SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 7)(1)
QUERYOBJECT SYSTEMS CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
74833H 10 0
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
July 14, 1999
- --------------------------------------------------------------------------------
(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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
Note. The Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 22 Pages)
- --------
1 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 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).
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 2 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 5,155,456(1) shares
OWNED BY ----------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
439,948(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
5,155,456(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
439,948(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,595,404(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
48.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 1,845,879 shares of Common Stock issuable upon exercise of
warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Partners, L.P.
(2) Includes (i) 160,371 shares of Common Stock issuable upon exercise of
warrants and (ii) 238,377 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Foreign Partners, L.P., of which Wheatley Partners, L.P.
disclaims beneficial ownership.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 3 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Rubenstein
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
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
BENEFICIALLY 432,291(1) shares
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
6,776,049(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
432,291(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,776,049(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
7,208,340 (1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
56.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 107,290 shares of Common Stock issuable upon exercise
of options, (ii) 125,000 shares of Common Stock issuable upon exercise
of warrants and (iii) 200,000 shares of Common Stock issuable upon
conversion of shares of Series A Preferred Stock held by Mr.
Rubenstein.
(2) Includes (a) 3,125 shares of Common Stock issuable upon exercise of
warrants held by Woodland Partners, (b)(i) 115,625 shares of Common
Stock issuable upon exercise of warrants, (ii) 100,000 shares of Common
Stock issuable upon conversion of shares of Series A Preferred Stock
and (iii) 80,000 shares of Common Stock issuable upon conversion of
shares of Series B Preferred Stock, all of which are held by Woodland
Venture Fund, (c)(i) 115,625 shares of Common Stock issuable upon
exercise of warrants, (ii) 100,000 shares of
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 4 of 22 Pages
- ------------------------------------ -----------------------------------
Common Stock issuable upon conversion of shares of Series A Preferred
Stock and (iii) 80,000 shares of Common Stock issuable upon conversion
of shares of Series B Preferred Stock, all of which are held by Seneca
Ventures, (d)(i) 1,845,879 shares of Common Stock issuable upon
exercise of warrants and (ii) 2,741,333 shares of Common Stock issuable
upon conversion of shares of Series A & Series C Preferred Stock, all
of which are held by Wheatley Partners, L.P., (e)(i) 160,371 shares of
Common Stock issuable upon exercise of warrants and (ii) 238,377 shares
of Common Stock issuable upon conversion of shares of Series A & Series
C Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., and (f) 333,333 shares of Common Stock issuable upon exercise of
options held by Rev-Wood Merchant Partners. Mr. Rubenstein disclaims
beneficial ownership of the securities held by Woodland Partners,
Woodland Venture Fund, Seneca Ventures, Wheatley Partners, L.P.,
Wheatley Foreign Partners, L.P. and Rev-Wood Merchant Partners, except
to the extent of his respective equity interest therein.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 5 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Irwin Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
BENEFICIALLY 106,250 (1) shares
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
5,595,404(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
106,250(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,595,404(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,701,654(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 106,250 shares of Common Stock issuable upon exercise of
options held by Mr. Lieber.
(2) Includes (a)(i) 1,845,879 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 6 of 22 Pages
- ------------------------------------ -----------------------------------
Wheatley Partners, L.P., and (b)(i) 160,371 shares of Common Stock
issuable upon exercise of warrants and (ii) 238,377 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., of which Mr. Lieber disclaims beneficial ownership, except to the
extent of his respective equity interest therein.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 7 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seth Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
BENEFICIALLY 2,084(1) shares
OWNED BY
EACH ---------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
5,595,404(2) shares
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,084(1) shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,595,404(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,597,488(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
48.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 2,084 shares of Common Stock issuable upon exercise of
options held by Mr. Lieber.
(2) Includes (a)(i) 1,845,879 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 8 of 22 Pages
- ------------------------------------ -----------------------------------
Wheatley Partners, L.P., and (b)(i) 160,371 shares of Common Stock
issuable upon exercise of warrants and (ii) 238,377 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., of which Mr. Lieber disclaims beneficial ownership, except to the
extent of his respective equity interest therein.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 9 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jonathan Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
BENEFICIALLY 2,084(1) shares
OWNED BY
EACH
REPORTING ---------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
5,595,404(2) shares
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,084(1) shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,595,404(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,597,488(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
48.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 2,084 shares of Common Stock issuable upon exercise of
options held by Mr. Lieber.
(2) Includes (a)(i) 1,845,879 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 10 of 22 Pages
- ------------------------------------ -----------------------------------
Wheatley Partners, L.P., and (b)(i) 160,371 shares of Common Stock
issuable upon exercise of warrants and (ii) 238,377 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., of which Mr. Lieber disclaims beneficial ownership, except to the
extent of his respective equity interest therein.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 11 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Foreign Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 439,948(1) shares
OWNED BY
EACH -----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
5,155,456(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
439,948(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,155,456(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,595,404(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
48.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 160,371 shares of Common Stock issuable upon exercise of
warrants and (ii) 238,377 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Foreign Partners, L.P.
(2) Includes (i) 1,845,879 shares of Common Stock issuable upon exercise of
warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock is held by
Wheatley
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 12 of 22 Pages
- ------------------------------------ -----------------------------------
Partners, L.P., of which Wheatley Foreign Partners, L.P. disclaims
beneficial ownership.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 13 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seneca Ventures
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 336,106(1) shares
OWNED BY
EACH
REPORTING ---------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
336,106(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
336,106(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 115,625 shares of Common Stock issuable upon exercise of
warrants, (ii) 100,000 shares of Common Stock issuable upon conversion
of shares of Series A Preferred Stock and (iii) 80,000 shares of Common
Stock issuable upon conversion of shares of Series B Preferred Stock
held by Seneca Ventures.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 14 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Venture Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 349,600(1) shares
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
349,600(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
349,600(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 115,625 shares of Common Stock issuable upon exercise of
warrants, (ii) 100,000 shares of Common Stock issuable upon conversion
of shares of Series A Preferred Stock and (iii) 80,000 shares of Common
Stock issuable upon conversion of shares of Series B Preferred Stock
held by Woodland Venture Fund.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 15 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 161,606(1) shares
OWNED BY
EACH
REPORTING ----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
161,606(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
161,606(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 3,125 shares of Common Stock issuable upon exercise of
warrants held by Woodland Partners.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 16 of 22 Pages
- ------------------------------------ -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Rev-Wood Merchant Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 333,333(1) shares
OWNED BY
EACH ----------------------------------------------------------------
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
333,333(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
333,333(1) shares
----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 333,333 shares of Common Stock issuable upon exercise of
options held by Rev-Wood Merchant Partners.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 17 of 22 Pages
- ------------------------------------ -----------------------------------
The following constitutes Amendment No. 7 to the Schedule 13D
filed by the undersigned (the "Schedule 13D"). Except as specifically amended by
this Amendment No. 7, the Schedule 13D remains in full force and effect.
Item 3 is amended to include the following:
Item 3. Source and Amount of Funds or Other Consideration.
On July 14, 1999, Wheatley and Wheatley Foreign acquired in a
private placement transaction (the "Series C Offering") (i) shares of Series C
Convertible Preferred Stock, $.001 par value per share ("Series C Preferred
Stock"), that are immediately convertible into 533,333 and 46,377 shares of
Common Stock, respectively, and (ii) warrants to purchase shares of Common Stock
that are immediately exercisable for 460,000 and 40,000 shares of Common Stock,
respectively. The purchase price of these securities was $460,000 and $40,000
respectively. Wheatley and Wheatley Foreign acquired these securities with their
respective working capital and other funds.
Items 5(a) and (b) are hereby amended to read in their
entirety as follows:
Item 5. Interest in Securities of the Issuer.
(a) The following table sets forth the aggregate number and
percentage (based on 6,492,985 shares of Common Stock outstanding as of April
30, 1999, as reported by the Issuer in its Form 10Q for the period ended March
31, 1999) of Common Stock beneficially owned by each Reporting Person named in
Item 2 of Schedule 13D.
<TABLE>
<CAPTION>
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
<S> <C> <C>
Wheatley Partners, L.P.(1) 5,595,404 48.7%
Barry Rubenstein(2) 7,208,340 56.1%
Irwin Lieber(3) 5,701,654 49.2%
Barry Fingerhut(4) 5,595,404 48.7%
Wheatley Partners, LLC(4) 5,595,404 48.7%
Seth Lieber(4)(5) 5,597,488 48.8%
Jonathan Lieber(4)(5) 5,597,488 48.8%
Wheatley Management Ltd.(6) 439,948 6.4%
Wheatley Foreign Partners, L.P.(7) 5,595,404 48.7%
Seneca Ventures(8) 336,106 5.0%
Woodland Venture Fund(9) 349,600 5.1%
Woodland Partners(10) 161,606 2.5%
Rev-Wood Merchant Partners(11) 333,333 4.9%
Marilyn Rubenstein(12) 847,312 12.0%
Woodland Services Corp.(13) 685,706 9.7%
</TABLE>
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 18 of 22 Pages
- ------------------------------------ -----------------------------------
- ---------------------
(1) Includes (a)(i) 1,845,879 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley Partners, LP ("Wheatley"), and (b)(i)
160,371 shares of Common Stock issuable upon exercise of warrants and
(ii) 238,377 shares of Common Stock issuable upon conversion of shares
of Series A & Series C Preferred Stock, all of which are held by
Wheatley Foreign Partners, LP ("Wheatley Foreign"). Wheatley disclaims
beneficial ownership of the securities held by Wheatley Foreign.
(2) Includes (i) 107,290 shares of Common Stock issuable upon exercise of
options, (ii) 125,000 shares of Common Stock issuable upon exercise of
warrants and (iii) 200,000 shares of Common Stock issuable upon
conversion of shares of Series A Preferred Stock held by Mr.
Rubenstein. Also includes (a) 3,125 shares of Common Stock issuable
upon exercise of warrants held by Woodland Partners, (b)(i) 115,625
shares of Common Stock issuable upon exercise of warrants, (ii) 100,000
shares of Common Stock issuable upon conversion of shares of Series A
Preferred Stock and (iii) 80,000 shares of Common Stock issuable upon
conversion of shares of Series B Preferred Stock, all of which are held
by Woodland Venture Fund ("Woodland Fund"), (c)(i) 115,625 shares of
Common Stock issuable upon exercise of warrants, (ii) 100,000 shares of
Common Stock issuable upon conversion of shares of Series A Preferred
Stock and (iii) 80,000 shares of Common Stock issuable upon conversion
of shares of Series B Preferred Stock, all of which are held by Seneca
Ventures ("Seneca"), (d)(i) 1,845,879 shares of Common Stock issuable
upon exercise of warrants and (ii) 2,741,333 shares of Common Stock
issuable upon conversion of shares of Series A & Series C Preferred
Stock, all of which are held by Wheatley, (e)(i) 160,371 shares of
Common Stock issuable upon exercise of warrants and (ii) 238,377 shares
of Common Stock issuable upon conversion of shares of Series A & Series
C Preferred Stock, all of which are held by Wheatley Foreign, and (f)
333,333 shares of Common Stock issuable upon exercise of options held
by Rev-Wood Merchant Partners ("Rev- Wood"). Mr. Rubenstein disclaims
beneficial ownership of the securities held by Woodland Partners,
Woodland Fund, Seneca, Wheatley, Wheatley Foreign and Rev-Wood, except
to the extent of his respective equity interest therein.
(3) Includes 106,250 shares of Common Stock issuable upon exercise of
options held by Mr. Lieber. Also includes (a)(i) 1,845,879 shares of
Common Stock issuable upon exercise of warrants and (ii) 2,741,333
shares of Common Stock issuable upon conversion of
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 19 of 22 Pages
- ------------------------------------ -----------------------------------
shares of Series A & Series C Preferred Stock, all of which are held by
Wheatley, and (b)(i) 160,371 shares of Common Stock issuable upon
exercise of warrants and (ii) 238,377 shares of Common Stock issuable
upon conversion of shares of Series A & Series C Preferred Stock, all
of which are held by Wheatley Foreign, of which Mr. Lieber disclaims
beneficial ownership, except to the extent of his respective equity
interest therein.
(4) Includes (a)(i) 1,845,879 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley, and (b)(i) 160,371 shares of Common Stock
issuable upon exercise of warrants and (ii) 238,377 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign. The
Reporting Person disclaims beneficial ownership of these securities
except to the extent of his or its equity respective ownership in
Wheatley and/or Wheatley Foreign.
(5) Includes 2,084 shares of Common Stock issuable upon exercise of options
held by Mr. Lieber.
(6) Includes (i) 160,371 shares of Common Stock issuable upon exercise of
warrants and (ii) 238,377 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Foreign, of which Wheatley Management disclaims beneficial
ownership, except to the extent of its equity interest therein.
(7) Includes (a)(i) 1,845,879 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,741,333 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley, and (b)(i) 160,371 shares of Common Stock
issuable upon exercise of warrants and (ii) 238,377 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign. Wheatley
Foreign disclaims beneficial ownership of the securities held by
Wheatley.
(8) Includes (i) 115,625 shares of Common Stock issuable upon exercise of
warrants, (ii) 100,000 shares of Common Stock issuable upon conversion
of shares of Series A Preferred Stock and (iii) 80,000 shares of Common
Stock issuable upon conversion of shares of Series B Preferred Stock,
held by Seneca.
(9) Includes (i) 115,625 shares of Common Stock issuable upon exercise of
warrants, (ii) 100,000 shares of Common Stock issuable upon conversion
of shares of Series A Preferred Stock and (iii) 80,000 shares of Common
Stock issuable upon conversion of shares of Series B Preferred Stock,
held by Woodland Fund.
(10) Includes 3,125 shares of Common Stock issuable upon exercise of
warrants held by Woodland Partners.
(11) Consists of 333,333 shares of Common Stock issuable upon exercise of
options held by Rev-Wood.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 20 of 22 Pages
- ------------------------------------ -----------------------------------
(12) Includes (a) 3,125 shares of Common Stock issuable upon exercise of
warrants held by Woodland Partners, (b)(i) 115,625 shares of Common
Stock issuable upon exercise of warrants, (ii) 100,000 shares of Common
Stock issuable upon conversion of shares of Series A Preferred Stock
and (iii) 80,000 shares of Common Stock issuable upon conversion of
shares of Series B Preferred Stock, all of which are held by Woodland
Fund, and (c)(i) 115,625 shares of Common Stock issuable upon exercise
of warrants, (ii) 100,000 shares of Common Stock issuable upon
conversion of shares of Series A Preferred Stock and (iii) 80,000
shares of Common Stock issuable upon conversion of shares of Series B
Preferred Stock, all of which are held by Seneca. Mrs. Rubenstein
disclaims beneficial ownership of the securities held by Woodland
Partners, Woodland Fund and Seneca, except to the extent of her
respective equity interest therein. Does not include securities held by
Barry Rubenstein, the husband of Marilyn Rubenstein.
(13) Includes (a)(i) 115,625 shares of Common Stock issuable upon exercise
of warrants, (ii) 100,000 shares of Common Stock issuable upon
conversion of shares of Series A Preferred Stock and (iii) 80,000
shares of Common Stock issuable upon conversion of shares of Series B
Preferred Stock, all of which are held by Woodland Fund, and (b)(i)
115,625 shares of Common Stock issuable upon exercise of warrants, (ii)
100,000 shares of Common Stock issuable upon conversion of shares of
Series A Preferred Stock and (iii) 80,000 shares of Common Stock
issuable upon conversion of shares of Series B Preferred Stock, all of
which are held by Seneca, of which Woodland Services Corp. disclaims
beneficial ownership, except to the extent of its respective equity
ownership therein.
(b) Wheatley has sole power to vote and dispose of 5,155,456
shares of Common Stock, representing approximately 46.5% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 439,948 shares of Common Stock, representing approximately 6.4% of
the outstanding shares of Common Stock.
By virtue of being the general partner of Wheatley and a
general partner of Wheatley Foreign, Wheatley Partners LLC ("Wheatley LLC") may
be deemed to have shared power to vote and dispose of 5,595,404 shares of Common
Stock, representing approximately 48.7% of the outstanding shares of Common
Stock.
Seth Lieber and Jonathan Lieber each have sole power to vote
and dispose of 2,084 shares of Common Stock upon the exercise of options, each
representing less than 1% of the outstanding shares of Common Stock. By virtue
of being a member and an officer of Wheatley LLC, each of Seth Lieber and
Jonathan Lieber may be deemed to have shared power to vote and dispose of
5,595,404 shares of Common Stock, representing approximately 48.7% of the
outstanding shares of Common Stock.
Barry Rubenstein has sole power to vote and dispose of 432,291
shares of Common Stock upon the exercise of options and warrants, representing
approximately 6.2% of the outstanding shares of Common Stock. By virtue of being
a member and an officer of Wheatley LLC and a general partner of Seneca,
Woodland Partners, Woodland Fund and Rev-Wood, Mr. Rubenstein may be deemed to
have shared power to vote and dispose of 6,776,049 shares of Common Stock,
representing approximately 54.6% of the outstanding shares of Common Stock.
Irwin Lieber has sole power to vote and dispose of 106,250
shares of Common Stock upon the exercise of options, representing approximately
1.6% of the outstanding shares of Common Stock. By virtue of being a member and
an officer of Wheatley LLC, Irwin Lieber may be deemed to have shared power to
vote and dispose of 5,595,404 shares of Common Stock, representing approximately
48.7% of the outstanding shares of Common Stock.
By virtue of being a member and an officer of Wheatley LLC,
Barry Fingerhut may be deemed to have shared power to vote and dispose of
5,595,404 shares of Common Stock, representing approximately 48.7% of the
outstanding shares of Common Stock.
Wheatley Foreign has sole power to vote and dispose of 439,948
shares of Common Stock representing approximately 6.4% of the outstanding shares
of Common Stock and may be deemed to have shared power to vote and dispose of
5,155,456 shares of Common Stock, representing approximately 46.5% of the
outstanding shares of Common Stock.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 21 of 22 Pages
- ------------------------------------ -----------------------------------
By virtue of being a general partner of Wheatley Foreign,
Wheatley Management may be deemed to have shared power to vote and dispose of
439,948 shares of Common Stock, representing approximately 6.4% of the
outstanding shares of Common Stock.
Seneca has sole power to vote and dispose of 336,106 shares of
Common Stock representing approximately 5.0% of the outstanding shares of Common
Stock.
Woodland Fund has sole power to vote and dispose of 349,600
shares of Common Stock representing approximately 5.1% of the outstanding shares
of Common Stock.
Woodland Partners has sole power to vote and dispose of
161,606 shares of Common Stock representing 2.5% of the outstanding shares of
Common Stock.
Rev-Wood has sole power to vote and dispose of 333,333 shares
of Common Stock representing 4.9% of the outstanding shares of Common Stock.
By virtue of being a general partner of Woodland Partners and
an officer of Woodland Services Corp., which is a general partner of Seneca and
Woodland Fund, Marilyn Rubenstein may be deemed to have shared power to vote and
dispose of 847,312 shares of Common Stock, representing approximately 12.0% of
the outstanding shares of Common Stock.
By virtue of being a general partner of Seneca and Woodland
Fund, Woodland Services Corp. may be deemed to have shared power to vote and
dispose of 685,706 shares of Common Stock, representing approximately 9.7% of
the outstanding shares of Common Stock.
Item 5(c) is supplemented as follows:
(c) The following table sets forth a description of all
transactions in shares of Common Stock of the Issuer by the Reporting Persons
identified in Item 2 of this Schedule 13D effected since the filing of Amendment
No. 6 to the Schedule 13D.
Number of
Purchase/ Shares
Acquisition Purchased/ Purchase
Name of Stockholder Date Acquired Price
- ------------------- ---- -------- -----
Series C Preferred Stock
Wheatley Partners, L.P. 07/14/99 993,333(1) 100,000.00
(2)
Wheatley Foreign Partners, 07/14/99 86,377(1) 100,000.00
L.P. (2)
(1) Represents shares of Common Stock issuable upon conversion of shares of
Series C Preferred Stock and upon exercise of warrants to purchase
shares of Common Stock.
(2) Represents the per unit purchase price, exclusive of the warrant
exercise price. Each unit was comprised of (i) 100 shares of Series C
Preferred Stock (convertible into 1,159.42 shares of Common Stock) and
(ii) warrants to purchase 100,000 shares of Common Stock at an exercise
price of $0.8625 per share.
The securities set forth in the table above were purchased in private
placement transactions from the Issuer.
<PAGE>
- ------------------------------------ -----------------------------------
CUSIP No. 74833H 10 0 13D Page 22 of 22 Pages
- ------------------------------------ -----------------------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: August 9, 1999 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
the General Partner
By: /s/ Irwin Lieber
--------------------------------
Irwin Lieber, President
/s/ Barry Rubenstein
------------------------------------
Barry Rubenstein
/s/ Irwin Lieber
------------------------------------
Irwin Lieber
/s/ Seth Lieber
------------------------------------
Seth Lieber
/s/ Jonathan Lieber
------------------------------------
Jonathan Lieber
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, a General
Partner
By: /s/ Irwin Lieber
--------------------------------
Irwin Lieber, President
SENECA VENTURES
By: /s/ Barry Rubenstein
-------------------------------
Barry Rubenstein, a General Partner
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
-------------------------------
Barry Rubenstein, a General Partner
REV-WOOD MERCHANT PARTNERS
By: /s/ Barry Rubenstein
--------------------------------
Barry Rubenstein, a General Partner
