UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 ) *
Smartpros Ltd.
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(Name of Issuer)
Common Stock, par value $.0001
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(Title of Class of Securities)
83171G103
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(CUSIP Number)
December 31, 2008
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(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)
* 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 ("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).
Page 1 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. John H. Lewis
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power 600
Shares Bene- ---------------------------------------------------------
ficially owned 6. Shared Voting Power 486,605
by Each ---------------------------------------------------------
Reporting 7. Sole Dispositive Power 600
Person With: ---------------------------------------------------------
8. Shared Dispositive Power 486,605
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 487,205
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
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11. Percent of Class Represented by Amount in Row (9) 9.9%
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12. Type of Reporting Person (See Instructions) HC, IN
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Page 2 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Partners, LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- ---------------------------------------------------------
ficially owned 6. Shared Voting Power 486,605
by Each ---------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: ---------------------------------------------------------
8. Shared Dispositive Power 486,605
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 486,605
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
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11. Percent of Class Represented by Amount in Row (9) 9.9%
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12. Type of Reporting Person (See Instructions) IA, OO
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Page 3 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Capital, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- ---------------------------------------------------------
ficially owned 6. Shared Voting Power 144,924
by Each ---------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: ---------------------------------------------------------
8. Shared Dispositive Power 144,924
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 144,924
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
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11. Percent of Class Represented by Amount in Row (9) 2.9%
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12. Type of Reporting Person (See Instructions) PN
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Page 4 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Capital II, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- ---------------------------------------------------------
ficially owned 6. Shared Voting Power 244,593
by Each ---------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: ---------------------------------------------------------
8. Shared Dispositive Power 244,593
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 244,593
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
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11. Percent of Class Represented by Amount in Row (9) 5.0%
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12. Type of Reporting Person (See Instructions) PN
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Page 5 of 9 pages
CUSIP No. 83171G103
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1. Names of Reporting Persons. Osmium Spartan, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares Bene- ---------------------------------------------------------
ficially owned 6. Shared Voting Power 87,388
by Each ---------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: ---------------------------------------------------------
8. Shared Dispositive Power 87,388
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 87,388
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
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11. Percent of Class Represented by Amount in Row (9) 1.8%
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12. Type of Reporting Person (See Instructions) PN
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Page 6 of 9 pages
Item 1.
(a) The name of the issuer is Smartpros Ltd. (the "Issuer").
(b) The principal executive office of the Issuer is located at 12 Skyline
Drive, Hawthorne, New York 10532.
Item 2.
(a) This statement (this "Statement") is being filed by John H. Lewis, the
controlling member of Osmium Partners, LLC, a Delaware limited liability
company ("Osmium Partners"), which serves as the general partner of Osmium
Capital, LP, a Delaware limited partnership (the "Fund"), Osmium Capital
II, LP, a Delaware limited partnership ("Fund II"), and Osmium Spartan, LP,
a Delaware limited partnership ("Fund III") (all of the foregoing,
collectively, the "Filers"). The Fund, Fund II and Fund III are private
investment vehicles formed for the purpose of investing and trading in a
wide variety of securities and financial instruments. Osmium Partners also
manages accounts on a discretionary basis (the "Accounts"). The Fund, Fund
II, Fund III and the Accounts directly own the common shares reported in
this Statement (other than 600 shares owned directly by Mr. Lewis). Mr.
Lewis and Osmium Partners may be deemed to share with the Fund, Fund II,
Fund III and the Accounts (and not with any third party) voting and
dispositive power with respect to such shares. Each Filer disclaims
beneficial ownership with respect to any shares other than the shares owned
directly by such Filer.
(b) The Principal Business Office of the Filers is 388 Market Street, Suite
920, San Francisco, California 94111.
(c) For citizenship information see item 4 of the cover sheet of each Filer.
(d) This Statement relates to the Common Stock of the Issuer.
(e) The CUSIP Number of the Common Stock of the Issuer is 83171G103.
Item 3. If this statement is filed pursuant to 240.13d-1(b), or 240.13d-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 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations 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 240.13d-1(b)(1)(ii)(J);
Item 4. Ownership.
See Items 5-9 and 11 on the cover page for each Filer, and Item 2. The
percentage ownership of each Filer is based on 4,916,456 shares of Common Stock
outstanding as of November 1, 2008, as reported on the Issuer's Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2008.
Page 7 of 9 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 [ ].
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
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
(a) Not applicable.
(b) 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.
Page 8 of 9 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: February 17, 2009
John H. Lewis
Osmium Partners, LLC
Osmium Capital, LP
Osmium Capital II, LP
Osmium Spartan, LP
By: /s/ John H. Lewis
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John H. Lewis, for himself and
as Managing Member of Osmium
Partners, LLC, for itself and as
General Partner of Osmium
Capital, LP, Osmium Capital II,
LP, and Osmium Spartan, LP
Page 9 of 9 pages