UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
|
| ||||||||||||||||||||||||||||||
|
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
||
Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
SERIES A CONVERTIBLE PREFERRED STOCK | Â (1) | Â (1) | COMMON STOCK | 200,000 (2) | $ (2) | D | Â |
SERIES A COMMON STOCK PURCHASE WARRANT | Â (3) | Â (3) | COMMON STOCK | 200,000 | $ 1.5 | D | Â |
SERIES B COMMON STOCK PURCHASE WARRANT | Â (4) | Â (4) | COMMON STOCK | 100,000 | $ 2.25 | D | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
LOGAN JOEL STEPHEN II 205 CARRIAGE STREET GUIN, AL 35563 |
 |  |  See "Remarks" page. |  |
/s/ JOEL STEPHEN LOGAN, II | 01/26/2006 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | The Series A Convertible Preferred Stock is convertible at any time after the filing of a registration statement registering the shares for resale and does not expire. |
(2) | Each share of Series A Convertible Preferred Stock is convertible without the payment of additional consideration by the holder into such number of shares of Common Stock as is determined by dividing (a) the sum of ten dollars ($10.00) and all dividends accrued and unpaid on each such share to the date such share is converted, whether or not declared, and all other dividends declared and unpaid on each such share through the date of actual conversion, by (b) seventy five cents ($.75). The number of shares of Common Stock listed above represents the current number of shares of Common Stock issuable upon conversion of the holder's Series A Convertible Preferred Stock. |
(3) | The Series A Common Stock Purchase Warrants are exerciseable at any time after a registration statement registering the warrants and the shares underlying the warrants for resale becomes effective and expire six years from the date they were granted. |
(4) | The Series B Common Stock Purchase Warrants are exerciseable at any time after a registration statement registering the warrants and the shares underlying the warrants for resale becomes effective and expire eight years from the date they were granted. |
 Remarks: The reporting person is an executive officer of Deer Valley Homebuilders, Inc.  The reporting person is reporting under Section 16 because he is performing a policy-making function as determined by Rule 3b-7. |