) [ ]
a Member of a Group (b) [X]
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3 SEC Use Only
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4 Source of Funds 00
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5 Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization U.S.A.
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7 Sole Voting Power
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Number of Shares 8 Shared Voting Power 83,000 shares including 75,000
Beneficially Owned by shares underlying warrants
-----------------------------------------------------------------
Reporting Person With
9 Sole Dispositive Power
-----------------------------------------------------------------
10 Shared Dispositive Power 83,000 shares including 75,000
shares underlying warrants
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11 Aggregate Amount Beneficially
Owned By Each Reporting Person
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12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [ ]
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13 Percent of Class Represented
Amount in Row (11) 1.6%
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14 Type of Reporting Person EP
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</TABLE>
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This Amendment No. 1 to Schedule 13D, dated October 9, 1998, amends the
Schedule 13D dated September 16, 1998 (the "Original 13D"), filed by Robert S.
Ellin, Robert Ellin Family 1997 Trust, Atlantis Equities, Inc. and Robert Ellin
Profit Sharing Plan (the "Filing Persons") and relates to the common stock, par
value $.01 per share ("Common Stock"), of Forward Industries, Inc., a New York
corporation (the "Company").
Capitalized terms used herein and not defined herein shall have the
meanings ascribed to them in the Schedule 13D dated September 16, 1998.
Item 4. PURPOSE OF TRANSACTION.
As previously disclosed, Mr. Ellin introduced the Company to Jerome E.
Ball, who joined the Company as its Chief Executive Officer in October 1998.
Mr. Ellin will be compensated by the Company for such introduction.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5(a) is hereby amended and supplemented by adding the following
thereto:
(a) The Private Placement Warrants become exercisable on December 9,
1998, which is within 60 days of the date of this report. Mr. Ellin, Atlantis
and the Plan own Private Placement Warrants to purchase 108,000, 15,000 and
75,000 shares of Common Stock, respectively. These equity securities, in
addition to the 343,500 shares of Common Stock previously reported as
beneficially owned by the Filing Persons in the Original 13D, represent
approximately 10.3% of the outstanding shares of Common Stock of the Company.
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SIGNATURE
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After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
correct and complete.
Dated: October 19, 1998 /s/ Robert S. Ellin
------------------------------
Robert S. Ellin
ROBERT ELLIN FAMILY 1997 TRUST
By: /s/ Marvin Ellin
--------------------------
Marvin Ellin, Trustee
ATLANTIS EQUITIES, INC.,
By: /s/ Robert S. Ellin
--------------------------
Robert S. Ellin, President
ROBERT ELLIN PROFIT SHARING
PLAN
By: /s/ Robert S. Ellin
--------------------------
Robert S. Ellin, Trustee
