SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1 (b) (c), AND (d)
(Amendment No. 1)
NEOSTEM, INC.
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(Name of Issuer)
Common Stock, $.001 par value
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(Title of Class of Securities)
71721N108
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(CUSIP Number)
October 3, 2006
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
Page 2 of 14 Pages
CUSIP No. 71721N108 SCHEDULE 13G
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Crow
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(D) or 2(E)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
--------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,813,864
OWNED BY --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,813,864
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,813,864
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Page 3 of 14 Pages
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions)
|_|
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.99%*
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14. TYPE OF REPORTING PERSON
IN
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Page 4 of 14 Pages
CUSIP No. 71721N108 SCHEDULE 13G
- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alex Clug
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |X|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(D) or 2(E)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
--------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 2,556,818
BENEFICIALLY
OWNED BY --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,556,818
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,556,818
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Page 5 of 14 Pages
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions)
|_|
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.99%*
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14. TYPE OF REPORTING PERSON (See Instructions)
IN
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Page 6 of 14 Pages
CUSIP No. 71721N108 SCHEDULE 13G
- -----------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
DCI Master LDC - Non-U.S. Entity
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |x|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D) or 2(E)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
0
- -----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,556,818
OWNED BY --------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,556,818
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,556,818
- -----------------------------------------------------------------
Page 7 of 14 Pages
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions)
|_|
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.99%*
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14 TYPE OF REPORTING PERSON
OO
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Page 8 of 14 Pages
CUSIP No. 71721N108 SCHEDULE 13G
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Duncan Capital Group LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) |_|
(b) |x|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(D) or 2(E)
|_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
---------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 257,046
OWNED BY ---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH
- ----------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
257,046
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
257,046
- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See Instructions)
|_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
Page 9 of 14 Pages
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14 TYPE OF REPORTING PERSON
OO
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Page 10 of 14 Pages
Item 1.
(a) Name of Issuer.
--------------
NEOSTEM, INC.
(b) Address of Issuer's Principal Executive Offices.
-----------------------------------------------
330 South Service Road, Suite 120,
Melville, NY 11747.
Item 2.
(a) Name of Person Filing.
---------------------
This Schedule 13G/A is being filed with respect to shares of Common
Stock of the Issuer which are beneficially owned by DCI Master LDC,
Duncan Capital Group LLC, Michael Crow, and Alex Clug (collectively,
the "Reporting Persons").
The Reporting Persons are making a joint filing because they may be
deemed a group pursuant to Section 13 of the Securities Exchange Act
of 1934. The Reporting Persons do not affirm the existence of such a
group.
(b) Address of Principal Business Office or, if none, Residence.
-----------------------------------------------------------
The principal business address of each of the Reporting Persons is:
420 Lexington Avenue, Suite 450
New York, NY 10170
(c) Citizenship.
-----------
Mr. Clug and Mr. Crow are United States citizens.
DCI Master LDC is organized and existing in the Cayman Islands.
Duncan Capital Group LLC is organized and existing in the United States.
(d) Title of Class of Securities.
----------------------------
Common Stock, $0.001 par value per share
(e) CUSIP Number.
------------
71721N108
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:
(a) |_| Broker or dealer registered under Section 15 of the Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Act.
(c) |_| Insurance Company as defined in Section 3(a)(19) of the Act.
(d) |_| Investment Company registered under Section 8 of the Investment
Company Act.
(e) |_| Investment Adviser in accordance with Sec. 240.13d-1(b)(1)(ii)(E).
(f) |_| Employee Benefit Plan or Endowment Fund in accordance with Sec.
240.13d-1(b)(1)(ii)(F).
(g) |_| Parent holding company, in accordance with Sec. 240.13d-1(b)(ii)(G).
(h) |_| A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act.
(i) |_| A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940.
(j) |_| Group, in accordance with Sec. 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Sec. 240.13d-1(c), check this box |X|.
Page 11 of 14 Pages
Item 4. Ownership
(a) Amount Beneficially Owned.
-------------------------
Michael Crow: 2,814,224 shares comprised of 1,704,545 shares of common
stock and 852,273 shares of common stock underlying warrants held by DCI
Master LDC, of which Mr. Crow is a director and 257,046 shares of common
stock held by Duncan Capital Group LLC, which is owned by the MW Crow
Family LP. Mr. Crow is the general partner of the MW Crow Family LP.
Alex Clug: 2,556,818 shares comprised of 1,704,545 shares of common
stock and 852,273 shares of common stock underlying warrants held by
DCI Master LDC of which Mr. Clug is a director.
DCI Master LDC: 2,556,818 shares comprised of 1,704,545 shares of common
stock and 852,273 issuable upon the exercise of warrants.
Duncan Capital Group LLC: 257,046 shares of common stock.
(b) Percent of Class.
----------------
Michael Crow: 9.99*
Alex Clug: 9.99*
DCI Master LDC: 9.99*
Duncan Capital Group LLC: 1.3*
The foregoing percentages are based upon the statement of the Issuer
in its 10-QSB filed on November 14, 2006 with the Securities and
Exchange Commission that it had 19,636,799 shares of common stock
outstanding as of November 13, 2006.
* Pursuant to the terms of the warrants, the Issuer has agreed that
the number of shares of common stock that may be acquired by the
holder of any warrants upon any conversion thereof (or otherwise
in respect thereof) shall be limited to the extent necessary to
insure that, following such conversion (or other issuance), the
total number of shares of common stock then beneficially owned by
such holder does not exceed 9.99% of the total number of issued and
outstanding shares of common stock. If not for the 9.99% restriction
described above, the ownership percentage held by Mr. Crow would
be 13.7%, and for each of Mr. Clug and DCI Master LDC; 12.5%.
(c) Number of shares as to which each such person has:
-------------------------------------------------
(i) sole power to vote or to direct the vote:
Michael Crow: 0
Alex Clug: 0
DCI Master LDC: 0
Duncan Capital Group LLC: 0
(ii) shared power to vote or to direct the vote:
Michael Crow: 2,813,864
Alex Clug: 2,556,818
DCI Master LDC: 2,556,818
Duncan Capital Group LLC: 257,046
(iii) sole power to dispose or to direct the disposition of:
Michael Crow: 0
Alex Clug: 0
DCI Master LDC: 0
Duncan Capital Group LLC: 0
(iv) shared power to dispose or to direct the disposition of:
Michael Crow: 2,813,864
Alex Clug: 2,556,818
DCI Master LDC: 2,556,818
Duncan Capital Group LLC: 257,046
Page 12 of 14 Pages
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [ ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company or Control Person.
See Item 4(a) above, which is incorporated by reference herein.
Item 8. Identification and Classification of Members of the Group.
The Reporting Persons may be deemed to constitute a group with one
another pursuant to Section 13 of the Securities Exchange Act of 1934.
The Reporting Persons do not affirm the existence of such a group.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certifications.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
Page 13 of 14 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge
and belief, we certify that the information set forth in this
statement is true, complete and accurate.
Dated: December 8, 2006 /s/ Michael Crow
--------------------
Michael Crow
Dated: December 8, 2006 /s/ Alex Clug
--------------------
Alex Clug
Dated: December 8, 2006 DCI Master LDC
By: /s/ Michael Crow
----------------------
Name: Michael Crow
Title: Director
Dated: December 8, 2006 For DUNCAN CAPITAL GROUP, LLC,
By the MW CROW FAMILY LP
By: /s/ Michael Crow
-------------------
Michael Crow
General Partner
Page 14 of 14 Pages
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13G/A
The undersigned hereby agree jointly to prepare and file with
regulatory authorities a Schedule 13G/A and any amendments thereto
reporting each of the undersigned's ownership of securities of
NEOSTEM, INC. and hereby affirm that such Schedule 13G/A is being
filed on behalf of each of the undersigned.
Dated: December 8, 2006 /s/ Michael Crow
--------------------------
Michael Crow
Dated: December 8, 2006 /s/ Alex Clug
--------------------------
Alex Clug
Dated: December 8, 2006 DCI Master LDC
By: /s/ Michael Crow
-------------------------
Name: Michael Crow
Title: Director
Dated: December 8, 2006 For DUNCAN CAPITAL GROUP, LLC,
By the MW CROW FAMILY LP
By: /s/ Michael Crow
------------------------
Michael Crow
General Partner