UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ________)*
Aquacell Technologies, Inc.
---------------------------
(Name of Issuer)
Common Stock, $0.001 par value
------------------------------
(Title of Class of Securities)
03840N 10 7
--------------
(CUSIP Number)
June 7, 2007
-------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
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 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 ("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 14 pages
CUSIP No. 03840N 10 7
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Grey K Fund, LP
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF SHARES
BENEFICIALLY 1,708,289*
OWNED BY ------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,708,289*
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,708,289*
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.2%*
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
* Without giving effect to the Ownership Limitation (as defined herein).
Page 2 of 14 pages
CUSIP No. 03840N 10 7
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Grey K Offshore Fund, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF SHARES
BENEFICIALLY 2,725,624*
OWNED BY ------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
2,725,624*
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,725,624*
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.5%*
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
* Without giving effect to the Ownership Limitation (as defined herein).
Page 3 of 14 pages
CUSIP No. 03840N 10 7
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Grey K Offshore Leveraged Fund, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF SHARES
BENEFICIALLY 1,066,087*
OWNED BY ------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,066,087*
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,066,087*
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.7%*
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
* Without giving effect to the Ownership Limitation (as defined herein).
Page 4 of 14 pages
CUSIP No. 03840N 10 7
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Grey K GP, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF SHARES
BENEFICIALLY 1,708,289*
OWNED BY ------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,708,289*
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,708,289*
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.2%*
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO - Limited Liability Company
--------------------------------------------------------------------------------
* Without giving effect to the Ownership Limitation (as defined herein).
Page 5 of 14 pages
CUSIP No. 03840N 10 7
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RNK Capital LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF SHARES
BENEFICIALLY 4,295,142
OWNED BY ------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
4,295,142
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,295,142
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.9%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
OO - Limited Liability Company
--------------------------------------------------------------------------------
Page 6 of 14 pages
CUSIP No. 03840N 10 7
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Robert Koltun
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER 5 SOLE VOTING POWER
OF SHARES
BENEFICIALLY 4,295,142
OWNED BY ------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
4,295,142
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,295,142
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.9%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
Page 7 of 14 pages
Item 1.
(a) Name of Issuer
Aquacell Technologies, Inc. (the "Company")
(b) Address of Issuer's Principal Executive Offices
10410 Trademark Street
Rancho Cucamonga, CA 91730
Item 2.
(a) Name of Person Filing
Grey K Fund, LP
Grey K Offshore Fund, Ltd.
Grey K Offshore Leveraged Fund, Ltd.
Grey K GP, LLC
RNK Capital LLC
Robert Koltun
(b) Address of Principal Business Office or, if none, Residence
The principal business office of each of Grey K Fund, LP, Grey K GP, LLC,
RNK Capital LLC and Robert Koltun is 527 Madison Avenue, 7th Floor, New
York, New York 10022.
The principal business office of each of Grey K Offshore Fund, Ltd. and
Grey K Offshore Leveraged Fund, Ltd. is c/o Ogier Fiduciary Services
(Cayman) Limited, Queensgate House, South Church Street, P.O. Box 1234,
Georgetown, Grand Cayman.
(c) Citizenship
Grey K Fund, LP is a Delaware limited partnership.
Grey K Offshore Fund, Ltd. is a Cayman Islands exempt company.
Grey K Offshore Leveraged Fund, Ltd. is a Cayman Islands exempt company.
Grey K GP, LLC is a Delaware limited liability company.
RNK Capital LLC is a Delaware limited liability company.
Robert Koltun is a United States citizen.
(d) Title of Class of Securities
Common Stock, $0.001 par value ("Common Stock")
(e) CUSIP Number
03840N 10 7
Item 3. This statement is not filed pursuant to Rule 13d-1(b) or Rule 13d-2(b)
or (c).
Page 8 of 14 pages
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
(i) Without giving effect to the Ownership Limitation (as defined
below), Grey K Fund, LP beneficially owns 1,708,289 shares of Common
Stock, including (i) 1,552,990 shares issuable upon conversion of a
Convertible Promissary Note in a principal amount of $310,598 with
an initial conversion price of $.20 and (ii) 155,299 shares issuable
upon the exercise of Warrants with an exercise price of $.50 per
share.
(ii) Without giving effect to the Ownership Limitation, Grey K GP, LLC,
in its capacity as general partner of Grey K Fund, LP, may be deemed
to beneficially own 1,708,289 shares of Common Stock, including (i)
1,552,990 shares issuable upon conversion of a Convertible
Promissary Note in a principal amount of $310,598 with an initial
conversion price of $.20 and (ii) 155,299 shares issuable upon the
exercise of Warrants with an exercise price of $.50 per share.
(iii) Without giving effect to the Ownership Limitation, Grey K Offshore
Fund, Ltd. beneficially owns 2,725,624 shares of Common Stock,
including (i) 2,477,840 shares issuable upon conversion of a
Convertible Promissary Note in a principal amount of $495,568 with
an initial conversion price of $.20 and (ii) 247,784 shares issuable
upon the exercise of Warrants with an exercise price of $.50 per
share.
(iv) Without giving effect to the Ownership Limitation, Grey K Offshore
Leveraged Fund, Ltd. beneficially owns 1,066,087 shares of Common
Stock, including (i) 969,170 shares issuable upon conversion of a
Convertible Promissary Note in a principal amount of $193,834 with
an initial conversion price of $.20 and (ii) 96,917 shares issuable
upon the exercise of Warrants with an exercise price of $.50 per
share.
(v) After giving effect to the Ownership Limitation, RNK Capital LLC, in
its capacity as Investment Manager for Grey K Fund, LP, Grey K
Offshore Fund, Ltd. and Grey K Offshore Leveraged Fund, Ltd. may be
deemed to beneficially own 4,295,142 shares of Common Stock,
including (i) shares issuable upon conversion of Convertible
Promissary Notes with an initial conversion price of $.20 and (ii)
shares issuable upon the exercise of Warrants with an exercise price
of $.50 per share.
(vi) After giving effect to the Ownership Limitation, Robert Koltun, in
his capacity as managing member of RNK Capital LLC the Investment
Manager for Grey K Fund, LP, Grey K Offshore Fund, Ltd. and Grey K
Offshore Leveraged Fund, Ltd., may be deemed to beneficially own
4,295,142 shares of Common Stock, including (i) shares issuable upon
conversion of Convertible Promissary Notes with an initial
conversion price of $.20 and (ii) shares issuable upon the exercise
of Warrants with an exercise price of $.50 per share.
The aggregate number of shares of Common Stock into which the Convertible
Promissory Notes and Warrants held by Grey K Fund, LP, Grey K Offshore
Fund, Ltd. and Grey K Offshore Leveraged Fund, Ltd. are convertible and
exercisable shall not exceed, pursuant to the terms of such instruments,
that number of shares of Common Stock that would result in such entities
having an aggregate beneficial ownership of more than 9.9% of the
outstanding Common Stock of the Company (the "Ownership Limitation"). The
Ownership Limitation may be changed at any time by the entities upon at
least 61 days' prior written notice to the Company.
Page 9 of 14 pages
(b) Percent of class:
(i) Grey K Fund, LP may be deemed to beneficially own 4.2% of the
outstanding Common Stock of the Company.
(ii) Grey K GP, LLC may be deemed to beneficially own 4.2% of the
outstanding Common Stock of the Company.
(iii) Grey K Offshore Fund, Ltd. may be deemed to beneficially own 6.5% of
the outstanding Common Stock of the Company.
(iv) Grey K Offshore Leveraged Fund, Ltd. may be deemed to beneficially
own 2.7% of the outstanding Common Stock of the Company.
(v) RNK Capital LLC may be deemed to beneficially own 9.9% of the
outstanding Common Stock of the Company.
(vi) Robert Koltun may be deemed to beneficially own 9.9% of the
outstanding Common Stock of the Company.
Based upon a representation by the Company that 39,090,128 shares of
Common Stock were outstanding as of May 31, 2007.
(c) Number of shares as to which the person has sole power to vote or to
direct the vote, shared power to vote or to direct the vote, sole power to
dispose or to direct the disposition of, shared power to dispose or to
direct the disposition of:
(i) Without giving effect to the Ownership Limitation, Grey K Fund, LP
may be deemed to have sole power to vote or to direct the vote and
to dispose or direct the disposition of 1,708,289 shares of Common
Stock.
(ii) Without giving effect to the Ownership Limitation, Grey K GP, LLC
may be deemed to have sole power to vote or to direct the vote and
to dispose or direct the disposition of 1,708,289 shares of Common
Stock.
(iii) Without giving effect to the Ownership Limitation, Grey K Offshore
Fund, Ltd. may be deemed to have sole power to vote or to direct the
vote and to dispose or direct the disposition of 2,725,624 shares of
Common Stock.
(iv) Without giving effect to the Ownership Limitation, Grey K Offshore
Leveraged Fund, Ltd. may be deemed to have sole power to vote or to
direct the vote and to dispose or direct the disposition of
1,066,087 shares of Common Stock.
(v) After giving effect to the Ownership Limitation, RNK Capital LLC may
be deemed to have sole power to vote or to direct the vote and to
dispose or direct the disposition of 4,295,142 shares of Common
Stock.
(vi) After giving effect to the Ownership Limitation, Robert Koltun may
be deemed to have sole power to vote or to direct the vote and to
dispose or direct the disposition of 4,295,142 shares of Common
Stock.
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 the reporting person has ceased to be the beneficial owner 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.
Page 10 of 14 pages
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company
Not applicable.
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 of the undersigned certifies that, to the best of
his/its knowledge and belief, the securities referred to above 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 11 of 14 pages
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.
June 25, 2007
GREY K FUND, LP
By: Grey K GP, LLC, its General
Partner
By: /s/ Robert Koltun
---------------------------
Robert Koltun
Managing Member
GREY K OFFSHORE FUND, LTD.
By: RNK Capital LLC, as Investment
Manager
By: /s/ Robert Koltun
---------------------------
Robert Koltun
Managing Member
GREY K OFFSHORE LEVERAGED FUND, LTD.
By: RNK Capital LLC, as Investment
Manager
By: /s/ Robert Koltun
---------------------------
Robert Koltun
Managing Member
GREY K GP, LLC
By: /s/ Robert Koltun
-------------------------------
Robert Koltun
Managing Member
Page 12 of 14 pages
RNK CAPITAL LLC
By: /s/ Robert Koltun
-------------------------------
Robert Koltun
Managing Member
/s/ Robert Koltun
-----------------------------------
Robert Koltun
Page 13 of 14 pages
Exhibit Index
Exhibit 1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under the
Securities Exchange Act of 1934, as amended.
Page 14 of 14 pages
Exhibit 1
JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing statements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning him, her or it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other entities or persons, except to the extent that he, she or it knows or has
reason to believe that such information is inaccurate.
Dated as of June 25, 2007
GREY K FUND, LP
By: Grey K GP, LLC, its General
Partner
By: /s/ Robert Koltun
---------------------------
Robert Koltun
Managing Member
GREY K OFFSHORE FUND, LTD.
By: RNK Capital LLC, as Investment
Manager
By: /s/ Robert Koltun
---------------------------
Robert Koltun
Managing Member
Exhibit 1-1
GREY K OFFSHORE LEVERAGED FUND, LTD.
By: RNK Capital LLC, as Investment
Manager
By: /s/ Robert Koltun
---------------------------
Robert Koltun
Managing Member
GREY K GP, LLC
By: /s/ Robert Koltun
-------------------------------
Robert Koltun
Managing Member
RNK CAPITAL LLC
By: /s/ Robert Koltun
-------------------------------
Robert Koltun
Managing Member
/s/ Robert Koltun
-----------------------------------
Robert Koltun
Exhibit 1-2