UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. _____)
DIGITAL DESCRIPTOR SYSTEMS, INC.
Common Stock, $.001 par value
253918 10 b
January 3, 2001
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).
_____________________________________________________________________________
1 NAMES 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
(See Instructions) (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 500,000
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 500,000
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
[ ]
Not Applicable
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.4% (Based on 21,111,612 shares outstanding as of 3/31/01)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON (See Instructions)
OO
_____________________________________________________________________________
Page 2 of 9
_____________________________________________________________________________
1 NAMES 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
(See Instructions) (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 500,000
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 500,000
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
[ ]
Not Applicable
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.4% (Based on 211,111,612 shares outstanding as of 3/31/01)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON (See Instructions)
OO
_____________________________________________________________________________
Page 3 of 9
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
The NIR Group, LLC
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) [x]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF 5 SOLE VOTING POWER
SHARES 105,000
______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 105,000
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
105,000 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
[ ]
Not Applicable
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.5% (Based on 21,111,612 shares outstanding as of 3/31/01)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON (See Instructions)
OO
_____________________________________________________________________________
Page 4 of 9
| Item 1(a) | Name of Issuer: |
| Digital Descriptor Systems, Inc. ("Digital Descriptor"). |
|
| Item 1(b) | Address of Issuer's Principal Executive Offices: |
| 446 Lincoln Highway, Fairless Hills, PA 19030. |
|
| Item 2(a) | Name of Persons Filing: |
| This statement on Schedule 13G ("Statement") is filed by New Millennium
Capital Partners II, LLC ("NMP"), AJW Partners, LLC ("AJW") and The NIR Group,
LLC ("NIR") (NMP, AJW and NIR shall be referred to collectively as the "Group";
each member of the Group being hereinafter referred to individually as a
"Member" and collectively as "Members"). NIR is a private business consulting
firm. Corey S. Ribotsky is the managing member of NIR and has voting control
over the shares of common stock of Digital Descriptor (the "Digital Descriptor
Common Stock" or the "Common Stock") owned by NIR. NMP and AJW are each private
investment funds owned by all of their respective investors. NMP and AJW are in
the business of making diversified investments. Glenn A. Arbeitman and Mr.
Ribotsky are the sole managers of First Street Manager II, LLC ("First Street")
which manages and has voting and investment control over the Digital Descriptor
Common Stock owned by NMP. Mr. Ribotsky is also the manager of SMS Group, LLC,
which manages and has voting and investment control over the Digital Descriptor
Common Stock owned by AJW. |
|
| Item 2(b) | Address of Principal Business Office or, if None, Residence: |
| New Millennium Capital Partners II, LLC 155 First Street, Suite B Mineola, NY 11501 AJW and NIR have the same principal business address as NMP. |
|
| Item 2(c) | Citizenship |
| NMP and NIR are limited liability companies, each organized under the
laws of the State of New York. AJW is a limited liability company organized
under the laws of the State of Delaware. |
|
| Item 2(d) | Title of Class of Securities |
| This Statement relates to the Digital Descriptor Common Stock, $.001
par value per share. |
|
| Item 2(e) | CUSIP Number |
| 253918 10 b |
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| Item 3. | If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: |
| Not Applicable |
|
| Item 4. | Ownership. |
| (a) Amount beneficially owned: NMP beneficially owns 500,000 shares of Digital Descriptor Common Stock; AJW beneficially owns 500,000 shares of Digital Descriptor Common Stock and NIR beneficially owns 105,000 shares of Digital Descriptor Common Stock. |
|
| (b) Percentage of Class: The 500,000 shares1 of Digital Descriptor Common Stock that NMP beneficially owns represent 2.4% of the shares of Digital Descriptor Common Stock outstanding (based on 21,111,612 shares outstanding as of 3/31/01); the 500,000 shares1 of Digital Descriptor Common Stock that AJW beneficially owns represent 2.4% of the shares of Digital Descriptor Common Stock outstanding (based on 21,111,612 shares outstanding as of 3/31/01) and the 105,000 shares of Digital Descriptor Common Stock that NIR beneficially owns represent 0.5% of the shares of Digital Descriptor Common Stock outstanding (based on 21,111,612 shares outstanding as of 3/31/01). |
|
| (c) Number of shares as to which such person has: (i), (iii) Sole power to vote or to direct the vote; Sole power to dispose or direct the disposition of |
-------------------
1 Excludes: (i) 300,000 shares of Digital Descriptor Common Stock issuable to each of AJW and NMP, upon the exercise of warrants (the "Warrants") issued to each of them by Digital Descriptor and (ii) convertible secured debentures (the "Debentures") in the aggregate principal amount of $200,000 and $200,000, issued to each of AJW and NMP, respectively. The Debentures are convertible at the option of the holder into the number of shares of Digital Descriptor Common Stock calculated by dividing the outstanding principal amount plus accrued and unpaid interest by the "Conversion Price." The conversion price is a price per share equal to the lesser of (1) $0.08 and (2) 50% of the average of the lowest three inter-day trading prices during the ten trading days immediately preceding the applicable Conversion Date. The holders of the Warrants and the Debentures described in clause (i) and (ii) above, are prohibited from using them to acquire shares of Common Stock to the extent that such acquisition would result in such holder, together with any affiliate thereof, beneficially owning in excess of 4.999% of the outstanding shares of Common Stock following such acquisition. This restriction may be waived by the holder of such Warrant or Debenture on not less than 61 days notice to Digital Descriptor.
Page 6 of 9
| Each Member is the sole beneficial owner of the securities
identified in subsection (a) above as beneficially owned by such Member and has
sole power to vote or direct the vote of such securities. Each Member has the
sole power to dispose or direct the disposition of all of their respective
securities identified in subsection (a) above as beneficially owned by such
Member. |
|
| Item 5. | Ownership of Five Percent or Less of a Class |
| Not Applicable |
|
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person |
| Not Applicable |
|
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported By the Parent Holding Company: |
| Not Applicable |
|
| Item 8. | Identification and Classification of Members of the Group |
| Not Applicable |
|
| Item 9. | Notice of Dissolution of 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 7 of 9
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.
| NEW MILLENNIUM CAPITAL PARTNERS II, LLC By: First Street Manager II, LLC By: /s/ GLENN A. ARBEITMAN Glenn A. Arbeitman, Manager |
|
| AJW PARTNERS, LLC By: SMS Group, LLC By: /s/ COREY S. RIBOTSKY Corey S. Ribotsky, Manager |
|
| THE NIR GROUP, LLC By: /s/ COREY S. RIBOTSKY Corey S. Ribotsky, Managing Member |
Page 8 of 9
JOINT FILING AGREEMENT
JOINT FILING AGREEMENT made as of this 12th day of June, 2001 by and among NEW MILLENNIUM CAPITAL PARTNERS II, LLC, a New York limited liability company, AJW PARTNERS, LLC, a Delaware limited liability company ("AJW") and THE NIR GROUP, LLC, a New York limited liability company ("NIR").
WHEREAS, NMP, AJW and NIR collectively beneficially own more than five (5%) percent of the issued and outstanding common stock, $.001 par value of Digital Descriptor Systems, Inc. ("Digital Descriptor Common Stock"), a New York corporation; and
WHEREAS, pursuant to Section 13 (g) of the Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder, the parties hereto are required to file a Schedule 13G with the Securities and Exchange Commission ("SEC").
NOW, THEREFORE, the parties agree as follows:
1. NIR, AJW and NMP hereby agree to jointly file a Schedule 13G with the SEC regarding the beneficial ownership of Digital Descriptor Common Stock and to file any and all amendments and supplements thereto.
2. This Agreement contains the entire agreement among the parties concerning the subject matter hereof and may not be amended, modified or changed except pursuant to a written instrument signed by all parties.
IN WITNESS WHEREOF, the parties have signed this Agreement the day and year first above written.
| NEW MILLENNIUM CAPITAL PARTNERS II, LLC By: First Street Manager II, LLC By: /s/ GLENN A. ARBEITMAN Glenn A. Arbeitman, Manager |
|
| AJW PARTNERS, LLC By: SMS Group, LLC By: /s/ COREY S. RIBOTSKY Corey S. Ribotsky, Manager |
|
| THE NIR GROUP, LLC By: /s/ COREY S. RIBOTSKY Corey S. Ribotsky, Managing Member |
Page 9 of 9