SCHEDULE 13D
[Rule 13d-101]
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURUSANT TO
§ 240.13d-2(a)
(Amendment No. 1)*
IVEDA SOLUTIONS, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
46583A105
(CUSIP Number)
Gary J. Kocher
K&L Gates LLP
925 Fourth Avenue, Suite 29
Seattle, Washington 98104
(206) 623-7580
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 26, 2010
(Date of Event Which Requires Filing of this Statement)
Explanatory Note: This Amendment No. 1 to Schedule 13D (this “Amendment No. 1”) amends the Schedule 13D filed with the Securities and Exchange Commission on February 1, 2010 (the “Schedule 13D”) by the Reporting Person. This Amendment No. 1 relates to the acquisition by the Reporting Person of 700,000 shares of the Issuer on July 26, 2010, as further described in Items 3 and 4 below.
The following amendments to Items 3, 4, and 5 of the Schedule 13D are hereby made as follows:
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of the Schedule 13D is hereby amended in its entirety to read as follows:
On January 21, 2010, Mr. Walsh, jointly with his spouse, acquired 1,400,000 shares of Iveda’s common stock in exchange for $1,400,000 in cash, the sum of which was paid from Mr. Walsh’s personal funds.
On July 26, 2010, Mr. Walsh, jointly with his spouse, acquired 700,000 shares of Iveda’s common stock in exchange for $700,000 in cash, the sum of which was paid from Mr. Walsh’s personal funds.
Item 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended in its entirety to read as follows:
On January 21, 2010 and July 26, 2010, Mr. Walsh, jointly with his spouse, acquired 1,400,000 and 700,000 shares of Iveda’s common stock, respectively, for investment purposes.
Mr. Walsh reserves the right to purchase additional shares of Iveda’s common stock or to dispose of such securities in the open market, in privately negotiated transactions or in any other lawful manner in the future. Mr. Walsh may continue to hold or dispose of all or some of the securities reported herein from time to time, in each case in open market or private transactions, block sales or purchases or otherwise, subject to compliance with applicable law. Except as set forth in this Amendment No. 1, Mr. Walsh has made no proposals, and has entered into no agreements, which would be related to or would result in any of the events or matters described in parts (a) through (j) of Item 4 of Schedule 13D. However, as part of its ongoing review of investment alternatives, Mr. Walsh may consider such matters in the future and, subject to applicable law, may formulate a plan with respect to such events or matters, or may hold discussions with or make formal proposals to management or the Board of Directors of the Issuer, other stockholders of the Issuer or other parties regarding such matters.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended in its entirety to read as follows:
(a) Mr. Walsh beneficially owns 2,100,000 shares of Iveda common stock, which comprises 12.9% of the outstanding shares of Iveda’s common stock.
(b) Mr. Walsh has the sole power to vote or to direct the vote, and the sole power to dispose or direct the disposition of, 2,100,000 shares of Iveda common stock held in his name.
(c) Except as disclosed in this Amendment No. 1, in the last 60 days, Mr. Walsh has not effected any transaction in the shares of Iveda common stock held in his name.
(d) Not applicable.
(e) Not applicable.