UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
SUN NETWORK GROUP, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.0001 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
86681R 10 5
-------------
(CUSIP Number)
April 30, 2004
--------------------------------------------------------------------------------
(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).
Page 2 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
AJW Qualified Partners, LLC
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 7,000,000 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 7,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,000,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.5% (based on 88,450,315 shares outstanding on April 2, 2004, as reported
in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares reported
hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
OO
_____________________________________________________________________________
Page 3 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
New Millennium Capital Partners II, LLC
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 2,000,000 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 2,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000,000
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.8% (based on 88,450,315 shares outstanding on April 2, 2004, as reported
in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares reported
hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
OO
_____________________________________________________________________________
Page 4 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
AJW Partners, LLC
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 4,000,000 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 4,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.7% (based on 88,450,315 shares outstanding on April 2, 2004, as reported
in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares reported
hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
OO
_____________________________________________________________________________
Page 5 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
AJW Offshore, Ltd.
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 7,000,000 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 7,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,000,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.5% (based on 88,450,315 shares outstanding on April 2, 2004, as reported
in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares reported
hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
CO
_____________________________________________________________________________
Page 6 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
SMS Group, LLC
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 4,000,000 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 4,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.7% (based on 88,450,315 shares outstanding on April 2, 2004, as reported
in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares reported
hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
OO
_____________________________________________________________________________
Page 7 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
AJW Manager, LLC
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 7,000,000 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 7,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,000,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.5% (based on 88,450,315 shares outstanding on April 2, 2004, as reported
in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares reported
under hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
OO
_____________________________________________________________________________
Page 8 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
First Street Manager II, LLC
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 9,000,000 (See Item 4)
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 9,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,000,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.3% (based on 88,450,315 shares outstanding on April 2, 2004, as reported
in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares reported
hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
OO
_____________________________________________________________________________
Page 9 of 13
_____________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Corey Ribotsky
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 20,000,000 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 20,000,000 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
18.44% (based on 88,450,315 shares outstanding on April 2, 2004, as
reported in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares
reported hereunder)
__________________________________________________________________________
12 TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
Page 10 of 13
Item 1. Name of the Issuer and Address
(a) Sun Network Group, Inc. ("Sun").
(b) The principal executive offices of Sun are 1440 Coral Ridge Drive, #140,
Coral Springs, FL 33071.
Item 2. Identity, Address, Citizenship, Title of Class of Securities and CUSIP
Number
Items 2(a), (b), (c)
This Amendment No. 1 to Schedule 13G ("Statement") is being filed by AJW
Partners, LLC, a Delaware limited liability company ("AJW"), AJW Offshore, Ltd.,
a Cayman Islands corporation ("AJW Offshore"), AJW Qualified Partners, LLC, a
New York limited liability company ("Qualified Partners"), and New Millennium
Capital Partners II, LLC, a New York limited liability company ("New
Millennium"), SMS Group, LLC, a Delaware limited liability company ("SMS"), AJW
Manager, LLC, a New York limited liability company ("AJW Manager"), and First
Street Manager II, LLC, a New York limited liability company ("FSMIILLC") and
Corey Ribotsy, an individual residing in New York ("Ribotsky," who together with
AJW, AJW Offshore, Qualified Partners, New Millenium, SMS, AJW Manager, and
FSMIILLC shall be referred to collectively as the "Group"; each member of the
Group shall be referred to individually as a "Member" and collectively as
"Members").
The address of principal business office of each of AJW, Qualified
Partners, New Millennium, AJW Manager, SMS, FSMIILLC, and Ribotsky is 1044
Northern Boulevard, Suite 302, Roslyn, New York 11576. The address of principal
business office of AJW Offshore is c/o Admiral Administration Ltd., P.O. Box
32021 SMB, Anchorage Centre, 2nd Floor, Grand Cayman, Cayman Islands, B.W.I.
The Group has entered into a Joint Filing Agreement, dated as of May 7,
2004, a copy of which was previously filed as part of the Schedule 13G filed by
the Group on May 10, 2004, pursuant to which the Group agreed to file the
Schedule 13G and any amendments thereto jointly in accordance with the
provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended,
and such Joint Filing Agreement is incorporated by reference herein.
Item 2(d), (e)
This Statement relates to the Common Stock, $.0001 par value per share, of
Sun (the "Sun Common Stock"). The CUSIP number for the Sun Common Stock is
86681R-10-5.
Item 3. If this statement is filed pursuant to Section 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
Not Applicable
Item 4. Ownership
Item 4(a), (b)
AJW is the record owner of 4,000,000 shares of Sun Common Stock,
representing approximately 3.7% of the issued and outstanding shares of Sun
Common Stock (based on 88,450,315
Page 11 of 13
shares outstanding on April 2, 2004, as reported in Sun's Annual Report on Form
10-KSB, plus the 20,000,000 shares reported hereunder)(1). Qualified Partners is
the record owner of 7,000,000 shares of Sun Common Stock, representing
approximately 6.5% of the issued and outstanding shares of Sun Common Stock
(based on 88,450,315 shares outstanding on April 2, 2004, as reported in Sun's
Annual Report on Form 10-KSB, plus the 20,000,000 shares reported hereunder)(2).
New Millennium is the record owner of 2,000,000 shares of Sun Common Stock,
representing approximately 1.8% of the issued and outstanding shares of Sun
Common Stock (based on 88,450,315 shares outstanding on April 2, 2004, as
reported in Sun's Annual Report on Form 10-KSB, plus the 20,000,000 shares
reported hereunder)(3). AJW Offshore is the record owner of 7,000,000 shares of
Sun Common Stock, representing approximately 6.5% of the issued and outstanding
shares of Sun Common Stock (based on 88,450,315 shares outstanding on April 2,
2004, as reported in Sun's Annual Report on Form 10-KSB, plus the 20,000,000
shares reported hereunder)(4).
Item 4(c)
Each of AJW, Qualified Partners, AJW Offshore, and New Millennium is the
sole record owner of the securities identified in subsection (a) above.
FSMIILLC, as the sole manager of New Millennium, has shared voting and
dispositive power over the shares of Sun Common Stock owned by New Millennium
with Ribotsky. AJW Manager, as the sole manager of Qualified Partners, has
shared voting and dispositive power over the Sun Common Stock owned by Qualified
Partners with Ribotsky. SMS, as the sole manager of AJW, has the shared voting
and dispositive power over the Sun Common Stock owned by AJW with Ribotsky.
FSMIILLC, as the sole investment manager of AJW Offshore, has sole voting and
dispositive power over the Sun Common Stock owned by AJW Offshore. Ribotsky
controls FSMIILLC, AJW Manager, and SMS.
___________________
(1) The 4,000,000 shares of Sun Common Stock that AJW owns excludes warrants
to purchase 150,000 shares of Sun Common Stock at an exercise price of
$0.15, due to a limitation within the warrants that restricts the ability
of AJW to utilize its exercise rights to the extent that, giving effect to
such exercise, AJW and its affiliates would beneficially own in excess of
4.99% of the shares of Sun Common Stock outstanding following such
conversion.
(2) The 7,000,000 shares of Sun Common Stock that Qualified Partners owns
excludes warrants to purchase 262,500 shares of Sun Common Stock at an
exercise price of $0.15, due to a limitation within the warrants that
restricts the ability of Qualified Partners to utilize its exercise rights
to the extent that, giving effect to such conversion, Qualified Partners
and its affiliates would beneficially own in excess of 4.99% of the shares
of Sun Common Stock outstanding following such conversion.
(3) The 2,000,000 shares of Sun Common Stock that New Millennium owns excludes
warrants to purchase 75,000 shares of Sun Common Stock at an exercise price
of $0.15, due to a limitation within the warrants that restricts the
ability of New Millennium to utilize its exercise rights to the extent
that, giving effect to such exercise, New Millennium and its affiliates
would beneficially own in excess of 4.99% of the shares of Sun Common Stock
outstanding following such conversion.
(4) The 7,000,000 shares of Sun Common Stock that AJW Offshore owns excludes
warrants to purchase 262,500 shares of Sun Common Stock at an exercise
price of $0.15, due to a limitation within the warrants that restricts the
ability of AJW Offshore to utilize its exercise rights to the extent that,
giving effect to such exercise, AJW Offshore and its affiliates would
beneficially own in excess of 4.99% of the shares of Sun Common Stock
outstanding following such conversion.
Page 12 of 13
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 [ ]
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 By the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
See Attached Exhibit
Item 9. Notice of Dissolution of a 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.
Page 13 of 13
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.
Dated: May 13, 2004
NEW MILLENNIUM CAPITAL PARTNERS II, LLC
By: First Street Manager II, LLC
By: /s/ Corey S. Ribotsky
-------------------------
Corey S. Ribotsky, Manager
AJW QUALIFIED PARTNERS, LLC
By: AJW Manager, LLC
By: /s/ Corey S. Ribotsky
-------------------------
Corey S. Ribotsky, Manager
AJW PARTNERS, LLC
By: SMS Group, LLC
By: /s/ Corey S. Ribotsky
-------------------------
Corey S. Ribotsky, Manager
AJW OFFSHORE, LTD.
By: First Street Manager II, LLC
By: /s/ Corey S. Ribotsky
-------------------------
Corey S. Ribotsky, Manager
AJW MANAGER, LLC
By: /s/ Corey S. Ribotsky
-------------------------
Corey S. Ribotsky, Manager
SMS GROUP, LLC
By: /s/ Corey S. Ribotsky
-------------------------
Corey S. Ribotsky, Manager
FIRST STREET MANAGER II, LLC
By: /s/ Corey S. Ribotsky
-------------------------
Corey S. Ribotsky, Manager
/s/ Corey S. Ribotsky
--------------------------------
Corey S. Ribotsky
EXHIBIT TO ITEM 8
The members of the Group are New Millennium Capital Partners II, LLC; AJW
Qualified Partners, LLC; AJW Partners, LLC; AJW Offshore, Ltd.; AJW Manager,
LLC; SMS Group, LLC; First Street Manager II, LLC; and Corey Ribotsky.