Michigan
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3823
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38-2191935
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||
(State or other jurisdiction
of
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(Primary
Standard Industrial
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(I.R.S.
Employer
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||
incorporation or
organization)
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Classification
Code No.)
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Identification
No.)
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Large accelerated filer
¨
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Accelerated filer ¨
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Non-accelerated
filer ¨
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Smaller reporting company
x
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Title of Each Class
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Amount to
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Proposed Maximum
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Proposed Maximum
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Amount of
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||||||||||
of Securities to be
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be Registered (1)
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Offering Price Per
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Aggregate Offering
|
Registration Fee
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||||||||||
Registered
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Unit (2)
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Price (2)
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||||||||||||
Common
Stock (3)
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20,812,450 shares
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$ | 0.195 | $ | 4,058,427.75 | $ | 226.46 | (4) |
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(1)
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Includes an indeterminable number
of additional shares of common stock, pursuant to Rule 416 under the
Securities Act, that may be issued to prevent dilution resulting from
stock splits, stock dividends or similar
transactions.
|
|
(2)
|
The proposed maximum offering
price per share was estimated solely for the purpose of calculating the
registration fee pursuant to Rule 457(c) under the Securities Act. The
calculation is based upon the average of the bid and asked prices per
share of $0.195 on December 12, 2008, as quoted on the OTC Bulletin
Board.
|
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(3)
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This Registration Statement
covers the disposition by certain warrant holders and note holders of up
to 20,812,450 shares of common stock issuable upon exercise of their
warrants, which have a per share exercise price of $0.001 or $0.25, and
issuable upon conversion of their notes, which have a per share conversion
price of $0.25.
|
|
(4)
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$159.50
was previously paid.
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SUMMARY
PROSPECTUS
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1
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RISK
FACTORS
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3
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CAUTIONARY STATEMENT ABOUT
FORWARD-LOOKING INFORMATION
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10
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USE OF
PROCEEDS
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11
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SELLING
SHAREHOLDERS
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11
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PLAN OF
DISTRIBUTION
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23
|
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INTEREST OF NAMED EXPERTS AND
COUNSEL
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25
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MATERIAL
CHANGES
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25
|
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INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE
|
|
25
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Common
stock covered hereby
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20,812,450
shares.
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|
Terms
of the offering
|
The
selling shareholders may, from time to time, sell, transfer or otherwise
dispose of any or all of the shares of common stock covered hereby or
interests in such shares of common stock on any stock exchange, market or
trading facility on which the shares are traded or in private
transactions. These dispositions may be at fixed prices, at prevailing
market prices at the time of sale, at prices related to the prevailing
market price, at varying prices determined at the time of sale, or at
negotiated prices. See “Plan of Distribution”.
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Use
of proceeds
|
We
will not receive any proceeds from the disposition of the common stock or
interests therein by the selling shareholders. We may, however, receive up
to $380,600.50 in connection with the exercise of the warrants which are
exercisable for common stock. Any such proceeds we receive will be used
for working capital purposes and reduction of our outstanding debt. Please
see the section of this prospectus entitled “Use of Proceeds” for more
information.
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OTC
Bulletin Board symbol for our common stock
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INVI
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Statement of Operations
Data
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Year Ended December
31,
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|||||||
2008
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2007
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|||||||
Net
Revenue
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$ | 1,027 | $ | 1,151 | ||||
Gross
Margin
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437 | 256 | ||||||
Operating
Loss
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(2,981 | ) | (2,825 | ) | ||||
Net
Loss
|
(10,733 | ) | (3,041 | ) |
Balance Sheet Data
|
Dec. 31, |
Dec. 31,
|
||||||
2008
|
2007
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|||||||
Current
Assets
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$ | 808 | $ | 448 | ||||
Total
Assets
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1,037 | 698 | ||||||
Current
Liabilities
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||||||||
Notes
payable-current
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1,786 | 3,342 | ||||||
Other
current liabilities
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1,008 | 691 | ||||||
Deferred
revenue for product sales
|
656 | 0 | ||||||
Total
current liabilities
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3,450 | 4.033 | ||||||
Long
Term Debt
|
3,671 | 0 | ||||||
Total
liabilities
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7,121 | 4,033 | ||||||
Stockholders’
Deficit
|
||||||||
Preferred
stock, 400,000 shares authorized; none issued
|
0 | 0 | ||||||
Common
stock, without par value, stated value $.20 per share; 70,000,000 shares
authorized; 29,566,409 shares issued and outstanding
|
5,913 | 5,913 | ||||||
Additional
paid-in capital
|
47,391 | 39,407 | ||||||
Accumulated
deficit
|
(59,388 | ) | (48,655 | ) | ||||
Total
stockholders’ deficit
|
(6,084 | ) | (3,335 | ) |
|
•
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E-Paper;
|
|
•
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Micro
ElectroMechanical Systems (MEMS);
and
|
|
•
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Organic
Light Emitting Diode (OLED).
|
|
•
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failure
of our technology;
|
|
•
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failure
of technology of third parties; and
|
|
•
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our
failure to design, maintain and service our products
properly.
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|
•
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patents;
|
|
•
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trade
secrets;
|
|
•
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procedures
related to confidentiality;
|
|
•
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contractual
provisions;
|
|
•
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unpatented
proprietary know-how; and
|
|
•
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continuing
technological innovation.
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|
•
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our
CEO, Charles J. Drake;
|
|
•
|
our
President, Mark R. Doede;
|
|
•
|
our
Chief Technical Officer, Andrew Blowers;
and
|
|
•
|
our
product development and engineering
staff.
|
|
•
|
expanded
customer services and support;
|
|
•
|
increased
personnel throughout the Company;
|
|
•
|
expanded
operational and financial systems;
and
|
|
•
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implementation
of additional control procedures.
|
|
•
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continue
to improve our operations;
|
|
•
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improve
our financial and management information systems;
and
|
|
•
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train,
motivate and manage our employees.
|
|
•
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absence
of meaningful earnings;
|
|
•
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relatively
thin trading market for our common stock, which causes trades of small
blocks of stock to have a significant impact on our stock
price;
|
|
•
|
announcements
by us or our competitors of new products, significant contracts,
acquisitions or strategic
relationships;
|
|
•
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general
volatility in recent years of the stock markets, especially the markets
for technology-related stocks; and
|
|
•
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investor
sentiment regarding equity markets generally, including public perception
of corporate ethics and governance and the accuracy and transparency of
financial reporting.
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•
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our
ability to develop commercially viable
products;
|
|
•
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our
ability to control costs;
|
|
•
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the
development of viable markets for our
products;
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|
•
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development
of our sales force;
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•
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successful
adoption of our products and
services;
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|
•
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managerial
execution;
|
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•
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employee
retention;
|
|
•
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our
ability to protect our intellectual
property;
|
|
•
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competition;
|
|
•
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release
of new and upgraded products and services by us or our
competitors;
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•
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changes
within our industries;
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•
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our
possible future need for additional
capital;
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|
•
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changes
in accounting policies or
practices;
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•
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legal
and regulatory issues; and
|
|
•
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general
economic conditions.
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Name of Shareholder
|
Number of
Shares
Owned
Prior to
Offering (1)
|
Number of
Shares Being
Offered
|
Number of
Shares
Owned
After Offering
(2)
|
Percentage of
Shares Owned
After
Offering (2)
|
||||||||||||
Special Situations Technology
Fund, L.P. (3)
|
528,525 | 204,325 | 324,200 | * | ||||||||||||
Special Situations Technology
Fund II, L.P. (3)
|
3,252,935 | 1,255,135 | 1,997,800 | 3.9 | % | |||||||||||
Special Situations Cayman Fund,
L.P. (3)
|
1,769,689 | 681,081 | 1,088,608 | 2.1 | % | |||||||||||
Special Situations Private
Equity Fund, L.P. (3)
|
2,209,459 | 1,459,459 | 750,000 | 1.5 | % | |||||||||||
Bonanza Master Fund Ltd.
(4)
|
7,995,600 | 3,000,000 | 4,995,600 | 9.7 | % | |||||||||||
SRB Greenway Capital, L.P.
(5)
|
85,200 | 42,600 | 42,600 | * | ||||||||||||
SRB Greenway Offshore Operating
Fund, L.P. (5)
|
54,500 | 27,250 | 27,250 | * | ||||||||||||
SRB Greenway Capital (QP), L.P.
(5)
|
610,300 | 305,150 | 305,150 | * | ||||||||||||
Kircher Family Trust dtd
03/24/04 (6)
|
50,000 | 25,000 | 25,000 | * | ||||||||||||
John N. Hunter, Industrial
Boxboard Corporation Profit Sharing Plan and Trust
(7)
|
9,354,677 | 5,930,615 | 3,424,062 | 6.6 | % | |||||||||||
John R. Kiely, III
(8)
|
2,368,269 | 156,281 | 2,211,988 | 4.3 | % | |||||||||||
John R. Kiely, III, Trustee,
John R. Kiely, III Trust dated May 22, 2007 (8)
|
2,813,765 | 2,626,405 | 187,360 | * | ||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable
Trust (8)
|
4,251,980 | 2,454,170 | 1,797,810 | 3.5 | % | |||||||||||
Maria P. Kiely,
IRA (9)
|
113,000 | 56,500 | 56,500 | * | ||||||||||||
Michael H.
Kiely (10)
|
2,938,185 | 1,281,952 | 1,656,233 | 3.2 | % | |||||||||||
Michael H. Kiely,
IRA (10)
|
131,833 | 56,500 | 75,333 | * | ||||||||||||
Max Coon
(11)
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760,066 | 503,452 | 256,614 | * | ||||||||||||
Maxco, Inc.
(12)
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3,228,905 | 746,575 | 2,482,330 | 4.8 | % |
*
|
Less than
1%.
|
(1)
|
Assumes
the exercise and conversion in full of the warrants and convertible notes
relating to the shares of common stock to which this prospectus relates
and the waiver of any disclaimers of beneficial ownership of any shares of
our common stock as provided for in the warrants and convertible
notes.
|
(2)
|
Assumes
the sale of all of the shares of common stock offered by each selling
shareholder. The selling shareholders may sell all, some or none of their
shares in this offering. See “Plan of
Distribution.”
|
(3)
|
AWM
Investment Company, Inc. (“AWM”) is the general partner of and investment
adviser to the Special Situations Cayman Fund, L.P. and the investment
adviser to the Special Situations Technology Fund, L.P., the Special
Situations Technology Fund II, L.P. and the Special Situations Private
Equity Fund, L.P. Austin W. Marxe and David M. Greenhouse are
the principal owners of AWM. Through their control of AWM,
Messrs. Marxe and Greenhouse share voting and investment control over the
portfolio securities of each of the funds listed
above.
|
(4)
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Bernay
Box is the managing partner of Bonanza Master Fund Ltd and possesses sole
voting and dispositive power over the shares
offered.
|
(5)
|
BC
Advisors, LLC (“BCA”) is the general partner of SRB Management, L.P. (“SRB
Management”). SRB Management is the general partner of SRB
Greenway Capital, L.P., SRB Greenway Capital (Q.P.), L.P. and SRB Greenway
Offshore Operating Fund, L.P.. Steven R. Becker is the sole principal of
BCA. Through his control of BCA, Mr. Becker possesses sole
voting and investment control over the portfolio securities of each of the
funds listed above.
|
(6)
|
Stephen
C. Kircher possesses sole voting and dispositive powers over the shares
offered.
|
(7)
|
John
N. Hunter and his wife J.A. Hunter are the sole trustees of the Industrial
Boxboard Corporation Profit Sharing Plan and Trust and possess sole voting
and dispositive power over the shares
offered.
|
(8)
|
John
R. Kiely, III is the sole trustee for the John R. Kiely, III Trust dated
May 22, 2007 and the John R. and Margaret Lee Kiely Revocable Trust and
possesses sole voting and dispositive power over the shares offered by the
trusts and those held in his
name.
|
(9)
|
Maria
Kiely possesses sole voting and dispositive power over the shares
offered.
|
(10)
|
Michael
H. Kiely possesses sole voting and dispositive power over the shares
offered.
|
(11)
|
Mr.
Coon is a Director, Secretary and Vice Chairman of our Board of Directors
and is also President and Chairman of the Board of Directors of Maxco,
Inc. Mr. Coon possesses sole voting and dispositive power over
the shares offered.
|
(12)
|
Maxco,
Inc. is a public company for which Max Coon is the President and Chairman
of their Board of Directors. We anticipate that Mr. Coon will
have authority regarding the voting and dispositive powers over the shares
offered.
|
Payments
to placement agents or finders
|
$ | 0 | ||||||
Payments
under Securities Purchase Agreement dated April 12,
2005
|
||||||||
Liquidated
damages for failure to deliver legend free
certificates
|
* | |||||||
Reimbursement
of legal expenses
|
* | |||||||
Indemnification
of selling shareholders
|
* | |||||||
Legal
fees of Bonanza Master Fund
|
$ | 20,000 | ||||||
Payments
under Waiver and Amendment Agreement dated September 15,
2008
|
$ | 0 | ||||||
Payments
under Registration Rights Agreement dated September 15,
2008
|
||||||||
Liquidated
damages for registration default (1)
|
$ | 40,250 | ||||||
Indemnification
of selling shareholders
|
* | |||||||
Registration
expenses
|
* | |||||||
Payments
under Warrants dated September 15, 2008
|
||||||||
Failure
to deliver warrants on a timely basis
|
* | |||||||
Payments
under the 5th Amended and Restated Note and Warrant Purchase Agreement
dated March 12, 2008 (2)
|
||||||||
Total
interest payments on Class 3 notes (3)
|
$ | 662,137 | ||||||
Interest
payments on Class 3 notes 9/15/2008 through 12/31/2008
|
$ | 108,331 | ||||||
Interest
payments on Class 3 Notes for 2009
|
$ | 369,542 | ||||||
Interest
payments on Class 3 notes for 2010
|
$ | 184,264 | ||||||
Total
interest payments on Class 2 notes (4)
|
$ | 171,878 | ||||||
Warrants
earned by Class 2 notes
|
* | |||||||
Default
interest payments on Class 3 notes
|
* | |||||||
Default
interest payments on Class 2 notes
|
* | |||||||
Remedies
upon default
|
* | |||||||
Registration
expenses
|
* | |||||||
Indemnification
to selling shareholders
|
* | |||||||
Payment
to Noteholders’ for their due diligence expenses
|
$ | 30,000 | ||||||
Agent
for Noteholders
|
* | |||||||
TOTAL
|
$ | 916,215 |
Market Price
per Share of
Common Stock
on Closing
Date
|
Conversion
Price of
Convertible
Notes (1)
|
Total Shares
Underlying
Convertible
Notes (1)
|
Combined
Market Price of
Shares
Underlying
Convertible
Notes
|
Combined
Conversion
Price of Shares
Underlying
Convertible
Notes
|
Total Possible
Discount to
Market Price
|
|||||||||||||||||||
John N. Hunter,
Industrial Boxboard
Corporation Profit
Sharing Plan and
Trust
|
$ | 0.43 | $ | 0.25 | 5,237,484 | $ | 2,252,118 | $ | 1,309,371 | $ | 942,747 | |||||||||||||
John R. Kiely,
III
|
$ | 0.43 | $ | 0.25 | - | - | - | - | ||||||||||||||||
John R. Kiely, III, Trustee, John
R. Kiely, III Trust dated May 22, 2007
|
$ | 0.43 | $ | 0.25 | 2,434,672 | 1,046,909 | 608,668 | 438,241 | ||||||||||||||||
John R. Kiely, III, Trustee, John
R. and Margaret Lee Kiely Revocable
Trust
|
$ | 0.43 | $ | 0.25 | 2,206,392 | 948,749 | 551,598 | 397,151 | ||||||||||||||||
Maria P. Kiely,
IRA
|
$ | 0.43 | $ | 0.25 | 56,500 | 24,295 | 14,125 | 10,170 | ||||||||||||||||
Michael H.
Kiely
|
$ | 0.43 | $ | 0.25 | 1,281,952 | 551,239 | 320,488 | 230,751 | ||||||||||||||||
Michael H. Kiely,
IRA
|
$ | 0.43 | $ | 0.25 | 56,500 | 24,295 | 14,125 | 10,170 | ||||||||||||||||
Max Coon
|
$ | 0.43 | $ | 0.25 | 503,452 | 216,484 | 125,863 | 90,621 | ||||||||||||||||
Maxco, Inc.
|
$ | 0.43 | $ | 0.25 | 541,096 | 232,671 | 135,274 | 97,397 | ||||||||||||||||
12,318,048 | $ | 5,296,760 | $ | 3,079,512 | $ | 2,217,248 |
Total possible profit the selling shareholders could realize as a result of the conversion discount for
the securities underlying the warrants.
|
||||||||||||||||||||||||
Market Price
per Share of
Common Stock
on Closing
Date
|
Exercise Price
of Warrants
(1)
|
Total Shares
Underlying
Warrants
(1)
|
Combined
Market Price
of
Shares
Underlying
Warrants
|
Combined
Exercise Price
of Shares
Underlying
Warrants
|
Total Possible
Discount to
Market
Price
|
|||||||||||||||||||
Special Situations Technology
Fund, L.P.
|
$ | 0.43 | $ | 0.001 | 204,325 | $ | 87,860 | $ | 204 | $ | 87,655 | |||||||||||||
Special Situations Technology Fund
II, L.P.
|
$ | 0.43 | $ | 0.001 | 1,255,135 | 539,708 | 1,255 | 538,453 | ||||||||||||||||
Special Situations Cayman Fund,
L.P.
|
$ | 0.43 | $ | 0.001 | 681,081 | 292,865 | 681 | 292,184 | ||||||||||||||||
Special Situations Private Equity
Fund, L.P.
|
$ | 0.43 | $ | 0.001 | 1,459,459 | 627,567 | 1,459 | 626,108 | ||||||||||||||||
Bonanza Master Fund
Ltd.
|
$ | 0.43 | $ | 0.001 | 3,000,000 | 1,290,000 | 3,000 | 1,287,000 | ||||||||||||||||
SRB Greenway Capital,
L.P.
|
$ | 0.43 | $ | 0.001 | 42,600 | 18,318 | 43 | 18,275 | ||||||||||||||||
SRB Greenway Offshore Operating
Fund, L.P.
|
$ | 0.43 | $ | 0.001 | 27,250 | 11,718 | 27 | 11,690 | ||||||||||||||||
SRB Greenway Capital (QP),
L.P.
|
$ | 0.43 | $ | 0.001 | 305,150 | 131,215 | 305 | 130,909 | ||||||||||||||||
Kircher Family Trust dtd
03/24/04
|
$ | 0.43 | $ | 0.001 | 25,000 | 10,750 | 25 | 10,725 | ||||||||||||||||
John N. Hunter, Industrial
Boxboard Corporation Profit Sharing Plan and Trust
|
$ | 0.43 | $ | 0.25 | 693,131 | 298,046 | 173,283 | 124,764 | ||||||||||||||||
John R. Kiely,
III
|
$ | 0.23 | $ | 1.60 | 156,281 | 35,945 | 250,050 | (214,105 | ) | |||||||||||||||
John R. Kiely, III, Trustee, John
R. Kiely, III Trust dated May 22, 2007
|
$ | 0.16 | $ | 1.60 | 191,733 | 30,677 | 306,773 | (276,096 | ) | |||||||||||||||
John R. Kiely, III, Trustee, John
R. and Margaret Lee Kiely Revocable
Trust
|
$ | 0.23 | $ | 1.60 | 67,730 | 15,578 | 108,368 | (92,790 | ) | |||||||||||||||
John R. Kiely, III, Trustee, John
R. and Margaret Lee Kiely Revocable
Trust
|
$ | 0.16 | $ | 1.60 | 180,048 | 28,808 | 288,077 | (259,269 | ) | |||||||||||||||
Maxco, Inc.
|
$ | 0.43 | $ | 0.25 | 205,479 | 88,356 | 51,370 | 36,986 | ||||||||||||||||
8,494,402 | $ | 3,507,410 | $ | 1,184,920 | $ | 2,322,490 |
Gross Proceeds from the sale of
convertible notes
|
$ | 3,079,512 | ||
Payments made or required to be
made to selling shareholders and their affiliates
(1)
|
$ | 916,215 | ||
Resulting Net Proceeds from the
sale of convertible notes
|
$ | 2,163,297 | ||
Total possible discount to market
price of stock registered hereunder
|
$ | 4,539,738 |
Date of
Transaction
|
Number of
Shares of
Common
Stock
Outstanding
Prior to
Transaction
|
Number of
Shares of
Common
Stock
Outstanding
Prior to
Transaction
Held by
Others (1)
|
Number of
Shares of
Common
Stock
Issued or
Issuable in
Transaction
|
Percentage
of Total
Outstanding
and Issued
Common
Shares Held
by Others
Issued in
Transaction
|
Market
Price per
Share
Immediately
Prior to
Transaction
|
Current
Market
Price per
Share
|
|||||||||||||||||||
Maxco
(2)
|
10/10/1996
|
8,852,401 | 5,648,057 | 33,000 | 0.6 | % | 6.62 | 0.06 | |||||||||||||||||
Maxco
(2)(6)
|
7/15/1997
|
8,852,401 | 5,355,181 | 150,000 | 2.8 | % | 5.27 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(6)
|
7/15/1997
|
8,852,401 | 5,355,181 | 50,000 | 0.9 | % | 5.27 | 0.06 | |||||||||||||||||
Maxco
(2)(6)
|
3/29/2001
|
9,029,901 | 6,210,177 | 240,000 | 3.9 | % | 0.25 | 0.06 | |||||||||||||||||
John N. Hunter, IRA
(3)(6)
|
7/18/2001
|
9,029,901 | 6,210,177 | 150,000 | 2.4 | % | 0.15 | 0.06 | |||||||||||||||||
Industrial Boxboard Company
(3)(6)
|
7/18/2001
|
9,029,901 | 6,210,177 | 150,000 | 2.4 | % | 0.15 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(6)
|
7/18/2001
|
9,029,901 | 6,210,177 | 150,000 | 2.4 | % | 0.15 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(6)
|
7/18/2001
|
9,029,901 | 6,210,177 | 150,000 | 2.4 | % | 0.15 | 0.06 | |||||||||||||||||
Max Coon
(2)(5)(6)
|
8/15/2001
|
9,029,901 | 6,136,877 | 150,000 | 2.4 | % | 0.28 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(6)
|
1/24/2002
|
9,429,901 | 6,126,877 | 300,000 | 4.9 | % | 0.25 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(6)
|
2/4/2002
|
9,429,901 | 6,126,877 | 75,000 | 1.2 | % | 0.24 | 0.06 | |||||||||||||||||
Max Coon
(6)
|
4/15/2002
|
9,429,901 | 6,126,877 | 120,000 | 2.0 | % | 0.24 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(6)
|
5/13/2002
|
9,429,901 | 6,126,877 | 50,000 | 0.8 | % | 0.41 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(6)
|
12/11/2002
|
9,429,901 | 6,119,956 | 74,100 | 1.2 | % | 0.10 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(6)
|
12/13/2002
|
9,429,901 | 6,119,956 | 42,603 | 0.7 | % | 0.09 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(6)
|
12/13/2002
|
9,429,901 | 6,119,956 | 22,740 | 0.4 | % | 0.09 | 0.06 |
John R. Kiely, III
(4)(6)
|
2/27/2003
|
9,429,901 | 6,088,256 | 600,000 | 9.9 | % | 0.17 | 0.06 | |||||||||||||||||
Michael Kiely
(6)
|
5/6/2003
|
9,429,901 | 6,088,531 | 100,000 | 1.6 | % | 0.15 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(6)
|
7/7/2003
|
9,429,901 | 6,088,256 | 7,479 | 0.1 | % | 0.17 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(6)
|
7/15/2003
|
9,429,901 | 6,088,256 | 600,000 | 9.9 | % | 0.31 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(6)
|
7/15/2003
|
9,429,901 | 6,088,256 | 300,000 | 4.9 | % | 0.31 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(6)
|
7/30/2003
|
9,429,901 | 6,088,256 | 120,000 | 2.0 | % | 0.30 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(6)
|
7/30/2003
|
9,429,901 | 6,088,256 | 280,000 | 4.6 | % | 0.30 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3(6))
|
8/28/2003
|
9,429,901 | 6,088,256 | 480,000 | 7.9 | % | 0.23 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(6)
|
9/29/2003
|
9,429,901 | 6,088,256 | 785,000 | 12.9 | % | 0.25 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(6)
|
9/29/2003
|
9,429,901 | 6,088,256 | 225,000 | 3.7 | % | 0.25 | 0.06 | |||||||||||||||||
Michael Kiely
(7)
|
3/15/2004
|
11,898,901 | 5,849,631 | 75,609 | 1.3 | % | 1.65 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(8)
|
3/15/2004
|
11,898,901 | 5,849,631 | 600,000 | 10.3 | % | 1.65 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(8)
|
3/15/2004
|
12,778,901 | 6,729,631 | 280,000 | 4.2 | % | 1.65 | 0.06 | |||||||||||||||||
Maria Kiely IRA
(7)
|
4/12/2004
|
13,223,901 | 7,042,631 | 45,934 | 0.7 | % | 2.50 | 0.06 | |||||||||||||||||
Michael Kiely IRA
(7)
|
4/12/2004
|
13,223,901 | 7,042,631 | 45,934 | 0.7 | % | 2.50 | 0.06 | |||||||||||||||||
Michael Kiely & Yung Kwang
(7)
|
4/14/2004
|
13,223,901 | 7,042,631 | 20,325 | 0.3 | % | 2.50 | 0.06 | |||||||||||||||||
Michael Kiely & Inmay
(7)
|
4/14/2004
|
13,223,901 | 7,042,631 | 20,325 | 0.3 | % | 2.29 | 0.06 | |||||||||||||||||
Michael Kiely & Kotun
(7)
|
4/14/2004
|
13,223,901 | 7,042,631 | 20,325 | 0.3 | % | 2.29 | 0.06 | |||||||||||||||||
Michael Kiely
(7)
|
4/16/2004
|
13,223,901 | 7,042,631 | 17,886 | 0.3 | % | 2.26 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 112,352 | 1.6 | % | 2.20 | 0.06 | |||||||||||||||||
Industrial Boxboard Company
(3)(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 33,846 | 0.5 | % | 2.20 | 0.06 | |||||||||||||||||
John N. Hunter, IRA
(3)(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 33,846 | 0.5 | % | 2.20 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 88,427 | 1.2 | % | 2.20 | 0.06 | |||||||||||||||||
Michael Kiely
(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 2,213 | 0.0 | % | 2.20 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 73,638 | 1.0 | % | 2.20 | 0.06 | |||||||||||||||||
Maxco
(2)(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 127,578 | 1.8 | % | 2.20 | 0.06 | |||||||||||||||||
Max Coon
(2)(5)(7)
|
5/6/2004
|
13,258,901 | 7,092,631 | 56,388 | 0.8 | % | 2.20 | 0.06 | |||||||||||||||||
Max Coon
(2)(5)(8)
|
6/22/2004
|
14,081,901 | 7,905,631 | 330,737 | 4.2 | % | 1.75 | 0.06 | |||||||||||||||||
Max Coon
(2)(5)(7)
|
6/22/2004
|
14,081,901 | 7,905,631 | 2,416 | 0.0 | % | 1.75 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(6)
|
12/1/2004
|
14,877,638 | 8,313.215 | 10,397 | 0.1 | % | 1.45 | 0.06 | |||||||||||||||||
Bonanza Master Fund LTD.
(6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 1,250,000 | 15.0 | % | 1.63 | 0.06 | |||||||||||||||||
Kircher Family Trust
(6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 25,000 | 0.3 | % | 1.63 | 0.06 | |||||||||||||||||
Special Situations Technology
Fund II, L.P. (6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 645,000 | 7.8 | % | 1.63 | 0.06 | |||||||||||||||||
Special Situations Technology
Fund, L.P. (6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 105,000 | 1.3 | % | 1.63 | 0.06 | |||||||||||||||||
Special Situations Cayman Fund,
L.P. (6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 350,000 | 4.2 | % | 1.63 | 0.06 | |||||||||||||||||
Special Situations Private
Equity Fund, L.P. (6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 750,000 | 9.0 | % | 1.63 | 0.06 | |||||||||||||||||
SRB Greenway Capital, L.P.
(6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 42,600 | 0.5 | % | 1.63 | 0.06 |
SRB Greenway Offshore Operating
Fund, L.P. (6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 27,250 | 0.3 | % | 1.63 | 0.06 | |||||||||||||||||
SRB Greenway Capital (QP), L.P.
(6)
|
4/12/2005
|
14,877,638 | 8,313.215 | 305,150 | 3.7 | % | 1.63 | 0.06 | |||||||||||||||||
Maxco
(2)(8)
|
4/13/2005
|
22,084,076 | 10,043,317 | 127,578 | 1.3 | % | 1.63 | 0.06 | |||||||||||||||||
Industrial Boxboard Profit
Sharing (3)(8)
|
4/13/2005
|
22,084,076 | 10,043,317 | 2,292,272 | 22.8 | % | 1.63 | 0.06 | |||||||||||||||||
Industrial Boxboard Company
(3)(8)
|
4/13/2005
|
22,084,076 | 10,043,317 | 183,846 | 1.8 | % | 1.63 | 0.06 | |||||||||||||||||
John N. Hunter, IRA
(3)(8)
|
4/13/2005
|
22,084,076 | 10,043,317 | 183,846 | 1.8 | % | 1.63 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(8)
|
4/13/2005
|
22,084,076 | 10,043,317 | 1,594,888 | 15.9 | % | 1.63 | 0.06 | |||||||||||||||||
Michael Kiely
(8)
|
4/13/2005
|
22,084,076 | 10,043,317 | 102,213 | 1.0 | % | 1.63 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(8)
|
4/13/2005
|
22,084,076 | 10,043,317 | 991,693 | 9.9 | % | 1.63 | 0.06 | |||||||||||||||||
Maxco
|
4/20/2005
|
22,084,076 | 9,808,803 | 42,000 | 0.4 | % | 1.65 | 0.06 | |||||||||||||||||
Bonanza Master Fund LTD.
(9)
|
5/27/2005
|
22,459,409 | 10,135,472 | 2,500,000 | 24.7 | % | 1.48 | 0.06 | |||||||||||||||||
Kircher Family Trust
(10)
|
5/27/2005
|
22,459,409 | 10,135,472 | 50,000 | 0.5 | % | 1.48 | 0.06 | |||||||||||||||||
SRB Greenway Capital, L.P.
(11)
|
5/27/2005
|
22,459,409 | 10,135,472 | 85,200 | 0.8 | % | 1.48 | 0.06 | |||||||||||||||||
SRB Greenway Offshore Operating
Fund, L.P. (13)
|
5/27/2005
|
22,459,409 | 10,135,472 | 54,500 | 0.5 | % | 1.48 | 0.06 | |||||||||||||||||
SRB Greenway Capital (QP), L.P.
(12)
|
5/27/2005
|
22,459,409 | 10,135,472 | 610,300 | 6.0 | % | 1.48 | 0.06 | |||||||||||||||||
Special Situations Technology
Fund II, L.P. (17)
|
5/27/2005
|
22,459,409 | 10,135,472 | 1,290,000 | 12.7 | % | 1.48 | 0.06 | |||||||||||||||||
Special Situations Technology
Fund, L.P. (16)
|
5/27/2005
|
22,459,409 | 10,135,472 | 210,000 | 2.1 | % | 1.48 | 0.06 | |||||||||||||||||
Special Situations Cayman Fund,
L.P. (14)
|
5/27/2005
|
22,459,409 | 10,135,472 | 700,000 | 6.9 | % | 1.48 | 0.06 | |||||||||||||||||
Special Situations Private
Equity Fund, L.P. (15)
|
5/27/2005
|
22,459,409 | 10,135,472 | 1,500,000 | 14.8 | % | 1.48 | 0.06 | |||||||||||||||||
John R. Kiely, III
(4)(6)
|
7/30/2007
|
29,566,409 | 10,154,346 | 156,281 | 1.5 | % | 0.49 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(6)
|
7/30/2007
|
29,566,409 | 10,154,346 | 67,730 | 0.7 | % | 0.49 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. Kiely, III Trust dated May 22, 2007
(4)(6)
|
1/2/2008
|
29,566,409 | 10,127,346 | 191,733 | 1.9 | % | 0.07 | 0.06 | |||||||||||||||||
John R. Kiely, III, Trustee,
John R. and Margaret Lee Kiely Revocable Trust
(4)(6)
|
1/2/2008
|
29,566,409 | 10,127,346 | 180,048 | 1.8 | % | 0.07 | 0.06 | |||||||||||||||||
Michael Kiely
(7)
|
1/8/2008
|
29,566,409 |
10,127,346
|
796,755 | 7.9 | % | 0.09 | 0.06 |
Number
of shares outstanding prior to the convertible note transaction held by
persons other than the selling shareholders, affiliates of the company,
and affiliates of the selling shareholders
|
11,148,489 | |||
Number
of shares registered for resale by the selling shareholders or affiliates
of the selling shareholders in prior registration
statements
|
19,322,412 | |||
Number
of shares registered for resale by the selling shareholders or affiliates
of the selling shareholders that continue to be held by the selling
shareholders or affiliates of the selling shareholders
|
16,636,576 | |||
Number
of shares that have been sold in registered resale transactions by the
selling shareholders or affiliates of the selling shareholders (Includes
1985 Maxco secondary offering of 881,250 shares)
|
1,950,992 | |||
Number
of shares registered for resale on behalf of the selling shareholders or
affiliates of the selling shareholders in the current
transaction
|
20,812,450 |
•
|
Our
Annual Report on Form 10-K for the year ended December 31, 2008 filed on
March 31, 2009;
|
•
|
Our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 filed
on May 14, 2009;
|
•
|
Our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed on
August 14, 2009;
|
•
|
Our
Definitive Proxy Statement on Schedule 14A filed on April 6,
2009;
|
•
|
Our
Post-Effective Amendment No. 3 to Form S-1 filed on April 18, 2008, to the
extent that such filing describes our common stock that is being
registered under this Registration
Statement.
|
Expense
|
Amount
|
|||
SEC
registration fee
|
$
|
226.46
|
||
Printing
expenses
|
$
|
|||
Legal
fees and expenses
|
$
|
|||
Accounting
fees and expenses
|
$
|
|||
Miscellaneous
|
$
|
|||
Total
|
$
|
Date
|
Title
|
Amount
|
Name of Purchaser
|
Aggregate
Offering Price
|
||||||
November
21, 2006
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 75,000.00 | |||||
November
21, 2006
|
Class
2 Note
|
(1) |
P.
Robert Klonoff and Susan J. Klonoff, as Community
Property
|
$ | 25,000.00 | |||||
December
15, 2006
|
Class
2 Note
|
(1) |
John
R. Kiely, III
|
$ | 94,000.00 | |||||
December
15, 2006
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 56,000.00 | |||||
December
18, 2006
|
Class
2 Note
|
(1) |
P.
Robert Klonoff and Susan J. Klonoff, as Community
Property
|
$ | 25,000.00 | |||||
December
18, 2006
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 75,000.00 |
January
4, 2007
|
Class
2 Note 57
|
(1) |
Susan
W. Pillsbury 1998 Revocable Trust, dtd 03-13-1998, Susan W. Pillsbury,
Trustee
|
$ | 50,000.00 | ||||||
January
22, 2007
|
Class
2 Note 58
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 50,000.00 | ||||||
January
22, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 145,000.00 | ||||||
January
22, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 50,000.00 | ||||||
February
22, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III
|
$ | 70,000.00 | ||||||
February
22, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 70,000.00 | ||||||
March
8, 2007
|
Class
2 Note
|
(1) |
Maxco,
Inc.
|
$ | 250,000.00 | ||||||
March
26, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III
|
$ | 75,000.00 | ||||||
March
26, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 75,000.00 | ||||||
April
24, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III
|
$ | 112,500.00 | ||||||
April
23, 2007
|
Class
2 Note
|
(1) |
Dale
R. Kehoe Trustee, Dale R. Kehoe Trust
|
$ | 50,000.00 | ||||||
April
23, 2007
|
Class
2 Note
|
(1) |
The
Klonoff Company, Inc.
|
$ | 25,000.00 | ||||||
April
24, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 112,500.00 | ||||||
May
22, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 92,500.00 | ||||||
May
23, 2007
|
Class
2 Note
|
(1) |
Dale
R. Kehoe Trustee, Dale R. Kehoe Trust
|
$ | 40,000.00 | ||||||
May
22, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III
|
$ | 50,000.00 | ||||||
May
29, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 42,500.00 | ||||||
June
20, 2007
|
Class
2 Note
|
(1) |
Dale
Renee Kehoe Trustee, Dale Renee Kehoe Trust
|
$ | 40,000.00 | ||||||
June
20, 2007
|
Class
2 Note
|
(1) |
Dale
Renee Kehoe Trustee, Dale Renee Kehoe Trust
|
$ | 160,000.00 | ||||||
July
13, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 50,000.00 | ||||||
July
17, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III
|
$ | 50,000.00 | ||||||
July
26, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 100,000.00 | ||||||
July
30, 2007 (2)
|
Warrant
|
32,671 |
P.
Robert Klonoff and Susan J. Klonoff, as Community
Property
|
||||||||
July
30, 2007 (2)
|
Warrant
|
156,281 |
John
R. Kiely, III
|
July
30, 2007 (2)
|
Warrant
|
67,730 |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
||||||||
July
30, 2007 (2)
|
Warrant
|
28,493 |
Susan
W. Pillsbury 1998 Revocable Trust, dtd 03-13-1998, Susan W. Pillsbury,
Trustee
|
||||||||
July
30, 2007 (2)
|
Warrant
|
43,590 |
Dale
Renee Kehoe Trustee, Dale Renee Kehoe Trust
|
||||||||
July
30, 2007 (2)
|
Warrant
|
6,781 |
The
Klonoff Company, Inc.
|
||||||||
August
6, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 75,000.00 | ||||||
August
23, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 75,000.00 | ||||||
August
23, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 50,000.00 | ||||||
August
29, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 50,000.00 | ||||||
August
30, 2007
|
Class
2 Note
|
(1) |
Susan
W. Pillsbury 1998 Revocable Trust, dtd 03-13-1998, Susan W. Pillsbury,
Trustee
|
$ | 25,000.00 | ||||||
September
5, 2007
|
Class
2 Note
|
(1) |
Edward
J. Carney, Trustee of The Carney Trust, Dated March 22,
1994
|
$ | 40,000.00 | ||||||
September
25, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 75,000.00 | ||||||
September
25, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 125,000.00 | ||||||
October
25, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 100,000.00 | ||||||
October
25, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 100,000.00 | ||||||
November
26, 2007
|
Class
2 Note
|
(1) |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 75,000.00 | ||||||
November
26, 2007
|
Class
2 Note
|
(1) |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 75,000.00 | ||||||
January
2, 2008 (2)
|
Warrant
|
21,232 |
P.
Robert Klonoff and Susan J. Klonoff, as Community
Property
|
||||||||
January
2, 2008 (2)
|
Warrant
|
191,733 |
John
R. Kiely, III, Trustee, John R. Kiely, III Trust dated May 22,
2007
|
||||||||
January
2, 2008 (2)
|
Warrant
|
180,048 |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
||||||||
January
2, 2008 (2)
|
Warrant
|
29,384 |
Susan
W. Pillsbury 1998 Revocable Trust, dtd 03-13-1998, Susan W. Pillsbury,
Trustee
|
||||||||
January
2, 2008 (2)
|
Warrant
|
123,150 |
Dale
Renee Kehoe Trustee, Dale Renee Kehoe Trust
|
||||||||
January
2, 2008 (2)
|
Warrant
|
10,616 |
The
Klonoff Company, Inc.
|
||||||||
January
2, 2008 (2)
|
Warrant
|
12,822 |
Edward
J. Carney, Trustee of The Carney Trust, Dated March 22,
1994
|
||||||||
January
2, 2008 (2)
|
Warrant
|
693,131 |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
||||||||
January
2, 2008 (2)
|
Warrant
|
205,479 |
Maxco,
Inc.
|
March
30, 2008 (3)
|
Class
3 Note
|
40,000 |
Inmay
Kiely
|
$ | 20,000.00 | ||||||
September
15, 2008 (4)
|
Warrant
|
3,000,000 |
Bonanza
Master Fund, Ltd.
|
||||||||
September
15, 2008 (4)
|
Warrant
|
25,000 |
Kircher
Family Trust
|
||||||||
September
15, 2008 (4)
|
Warrant
|
42,600 |
SRB
Greenway Capital, L.P.
|
||||||||
September
15, 2008 (4)
|
Warrant
|
305,150 |
SRB
Greenway Capital (QP), L.P.
|
||||||||
September
15, 2008 (4)
|
Warrant
|
27,250 |
SRB
Greenway Offshore Operating Fund, L.P.
|
||||||||
September
15, 2008 (4)
|
Warrant
|
681,081 |
Special
Situations Cayman Fund, L.P.
|
||||||||
September
15, 2008 (4)
|
Warrant
|
1,459,459 |
Special
Situations Private Equity Fund, L.P.
|
||||||||
September
15, 2008 (4)
|
Warrant
|
204,325 |
Special
Situations Technology Fund, L.P.
|
||||||||
September
15, 2008 (4)
|
Warrant
|
1,255,135 |
Special
Situations Technology Fund II, L.P.
|
||||||||
September
15, 2008 (5)
|
Class
2 Note
|
None
|
Michael
H. Kiely
|
$ | 57,500.00 | ||||||
September
15, 2008 (5)
|
Class
2 Note
|
None
|
Maria
P. Kiely IRA
|
$ | 28,250.00 | ||||||
September
15, 2008 (5)
|
Class
2 Note
|
None
|
Michael
H. Kiely IRA
|
$ | 28,250.00 | ||||||
September
15, 2008 (5)
|
Class
2 Note
|
None
|
Dale
Renee Kehoe Trustee, Dale Renee Kehoe Trust
|
$ | 15,000.00 | ||||||
September
15, 2008 (5)
|
Class
2 Note
|
None
|
Robert
W. Collis
|
$ | 10,000.00 | ||||||
September
15, 2008 (6)
|
Class
3 Note amended
|
186,000 |
Michael
H. Kiely
|
$ | 46,500.00 | ||||||
September
15, 2008 (6)
|
Class
3 Note amended
|
60,000 |
Dale
Renee Kehoe Trustee, Dale Renee Kehoe Trust
|
$ | 15,000.00 | ||||||
September
15, 2008 (6)
|
Class
3 Note amended
|
40,000 |
Robert
W. Collis
|
$ | 10,000.00 | ||||||
September
15, 2008 (7)
|
Class
3 Note amended
|
40,000 |
Yung
Kwang Kiely
|
$ | 25,000.00 | ||||||
September
15, 2008 (7)
|
Class
3 Note amended
|
40,000 |
Inmay
Kiely
|
$ | 20,000.00 | ||||||
September
15, 2008 (7)
|
Class
3 Note amended
|
40,000 |
Kotun
C. Kiely
|
$ | 25,000.00 | ||||||
September
15, 2008 (6)
|
Class
3 Note amended
|
113,000 |
Maria
P. Kiely IRA
|
$ | 28,250.00 | ||||||
September
15, 2008 (6)
|
Class
3 Note amended
|
44,000 |
Michael
H.. Kiely
|
$ | 11,000.00 | ||||||
September
15, 2008 (6)
|
Class
3 Note amended
|
113,000 |
Michael
H. Kiely IRA
|
$ | 28,250.00 | ||||||
September
15, 2008 (8)
|
Class
3 Note amended
|
50,000 |
Ricardo
L. Larrabure
|
$ | 12,500.00 |
September
15, 2008 (8)
|
Class
3 Note amended
|
50,000 |
Garrett
H. Larrabure
|
$ | 12,500.00 | ||||||
September
15, 2008
|
Class
3 Note
|
5,237,484 |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 1,309,371.00 | ||||||
September
15, 2008
|
Class
3 Note
|
2,434,672 |
John
R. Kiely, III, Trustee, John R. Kiely, III Trust dated May 22,
2007
|
$ | 608,668.00 | ||||||
September
15, 2008
|
Class
3 Note
|
2,206,392 |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 551,598.00 | ||||||
September
15, 2008
|
Class
3 Note
|
212,524 |
P.
Robert Klonoff and Susan J. Klonoff, as Community
Property
|
$ | 53,131.00 | ||||||
September
15, 2008
|
Class
3 Note
|
53,480 |
P.
Robert Klonoff
|
$ | 13,370.00 | ||||||
September
15, 2008
|
Class
3 Note
|
161,576 |
Susan
W. Pillsbury 1998 Revocable Trust, dtd 03-13-1998, Susan W. Pillsbury,
Trustee
|
$ | 40,394.00 | ||||||
September
15, 2008
|
Class
3 Note
|
541,096 |
Maxco,
Inc.
|
$ | 135,274.00 | ||||||
September
15, 2008
|
Class
3 Note
|
203,220 |
Max
Andrew Coon
|
$ | 50,805.00 | ||||||
September
15, 2008
|
Class
3 Note
|
503,452 |
Max
A. Coon
|
$ | 125,863.00 | ||||||
September
15, 2008
|
Class
3 Note
|
613,348 |
Dale
Renee Kehoe Trustee, Dale Renee Kehoe Trust
|
$ | 153,337.00 | ||||||
September
15, 2008
|
Class
3 Note
|
1,166,952 |
Michael
H. Kiely
|
$ | 291,738.00 | ||||||
September
15, 2008
|
Class
3 Note
|
10,000 |
P.
Robert Klonoff
|
$ | 2,500.00 | ||||||
September
15, 2008
|
Class
3 Note
|
406,376 |
Edward
J. Carney, Trustee of The Carney Trust, Dated March 22,
1994
|
$ | 101,594.00 | ||||||
December
17, 2008 (9)(12)
|
Class
2 Note
|
None
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 100,000.00 | ||||||
December
31, 2008 (10)
|
Class
2 Note
|
None
|
Michael
H. Kiely
|
$ | 110,000.00 | ||||||
January
8, 2009
|
Class
3 Note
|
432,567 |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 64,885.00 | ||||||
January
8, 2009
|
Class
3 Note
|
204,073 |
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 30,611.00 | ||||||
January
8, 2009
|
Class
3 Note
|
187,360 |
John
R. Kiely, III, Trustee, John R. Kiely, III Trust dated May 22,
2007
|
$ | 28,104.00 | ||||||
January
8, 2009
|
Class
3 Note
|
61,493 |
Michael
H. Kiely
|
$ | 9,224.00 | ||||||
January
8, 2009
|
Class
3 Note
|
31,533 |
Edward
J. Carney, Trustee of The Carney Trust, Dated March 22,
1994
|
$ | 4,730.00 | ||||||
January
8, 2009
|
Class
3 Note
|
21,540 |
Susan
W. Pillsbury 1998 Revocable Trust, dtd 03-13-1998, Susan W. Pillsbury,
Trustee
|
$ | 3,231.00 | ||||||
January
8, 2009
|
Class
3 Note
|
18,780 |
P.
Robert Klonoff and Susan J. Klonoff, as Community
Property
|
$ | 2,817.00 | ||||||
January
8, 2009
|
Class
3 Note
|
7,520 |
P.
Robert Klonoff
|
$ | 1,128.00 |
January
8, 2009
|
Class
3 Note
|
8,013 |
Max
Andrew Coon
|
$ | 1,202.00 | ||||||
January
8, 2009
|
Class
3 Note
|
19,860 |
Max
A. Coon IRA
|
$ | 2,979.00 | ||||||
January
8, 2009
|
Class
3 Note
|
72,147 |
Maxco,
Inc.
|
$ | 10,822.00 | ||||||
January
8, 2009
|
Class
3 Note
|
735,260 |
Michael
H. Kiely
|
$ | 110,289.00 | ||||||
January
23, 2009 (9)
|
Class
2 Note
|
None
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 280,000.00 | ||||||
February
24, 2009 (12)
|
Class
2 Note
|
143,835
(11)
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 350,000.00 | ||||||
February
24, 2009 (12)
|
Class
2 Note
|
None
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 100,000.00 | ||||||
February
26, 2009
|
Class
2 Note
|
41,096
(11)
|
Susan
W. Pillsbury 1998 Revocable Trust, dtd 03-13-1998, Susan W. Pillsbury,
Trustee
|
$ | 100,000.00 | ||||||
March
3, 2009 (12)
|
Class
2 Note
|
None
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 130,000.00 | ||||||
March
25, 2009
|
Class
2 Note
|
None
|
John
R. Kiely, III, Trustee, John R. & Margaret Lee Kiely Revocable
Trust
|
$ | 100,000.00 | ||||||
March
26, 2009
|
Class
3 Note
|
333,333 |
Michael
H. Kiely
|
$ | 50,000.00 | ||||||
March
31, 2009
|
Class
3 Note
|
266,267 |
Michael
H. Kiely
|
$ | 40,000.00 | ||||||
April
10, 2009
|
Class
2 Note
|
285,252
(11)
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 694,112.00 | ||||||
April
10, 2009 (2)
|
Warrant
|
57,535 |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
||||||||
April
10, 2009 (2)
|
Warrant
|
14,834 |
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
||||||||
April
17, 2009
|
Class
3 Note
|
126,667 |
Michael
H. Kiely
|
$ | 19,000.00 | ||||||
June
4, 2009
|
Class
2 Note
|
22,603
(11)
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 55,000.00 | ||||||
June
23, 2009
|
Class
2 Note
|
J.N.
Hunter and J.A. Hunter, Trustees, Industrial Boxboard Corporation Profit
Sharing Plan and Trust
|
$ | 70,000 |
*
|
There
are no Principle Underwriters, Underwriting Discounts or Commissions, or
Non-cash Consideration applicable to any of the sales listed above. All of
the sales listed above are exempt from registration pursuant to Section
4(2) and Regulation D of the Securities Act as all of the purchasers were
accredited investors.
|
(1)
|
Pursuant
to the terms of the 5th
Amended and Restated Note and Warrant Purchase Agreement, the Class 2 Note
holder elected to receive a Class 2 warrant that entitles the holder to
purchase one share of our Common Stock for each $1 in value of such
Holder’s Class 2 Note multiplied by a fraction, the numerator of which is
the number of days such Class 2 Note is outstanding and the denominator of
which is 365 at a price determined at the time of the issuance of such
Class 2 Note. The value of the warrants that were issued is included in
the above table.
|
(2)
|
Warrant
issued for shares earned to date on various Class 2
notes.
|
(3)
|
Paid
$5,000 in principle. New balance is
$20,000.
|
(4)
|
Warrants
issued with waiver and amendment agreement at
$0.001.
|
(5)
|
No
warrants, 50% due 7/1/09, balance due 10/1/09. Pays 50% of Class 3 Notes 3
and 13.
|
(6)
|
Terms
changed and 50% of note principle paid with Class 2 Note. Conversion price
changed from $1 to $0.25 per antidilution
clause.
|
(7)
|
Terms
changed. Conversion price changed from $1 to $0.25 per antidilution
clause. Michael H. Kiely removed as joint owner of
note.
|
(8)
|
Terms
changed. Conversion price changed from $1 to $0.25 per antidilution
clause.
|
(9)
|
The
note did not have any stock or warrants attached but did include the right
to exchange for a note convertible into our common stock. This note was
paid with a new Class 2 Note issued February 24,
2009.
|
(10)
|
The
note did not have any stock or warrants attached but included the right to
exchange for a note convertible into our stock. On January 8, 2009, this
note and accrued interest were exchanged for a Class 3 Note as listed in
the above table.
|
(11)
|
Pursuant
to the terms of the 5th
Amended and Restated Note and Warrant Purchase Agreement as modified
January 28, 2009, the Class 2 Note holder elected to receive a Class 2
warrant that entitles the holder to purchase five (5) shares of our Common
Stock for each $1 in value of such Holder’s Class 2 Note multiplied by a
fraction, the numerator of which is the number of days such Class 2 Note
is outstanding and the denominator of which is 365, at a price determined
at the time of the issuance of such Class 2 Note. During the first 30
days, warrants are irrevocably issued on the date of the note. The number
of the warrants that were issued is included in the above
table.
|
(12)
|
The
note was paid by the issuance of a new note April 10, 2009. The new note
also included $14,112 of accrued interest due on the notes being
paid.
|
1
|
N/A
|
|
2
|
N/A
|
|
3.1
|
Articles
of Incorporation, as amended (filed as Exhibit 3.1 to the registrant's
Form 10-K for the year ended December 31, 1995, SEC file 0-12728, and
incorporated herein by reference).
|
|
3.2
|
By-Laws
of the Registrant, as amended (filed as Exhibit 3.2 to the registrant's
Form 10-K for the year ended December 31, 1994, SEC file 0-12728, and
incorporated herein by reference).
|
|
3.3
|
Certificate
of Designation effective April 11, 2005 and amendment to the By-Laws of
the Registrant effective March 23, 2005 (filed as Exhibit 4(b) to the
registrant’s Form 8-K dated April 14, 2005, SEC file 0-12728, and
incorporated herein by reference).
|
|
3.4
|
Certificate
of Amendment of Restated Articles of Incorporation, filed with the
Secretary of State of the State of Michigan on May 27, 2005 (filed as
Exhibit 3.4 to the registrant’s Registration Statement on Form SB-2 filed
on June 9, 2005, SEC File No. 333-125669, and incorporated herein by
reference).
|
|
3.5
|
Certificate
of Amendment of Restated Articles of Incorporation, filed with the
Secretary of State of the State of Michigan on April 19, 2007 (filed as
Exhibit 3.5 to the registrant’s Registration Statement on Form S-1 filed
on April 18, 2008, SEC file No. 333-125669, and incorporated herein by
reference).
|
3.6
|
Certificate
of Amendment of Restated Articles of Incorporation, filed with the
Secretary of State of the State of Michigan on May 28, 2008 (filed as
Exhibit 3.6 to the registrant’s Form 10-Q for the quarter ended June 30,
2008, SEC file No. 0-12728, and incorporated herein by
reference).
|
|
4.1
|
Form
of Fourth Amended Note and Warrant Purchase Agreement including Form of
Integral Vision, Inc. Class 3 Note (filed as Exhibit 4.8 to registrant’s
Form 10-K for the year ended December 31, 2003, SEC file 0-12728, and
incorporated herein by reference).
|
|
4.2
|
Securities
Purchase Agreement, Effective April 12, 2005 (filed as Exhibit 4.(A) to
registrant’s Form 8-K filed April 14, 2005, SEC file 0-12728, and
incorporated herein by reference).
|
|
4.3
|
Form
of Consent to Modifications dated November 14, 2006 modifying the terms of
the Fourth Amended Note and Warrant Purchase Agreement including Form of
Integral Vision, Inc. Class 2 Warrant (filed as Exhibit 4.9 to
registrant’s Form 10-Q for the quarter ended September 30, 2006, SEC file
0-12728, and incorporated herein by reference).
|
|
4.4
|
Form
of Consent to Modifications dated August 13, 2007 modifying the terms of
the Fourth Amended Note and Warrant Purchase Agreement (filed as Exhibit
4.4 to registrant’s Form 10-QSB for the quarter ended June 30, 2007, SEC
file 0-12728, and incorporated herein by reference).
|
|
4.5
|
Form
of Consent to Modifications dated October 10, 2007 modifying the terms of
the Fourth Amended Note and Warrant Purchase Agreement (filed as Exhibit
4.6 to registrant’s Form 10-QSB for the quarter ended September 30, 2007,
SEC file 0-12728, and incorporated herein by
reference).
|
|
4.6
|
Form
of Consent to Modifications dated January 18, 2008 modifying the terms of
the Fourth Amended Note and Warrant Purchase Agreement (filed as Exhibit
4.6 to registrant’s Form 10-K for the year ended December 31, 2007, SEC
file 0-12728, and incorporated herein by reference).
|
|
4.7
|
Form
of Amended Collateral Assignment of Proprietary Rights dated March 5, 2008
(filed as Exhibit 4.7 to registrant’s Form 10-K for the year ended
December 31, 2007, SEC file 0-12728, and incorporated herein by
reference).
|
|
4.8
|
Form
of Amended Security Agreement dated March 6, 2008 (filed as Exhibit 4.8 to
registrant’s Form 10-K for the year ended December 31, 2007, SEC file
0-12728, and incorporated herein by reference).
|
|
4.9
|
Form
of Consent to Amend and Replace Agreements dated March 12, 2008 (filed as
Exhibit 4.9 to registrant’s Form 10-K for the year ended December 31,
2007, SEC file 0-12728, and incorporated herein by
reference).
|
|
4.10
|
Form
of Fifth Amended and Restated Note and Warrant Purchase Agreement (filed
as Exhibit 4.10 to registrant’s Form 10-K for the year ended December 31,
2007, SEC file 0-12728, and incorporated herein by
reference).
|
|
4.11
|
Waiver
and Amendment Agreement, effective September 15, 2008, and the
Registration Rights Agreement and common stock Warrants, made a part
thereof, among the respective parties thereto (filed as Exhibit 4.1 to
registrant’s Form 8-K filed September 18, 2008, SEC file 0-12728, and
incorporated herein by reference).
|
|
4.12
|
Exchange
Agreements, effective September 15, 2008, among the respective parties
thereto (filed as Exhibit 4.3 to the registrant’s Form 8-K filed September
15, 2008, SEC file 0-12728, and incorporated herein by
reference).
|
|
5
|
Opinion
of J.M. Warren Law Offices, P.C.
|
|
8
|
N/A
|
|
9
|
N/A
|
|
10.1
|
Integral
Vision, Inc. Employee Stock Option Plan (filed as Exhibit 10.5 to the
registrant's Form 10-Q for the quarter ended September 30, 1995, SEC file
0-12728, and incorporated herein by reference).
|
|
10.2
|
Form
of Confidentiality and Non-Compete Agreement Between the Registrant and
its Employees (filed as Exhibit 10.4 to the registrant's Form 10-K for the
year ended December 31, 1992, SEC File 0-12728, and incorporated herein by
reference).
|
10.3
|
Integral
Vision, Inc. 1999 Employee Stock Option Plan (filed as exhibit 10.5 to the
registrant’s Form 10-Q for the quarter ended June 30, 1999 and
incorporated herein by reference).
|
|
10.4
|
Integral
Vision, Inc. 2004 Employee Stock Option Plan (filed as exhibit 10.11 to
the registrant’s Form 10-Q for the quarter ended June 30, 2004 and
incorporated herein by reference).
|
|
10.5
|
Integral
Vision, Inc. 2008 Equity Incentive Plan (filed as exhibit 10.5 to the
registrant’s Form 10-KSB for the year ended December 31, 2008 and
incorporated herein by reference).
|
|
10.6
|
Amendment
and Restatement of Integral Vision, Inc. 2008 Equity Incentive Plan (filed
as Exhibit 10.6 to the registrant’s Schedule 14A filed March 26, 2009, SEC
file 000-12728, and incorporated herein by
reference).
|
|
11
|
N/A
|
|
12
|
N/A
|
|
15
|
N/A
|
|
16
|
N/A
|
|
21
|
N/A
|
|
23.1
|
Consent
of J.M. Warren Law Offices, P.C (included in Exhibit
5).
|
|
23.2
|
Consent
of Rehmann Robson, independent registered public accounting
firm.
|
|
24
|
Power
of Attorney (filed as part of registrant’s Form SB-2 filed June 9, 2005,
SEC file 333-125669, and incorporated herein by
reference).
|
|
25
|
N/A
|
|
26
|
N/A
|
|
99
|
N/A
|
INTEGRAL
VISION, INC.
|
||
By:
|
/S/ Mark
R. Doede
|
|
Mark
R. Doede
President
|
Signatures
|
Title
|
|
/S/ Charles
J. Drake
|
Chairman
of the Board, Chief
Executive
Officer and a Director
(Principal
Executive Officer)
|
|
Charles
J. Drake
|
||
/S/ Mark
R. Doede
|
President,
Chief Operating Officer ,
Chief
Financial Officer, and a Director
(Principal
Financial Officer and
Principal
Accounting Officer)
|
|
Mark
R. Doede
|
||
|
||
/S/ Max
A. Coon
|
Director
|
|
Max
A. Coon
|
||
/S/ Vincent
Shunsky
|
Director
|
|
Vincent
Shunsky
|
||
/S/ William
B. Wallace
|
Director
|
|
William
B. Wallace
|