<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
OBJECTSOFT CORPORATION.
-----------------------
(Name of Issuer)
Common Stock, $0.0001 Par Value
-------------------------------
(Title of Class of Securities)
674427 10 9
-----------
(CUSIP Number)
April 13, 1999
--------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
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).
Page 1 of 10 Pages
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- --------------------- ------------------
CUSIP No. 674427 10 9 13G Page 2 of 10 Pages
- --------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Headwaters Capital
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
484,990
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 484,990
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,990
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.56%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
BD, PN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
- --------------------- ------------------
CUSIP No. 674427 10 9 13G Page 3 of 10 Pages
- --------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Jonathan D. Ungar
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
484,990
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 484,990
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,990
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.56%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
- --------------------- ------------------
CUSIP No. 674427 10 9 13G Page 4 of 10 Pages
- --------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Sheldon Kahn
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
484,990
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 484,990
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,990
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.56%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
- --------------------- ------------------
CUSIP No. 674427 10 9 13G Page 5 of 10 Pages
- --------------------- ------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Jeffrey D. Goshay
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
484,990
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 484,990
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,990
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.56%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Item 1(a) Name of Issuer:
---------------
ObjectSoft Corporation (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices:
------------------------------------------------
Continental Plaza III
433 Hackensack Avenue
Hackensack, New Jersey 07601
Items 2(a) Name of Person Filing:
----------------------
This Statement is filed on behalf of the
following persons (collectively, the "Reporting Persons"):
i) Headwaters Capital, a general partnership formed under
the laws of the State of California and a registered
broker dealer ("Headwaters");
ii) Mr. Jonathan D. Ungar ("Mr. Ungar");
iii) Mr. Sheldon Kahn ("Mr. Kahn"); and
iv) Mr. Jeffrey D. Goshay ("Mr. Goshay").
This Statement relates to the Shares (as defined herein)
held by Headwaters. Mr. Ungar, Mr. Kahn and Mr. Goshay are
general partners of Headwaters.
Item 2(b) Address of Principal Business Office:
-------------------------------------
The address of the principal business office
of each of the Reporting Persons is 220
Montgomery Street, Suite 500, San Francisco,
CA 94104.
Item 2(c) Citizenship:
------------
i) Headwaters is a partnership organized under the laws of
the State of California and a registered broker dealer;
ii) Mr. Ungar is a United States citizen;
iii) Mr. Kahn is a United States citizen; and
iv) Mr. Goshay is a United States citizen.
Item 2(d) Title of Class of Securities:
-----------------------------
Common Stock, par value $0.0001 per share (the "Shares")
Page 6 of 10 Pages
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Item 2(e) CUSIP Number:
-------------
674427 10 9
Item 3 If this statement is filed pursuant to
ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), check whether the
person filing is a :
(a)[X] Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o);
(b)[ ] Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c);
(c)[ ] Insurance company as defined in section 3(a)(19) of
the Act (15 U.S.C. 78c);
(d)[ ] Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)[ ] An investment adviser is accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f)[ ] An employee benefit plan or endowment fund in
accordance with ss.240.13d- 1(b)(1)(ii)(F); (g) A
parent holding company or control person in
accordance with ss.240.13d- 1(b)(1)(ii)(G);
(h)[ ] A savings associations as defined in Section 3(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)[ ] A church plan that is excluded from the definition
of an invesment company under section 3(c)(14) of
the Investment Company Act of 1940 (15 U.S.C.
80a-3);
(j)[ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
Item 4. Ownership:
----------
Item 4(a) Amount Beneficially Owned:
--------------------------
Each of the Reporting Persons may be deemed the beneficial
owner of 484,990 Shares.(1)
- ----------
(1) The Reporting Persons acquired shares of Series E Preferred Stock, par
value $0.0001 per share (the "Preferred Stock"), of the Issuer pursuant to
a subscription agreement, dated March 17, 1999 (the "Subscription
Agreement"). Pursuant to the Subscription Agreement, Headwaters invested
$1,000,000 of its working capital in exchange for 10,000 shares of
Preferred Stock and 25,000 warrants to purchase Common Stock (the
"Warrants"). The Preferred Stock is convertible into Common Stock upon the
earlier of (i) the effective date of the registration statement covering
the resale of the Common Stock or (ii) the sixty-first day following the
date of the closing of the purchase of the Preferred Stock (March 17,
1999). The number of shares of Common Stock to be received by the Reporting
Persons upon conversion of the Preferred Stock is dependent upon the market
price of the Common Stock. 1 Each share of the Preferred Stock may be
converted into Common Stock by dividing the "purchase price" ($100 per
share) by the "conversion price". The "conversion price" equals the lesser
of the "closing price" ($2.4375 per share) or the average of "market price
A" and "market price B". "Market price A" equals the average of the three
lowest closing bid prices of the Common Stock during the 22 day period
immediately preceding the conversion date. "Market price B" equals the
converting holder's choice of five consecutive closing bid prices of the
Common Stock during the 22 day period. As a result of this formulation, the
actual number of shares of Common Stock to be issued upon conversion of the
Preferred Stock cannot be determined at this time.
Page 7 of 10 Pages
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Item 4(b) Percent of Class:
-----------------
The number of Shares of which each of the Reporting Persons
may be deemed to be the beneficial owner constitutes
approximately 6.56% of the total number of Shares
outstanding.1
Item 4(c) Number of shares as to which each Reporting Person has:
-------------------------------------------------------
(i) Sole power to vote or to direct the vote: -0-
(ii) Shared power to vote or to direct the vote: 484,990
(iii) Sole power to dispose or to direct the disposition
of: -0-
(iv) Shared power to dispose or to direct the disposition
of: 484,990
Item 5 Ownership of Five Percent or Less of a Class:
---------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof, each of the Reporting Persons have
ceased to be the beneficial owners of more than five percent
of the class of securities, check the following [ ].
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
-------
Not Applicable.
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
------------------------------------------
Not Applicable
Page 8 of 10 Pages
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Item 8 Identification and Classification of Members of the Group:
----------------------------------------------------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
--------------
By signing below each signatory certifies that, to the best of his/its
knowledge and belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 9 of 10 Pages
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SIGNATURE
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.
Dated: April __, 1999 HEADWATERS CAPITAL
By: /s/ Jonathan D. Ungar
-------------------------
Jonathan D. Ungar
General Partner
Dated: April __, 1999
By: /s/ Jonathan D. Ungar
-------------------------
Jonathan D. Ungar
Dated: April __, 1999
By: /s/ Sheldon Kahn
-------------------------
Sheldon Kahn
Dated: April __, 1999
By: /s/ Jeffrey D. Goshay
-------------------------
Jeffrey D. Goshay
Page 10 of 10 Pages
