UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 1)

NARROWSTEP INC.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

631082203
(CUSIP Number)

December 31, 2008

(Date of Event Which Requires Filing of this Statement)

|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 2 of 10 Pages
------------------- ------------------


--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 Stiassni Capital Partners, LP EIN: 55-0900784
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 (a) |_| (b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY


--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 California
--------------------------------------------------------------------------------
 NUMBER OF 5. SOLE VOTING POWER

 SHARES 0
 -----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER

 OWNED BY 7,175,000
 -----------------------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER

 REPORTING 0
 -----------------------------------------------------------------
 PERSON 8. SHARED DISPOSITIVE POWER

 WITH 7,175,000
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 7,175,000
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 |_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 5.2%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON

 PN
--------------------------------------------------------------------------------

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 3 of 10 Pages
------------------- ------------------


--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 Stiassni Capital, LLC EIN: 55-0900777
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 (a) |_| (b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY


--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 California
--------------------------------------------------------------------------------
 NUMBER OF 5. SOLE VOTING POWER

 SHARES 0
 -----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER

 OWNED BY 7,175,000 all of which are held by Stiassni Capital
 Partners, LP (the "Fund"). Stiassni Capital, LLC ("LLC") is
 the general partner of the Fund.
 -----------------------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER

 REPORTING 0
 -----------------------------------------------------------------
 PERSON 8. SHARED DISPOSITIVE POWER

 WITH 7,175,000, all of which are held by the Fund.
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 7,175,000
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 |_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 5.2%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON

 IA
--------------------------------------------------------------------------------

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 4 of 10 Pages
------------------- ------------------


--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
 S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 Stiassni Capital, LLC EIN: 55-0900777
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 (a) |_| (b) |X|
--------------------------------------------------------------------------------
3. SEC USE ONLY


--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 California
--------------------------------------------------------------------------------
 NUMBER OF 5. SOLE VOTING POWER

 SHARES 0
 -----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER

 OWNED BY 7,175,000 all of which are held by the Fund. Nicholas C.
 Stiassni is Managing Member of LLC, which is the general
 partner of the Fund.
 -----------------------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER

 REPORTING 0
 -----------------------------------------------------------------
 PERSON 8. SHARED DISPOSITIVE POWER

 WITH 7,175,000, all of which are held by the Fund. Nicholas C.
 Stiassni is Managing Member of LLC, which is the
 general partner of the Fund.
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 7,175,000
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 |_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 5.2%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON

 IN
--------------------------------------------------------------------------------

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 5 of 10 Pages
------------------- ------------------

Item 1. Issuer.

 (a) The name of the issuer is Narrowstep Inc. (the "Issuer").

 (b) The address of the Issuer's principal executive office is 116 Village
Blvd, Suite 200, Princeton, New Jersey 08540.

Item 2. Reporting Person and Security.

 (a) Stiassni Capital Partners, LP (the "Fund") is a private investment
limited partnership organized under California law. The general partner of the
Fund is Stiassni Capital, LLC ("LLC"), a California limited liability company.
Nicholas C. Stiassni is the Managing Member of LLC. The Fund, LLC and Nicholas
C. Stiassni are referred to herein as the "Reporting Persons."

 (b) The business address of the Fund, LLC and Nicholas C. Stiassni is 3400
Palos Verdes Drive West, Rancho Palos Verdes, California 90275.

 (c) The Fund is a California limited partnership. LLC, its general
partner, is a California limited liability company.

 (d) The title of the class of securities to which this statement relates
is the common stock of the Issuer, par value $0.000001 per share (the "Common
Stock").

 (e) The CUSIP number is 631082203.

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 (15 U.S.C.
78o).

 (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).

 (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15
U.S.C. 78c).

 (d) [ ] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).

 (e) [ ] An investment adviser in accordance with ss.
240.13d-1(b)(1)(ii)(E).

 (f) [ ] An employee benefit plan or endowment fund in accordance with ss.
240.13d-1(b)(1)(ii)(F).

 (g) [ ] A parent holding company or control person in accordance with ss.
240.13d-1(b)(1)(ii)(G).

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 6 of 10 Pages
------------------- ------------------

 (h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813).

 (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
(15 U.S.C. 80a-3).

 (j) [ ] Group, in accordance with ss. 240.13d-1(b)(1)(ii)(J).

 Not Applicable.

Item 4. Ownership.

 On December 31, 2008, the Fund owned 5,000,000 shares of Common Stock of
the Issuer and warrants to purchase an additional 2,175,000 shares.

 LLC owned no securities of the Issuer directly.

 Nicholas C. Stiassni owned no securities of the Issuer directly.

 The right to vote and the right to dispose of the shares beneficially
owned by the Fund are shared among the Fund and both LLC and Nicholas C.
Stiassni.

 The Issuer's Quarterly Report on Form 10-QSB for the quarter ended August
31, 2008, reported that the Issuer had 137,117,977 shares of Common Stock
outstanding. Accordingly, assuming that the Issuer had the same number of shares
of Common Stock outstanding on December 31, 2008, the individual Reporting
Persons had beneficial ownership of the following numbers of shares of Common
Stock on December 31, 2008, which represented the following percentages of the
Common Stock outstanding:

 Shares Owned Percentage
 ------------ ----------

 The Fund 7,175,000 5.2%

 LLC 7,175,000 5.2%

 Nicholas C. Stiassni 7,175,000 5.2%


Item 5. Ownership of Five Percent or Less of a Class.

 If this Schedule 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 [__]

 Not Applicable.

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 7 of 10 Pages
------------------- ------------------

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.

 Not Applicable.

Item 8. Identification and Classification of Members of the Group.

 Not Applicable.

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.

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 8 of 10 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.

 STIASSNI CAPITAL PARTNERS, LP

 By: STIASSNI CAPITAL, LLC,
 its general partner

 By: /s/ Nicholas C. Stiassni
Dated: January 13, 2009 ---------------------------
 Nicholas C. Stiassni, Managing Member

 STIASSNI CAPITAL, LLC
Dated: January 13, 2009
 By:/s/ Nicholas C. Stiassni
 ---------------------------
Dated: January 13, 2009 Nicholas C. Stiassni, Managing Member

 /s/ Nicholas C. Stiassni
 ---------------------------
 Nicholas C. Stiassni

SCHEDULE 13G 

------------------- ------------------
CUSIP No. 631082203 Page 9 of 10 Pages
------------------- ------------------

 EXHIBIT INDEX

Exhibit A Agreement of Joint Filing

SCHEDULE 13G 

------------------- -------------------
CUSIP No. 631082203 Page 10 of 10 Pages
------------------- -------------------

 EXHIBIT A

 AGREEMENT OF JOINT FILING

 The undersigned hereby agree that they are filing jointly pursuant to Rule
13d-1 of the Securities Exchange Act of 1934 a report on Schedule 13G,
containing the information required by Schedule 13G, for shares of the common
stock of Narrowstep Inc. beneficially owned by Stiassni Capital Partners, LP,
Stiassni Capital, LLC and Nicholas C. Stiassni and such other holdings as may be
reported therein.

 Dated: January 13, 2009

STIASSNI CAPITAL PARTNERS, LP

By: STIASSNI CAPITAL, LLC, its general partner

By: /s/ Nicholas C. Stiassni
 --------------------------------------------------
 Nicholas C. Stiassni, Managing Member


STIASSNI CAPITAL, LLC

By: /s/ Nicholas C. Stiassni
 -------------------------------------------------
 Nicholas C. Stiassni, Managing Member


 /s/ Nicholas C. Stiassni
-------------------------------------------------
 Nicholas C. Stiassni

Narrowstep (CE) (USOTC:NRWS)
Historical Stock Chart
Von Mai 2024 bis Jun 2024 Click Here for more Narrowstep (CE) Charts.
Narrowstep (CE) (USOTC:NRWS)
Historical Stock Chart
Von Jun 2023 bis Jun 2024 Click Here for more Narrowstep (CE) Charts.