UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Smart Online, Inc.
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(Name of Issuer)
Common Stock, $0.001 par value
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(Title of Class of Securities)
83171V-10-0
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(CUSIP Number)
December 31, 2007
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(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 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 5 Pages
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CUSIP No. 83171V-10-0 Schedule 13G/A Page 2 of 5 Pages
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1) NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Atlas Capital, SA
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) |_|
(b) |_|
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3) SEC USE ONLY
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4) CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
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5) SOLE VOTING POWER
NUMBER OF 2,866,001
SHARES --------------------------------------------------------
BENEFICIALLY 6) SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING --------------------------------------------------------
PERSON 7) SOLE DISPOSITIVE POWER
WITH:
2,866,001
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8) SHARED DISPOSITIVE POWER
0
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9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,866,001
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10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See
Instructions) |_|
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11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
15.8%
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12) TYPE OF REPORTING PERSON (See Instructions)
CO
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CUSIP No. 83171V-10-0 Schedule 13G/A Page 3 of 5 Pages
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Item 1.
(a) Name of Issuer
Smart Online, Inc. (the "Issuer")
(b) Address of Issuer's Principal Executive Offices
2530 Meridian Parkway
Durham, North Carolina 27713
Item 2.
(a) Name of Person Filing
This Schedule 13G/A is being filed by Atlas Capital, SA (the "Reporting
Person"), a corporation incorporated in Switzerland.
(b) Address of Principal Business Office or, if none, Residence
118 Rue Du Rhone,
Geneva V8 Ch-1204
(c) Citizenship
The Reporting Person is a company incorporated under the laws of
Switzerland.
(d) Title of Class of Securities
Common Stock, $0.001 par value ("Common Stock")
(e) CUSIP Number
83171V-10-0
Item 3.
Not applicable.
Item 4. Ownership
(a) Amount Beneficially Owned:
2,866,001 as of December 31, 2007
(b) Percent of Class:
15.8% (1)
(c) Number of Shares as to which such Person has:
(i) sole power to vote or to direct the vote:
2,866,001
(ii) shared power to vote or to direct the vote:
0
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CUSIP No. 83171V-10-0 Schedule 13G/A Page 4 of 5 Pages
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(iii) sole power to dispose or to direct the disposition of:
2,866,001
(iv) shared power to dispose or to direct the disposition of:
0
(1) The percentage of shares beneficially owned is determined in
accordance with Rule 13d-3 under the Act based on beneficial
ownership as of December 31, 2007. As of December 31, 2007,
there were 18,159,768 shares of Common Stock issued and
outstanding.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
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 I certify that, to the best of my 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.
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CUSIP No. 83171V-10-0 Schedule 13G/A Page 5 of 5 Pages
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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.
Atlas Capital, SA
Date: 2/8/2008
By: /s/ Avy Lugassy
Name Avy Lugassy
Title: Member of the Management