UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G

Under the Securities Exchange Act of 1934

 

(Amendment No. 1)*

 

Net Element, Inc.
(Name of Issuer)
 
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
 
64111R 102
(CUSIP Number)
 
December 31, 2014
(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)

 

xRule 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 (the “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).

 

 
 

 

SCHEDULE 13G/A

 

CUSIP No. 64111R 102   Page 2 of 2 Pages

 

1

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Crede CG III, Ltd.

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ¨   

(b) ¨   

3

SEC USE ONLY

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Bermuda



NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
5

SOLE VOTING POWER

 

0

6

SHARED VOTING POWER

 

0

7

SOLE DISPOSITIVE POWER

 

0

8

SHARED DISPOSITIVE POWER

 

0

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0 shares (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% (see Item 4)

12

TYPE OF REPORTING PERSON (See Instructions)

 

OO

 

 
 

 

SCHEDULE 13G/A

 

CUSIP No. 64111R 102   Page 3 of 3 Pages

 

1

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Crede Capital Group, LLC

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ¨   

(b) ¨   

3

SEC USE ONLY

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware



NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
5

SOLE VOTING POWER

 

0

6

SHARED VOTING POWER

 

0

7

SOLE DISPOSITIVE POWER

 

0

8

SHARED DISPOSITIVE POWER

 

0

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0 shares (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% (see Item 4)

12

TYPE OF REPORTING PERSON (See Instructions)

 

HC

 

 
 

 

SCHEDULE 13G/A

 

CUSIP No. 64111R 102   Page 4 of 4 Pages

 

1

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Acuitas Financial Group, LLC

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ¨   

(b) ¨   

3

SEC USE ONLY

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

California



NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
5

SOLE VOTING POWER

 

0

6

SHARED VOTING POWER

 

0

7

SOLE DISPOSITIVE POWER

 

0

8

SHARED DISPOSITIVE POWER

 

0

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0 shares (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% (see Item 4)

12

TYPE OF REPORTING PERSON (See Instructions)

 

HC

 

 
 

 

SCHEDULE 13G/A

 

CUSIP No. 64111R 102   Page 5 of 5 Pages

 

1

NAME OF REPORTING PERSON

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

 

Terren S. Peizer

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ¨   

(b) ¨   

3

SEC USE ONLY

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America


 
NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
5

SOLE VOTING POWER

 

0

6

SHARED VOTING POWER

 

0

7

SOLE DISPOSITIVE POWER

 

0

8

SHARED DISPOSITIVE POWER

 

0

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0 shares (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% (see Item 4)

12

TYPE OF REPORTING PERSON (See Instructions)

 

IN

 

 
 

 

SCHEDULE 13G/A

 

CUSIP No. 64111R 102   Page 6 of 6 Pages

 

This Amendment No. 1 is being filed jointly by the Reporting Persons and amends the Schedule 13G initially filed by the Reporting Persons with the Securities and Exchange Commission (the “ SEC ”) on September 14, 2014 (the “ Schedule 13G ”).

 

Except as set forth below, all Items of the Schedule 13G remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13G.

 

Item 4. Ownership

 

(a) and (b):

 

As of the close of business on December 31, 2014, each of the Reporting Persons may be deemed to have beneficial ownership of zero shares of Common Stock.

 

(c)Number of shares as to which such person has:

 

(i)Sole power to vote or direct the vote: 0

 

(ii)Shared power to vote or direct the vote: 0

 

(iii)Sole power to dispose or to direct the disposition of: 0

 

(iv)Shared power to dispose or to direct the disposition of: 0

 

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 5 percent of the class of securities, check the following x.

 

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, other than activities solely in connection with a nomination under §240.14a-11.

 

 
 

 

SCHEDULE 13G/A

 

CUSIP No. 64111R 102   Page 7 of 7 Pages

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

  Dated:  February 17, 2015
   
  CREDE CG III, LTD
     
  By: /s/ Terren S. Peizer
    Terren S. Peizer, Managing Director
     
  CREDE CAPITAL GROUP, LLC
     
  By: /s/ Terren S. Peizer
    Terren S. Peizer, Managing Member
     
  ACUITAS FINANCIAL GROUP, LLC
     
  By: /s/ Terren S. Peizer
    Terren S. Peizer, Managing Member
     
    /s/ Terren S. Peizer
    Terren S. Peizer