SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(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. 1) (1)
Radiologix, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
75040K109
--------------------------------------------------------------------------------
(CUSIP Number)
Gary L. Herman
Jay Wolf c/o Strategic Turnaround Equity
c/o Trinad Capital Master Fund Ltd Partners, L.P.
2121 Avenue of the Stars, Suite 1650 720 Fifth Avenue, 9th Floor
Los Angeles, CA 90067 New York, New York 10019
(310) 601-2500 (212) 247-1339
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 6, 2005
--------------------------------------------------------------------------------
(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(c), 13d-1(f) or 13d-1(g), check the following
box. |_|
Note. 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.
--------------
(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 the disclosures provided in a prior cover page.
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 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).
(Continued on following pages)
------------------- -------------------
CUSIP No. 75040K109 13D
------------------- -------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad Capital Master Fund Ltd 980447604
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2 (e)
|_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ----------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 1,332,700
WITH ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,332,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,332,700
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.94% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
(1) On the basis of 22,442,417 shares of Common Stock reported by the Company
to be issued and outstanding as of October 28, 2005 in the Company's
latest Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission on November 3, 2005.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 75040K109 13D
------------------- -------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Trinad Management, LLC 20-0591302
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
N/A
--------------------------------------------------------------------------------
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 0
OWNED BY ----------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 1,332,700
WITH ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,332,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,332,700
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.94% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
(1) On the basis of 22,442,417 shares of Common Stock reported by the Company
to be issued and outstanding as of October 28, 2005 in the Company's
latest Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission on November 3, 2005.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 75040K109 13D
------------------- -------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Robert Ellin N/A
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
N/A
--------------------------------------------------------------------------------
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 0
OWNED BY ----------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 1,332,700
WITH ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,332,700
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,332,700 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.94% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) On the basis of 22,442,417 shares of Common Stock reported by the Company
to be issued and outstanding as of October 28, 2005 in the Company's
latest Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission on November 3, 2005.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 75040K109 13D
------------------- -------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Strategic Turnaround Equity Partners, L.P. 90-0000833
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
WC
--------------------------------------------------------------------------------
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 0
OWNED BY ----------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 190,600
WITH ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
190,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
190,600 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.85% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
(1) On the basis of 22,442,417 shares of Common Stock reported by the Company
to be issued and outstanding as of October 28, 2005 in the Company's
latest Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission on November 3, 2005.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 75040K109 13D
------------------- -------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Galloway Capital Management LLC 90-0000838
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
N/A
--------------------------------------------------------------------------------
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 0
OWNED BY ----------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 190,600
WITH ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
190,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
190,600 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.85% (1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
(1) On the basis of 22,442,417 shares of Common Stock reported by the Company
to be issued and outstanding as of October 28, 2005 in the Company's
latest Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission on November 3, 2005.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 75040K109 13D
------------------- -------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Gary L. Herman N/A
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
PF
--------------------------------------------------------------------------------
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 7,900 (1)
OWNED BY ----------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 190,600
WITH ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
7,900 (1)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
190,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,500 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.88% (2)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) This includes 5,500 shares of common stock held by Mr. Herman individually
and 2,400 shares of common stock held by Gary Herman, IRA.
(2) On the basis of 22,442,417 shares of Common Stock reported by the Company
to be issued and outstanding as of October 28, 2005 in the Company's
latest Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission on November 3, 2005.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
------------------- -------------------
CUSIP No. 75040K109 13D
------------------- -------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce Galloway N/A
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
PF
--------------------------------------------------------------------------------
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 550,100 (1)
OWNED BY ----------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 190,600
WITH ----------------------------------------------------------
9 SOLE DISPOSITIVE POWER
550,100 (1)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
190,600
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
740,700 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
3.30% (2)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
(1) This includes 75,900 shares of common stock held by Mr. Galloway
individually, 102,400 shares of common stock owned by Mr. Galloway in
conjunction with his wife, Sara Herbert, 150,800 shares of common stock
held by Bruce Galloway, Rollover IRA, 114,300 shares of common stock held
by Sara Galloway, IRA, 18,000 shares of common stock held by Rexon
Galloway Capital Growth LLC ("Rexon") and 88,700 shares of common stock
held by Jacombs Investments Inc. ("Jacombs"). Mr. Galloway disclaims any
beneficial ownership of the 106,700 shares of common stock for Rexon and
Jacombs except to the extent of his indirect beneficial ownership as a
holder of voting power and his ability to cause Rexon and Jacombs to
dispose of such shares of common stock.
(2) On the basis of 22,442,417 shares of Common Stock reported by the Company
to be issued and outstanding as of October 28, 2005 in the Company's
latest Quarterly Report on Form 10-Q, as filed with the Securities and
Exchange Commission on November 3, 2005.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
The purpose of this Amendment No. 1 to the Schedule 13D previously filed
jointly by Trinad Capital Master Fund Ltd, Trinad Management, LLC, Robert Ellin,
Strategic Turnaround Equity Partners, L.P., Galloway Capital Management LLC,
Gary L. Herman and Bruce Galloway (collectively, the "Reporting Persons"), on
December 8, 2005 ("Schedule 13D") is to disclose the current number of shares of
Common Stock of Radiologix, Inc. Accordingly, only Items 3, 4 and 5, the only
amended Items, are reported herein.
Item 3. Source and Amount of Funds or Other Consideration
The shares of Common Stock owned directly and indirectly by the Reporting
Persons were purchased with working capital of Trinad Capital Master Fund Ltd
and Strategic Turnaround Equity Partners, L.P.
Item 4. Purpose of Transaction
All of the shares of Common Stock reported herein were acquired for
investment purposes.
The following tables set forth all the transactions with respect to the
shares of Common Stock not previously reported on the Schedule 13D by any of the
Reporting Persons:
On each of the following dates and at the following prices per share,
Trinad Capital Master Fund Ltd made purchases of Common Stock on the open market
with its working capital:
--------------------------------------------------------------------
Date Number of Shares Acquired Price Per Share
--------------------------------------------------------------------
12/06/05 1,000 3.1500
--------------------------------------------------------------------
12/13/05 2,000 3.0200
--------------------------------------------------------------------
12/14/05 2,500 2.9580
--------------------------------------------------------------------
12/15/05 1,000 3.0700
--------------------------------------------------------------------
12/19/05 10,000 3.0315
--------------------------------------------------------------------
12/19/05 1,000 3.0500
--------------------------------------------------------------------
12/29/05 3,000 3.0533
--------------------------------------------------------------------
1/18/06 3,600 3.0300
--------------------------------------------------------------------
1/19/06 100 3.4600
--------------------------------------------------------------------
1/23/06 1,000 3.0500
--------------------------------------------------------------------
1/24/06 1,700 2.9476
--------------------------------------------------------------------
1/25/06 56,900 2.8584
--------------------------------------------------------------------
1/27/06 25,000 2.7702
--------------------------------------------------------------------
1/31/06 12,500 2.8712
--------------------------------------------------------------------
1/31/06 10,000 2.8515
--------------------------------------------------------------------
1/31/06 3,000 2.8600
--------------------------------------------------------------------
2/03/06 10,000 1.8715
--------------------------------------------------------------------
2/03/06 2,000 2.2100
--------------------------------------------------------------------
2/06/06 117,600 1.6065
--------------------------------------------------------------------
2/07/06 25,000 1.6706
--------------------------------------------------------------------
2/10/06 25,000 1.5078
--------------------------------------------------------------------
2/14/06 17,400 1.4692
--------------------------------------------------------------------
2/15/06 25,000 1.5526
--------------------------------------------------------------------
2/15/06 7,600 1.5220
--------------------------------------------------------------------
On each of the following dates and at the following prices per share,
Strategic Turnaround Equity Partners, L.P. made purchases of Common Stock on the
open market with its working capital:
--------------------------------------------------------------------
Date Number of Shares Acquired Price Per Share
--------------------------------------------------------------------
12/12/05 1,500 2.9313
--------------------------------------------------------------------
1/27/06 25,000 2.7496
--------------------------------------------------------------------
2/03/06 10,000 1.8500
--------------------------------------------------------------------
2/14/06 25,000 1.5000
--------------------------------------------------------------------
On each of the following dates and at the following prices per share,
Bruce Galloway or his affiliates made purchases of Common Stock on the open
market with his personal funds:
--------------------------------------------------------------------
Date Number of Shares Acquired Price Per Share
--------------------------------------------------------------------
12/27/05 5,000 2.9000
--------------------------------------------------------------------
12/28/05 17,000 2.9454
--------------------------------------------------------------------
12/28/05 18,000 2.9454
--------------------------------------------------------------------
1/10/06 2,900 2.9600
--------------------------------------------------------------------
1/20/06 3,000 2.9433
--------------------------------------------------------------------
1/20/06 3,000 2.9433
--------------------------------------------------------------------
2/3/06 15,000 2.0000
--------------------------------------------------------------------
2/6/06 145,000 1.4686
--------------------------------------------------------------------
2/6/06 90,000 1.4686
--------------------------------------------------------------------
2/7/06 3,000 1.6633
--------------------------------------------------------------------
On each of the following dates and at the following prices per share, Gary
L. Herman or his affiliates made purchases of Common Stock on the open market
with his personal funds:
--------------------------------------------------------------------
Date Number of Shares Acquired Price Per Share
--------------------------------------------------------------------
2/7/06 1,000 1.7000
--------------------------------------------------------------------
Item 5. Interest in Securities of the Issuer
(a) and (b) As of the date hereof, Trinad Capital Master Fund Ltd, Trinad
Management, LLC (as the general partner of Trinad Capital Master Fund Ltd) and
Robert Ellin (as a Managing Member of Trinad Management, LLC) are deemed to
beneficially own an aggregate of 1,332,700 shares of Common Stock, representing
approximately 5.94% of the number of shares of Common Stock stated to be
outstanding by the Company in its Quarterly Report on Form 10-Q, as filed with
the Securities and Exchange Commission on November 3, 2005. Trinad Capital
Master Fund Ltd is deemed to be the direct beneficial owner of 1,332,700 shares
of Common Stock. Trinad Management, LLC is deemed to be the indirect beneficial
owner of 1,332,700 shares of Common Stock. Robert Ellin is deemed to be the
indirect beneficial owner of 1,332,700 shares of Common Stock. Each of Trinad
Management, LLC and Robert Ellin disclaim beneficial ownership of the shares of
Common Stock directly beneficially owned by Trinad Capital Master Fund Ltd
(except for (i) the indirect interest of Trinad Management, LLC by virtue of
being the general partner of Trinad Capital Master Fund Ltd, (ii) the indirect
interest of Robert Ellin by virtue of being a member of Trinad Management, LLC,
and (iii) the indirect interest of Robert Ellin by virtue of being a member of
Trinad Capital Master Fund Ltd). Trinad Management, LLC and Robert Ellin have
shared power to direct the vote and shared power to direct the disposition of
these shares of Common Stock.
As of the date hereof, Strategic Turnaround Equity Partners, L.P.,
Galloway Capital Management LLC (as the general partner of Strategic Turnaround
Equity Partners, L.P.), Bruce Galloway and Gary L. Herman (as a Managing Members
of Galloway Capital Management LLC) are deemed to beneficially own an aggregate
of 190,600 shares of Common Stock, representing approximately 0.85% of the
number of shares of Common Stock stated to be outstanding by the Company in its
Quarterly Report on Form 10-Q, as filed with the Securities and Exchange
Commission on November 3, 2005. Strategic Turnaround Equity Partners, L.P. is
deemed to be the direct beneficial owner of 190,600 shares of Common Stock.
Galloway Capital Management LLC is deemed to be the indirect beneficial owner of
190,600 shares of Common Stock. Bruce Galloway and Gary L. Herman are deemed to
be the indirect beneficial owners of 190,600 shares of Common Stock. Each of
Galloway Capital Management LLC, Bruce Galloway and Gary L. Herman disclaim
beneficial ownership of the shares of Common Stock directly beneficially owned
by Strategic Turnaround Equity Partners, L.P. (except for (i) the indirect
interest of Galloway Capital Management LLC by virtue of being the general
partner of Strategic Turnaround Equity Partners, L.P., (ii) the indirect
interests of Bruce Galloway and Gary L. Herman by virtue of being members of
Galloway Capital Management LLC, and (iii) the indirect interests of Bruce
Galloway and Gary L. Herman by virtue of being limited partners of Strategic
Turnaround Equity Partners, L.P.). Galloway Capital Management LLC, Gary L.
Herman and Bruce Galloway have shared power to direct the vote and shared power
to direct the disposition of these shares of Common Stock.
Of the 740,700 shares of common stock deemed to be beneficially owned by
Bruce Galloway, 75,900 shares of common stock are held by Mr. Galloway
individually, 102,400 shares of common stock are owned by Mr. Galloway in
conjunction with his wife, Sara Herbert, 150,800 shares of common stock are held
by Bruce Galloway, Rollover IRA, 114,300 shares of common stock are held by Sara
Galloway, IRA, 18,000 shares of common stock are held by Rexon Galloway Capital
Growth LLC and 88,700 shares of common stock are held by Jacombs Investments
Inc.
Of the 7,900 shares of common stock deemed to be beneficially owned by
Gary L. Herman, 5,500 shares of common stock are held by Mr. Herman individually
and 2,400 shares of common tock are held by Gary Herman, IRA.
Item 7. Material to Be Filed as Exhibits
None.
Remainder of Page Intentionally Left Blank
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.
Trinad Capital Master Fund Ltd
February 17, 2006 By: /s/ Jay Wolf
-------------------------------------
Name: Jay Wolf
Title: Managing Director of
Trinad Management, LLC,
the General Partner of
Trinad Capital Master Fund Ltd
Trinad Management, LLC
February 17, 2006 By: /s/ Jay Wolf
-------------------------------------
Name: Jay Wolf
Title: Managing Director
Robert Ellin
February 17, 2006 /s/ Robert Ellin
-----------------------------------------
Strategic Turnaround Equity Partners, L.P.
February 17, 2006 By: /s/ Gary L. Herman
-------------------------------------
Name: Gary L. Herman
Title: Managing Member of
Galloway Capital Management LLC,
the General Partner of
Strategic Turnaround Equity Partners, L.P.
Galloway Capital Management LLC
February 17, 2006 By: /s/ Gary L. Herman
-------------------------------------
Name: Gary L. Herman
Title: Managing Member
Gary L. Herman
February 17, 2006 /s/ Gary L. Herman
-----------------------------------------
Bruce Galloway
February 17, 2006 /s/ Bruce Galloway
-----------------------------------------
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of the filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
Attention. Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).