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
AUTOBYTEL INC COM NEW 05275N205 158 11,770 SH   SOLE 919 0 10,851
BAZAARVOICE INC COM 073271108 2,157 444,931 SH   SOLE 344,731 0 100,200
BOINGO WIRELESS INC COM 09739C102 685 56,197 SH   SOLE 32,059 0 24,138
CELGENE CORP COM 151020104 1,944 16,800 SH   SOLE 0 0 16,800
CHEVRON CORP NEW COM 166764100 217 1,850 SH   SOLE 0 0 1,850
COMPUTER TASK GROUP INC COM 205477102 741 176,200 SH   SOLE 0 0 176,200
ECO STIM ENERGY SOLUTIONS IN COM 27888D101 588 612,694 SH   SOLE 0 0 612,694
GLOBAL EAGLE ENTMT INC COM 37951D102 1,265 195,902 SH   SOLE 140,995 0 54,907
GOGO INC COM 38046C109 138 15,000 SH   SOLE 0 0 15,000
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,933 460,385 SH   SOLE 0 0 460,385
GSE SYS INC COM 36227k106 288 82,346 SH   SOLE 0 0 82,346
GUIDANCE SOFTWARE INC COM 401692108 2,304 325,549 SH   SOLE 209,592 0 115,957
GULFMARK OFFSHORE INC CL A NEW 402629208 69 39,500 SH   SOLE 0 0 39,500
I D SYSTEMS INC COM 449489103 9,660 1,782,292 SH   SOLE 1,466,508 0 315,784
INTERNATIONAL BUSINESS MACHS COM 459200101 604 3,641 SH   SOLE 0 0 3,641
INTRICON CORP COM 46121H109 388 56,350 SH   SOLE 0 0 56,350
JOHNSON & JOHNSON COM 478160104 361 3,140 SH   SOLE 0 0 3,140
LILLY ELI & CO COM 532457108 295 4,014 SH   SOLE 0 0 4,014
LIVEPERSON INC COM 538146101 1,338 177,222 SH   SOLE 123,462 0 53,760
M & T BK CORP COM 55261F104 783 5,009 SH   SOLE 0 0 5,009
MAGICJACK VOCALTEC LTD SHS M6787E101 676 98,805 SH   SOLE 89,545 0 9,260
MERCK & CO INC COM 58933y105 306 5,200 SH   SOLE 0 0 5,200
MICROSOFT CORP COM 594918104 283 4,558 SH   SOLE 0 0 4,558
NAVIGATOR HOLDINGS LTD SHS Y62132108 7,023 755,234 SH   SOLE 0 0 755,234
NORTH EUROPEAN OIL RTY TR SH BEN INT 659310106 523 79,299 SH   SOLE 0 0 79,299
NUMEREX CORP PA CL A 67053A102 1,670 225,784 SH   SOLE 116,265 0 109,519
PROCTER AND GAMBLE CO COM 742718109 650 7,739 SH   SOLE 0 0 7,739
PROSHARES TR PSHS ULSHT SP500 74347B300 242 16,065 SH   SOLE 0 0 16,065
PROSHARES TR ULTPRO SHT RUSS 74348A335 524 40,000 SH   SOLE 0 0 40,000
PROSHARES TR ULTRAPRO SHORT S 74348A442 1,914 93,800 SH   SOLE 0 0 93,800
QAD INC CL A 74727D306 430 14,145 SH   SOLE 14,145 0 0
RAND CAP CORP COM 752185108 925 292,746 SH   SOLE 0 0 292,746
RAND LOGISTICS INC COM 752182105 143 173,365 SH   SOLE 0 0 173,365
ROSETTA STONE INC COM 777780107 1,931 216,779 SH   SOLE 134,579 0 82,200
SILVER SPRING NETWORKS INC COM 82817Q103 1,588 119,331 SH   SOLE 83,130 0 36,201
TRANSCAT INC COM 893529107 10,723 992,957 SH   SOLE 0 0 992,957
UNION PAC CORP COM 907818108 391 3,772 SH   SOLE 0 0 3,772
UNITED STATES LIME & MINERAL COM 911922102 1,513 19,984 SH   SOLE 0 0 19,984
UPLAND SOFTWARE INC COM 91544A109 126 14,146 SH   SOLE 0 0 14,146
VONAGE HLDGS CORP COM 92886T201 2,713 396,100 SH   SOLE 286,100 0 110,000
YUME INC COM 98872B104 945 264,071 SH   SOLE 189,034 0 75,037