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UNITED STATES OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION ----------------------------
Washington, D.C. 20549 OMB Number: 3235-0145
Expires: October 31, 2002
Estimated average burden
hours per response.... 14.90
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ______________ ) *
SmartPros Ltd.
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(Name of Issuer)
Common Stock, par value $0.0001
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(Title of Class of Securities)
83171G103
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(CUSIP Number)
October 10, 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 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).
SEC 1745 (3-98) Page 1 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. John H. Lewis
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power 0
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 252,211
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 0
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8. Shared Dispositive Power 252,211
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 252,211
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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) 5.1%
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12. Type of Reporting Person (See Instructions) IN
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Page 2 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Partners, LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 252,211
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 0
--------------------------------------------------------------
8. Shared Dispositive Power 252,211
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 252,211
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 5.1%
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12. Type of Reporting Person (See Instructions) OO
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Page 3 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Capital, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
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(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 99,047
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 0
--------------------------------------------------------------
8. Shared Dispositive Power 99,047
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 99,047
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 2.0%
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12. Type of Reporting Person (See Instructions) PN
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Page 4 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Capital II, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 129,724
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 0
--------------------------------------------------------------
8. Shared Dispositive Power 129,724
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 129,724
--------------------------------------------------------------------------------
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) 2.6%
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12. Type of Reporting Person (See Instructions) PN
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Page 5 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Spartan, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 23,440
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 0
--------------------------------------------------------------
8. Shared Dispositive Power 23,440
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 23,440
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 0.5%
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12. Type of Reporting Person (See Instructions) PN
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Page 6 of 9 pages
Item 1.
(a) The name of the issuer is SmartPros Ltd. (the "Issuer").
(b) The principal executive office of the Issuer is located at 12 Skyline
Drive, Hawthorne, New York 10532.
Item 2.
(a) This statement (this "Statement") is being filed by John H. Lewis, the
controlling member of Osmium Partners, LLC, a Delaware limited liability
company ("Osmium Partners"), which serves as the general partner of Osmium
Capital, LP, a Delaware limited partnership (the "Fund"), Osmium Capital
II, LP, a Delaware limited partnership ("Fund II"), and Osmium Spartan,
LP, a Delaware limited partnership ("Fund III") (all of the foregoing,
collectively, the "Filers"). The Fund, Fund II and Fund III are private
investment vehicles formed for the purpose of investing and trading in a
wide variety of securities and financial instruments. The Fund, Fund II
and Fund III directly own the common shares reported in this Statement.
Mr. Lewis and Osmium Partners may be deemed to share with the Fund, Fund
II and Fund III (and not with any third party) voting and dispositive
power with respect to such shares. Each Filer disclaims beneficial
ownership with respect to any shares other than the shares owned directly
by such Filer.
(b) The Principal Business Office of the Filers is 388 Market Street, Suite
920, San Francisco, California 94111.
(c) For citizenship information see item 4 of the cover sheet of each Filer.
(d) This Statement relates to the Common Stock of the Issuer.
(e) The CUSIP Number of the Common Stock of the Issuer is 83171G103.
Item 3. If this statement is filed pursuant to 240.13d-1(b), or 240.13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J);
Not applicable.
Item 4. Ownership.
See Items 5-9 and 11 on the cover page for each Filer, and Item 2. The
percentage ownership of each Filer is based on 4,974,718 shares of Common Stock
outstanding as of August 1, 2007, as reported on the Issuer's quarterly report
on Form 10-QSB filed on August 7, 2007 for the quarterly period ended on June
30, 2007.
Page 7 of 9 pages
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 [ ].
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
(a) Not applicable.
(b) 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.
Page 8 of 9 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: February 13, 2008
/s/ John H. Lewis
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John H. Lewis
Osmium Partners, LLC
By: /s/ John H. Lewis
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John H. Lewis, Managing Member
Osmium Capital, LP
By: Osmium Partners, LLC,
General Partner
By: /s/ John H. Lewis
-------------------------
John H. Lewis, Managing Member
Osmium Capital II, LP
By: Osmium Partners, LLC,
General Partner
By: /s/ John H. Lewis
-------------------------
John H. Lewis, Managing Member
Osmium Spartan, LP
By: Osmium Partners, LLC,
General Partner
By: /s/ John H. Lewis
-------------------------
John H. Lewis, Managing Member
Page 9 of 9 pages
EXHIBIT INDEX
Exhibit No. Document
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1 Joint Filing Agreement, dated February 13, 2008, among John
H. Lewis, Osmium Partners, LLC, Osmium Capital, LP, Osmium
Capital II, LP and Osmium Spartan, LP to file this joint
statement on Schedule 13G
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock, par value $0.0001 per share, of SmartPros Ltd., and
further agree that this Joint Filing Agreement be included as an Exhibit to such
joint filing. In evidence thereof, the undersigned hereby execute this
Agreement.
Dated: February 13, 2008
/s/ John H. Lewis
-------------------------------
John H. Lewis
Osmium Partners, LLC
By: /s/ John H. Lewis
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John H. Lewis, Managing Member
Osmium Capital, LP
By: Osmium Partners, LLC,
General Partner
By: /s/ John H. Lewis
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John H. Lewis, Managing Member
Osmium Capital II, LP
By: Osmium Partners, LLC,
General Partner
By: /s/ John H. Lewis
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John H. Lewis, Managing Member
Osmium Spartan, LP
By: Osmium Partners, LLC,
General Partner
By: /s/ John H. Lewis
---------------------------
John H. Lewis, Managing Member