<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------------------------------------
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULES 13d-1 (b) (c), AND (d) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2 (b)
(AMENDMENT NO. 1)
The Panda Project
----------------------------------------------------------------
Name of Issuer
Common Stock
(Title of Class of Securities)
69833F104
CUSIP Number
March 3, 2000
----------------------------------------------------------------
(Date of Event)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed;
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
The information required in 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 4
<PAGE> 2
CUSIP NO. 69833F104 13G Amendment No. 1 PAGE 2 OF 4 PAGES
--------------------- ----- -----
(1) NAMES OF REPORTING PERSON JOSEPH A. SARUBBI
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
###-##-####
---------------------------------------------------------------------
(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
NUMBER OF 5,850,000
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 0
EACH --------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON WITH 5,850,000
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,850,000
---------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
---------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.9(1)
---------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- --------
(1) Based on 49,961,107 shares of the Issuer's common stock
outstanding as of January 20, 2000 (as reported in the Issuer's
definitive Proxy Statement on Schedule 14A filed with the Securities
and Exchange Commission on January 28, 2000), plus 3,750,000 shares
subsequently acquired by the Reporting Person.
Page 2 of 4
<PAGE> 3
Item 1. (a) The issuers to which this statement relates is
The Panda Project, Inc.
(b) The principal executive officers of the Company are located
at:
951 Broken Sound Parkway, N.W., Suite 200, Boca Raton, Florida
33487
Item 2. (a) This statement is filed on behalf of
Joseph A. Sarubbi
(b) The residence address of Joseph A. Sarubbi is
3221 South Ocean Boulevard, Apt. 908, Highland Beach, Florida
33487
(c) Joseph A. Sarubbi is a citizen of the United States
(d) This statement relates to the Common Stock of the Company.
(e) The CUSIP number of the Company is
69833F104
Item 3. Type of Reporting Person. N/A
Item 4. Ownership. For information concerning the ownership of
Common Stock of the company by Joseph A. Sarubbi, see Items 5
through 9 and 11 of page 2 to this Schedule 13G/A.
Item 5. Ownership of Five Percent or Less of a Class. N/A
Item 6. Ownership of More than Five Percent on Behalf of Another
Person. N/A
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company. N/A
Item 8. Identification and Classification of members of the Group.
N/A
Item 9. Notice of Dissolution of Group. N/A
Item 10. Certification. N/A
Page 3 of 4
<PAGE> 4
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.
March 14, 2000
- ---------------------------
Date
/s/ Joseph A. Sarubbi
- ---------------------------
Joseph A. Sarubbi
Page 4 of 4
