The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APPLE INC COM 037833100 632 6,000 SH   SOLE 4,000 0 2,000
BAZAARVOICE INC COM 073271108 336 76,618 SH   SOLE 76,618 0 0
BOINGO WIRELESS INC COM 09739C102 1,945 293,715 SH   SOLE 126,853 0 166,862
BRISTOL MYERS SQUIBB CO COM 110122108 229 3,426 SH   SOLE 0 0 3,426
CECO ENVIRONMENTAL CORP COM 125141101 12,025 1,653,005 SH   SOLE 0 0 1,653,005
CELGENE CORP COM 151020104 19,989 18,480 SH   SOLE 0 0 18,480
CISCO SYS INC COM 17275R102 421 15,500 SH   SOLE 0 0 15,500
EASTERN CO COM 276317104 5,425 286,480 SH   SOLE 0 0 286,480
ECOLOGY & ENVIRONMENT INC CL A 278878103 126 12,645 SH   SOLE 0 0 12,645
EXTREME NETWORKS INC COM 30226D106 2,143 525,369 SH   SOLE 230,000 0 295,369
GLOBAL EAGLE ENTMT INC COM 37951D102 2,115 214,263 SH   SOLE 100,863 0 113,400
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 3,106 916,027 SH   SOLE 0 0 916,027
GRAHAM CORP COM 384556106 1,025 62,035 SH   SOLE 0 0 62,035
GREAT LAKES DREDGE & DOCK CO COM 390607109 489 129,042 SH   SOLE 0 0 129,042
GSE SYS INC COM 36227k106 363 150,564 SH   SOLE 0 0 150,564
GULFMARK OFFSHORE INC CL A NEW 402629208 136 30,000 SH   SOLE 0 0 30,000
I D SYSTEMS INC COM 449489103 5,850 1,271,794 SH   SOLE 743,510 0 528,284
INCONTACT INC COM 45336E109 2,866 302,521 SH   SOLE 150,000 0 152,284
INTERACTIVE INTELLIGENCE GRO COM 45841V109 1,192 37,951 SH   SOLE 20,223 0 17,728
INTERNATIONAL BUSINESS MACHS COM 459200101 490 3,641 SH   SOLE 0 0 3,641
INTRALINKS HLDGS INC COM 46118H104 531 58,592 SH   SOLE 27,572 0 31,020
JOHNSON & JOHNSON COM 478160104 482 4,840 SH   SOLE 0 0 4,840
LILLY ELI & CO COM 532457108 345 4,164 SH   SOLE 0 0 4,164
LIVEPERSON INC COM 538146101 453 67,064 SH   SOLE 0 0 67,064
M & T BK CORP COM 55261F104 721 5,919 SH   SOLE 0 0 5,919
MAGICJACK VOCALTEC LTD SHS M6787E101 1,447 153,061 SH   SOLE 77,232 0 75,829
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,809 129,090 SH   SOLE 0 0 129,090
MERCK & CO INC NEW COM 58933y105 424 8,150 SH   SOLE 0 0 8,150
MICROSOFT CORP COM 594918104 3,192 57,501 SH   SOLE 25,000 0 32,601
MODEL N INC COM 607525102 441 39,519 SH   SOLE 17,733 0 21,786
NAVIGATOR HOLDINGS LTD SHS Y62132108 7,108 530,148 SH   SOLE 0 0 530,148
NORTH EUROPEAN OIL RTY TR SH BEN INT 659310106 684 92,778 SH   SOLE 0 0 92,778
NUMEREX CORP PA CL A 67053A102 1,764 274,641 SH   SOLE 119,086 0 155,555
PRECISION CASTPARTS CORP COM 740189105 695 3,000 SH   SOLE 0 0 3,000
PROCTER & GAMBLE CO COM 742718109 604 7,739 SH   SOLE 0 0 7,739
PROSHARES TR PSHS ULSHT SP500 74347B300 500 23,963 SH   SOLE 0 0 23,963
PROSHARES TR ULTSH NASD BIOT 74347B789 643 21,000 SH   SOLE 0 0 21,000
QAD INC CALL 74727D906 290 14,145 SH   SOLE 14,145 0 0
RAND CAP CORP COM 752185108 890 242,976 SH   SOLE 0 0 242,976
SERVICESOURCE INTL INC NOTE 1.500% 8/0 81763UAB6 3,359 4,000,000 PRN   SOLE 2,000,000 0 2,000,000
SIZMEK INC COM 83013P105 189 51,896 SH   SOLE 0 0 51,896
TRANSCAT INC COM 893529107 12,506 1,286,099 SH   SOLE 0 0 1,286,099
UNION PAC CORP COM 907818108 289 3,772 SH   SOLE 0 0 3,772
UNITED STATES LIME & MINERAL COM 911922102 1,040 18,910 SH   SOLE 0 0 18,910
VONAGE HLDGS CORP COM 92886T201 2,767 482,012 SH   SOLE 246,100 0 235,912
YUME INC COM 98872B104 2,799 797,240 SH   SOLE 397,904 0 399,336