Gary Marino beneficially owns 5,514,725 shares (12/29/15)
Controls 85.6 percent.
Based solely on information provided by the Company, there are currently 6,437,309 shares of Common Stock outstanding. Mr. Marino beneficially owns 5,514,725 shares of Common Stock, including 2,726,114 shares of Common Stock owned by Banyan Holdings, 2,777,778 shares of Common Stock owned by Marino Holdings, and 5,000 options to purchase shares of Common Stock, or in total 85.6% of the Company’s outstanding Common Stock, assuming exercise of the options owned by Mr. Marino. Mr. Marino disclaims beneficial ownership of the shares held by Banyan Holdings. Banyan Holdings beneficially owns 2,726,114 shares of Common Stock or 42.3% of the Company’s outstanding Common Stock. Marino Holdings beneficially owns 2,777,778 shares of Common Stock or 43.15% of the Company’s outstanding Common Stock.
On September 8, 2014, Banyan Holdings acquired 17,649 shares of Common Stock as a payment in lieu of a cash dividend on shares of Preferred Stock of the Company. On November 18, 2014, Mr. Marino acquired 353,434 shares of Common Stock pursuant to an offering by the Company to the Preferred stockholders. Mr. Marino elected to convert his outstanding Preferred Stock and its accrued and outstanding dividends into shares of Common Stock. On December 29, 2014, Banyan Holdings acquired 1,807,408 shares of Common Stock pursuant to an offering by the Company to accredited investors in a private placement. On December 29, 2014, Marino Holdings acquired 2,777,778 shares of Common Stock pursuant to an offering by the Company to accredited investors in a private placement. Mr. Marino and Banyan Holdings have not effected any other unreported transactions in the Company’s stock in the past 60 days.
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