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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BAZAARVOICE INC COM 073271108   2,678 667,923 SH   SOLE 467,923 0 200,000
BOINGO WIRELESS INC COM 09739C102   2,085 233,758 SH   SOLE 147,053 0 86,705
BRISTOL MYERS SQUIBB CO COM 110122108   249 3,396 SH   SOLE 0 0 3,396
CECO ENVIRONMENTAL CORP COM 125141101   11,766 1,346,307 SH   SOLE 0 0 1,346,307
CELGENE CORP COM 151020104   1,747 17,719 SH   SOLE 0 0 17,719
CHEVRON CORP NEW COM 166764100   214 2,050 SH   SOLE 0 0 2,050
COMPUTER TASK GROUP INC COM 205477102   910 183,200 SH   SOLE 0 0 183,200
EASTERN CO COM 276317104   524 31,635 SH   SOLE 0 0 31,635
ECO STIM ENERGY SOLUTIONS IN COM 27888D101   1,833 632,255 SH   SOLE 0 0 632,255
EXTREME NETWORKS INC COM 30226D106   732 215,858 SH   SOLE 138,697 0 77,161
GLOBAL EAGLE ENTMT INC COM 37951D102   892 134,366 SH   SOLE 90,863 0 43,503
GRAHAM CORP COM 384556106   1,415 76,867 SH   SOLE 0 0 76,867
GREAT LAKES DREDGE & DOCK CO COM 390607109   646 148,385 SH   SOLE 0 0 148,385
GSE SYS INC COM 36227k106   234 105,115 SH   SOLE 0 0 105,115
GUIDANCE SOFTWARE INC COM 401692108   1,787 288,802 SH   SOLE 217,814 0 70,988
I D SYSTEMS INC COM 449489103   4,996 1,038,694 SH   SOLE 753,910 0 284,784
INTERNATIONAL BUSINESS MACHS COM 459200101   552 3,641 SH   SOLE 0 0 3,641
INTRALINKS HLDGS INC COM 46118H104   455 70,000 SH   SOLE 50,000 0 20,000
JOHNSON & JOHNSON COM 478160104   477 3,940 SH   SOLE 0 0 3,940
LILLY ELI & CO COM 532457108   327 4,164 SH   SOLE 0 0 4,164
LIVEPERSON INC COM 538146101   1,909 301,015 SH   SOLE 223,462 0 77,553
M & T BK CORP COM 55261F104   592 5,009 SH   SOLE 0 0 5,009
MERCK & CO INC COM 58933y105   466 8,100 SH   SOLE 0 0 8,100
MICROSOFT CORP COM 594918104   1,436 28,058 SH   SOLE 13,500 0 14,558
NAVIGATOR HOLDINGS LTD SHS Y62132108   5,697 495,461 SH   SOLE 0 0 495,461
NORTH EUROPEAN OIL RTY TR SH BEN INT 659310106   1,188 124,815 SH   SOLE 0 0 124,815
NUMEREX CORP PA CL A 67053A102   1,880 250,965 SH   SOLE 119,086 0 131,879
PROCTER & GAMBLE CO COM 742718109   655 7,739 SH   SOLE 0 0 7,739
PROSHARES TR PSHS ULSHT SP500 74347B300   286 16,065 SH   SOLE 0 0 16,065
PROSHARES TR ULTPRO SHT RUSS 74348A335   355 15,000 SH   SOLE 0 0 15,000
PROSHARES TR ULTRAPRO SHORT S 74348A442   7,402 271,970 SH   SOLE 0 0 271,970
QAD INC CL A 74727D306   273 14,145 SH   SOLE 14,145 0 0
RAND CAP CORP COM 752185108   761 213,400 SH   SOLE 0 0 213,400
RAND LOGISTICS INC COM 752182105   120 116,792 SH   SOLE 0 0 116,792
ROSETTA STONE INC COM 777780107   2,308 297,914 SH   SOLE 205,214 0 92,700
SCIQUEST INC NEW COM 80908T101   1,819 103,003 SH   SOLE 96,272 0 6,731
SERVICESOURCE INTL INC NOTE 1.500% 8/0 81763UAB6   862 1,000,000 PRN   SOLE 1,000,000 0 0
TIVO INC COM 888706108   1,098 115,385 SH   SOLE 65,385 0 50,000
TRANSCAT INC COM 893529107   11,638 1,158,024 SH   SOLE 0 0 1,158,024
UNION PAC CORP COM 907818108   329 3,772 SH   SOLE 0 0 3,772
UNITED STATES LIME & MINERAL COM 911922102   1,332 22,588 SH   SOLE 0 0 22,588
UPLAND SOFTWARE INC COM 91544A109   483 63,438 SH   SOLE 48,438 0 15,000
VONAGE HLDGS CORP COM 92886T201   2,657 435,677 SH   SOLE 326,100 0 109,577
WEBMD HEALTH CORP COM 94770V102   234 4,027 SH   SOLE 0 0 4,027
YUME INC COM 98872B104   1,725 468,683 SH   SOLE 273,523 0 195,160