- Statement of Ownership (SC 13G)
10 Dezember 2008 - 12:02PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
SCHEDULE
13G
(Rule
13d-102)
INFORMATION
TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO
RULES 13d-l(b), (c) AND (d) AND AMENDMENTS THERETO
FILED
PURSUANT TO 13d-2
Asia Time
Corporation
(Name of
Issuer)
Common Stock,
$0.0001 par
value
(Title of
Class of Securities)
04519U109
(CUSIP
Number)
March 12,
2008
(Date of
Event Which Requires Filing of this Statement)
Check the
appropriate box to designate the rule pursuant to which this Schedule is
filed:
o
Rule
13d-l(b)
x
Rule
13d-l(c)
o
Rule
13d-l(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).
SCHEDULE
13G
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CUSIP
No. 04519U109
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Page 2 of 6
Pages
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1
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NAME
OF REPORTING PERSONS
I.R.S
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Richard
Rappaport
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2
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CHECK
THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a)
o
(b)
o
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3
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SEC
USE ONLY
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4
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CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States
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Number
Of
Shares
Beneficially
Owned
By
Each
Reporting
Person
With
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5
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SOLE
VOTING POWER
2,104,265
(see Item 4)
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6
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SHARED
VOTING POWER
0
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7
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SOLE
DISPOSITIVE POWER
2,104,265
(see Item 4)
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8
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SHARED
DISPOSITIVE POWER
0
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9
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AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,104,265
(see Item 4)
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10
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CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES
o
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11
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PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.9%
1
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12
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TYPE
OF REPORTING PERSON
IN
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_________________________
1
Based on
26,570,677
shares of Common Stock outstanding as
of November 14, 2008
.
SCHEDULE
13G
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CUSIP
No. 04519U109
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Page 3 of 6
Pages
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Item 1(a). Name of
issuer
:
Asia Time Corporation
Item 1(b). Address of Issuer's
Principal Executive Offices
:
Room 1601-1604, 16/F., CRE Centre, 889
Cheung Sha Wan Road, Kowloon, Hong Kong
Item 2(a). Name of Person
Filing
:
Richard Rappaport
Item
2(b). Address of Principal Offices or, if None, Residence:
1900 Avenue of the Stars, Suite 310,
Los Angeles, CA 90067
Item 2(c).
Citizenship
:
United States
Item 2(d). Title of Class of
Securities
:
Common Stock
Item 2(e). CUSIP
Number
:
04519U109
SCHEDULE
13G
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CUSIP
No. 04519U109
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Page 4 of 6
Pages
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Item 3. If the Statement is being
filed pursuant to Rule 13d-l(b), or 13d-2(b) or (c), check whether the filing
person is a
:
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(a)
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o
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Broker
or dealer registered under Section 15 of the Act (15 U.S.C.
78o);
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(b)
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o
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Bank
as defined in Section 3(a)(6) of the Act (15 U.S.C.
78c);
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(c)
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o
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Insurance
company as defined in Section 3(a)(19) of the Act (15 U.S.C.
78c);
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(d)
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o
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Investment
company registered under Section 8 of the Investment Company Act
of 1940 (15 U.S.C. 80a-8);
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(e)
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o
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An
investment adviser in accordance with
l3d-l(b)(I)(ii)(E);
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(f)
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o
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An
employee benefit plan or endowment fund in accordance with 13d-1
(b)(1)(ii)(F);
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(g)
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o
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A
parent holding company or control person in accordance with
13d-l(b)(1)(ii)(G);
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(h)
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o
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A
savings association as defined in Section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C.1813);
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(i)
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o
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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 (15 U.S.C.
80a-3);
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(j)
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o
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Group,
in accordance with
l3d-l(b)(l)(ii)(J).
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Item 4.
Ownership
:
(a) Amount
Beneficially Owned:
Includes (i) 1,034,395 shares owned by
the Reporting Person; (ii) 453,970 shares owned by WestPark Capital Financial
Services, LLC, of which the Reporting Person is Chief Executive Officer and
Chairman and may be deemed the indirect beneficial owner of such shares since he
has sole voting and investment control over the shares; (iii) 239,100 shares and
warrants to purchase 73,800 shares owned by WestPark Capital, Inc., of which the
Reporting Person is Chief Executive Officer and Chairman and may be deemed the
indirect beneficial owner of such shares since he has sole voting and investment
control over the shares; and (iv) 303,000 shares owned by WestPark Capital
Insurance, of which the Reporting Person is Chief Executive Officer and Chairman
and may be deemed the indirect beneficial owner of such shares since he has sole
voting and investment control over the shares.
(b) Percent
of class:
The shares beneficially owned represent
approximately 7.9% of the outstanding shares of Common Stock, which is based on
26,570,677
shares
outstanding as of November 14, 2008 pursuant to the issuer’s Form 10-Q for the
quarter ended September 30, 2008.
SCHEDULE
13G
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CUSIP
No. 04519U109
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Page 5 of 6
Pages
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(c)
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Number
of shares as to which such person has:
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(i)
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Sole
power to vote or to direct the vote:
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2,104,265
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(ii)
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Shared
power to vote or to direct the vote:
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0
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(iii)
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Sole
power to dispose or to direct the disposition of:
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2,104,265
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(iv)
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Shared
power to dispose or to direct the disposition of:
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0
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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 had ceased to be
the beneficial owner of more than five percent of the class of securities, check
the following
.
N/A
Item 6. Ownership of More than Five
Percent on Behalf of Another Person
.
Inapplicable
Item 7
.
Identification and Classification of
the Subsidiary Which Acquired the
Security
Being Reported on by the Parent Holding Company.
Inapplicable
Item 8. Identification and
Classification of Members of the Group
.
Inapplicable
Item 9. Notice of Dissolution of
Group
.
Inapplicable
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.
SCHEDULE
13G
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CUSIP
No. 04519U109
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Page 6 of 6
Pages
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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:
November 30, 2008
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/s/ Richard Rappaport
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Richard
Rappaport
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The original statement shall be signed
by each person on whose behalf the statement is filed or his authorized
representative. If the statement is signed on behalf of a person by
his authorized representative other than an executive officer or general partner
of the filing person, evidence of the representative’s authority to sign on
behalf of such person shall be filed with the statement, provided, however, that
a power of attorney for this purpose which is already on file with the
Commission may be incorporated by reference. The name and any title of each
person who signs the statement shall be typed or printed beneath his
signature.
Attention
. Intentional
misstatements or omissions of fact constitute Federal criminal violations (See
18 U.S.C. 1001).
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