<SEC-DOCUMENT>0001144204-17-045551.txt : 20170829
<SEC-HEADER>0001144204-17-045551.hdr.sgml : 20170829
<ACCEPTANCE-DATETIME>20170829125423
ACCESSION NUMBER:		0001144204-17-045551
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170829
DATE AS OF CHANGE:		20170829
GROUP MEMBERS:		HILLAIR CAPITAL MANAGEMENT LLC
GROUP MEMBERS:		SEAN M. MCAVOY

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SG BLOCKS, INC.
		CENTRAL INDEX KEY:			0001023994
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
		IRS NUMBER:				954463937
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-53033
		FILM NUMBER:		171057107

	BUSINESS ADDRESS:	
		STREET 1:		195 MONTAGUE STREET, 14TH FLOOR
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201
		BUSINESS PHONE:		(646) 240-4235

	MAIL ADDRESS:	
		STREET 1:		195 MONTAGUE STREET, 14TH FLOOR
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CDSI HOLDINGS INC
		DATE OF NAME CHANGE:	19990114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PC411 INC
		DATE OF NAME CHANGE:	19961001

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hillair Capital Investments LP
		CENTRAL INDEX KEY:			0001536125
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		345 LORTON AVENUE
		STREET 2:		SUITE 303
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010
		BUSINESS PHONE:		415-306-6945

	MAIL ADDRESS:	
		STREET 1:		345 LORTON AVENUE
		STREET 2:		SUITE 303
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>v474260_sc13da.htm
<DESCRIPTION>SCHEDULE 13D/A
<TEXT>
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<HEAD>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">SCHEDULE
13D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. 1)*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Under the Securities Exchange Act of
1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">SG
BLOCKS, INC.</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Common
Stock</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">74818A109</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Sean M.
McAvoy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">c/o Hillair Capital Management LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">345 Lorton Ave, Suite 303</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Burlingame, California 94010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Tel. No.: (650) 477-2052</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, Address and Telephone
Number of Person Authorized to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Receive Notices and Communications)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">November 17, 2016</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Date of Event Which Requires Filing of
this Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the filing person has previously filed a statement on Schedule&nbsp;13G
to report the acquisition that is the subject of this Schedule&nbsp;13D, and is filing this schedule because of &sect;&sect;240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note</B>: Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for other parties to whom copies are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The remainder of this cover page shall be filled out for a
reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required on the remainder of this cover page
shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;<B><I>Act</I></B>&rdquo;)
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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSON, I.R.S. IDENTIFICATION NO. OF ABOVE
        PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Hillair Capital Investments L.P.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">ID # 90-0809696</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#9;(a) <FONT STYLE="font-family: Wingdings">&#168;</FONT><BR>
&#9;(b)<FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
        TO ITEM 2(D) OR 2(E)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 12%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NUMBER OF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHARES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BENEFICIALLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OWNED BY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EACH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPORTING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITH</P></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">None.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">971,298 (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">971,298 (1)</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">971,298 (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
        SHARES (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">23.09% (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">PN</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSON, I.R.S. IDENTIFICATION NO. OF ABOVE
        PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Hillair Capital Management LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">ID # 27-2577240</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#9;(a) <FONT STYLE="font-family: Wingdings">&#168;</FONT><BR>
&#9;(b) <FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
        TO ITEM 2(D) OR 2(E)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 12%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NUMBER OF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHARES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BENEFICIALLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OWNED BY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EACH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPORTING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITH</P></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">971,298 (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">971,298 (1)</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">971,298 (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
        SHARES (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">23.09% (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: left">OO</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSON, I.R.S. IDENTIFICATION NO. OF ABOVE
        PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Sean M. McAvoy</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#9;(a) <FONT STYLE="font-family: Wingdings">&#168;</FONT><BR>
&#9;(b) <FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEC USE ONLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
        TO ITEM 2(D) OR 2(E)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States of America</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="4" STYLE="width: 12%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NUMBER OF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHARES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BENEFICIALLY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OWNED BY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EACH</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPORTING</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITH</P></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">971,298 (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">971,298 (1)</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">971,298 (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
        SHARES (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">23.09% (1)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">IN</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify; padding-right: 1in">Based on (i) 4,207,238 shares of Common Stock of the Issuer issued and outstanding,
as stated by the Issuer in its Form 10-Q for the quarterly period ended June 30, 2017, (ii) 937,964 shares of Common Stock beneficially
owned by the Reporting Persons and (iii) options to purchase 33,334 shares of Common Stock beneficially owned by the Reporting
Persons.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><B>Item 1. Security and Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">This statement relates to the shares of
common stock, $0.01 par value per share (the &ldquo;<U>Common Stock</U>&rdquo;), of SG Blocks, Inc. a Delaware corporation (the
&ldquo;<U>Issuer</U>&rdquo;). The address of the principal executive offices of the Issuer is 115 West 18th Street, New York, New
York 10011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Identity and Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify; text-indent: 0; color: #191919; padding: 0"><FONT STYLE="font-size: 10pt; color: #191919">(a), (f)</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; color: #191919"><FONT STYLE="font-size: 10pt; color: #191919">This Schedule 13D is being jointly filed by Hillair Capital Investments L.P., a Cayman Islands exempt limited partnership (&ldquo;<U>Hillair Investments</U>&rdquo;), Hillair Capital Management LLC, a Delaware limited liability company (&ldquo;<U>Hillair Management</U>&rdquo;), and Sean M. McAvoy, an individual and citizen of the United States of America (&ldquo;<U>McAvoy</U>&rdquo; and, collectively with Hillair Investments and Hillair Management, the &ldquo;<U>Reporting Persons</U>&rdquo; and, each, a &ldquo;<U>Reporting Person</U>&rdquo;).&nbsp;&nbsp;The Reporting Persons have entered into a Joint Filing Agreement, dated as of the date hereof, a copy of which is filed with this Schedule 13D as Exhibit 99.1 (which is incorporated herein by reference), pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k) under the Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; color: #191919; padding: 0">&nbsp;</TD>
    <TD STYLE="text-indent: 0; color: #191919; padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: #191919">(b)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: #191919">The address of the principal office of each Reporting Person is <FONT STYLE="font-size: 10pt">c/o Hillair Capital Management LLC, 345 Lorton Ave., Suite 303, Burlingame, CA 94010.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; color: #191919"><FONT STYLE="font-size: 10pt; color: #191919">(c)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; color: #191919"><FONT STYLE="font-size: 10pt; color: #191919">The principal business of Hillair Investments is investing in securities.&nbsp;&nbsp;Hillair Management is the investment manager of Hillair Investments and McAvoy is the manager of Hillair Management.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="color: #191919">(d)</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="color: #191919">None of the Reporting Persons have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="color: #191919">(e)</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="color: #191919">None of the Reporting Persons have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0.5in; text-indent: -0.5in; color: #191919"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0.5in; text-indent: -0.5in; color: #191919"><B>Item 3.
Source and Amount of Funds or Other Consideration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0.5in; text-indent: -0.5in; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">The
funds for the purchase of the June 2016 Shares, November 2016 Shares, and June 2017 Shares (each as defined below; collectively,
the &ldquo;<U>Shares</U>&rdquo;) came from the investment capital of Hillair Investments, which is managed by Hillair Management.
No borrowed funds were used to purchase the Shares, other than any borrowed funds used for investment purposes in the ordinary
course of Hillair Investments&rsquo; business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="color: #191919">In
connection with a private placement offering on June 30, 2016, Hillair Investments acquired $2,500,000 of 8% Original Issue Discount
</FONT>Senior Secured Convertible Debentures <FONT STYLE="color: #191919">(the &ldquo;</FONT><U>Senior Secured Convertible Debentures</U><FONT STYLE="color: #191919">&rdquo;)
convertible into 666,667 shares of Common Stock (the &ldquo;<U>June 2016 Shares</U>&rdquo;) and $3,352,440 of Series A Convertible
Preferred Stock (the &ldquo;<U>Preferred Stock</U>&rdquo;) convertible into 1,117,480 shares of Common Stock. No additional consideration
will be paid upon conversion of the Senior Secured Convertible Debentures or the Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="color: #191919">The
</FONT>Senior Secured Convertible Debentures and Preferred Stock was <FONT STYLE="color: #191919">purchased by Hillair Investments
with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business)
in a privately negotiated transaction. The aggregate purchase price of the </FONT>Senior Secured Convertible Debentures was $2,000,000<FONT STYLE="color: #191919">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="color: #191919">In
connection with a private placement offering on November 17, 2016, Hillair Investments acquired $937,500 of 8% Original Issue Discount
</FONT>Senior Secured Convertible Debentures (the &ldquo;<U>November Senior Secured Convertible Debentures</U>&rdquo; and, together
with the Senior Secured Convertible Debentures, the &ldquo;<U>Debentures</U>&rdquo;), convertible into 250,000 shares of Common
Stock (the &ldquo;<U>November 2016 Shares</U>&rdquo;). <FONT STYLE="color: #191919">No additional consideration will be paid upon
conversion of the November Senior Secured Convertible Debentures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="color: #191919">The
November </FONT>Senior Secured Convertible Debentures was <FONT STYLE="color: #191919">purchased by Hillair Investments with working
capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in a privately
negotiated transaction. The aggregate purchase price of the November </FONT>Senior Secured Convertible Debentures was $750,000<FONT STYLE="color: #191919">.
</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #191919"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #191919">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #191919"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">In
connection with their service on the board of directors of the Issuer, the Issuer granted Neal Kaufman, a founding member of Hillair
Management (&ldquo;<U>Kaufman</U>&rdquo;), and McAvoy options to purchase an aggregate of 33,334 shares of common stock at an exercise
price of $3.00 per share on November 1, 2016. In December 2016, Kaufman and McAvoy assigned their options to purchase an aggregate
of 33,334 shares of Common Stock to Hillair Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="background-color: white">The
Issuer effected a 1-for-3 reverse stock split of its Common Stock and Preferred Stock on February 28, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="background-color: white">On
June 21, 2017, Hilliar Investments exchanged the Debentures and the Preferred Stock with a combined principal amount and stated
value, respectively, of $6,282,722 in exchange for $1,500,000 in cash and 1,634,147 shares of Common Stock. On or about June 21,
2017, Hillair Investments transferred 815,000 shares of such Common Stock to non-affiliate limited partners at Hillair Investments.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="background-color: white">On
June 27, 2017, the Issuer completed a public offering of Common Stock, in which Hillair Investments purchased 110,000 shares of
Common Stock (the &ldquo;<U>June 2017 Shares</U>&rdquo;). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919"><FONT STYLE="color: #191919">The June 2017
Shares</FONT> were <FONT STYLE="color: #191919">purchased by Hillair Investments with working capital (which may, at any given
time, include margin loans made by brokerage firms in the ordinary course of business) in a public offering of Common Stock. The
aggregate purchase price of the </FONT>June 2017 Shares was $550,000<FONT STYLE="color: #191919">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #191919"><B>Item 4. Purpose of Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">The securities reported
in this Schedule 13D were acquired by Hillair Investments for investment purposes. <FONT STYLE="color: #191919">By virtue of its
percentage ownership of the Issuer, Hillair Investments has the ability to control matters that require shareholder approval. Hillair
Investments </FONT>evaluates its investments in the Shares on a continual basis and it <FONT STYLE="color: #191919">reserves the
right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose if it should determine
to do so, and/or to recommend courses of action to the Issuer's management, the Issuer's board of directors, the Issuer's shareholders
and others. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #191919">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">The Reporting Person
is considering and evaluating strategic alternatives designed to lead to the maximization of the value of its investment in the
Issuer which includes beneficial ownership of the Issuer&rsquo;s Common Stock.&nbsp; The Reporting Person believes that there may
be opportunities to significantly improve the Issuer's strategic direction, as well as the value of its investment.&nbsp; In this
connection, the Reporting Person may hold discussions with management of the Issuer, other stockholders (including other holders
of Preferred Stock) and with third parties that may address a number of issues, including without limitation, its respective views
on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">the Issuer's business
and prospects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the disposition of certain of
its operations or the business as a whole;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">concerns over the direction
and management of the Issuer generally, and in particular;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">the structure of management
compensation, including payment of bonuses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">composition of the
board of directors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">extraordinary corporate
transactions, including mergers, liquidations or reorganizations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">control of discretionary
corporate expenditures; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">other opportunities
to improve or realize on the value of their investment in the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">At this time, the Reporting
Person has not made any decisions regarding its future intentions with regards to its plans and proposals with respect to the Issuer.
However, the Reporting Person is discussing and seeking input from other holders of the Stock regarding possible joint strategies
which could lead to a change of control of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">The Reporting Person
reserves the right to change its plans and intentions, including the right to increase or decrease its investment in the Issuer.&nbsp;
In particular, the Reporting Person may (i) purchase additional shares of Common Stock, (ii) sell or transfer shares of Common
Stock or Senior Secured Convertible Debentures in public or private transactions, (iii) enter into privately negotiated derivative
transactions and/or public purchases and sales of puts, calls and other derivative securities to hedge the market risk of some
or all of its positions in the Common Stock and/or (iv) take any other action that might relate to or result in any of the actions
set forth above.&nbsp; Any such actions may be effected at any time or from time to time, subject to any applicable limitations
imposed on the actions by the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or other applicable
law.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #191919"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #191919">Except as described
herein, the Reporting Person has not formulated any plans or proposals that relate to or would result in any of the events or transactions
described above.&nbsp; Further, the Reporting Person expressly retains the right to independently vote and dispose of shares of
Common Stock which it beneficially owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #191919">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 5. Interest in Securities
of the Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">As of the date hereof, <FONT STYLE="color: #191919">each of the Reporting Persons </FONT>may be
deemed to be the beneficial owner of 971,298 shares of Common Stock, constituting 23.09% of the outstanding shares of Common Stock
of the Issuer, based on issued and outstanding shares of Common Stock as stated by the Issuer in its Form 10-Q for the quarterly
period ended June 30, 2017<FONT STYLE="background-color: white">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #191919">Each of the Reporting Persons </FONT>(i) has the sole power to vote
or direct the vote of no shares of Common Stock; (ii) has the shared power to vote or direct the vote of 971,298 shares of Common
Stock; (iii) has the sole power to dispose or direct the disposition of no shares of Common Stock; and (iv) has the shared power
to dispose or direct the disposition of 971,298 shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Hillair Capital
Management LLC (&ldquo;<U>Hillair Management</U>&rdquo;) is the investment advisor to Hillair Investments. By virtue of such relationship,
Hillair Management may be deemed to have dispositive power over the shares owned by Hillair Investments. Hillair Management disclaims
beneficial ownership of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">As calculated
in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, as amended, Hillair Capital, Hillair Management, and McAvoy
each beneficially own 971,298 shares of Common Stock of the Issuer, representing approximately 23.09% the outstanding shares of
Common Stock of the Issuer. Hillair Management, and McAvoy do not directly own any shares of Common Stock, but each indirectly
owns 971,298 shares of Common Stock. Hillair Management indirectly owns 971,298 shares of Common Stock because it serves as the
investment manager of Hillair Investments, which directly holds 971,298 shares of Common Stock. McAvoy indirectly owns 971,298
shares of Common Stock in his capacity as manager of Hillair Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">On June 21, 2017, Hilliar Investments exchanged the Debentures
and the Preferred Stock with a combined principal amount and stated value, respectively, of $6,282,722 in exchange for $1,500,000
in cash and 1,634,147 shares of Common Stock. On or about June 21, 2017, Hillair Investments transferred 815,000 shares of such
Common Stock to non-affiliate limited partners at Hillair Investments. On June 27, 2017, Hillair Investments purchased 110,000
shares of Common Stock at a purchase price of $5.00 per share, for an aggregate purchase price of $550,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.15in">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="padding-right: 0.15in">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in; text-indent: -0.5in"><B>Item 6. Contracts, Arrangements,
Understandings or Relationships with Respect to Securities of the Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Reporting Persons have entered
into a Joint Filing Agreement, dated as of the date hereof, a copy of which is filed with this Schedule 13D as Exhibit 99.1 (which
is incorporated herein by reference), pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance
with the provisions of Rule 13d-1(k) under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #181818"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #181818"><B>Item 7. Material to Be Filed as Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #181818"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: justify; color: #181818">Exhibit 99.1
Joint Filing Agreement, dated August 28, 2017, among Hillair Investments, Hillair Management and Sean McAvoy.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: justify; color: #181818"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.<FONT STYLE="font-size: 10pt">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center">August 2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,
2017</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Date)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hillair Capital Investments L.P.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hillair Capital Management LLC*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sean M. McAvoy*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*This Reporting Person disclaims beneficial ownership over the
securities reported herein except to the extent of its pecuniary interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TYPE>EX-99.1
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<FILENAME>v474260_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">JOINT FILING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby agree that this Statement
on Schedule 13D with respect to the beneficial ownership of shares of Common Stock of <FONT STYLE="font-size: 10pt">SG Blocks,
Inc.</FONT> is filed jointly, on behalf of each of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: August 28, 2017</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hillair Capital Investments L.P.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 62%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hillair Capital Management LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sean M. McAvoy</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="margin: 0"></P>

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