Item 1. Security and Issuer.
This statement relates to the Class A common stock, par value $0.01 per share (“Common Stock”), of American Restaurant Concepts, Inc. (the “Issuer”). The address of the principal executive offices of the Issuer is 12763 Clear Springs Drive, Jacksonville, FL 32225.
Item 2. Identity and Background.
(a) | The name of the person filing this statement is William D. Leopold II (the “Reporting Person”). |
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(b) | The address of the Reporting Person is 3551 East Third Road, LaSalle, IL 61301. |
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(c) | The Reporting Person has retired from active employment and serves as a private investor. |
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(d) | The Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years. |
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(e) | The Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction during the last five years that subjected the Reporting Person 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. |
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(f) | The Reporting Person is a citizen of the United States of America. |
Item 3. Source or Amount of Funds or Other Consideration.
The total purchase price for the shares of Common Stock was $500,000 along with an obligation to pay off certain debts of the Issuer. All prior and future payments of the purchase price will be made out of the personal funds of the Reporting Person.
Item 4. Purpose of Transaction.
The Reporting Person purchased the securities of the Issuer based on its belief that the securities, when purchased, were undervalued and represented an attractive investment opportunity. In addition, the Reporting Person has the right to request that Michael Rosenberger, the Chief Executive Officer, Chief Financial Officer, Secretary and Chairman of the Board of Directors of the Issuer, resign from all such positions with the Issuer on or after June 2, 2013. On November 8, 2012, the Issuer’s Board of Directors (the “Board”) appointed Fred Alexander to serve as a director of the Issuer. The appointment of Mr. Alexander to the Board was made by the Board at the recommendation of the Reporting Person. As of the date hereof, the Reporting Person has no plans or proposals that relate to, or would result in, a change in the present board of directors or management of the Issuer.
Item 5. Interest in Securities of the Issuer.
(a) | The Reporting Person purchased 15,530,000 shares of Common Stock, representing 41.2% of the outstanding shares of Common Stock. The percentage of shares of Common Stock owned by the Reporting Person was calculated based upon 37,208,540 shares of Common Stock outstanding on October 12, 2012 as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 15, 2012. |
(b) | The Reporting Person has sole power to vote or direct the vote of, and sole power to dispose of to direct the disposition of, the 15,530,000 shares of Common Stock. |
(c) | There have been no transactions in securities of the Issuer by the Reporting Person during the past 60 days. |
(d) | No person other than the Reporting Person is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock. |
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Not applicable.
Item 7. Material to Be Filed as Exhibits
| Exhibit 1 | Securities Purchase Agreement, dated November 2, 2012, by and between William D. Leopold II and Michael Rosenberger. |
CUSIP No. 029281 10 2 | | 13D | | Page 4 of 4 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.
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| | /s/ William D. Leopold II | |
| | William D. Leopold II | |
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| | November 13, 2012 | |
| | Date | |