This Schedule 13D (this “Schedule”) relates to the shares of common stock, $0.001 par value (the “Common Stock”), of Marine Exploration, Inc., a Colorado corporation (the “Company”). The principal executive offices of the Company are located at 535 Sixteenth Street, Suite 820, Denver, Colorado 80202
Item 2. Identity & Background
Hoss Capital LLC and Technology Partners LLC are both Colorado Limited Liability Companies that are controlled by Paul Enright, President of the Company and Robert L. Stevens, Secretary of the Company as its sole managers.
During the last five years, the Reporting Person has not (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction making it subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds and Other Consideration.
Hoss Capital LLC and Technology Partners have provided working capital on an “as needed” basis for the Company since inception, and the amounts owed as of March 24, 2010 were $765,024.54 and $25,815.74 respectively. Hoss Capital LLC has posted a Rule 10b5-1 trading plan on the Company’s website, which was declared effective January 11, 2010, however planned sales have not commenced under the plan. All trading under the plan will be reported under Form 4 filings by Msrs. Enright and Stevens as required under Rule 16a-3.
Hoss Capital LLC on March 25, 2010 converted $360,000 of its current notes in the Company to 360,000,000 shares of restricted common stock at par value.
Item 4. Purpose of Transaction.
The Reporting Persons hold the shares of Company Common Stock for investment. In addition, the Reporting Persons may sell shares of Company Common Stock from time to time as they deem advisable and depending on market conditions.
Item 5. Interest in Securities of the Company.
As of March 26, 2010, the Company has 932,751,988 shares outstanding. The Reporting Person’s interest in the Company is as follows:
(a) | Technology Partners LLC directly owns 17,327,018, which equates to 1.9% of the issued and outstanding securities of the Company. |
(b) | Hoss Capital LLC directly owns 408,166,556, which equates to 43.75% of the issued and outstanding securities of the Company. |
Item 6.Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company.
Hoss Capital LLC and Technology Partners LLC are both controlled by Paul D. Enright, President of the Company, and Robert L. Stevens, Secretary and acting CFO of the Company.
Item 7. Materials to be Filed as Exhibits.
None