SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Platinum Partners Value Arbitrage Fund, LP

(Last)

(First)

(Middle)

250 WEST 55TH STREET, 14TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
04/06/2016

3. Issuer Name and Ticker or Trading Symbol
IMPLANT SCIENCES CORP [ IMSC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock par value $0.10	2,081,829⁽⁵⁾	I⁽¹⁾⁽²⁾	By MONTSANT PARTNERS, LLC

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
March 2009 Note⁽²⁾	04/06/2016	12/31/2016⁽⁴⁾	Series J Preferred Stock	5,282.43⁽⁵⁾	$1,000	I⁽²⁾	By MONTSANT PARTNERS, LLC
March 2009 Note⁽²⁾	04/06/2016	12/31/2016⁽⁴⁾	Common Stock, par value $0.10	66,030,347⁽⁵⁾	$0.08	I⁽²⁾	By MONTSANT PARTNERS, LLC
September 2012 Note⁽³⁾	04/06/2016	12/31/2016⁽⁴⁾	Series H Preferred Stock	18,965⁽⁵⁾	$1,000	I⁽³⁾	By DMRJ GROUP LLC
September 2012 Note⁽³⁾	04/06/2016	12/31/2016⁽⁴⁾	Common Stock, par value $0.10	17,399,082⁽⁵⁾	$1.09	I⁽³⁾	By DMRJ GROUP LLC
February 2013 Note⁽³⁾	04/06/2016	12/31/2016⁽⁴⁾	Series I Preferred Stock	17,518.46⁽⁵⁾	$1,000	I⁽³⁾	By DMRJ GROUP LLC
February 2013 Note⁽³⁾	04/06/2016	12/31/2016⁽⁴⁾	Common Stock, par value $0.10	14,846,148⁽⁵⁾	$1.18	I⁽³⁾	By DMRJ GROUP LLC

1. Name and Address of Reporting Person^*

Platinum Partners Value Arbitrage Fund, LP

(Last)

(First)

(Middle)

250 WEST 55TH STREET, 14TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Platinum Management (NY) LLC

(Last)

(First)

(Middle)

250 WEST 55TH STREET

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

DMRJ GROUP LLC

(Last)

(First)

(Middle)

C/O PLATINUM MANAGEMENT (NY) LLC

250 WEST 55TH STREET, 14TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

MONTSANT PARTNERS, LLC

(Last)

(First)

(Middle)

C/O PLATINUM MANAGEMENT (NY) LLC

250 WEST 55TH STREET, 14TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Nordlicht Mark

(Last)

(First)

(Middle)

C/O PLATINUM MANAGEMENT (NY) LLC

250 WEST 55TH STREET, 14TH FLOOR

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. On September 24, 2015, Montsant Partners, LLC ("Montsant") converted $245,000.00 of accrued interest owed by Issuer under that certain Amended and Restated Senior Secured Convertible Promissory Note dated as of March 12, 2009, and assigned to Montsant pursuant to that certain Assignment Agreement dated as of May 4, 2015 (collectively, the "March 2009 Note") into 3,062,500 shares of Common Stock at an adjusted conversion price of $0.08 per share. The funds provided to Issuer in exchange for the Notes were obtained from the general working capital of PPVA. Since September 24, 2015, Montsant has sold 980,671 shares of Common Stock in the ordinary course of its business, and, as of the date of this filing, Montsant directly owns 2,081,829 shares of Common Stock.

2. As of April 6, 2016, Montsant has the right to convert $5,282,428.00 of outstanding principal and accrued interest owed by Issuer under the March 2009 Note into the Company's Series J Preferred Stock, which may then be converted into up to 66,030,347 shares of Common Stock, at a price of $0.08 per share of Common Stock

3. As of April 6, 2016, (i) DMRJ Group LLC ("DMRJ") has the right to convert $18,965,000.00 of outstanding principal and accrued interest owed by Issuer under that certain second Senior Secured Convertible Promissory Note (as modified or amended from time to time, the "September 2012 Note") into the Company's Series H Preferred Stock, which may then be converted into up to 17,399,082 shares of Common Stock, at a price of $1.09 per share of Common Stock; and (ii) DMRJ has the right to convert $17,518,455.00 of outstanding principal and accrued interest owed by Issuer under that certain third Senior Secured Convertible Promissory Note (as modified or amended from time to time, the "February 2013 Note") into the Company's Series I Preferred Stock, which may then be converted into up to 14,846,148 shares of Common Stock at a price of $1.18 per share of Common Stock.

4. The stated expiration date is the current expiration date of the notes.

5. Mark Nordlicht disclaims the beneficial ownership with respect to any shares of Common Stock other than the shares owned directly and of record by such Reporting Persons.

Remarks:

Exhibit 24 - Power of Attorney Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

	/s/ Joseph SanFilippo, Attorney-in-Fact	04/18/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.