CUSIP No. 346242100 Page 1 of 14 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Electric City Corp.
(Name of Issuer)
Common Stock, $.0001 par value
(Title of Class of Securities)
284868106
(CUSIP Number)
July 29, 2002
(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)
CUSIP No. 346242100 Page 2 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Augustine Fund, L.P.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,441,897
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
1,441,897
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,441,897
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 346242100 Page 3 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Augustine Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,441,897
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
1,441,897
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,441,897
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 346242100 Page 4 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Delano Group Securities, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 97,412
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
97,412
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,412
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
<0.01%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
================================================================================
CUSIP No. 346242100 Page 5 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
David R. Asplund
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 97,412
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
97,412
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,412
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
<0.01%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 346242100 Page 6 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Thomas F. Duszynski
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,441,897
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
1,441,897
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,441,897
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 346242100 Page 7 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
David M. Matteson
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,441,897
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
1,441,897
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,441,897
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 346242100 Page 8 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
Brian D. Porter
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,441,897
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
1,441,897
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,441,897
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 346242100 Page 9 of 14 Pages
========== =====================================================================
1 NAME OF REPORTING PERSON
John T. Porter
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) [ ]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------- --------- ------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------- ------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,441,897
REPORTING --------- ------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------- ------------------------------------------
8 SHARED DISPOSITIVE POWER
1,441,897
----------- --------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,441,897
----------- --------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |X|
----------- --------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
----------- --------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
================================================================================
CUSIP No. 346242100 Page 10 of 14 Pages
Item 1(a) Name of Issuer:
Electric City Corp.
Item 1(b) Address of Issuer's Principal Office:
1280 Landmeier Road
Elk Grove Village, IL 60007-2410
Item 2(a) Name of Person Filing:
Augustine Fund, L.P.
Augustine Capital Management, LLC
Delano Group Securities, LLC
David R. Asplund
Thomas F. Duszynski
David M. Matteson
Brian D. Porter
John T. Porter
Item 2(b) Address of Principal Business Office or, if none, Residence:
The business address of each person filing is 141 West Jackson
Boulevard, Suite 2182, Chicago, Illinois 60604.
Item 2(c) Citizenship:
Augustine Fund, L.P. is an Illinois limited partnership.
Augustine Capital Management, LLC is an Delaware limited liability
company.
Delano Group Securities, LLC is a Delaware limited liability company.
David R. Asplund, Thomas F. Duszynski, David M. Matteson, Brian D.
Porter and John T. Porter are all United States citizens and residents
of the State of Illinois.
Item 2(d) Title of Class of Securities:
Common Stock.
Item 2(e) CUSIP Number:
284868106
CUSIP No. 346242100 Page 11 of 14 Pages
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
Not applicable.
Item 4. Ownership
Augustine Fund, L.P. ("Augustine Fund") may be deemed to share power to
vote and dispose of the shares owned of record with its general partner
Augustine Capital Management, LLC ("Augustine Capital") and with the controlling
members, directors and officers of Augustine Capital, all of whom are Thomas F.
Duszynski, David M. Matteson, Brian D. Porter and John T. Porter. Delano Group
Securities, LLC ("Delano") may be deemed to share power to vote and dispose of
the shares owned of record with its controlling member, director and officer,
who is David R. Asplund. Shares owned of record by Augustine Fund may be deemed
to be beneficially owned by any or all of Augustine Fund, Augustine Capital,
Thomas F. Duszynski, David M. Matteson, Brian D. Porter and John T. Porter
(collectively, the "Group Members"). Delano and Mr. Asplund disclaim beneficial
ownership of any shares owned by any of the Group Members. The Group Members
disclaim beneficial ownership of any shares owned by Delano and Mr. Asplund.
(a) Amount Beneficially Owned:
The Group Members beneficially own 1,441,897 shares of the Common Stock.
Delano and Mr. Asplund beneficially own 97,412 shares of the Common Stock.
(b) Percent of Class:
The Group Members beneficially own 4.6% of the Common Stock. Delano and
Mr. Asplund beneficially own less than 0.1% of the Common Stock.
(c) Each of the Group Members has the number of shares listed below as
to which such Group Member has:
(i) sole power to vote or direct the vote: 0
(ii) shared power to vote or direct the vote: 1,441,897
(iii) sole power to dispose or direct the disposition of: 0
(iv) shared power to dispose or direct the disposition of: 1,441,897
Delano and Mr. Asplund each share power to vote or direct the vote of,
and to dispose or direct the disposition of, 97,412 shares of the Common Stock.
Delano and Mr. Asplund have sole power to vote or direct the vote of, and to
dispose or direct the disposition of, 0 shares of the Common Stock.
CUSIP No. 346242100 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 |X|.
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
Not applicable.
Item 8. Identification and Classification of Members of the Group
The Group Members are the members of the group filing this Schedule
13G. Mr. Asplund and Delano are jointly filing this Schedule 13G with the Group
Members but are not members of the group formed by the Group Members.
Item 9. Notice of Dissolution of Group
Mr. Asplund and Delano were formerly members of a "group" with the
Group Members. As of May 10, 2002, they ceased being members of such
group.
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.
CUSIP No. 346242100 Page 13 of 14 Pages
SIGNATURES
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.
Date: August 22, 2002
AUGUSTINE FUND, L.P.
By: AUGUSTINE CAPITAL MANAGEMENT, LLC
General Partner
By: /s/ John T. Porter
John T. Porter, President
AUGUSTINE CAPITAL MANAGEMENT, LLC
By: /s/ John T. Porter
John T. Porter, President
DELANO GROUP SECURITIES, LLC
By: /s/ David R. Asplund
David R. Asplund, President
By: /s/ David R. Asplund
David R. Asplund
By: /s/ Thomas Duszynski
Thomas Duszynski
By: /s/ David M. Matteson
David M. Matteson
By: /s/ Brian D. Porter
Brian D. Porter
By: /s/ John T. Porter
John T. Porter