U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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(f) of the Investment Company Act of 1940
[_] Check box if no longer subject of Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Wasko John H.
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(Last) (First) (Middle)
c/o netcruise.com, inc., 2401 Morris Avenue, 3rd Floor
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(Street)
Union NJ 07083
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(City) (State) (Zip)
netcruise.com, inc. - NETC
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2. Issuer Name and Ticker or Trading Symbol
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
6/99, 2/00, 3/00, 6/00
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4. Statement for Month/Year
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[x] Director [_] 10% Owner
[_] Officer (give title below) [x] Other (specify below)
Secretary and Treasurer
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7. 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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<PAGE>
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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common stock $.0001 par value 2/15/00 S 25,000 D $3.50 D
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common stock $.0001 par value 2/16/00 S 10,000 D $4.00 D
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common stock $.0001 par value 3/15/00 S 12,351 D $3.375 D
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common stock $.0001 par value 3/15/00 S 5,000 D $3.50 19,362 I spouse
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common stock $.0001 par value 6/5/00 P 4,240 A $ * 4,694 D
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</TABLE>
* These shares were acquired as a result of a third party's conversion of
outstanding preferred stock of the issuer in which Reporting Person had a
beneficial interest.
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
(Over)
(Form 4-07/99)
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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common stock common
purchase warrant $.50 11/5/99 A 93,846 12/1/99 11/5/04 stock 93,846 $46,923* D
$.0001 par
value
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common stock common
purchase warrant $.50 3/10/00 A 16,666 3/10/00 3/10/05 stock 16,666 $8,333* D
$.0001 par
value
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common stock common
purchase warrant $.50 6/16/00 A 9,668 6/16/00 6/16/05 stock 9,668 $4,834* D
$.0001 par
value
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common Grant of
Stock Option $1.50 11/15/99 A 60,000 11/15/99 11/15/04 stock 60,000 Stock Option* 180,180
$.0001 par
value D
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Preferred Stock Share-for 6/5/00 D 4,240 3/1/97 N/A common 4,240 $938 D
Share stock
Exchange $.0001
par value
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</TABLE>
Explanation of Responses: * The price of the warrants issued to the Reporting
Person consisted of his waiver of salary due and owing to him from the Issuer in
the amount of the price shown. The issuance to the Reporting Person of the
warrants and stock options were approved by the Issuer's Board of Directors and
ratified by a majority of the shares of Common Stock issued and outstanding. The
preferred stock was issued to the Reporting Person because he had been a
participant in a convertible loan to the issuer in March 1997, which was
subsequently converted into preferred stock. The preferred stock, in turn,
converted into common stock as reported in this table.
** /s/ John H. Wasko August 1, 2000
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
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