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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN 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. | |||
| 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. | SEC 1474 (9-02) | ||
| 1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Stock Options | $ 0.65 | (3) | 10/10/2014 | Common Stock | 600,000 | 600,000 | D | ||||||||
| Stock Options | $ 0.22 | (4) | 05/31/2010 | Common Stock | 2,572,729 | 2,572,729 | D | ||||||||
| Stock Options | $ 0.2 | (5) | 05/31/2015 | Common Stock | 2,039,771 | 2,039,771 | D | ||||||||
| Stock Warrants | $ 0.44 | (2) | 07/07/2010 | Common Stock | 1,500,000 | 1,500,000 | I | Footnote 1 (1) | |||||||
| COMMON STOCK WARRANTS | $ 0.24 | (6)(9) | 04/19/2011 | COMMON STOCK | 972,223 | 972,223 | D | ||||||||
| COMMON STOCK WARRANTS | $ 0.32 | (7)(10) | 05/18/2011 | COMMON STOCK | 351,563 | 351,563 | D | ||||||||
| Stock Warrants | $ 0.45 | 04/28/2005 | 04/27/2010 | Common Stock | 500,000 | 500,000 | I | Footnote 1 (1) | |||||||
| Stock Warrants | $ 0.4 | (8)(12) | 11/29/2011 | Common Stock | 486,980 | 486,980 | D | ||||||||
| Stock Warrants | $ 0.4 | 11/30/2006 | 11/30/2011 | Common Stock | 583,334 | 583,334 | D | ||||||||
| STOCK WARRANTS | $ 0.6 | 10/29/2007 | 10/29/2012 | COMMON STOCK | 800,000 | 16,000 | D | ||||||||
| SERIES B CONVERTIBLE PREFERRED STOCK | $ 0.5 | (2) | (11) | COMMON STOCK | 160,000 | 17,600 | D | ||||||||
| STOCK WARRANTS | $ 0.6 | 01/21/2008 | 01/20/2013 | COMMON STOCK | 80,000 | 1,600 (13) | D | ||||||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| STRASSER STEVEN Z 3960 HOWARD HUGHES PARKWAY SUITE 460 LAS VEGAS, NV 89109 |
X | X | CEO | |
| Steven Strasser | 05/28/2008 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(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) | Securities held in Summit Energy Ventures LLC, of which Strasser has voting control and owns 99.95%. |
| (2) | Immediately |
| (3) | 450,000 are exercisable immediately, 100,000 more became exercisable on 10-5-2007, and 50,000 more become exercisable on 10-5-2008 |
| (4) | 403,125 became exercisable on 8-31-2005, 51,420 more became exercisable on 11-30-2005, 403,125 more became exercisable on 1/31/2006, 51,420 more became exercisable on 5/31/2006, 113,637 more became exerciseable quarterly beginning on 8-31-2006 through 11-30-2009, 150,000 more become exercisable on 2-28-2010, and 150,000 more become exercisable on 5-29-2010 |
| (5) | 150,000 became exercisable on 8-31-2005, 501,705 became exercisable on 11-30-2005, 150,000 more became exercisable on 2-28-2006, 501,705 more became exercisable on 5-31-2006, and 36,363 became exercisable beginning 8-31-2006 through 11-30-2009. |
| (6) | 729,167 are exercisable immediately, 34,723 more became exercisable on the 19th of each following month for 9 months, last set vesting on 1-19-07 |
| (7) | 273,438 are exercisable immediately, 13,021 more become exercisable on the 19th of each following month for 7 months, and 13,020 become exercisable on 1-19-2007. |
| (8) | 343,750 are exercisable immediately, 14,323 more became exercisable in the 29th of each month for 10 months |
| (9) | These stock warrants were issued in connection with a note to the issuer on 4-20-2006, and vested monthly as long as the note was outstanding. This note was paid off with the issuer's financing closed on 11-30-2006, and 69,444 warrants were unvested and therefore canceled. |
| (10) | These stock warrants were issued in connection with a note to the issuer on 5-19-2006, and vested monthly as long as the note was outstanding. This note was paid off with the issuer's financing closed on 11-30-2006, and 26,042 were unvested and therfore canceled. |
| (11) | None. |
| (12) | These stock warrants were issued in connection with a note to the issuer on 11-30-2006, and vested monthly as long as the note was outstanding. This note was paid off with the issuer's financing closed on 10-29-07, and 200,520 were unvested and therfore canceled. |
| (13) | These warrants were issued as part of the purchase of 1,600 shares of Series B Preferred Stock at a price of $50 per share. |
| Remarks: All amounts of securities reflect a 7 to 1 reverse split of the company's stock which took effect on March 1, 2004. | |