UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
6% Senior Secured Convertible Note (2) | 04/05/2012 | 04/15/2015 | Common Stock | 8,057,143 | $ 0.035 (2) | D | Â |
Series A Preferred Stock (3) | Â (3) | Â (3) | Common Stock | 15,911,768 | $ (3) | D | Â |
Series A Preferred Stock (3) | Â (3) | Â (3) | Common Stock | 15,911,768 | $ (3) | I | By wife (3) |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Scott Sterling C. 717 E. GARDENA BLVD. GARDENA, CA 90248 |
 X |  X |  CEO, CFO, Secretary, Director |  |
/s/ Sterlng C. Scott | 05/10/2012 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Mr. Scott may be deemed to beneficially own such securities, but disclaims beneficial ownership in such securities, except to the extent of Mr. Scott's pecuniary interests therein. |
(2) | On April 5, 2012, Phototron Holdings, Inc. issued Mr. Scott a 6% Senior Secured Convertible Note (the "Note") in the original principal amount of $282,000 bearing interest at the rate of 6% per annum, due on April 15, 2015. At any time after April 5, 2012, the Note may be converted into shares of common stock at a price of $0.035 per share, subject to certain anti-dilution protection. The number of shares set forth in the table includes the 8,057,143 shares issuable upon the conversion of the principal amount of the Note. It does not include the variable amount of shares issuable upon conversion of the interest accrued on the Note. |
(3) | The shares of Series A Preferred Stock vest 100% if SG Technologies Corp, the Issuer's wholly-owned subsidiary, achieves, prior to May 1, 2013, the financial milestones set forth in that certain Agreement and Plan of Merger, dated as of March 21, 2012, by and among the Issuer, the Reporting Person and the other parties signatory thereto. The shares of Series A Preferred Stock are convertible into shares of common stock at a rate of 23 shares of common stock for each share of Series A Preferred Stock immediately and automatically upon the earlier of (a) a date specified by written consent of (i) the holders of a majority of the shares of Series A Preferred Stock then outstanding and (ii) W-Net Fund I, L.P., a Delaware limited partnership, and (b) October 5, 2013. The holders of Series A Preferred Stock may not voluntarily convert shares of Series A Preferred Stock into shares of common stock. |
 Remarks: (1) Mr. Scott may be deemed to beneficially own such securities, but disclaims beneficial ownership in such securities, except to the extent of Mr. Scott's pecuniary interests therein. (2) On April 5, 2012, Phototron Holdings, Inc. issued Mr. Scott a 6% Senior Secured Convertible Note (the "Note") in the original principal amount of $282,000 bearing interest at the rate of 6% per annum, due on April 15, 2015. At any time after April 5, 2012, the Note may be converted into shares of common stock at a price of $0.035 per share, subject to certain anti-dilution protection. The number of shares set forth in the table includes the 8,057,143 shares issuable upon the conversion of the principal amount of the Note. It does not include the variable amount of shares issuable upon conversion of the interest accrued on the Note. (3) The shares of Series A Preferred Stock vest 100% if SG Technologies Corp, the Issuer's wholly-owned subsidiary, achieves, prior to May 1, 2013, the financial milestones set forth in that certain Agreement and Plan of Merger, dated as of March 21, 2012, by and among the Issuer, the Reporting Person and the other parties signatory thereto. The shares of Series A Preferred Stock are convertible into shares of common stock at a rate of 23 shares of common stock for each share of Series A Preferred Stock immediately and automatically upon the earlier of (a) a date specified by written consent of (i) the holders of a majority of the shares of Series A Preferred Stock then outstanding and (ii) W-Net Fund I, L.P., a Delaware limited partnership, and (b) October 5, 2013. The holders of Series A Preferred Stock may not voluntarily convert shares of Series A Preferred Stock into shares of common stock. |