UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Medistem Laboratories, Inc.
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(Name of Issuer)
Common Stock, par value $0.0001 per share
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(Title of Class of Securities)
58501F 10 8
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(CUSIP Number)
February 3, 2006
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vision Opportunity Master Fund, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 14,236,466
WITH ---------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
---------------------------------------------------
8 SHARED DISPOSITIVE POWER
14,236,466
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,236,466
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99%
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12 TYPE OF REPORTING PERSON *
CO
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vision Capital Advisors, LLC (formerly known as Vision Opportunity Capital
Management, LLC)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 14,236,466
WITH ---------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
---------------------------------------------------
8 SHARED DISPOSITIVE POWER
14,236,466
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,236,466
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99%
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12 TYPE OF REPORTING PERSON *
IA
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Adam Benowitz
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
US Citizen
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 14,236,466
WITH ---------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
---------------------------------------------------
8 SHARED DISPOSITIVE POWER
14,236,466
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,236,466
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99%
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12 TYPE OF REPORTING PERSON *
IN
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 5 of 9 Pages
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Item 1(a). Name of Issuer:
Medistem Laboratories, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
2027 E. Cedar St., Suite 102
Tempe, Arizona 85281
Item 2(a). Name of Person Filing.
Vision Opportunity Master Fund, Ltd.
Vision Capital Advisors, LLC
Adam Benowitz
Item 2(b). Address of Principal Business Office or, if None, Residence.
Vision Opportunity Master Fund, Ltd.:
c/o Citi Hedge Fund Services (Cayman) Limited
P.O. Box 1748
Cayman Corporate Centre
27 Hospital Road, 5th Floor
Grand Cayman KY1-1109
Cayman Islands
Vision Capital Advisors, LLC
Adam Benowitz:
20 W. 55th Street, 5th Floor
New York, New York 10019
USA
Item 2(c). Citizenship.
Vision Opportunity Master Fund, Ltd. - Cayman Islands
Vision Capital Advisors, LLC - Delaware
Adam Benowitz - US Citizen
Item 2(d). Title of Class of Securities:
Common Stock, par value $0.0001 per share
Item 2(e). CUSIP Number:
58501F 10 8
Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a:
Not Applicable
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 6 of 9 Pages
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Item 4. Ownership.
The following is information regarding the aggregate number and
percentage of the class of securities of the Issuer identified in Item
1 as of September 12, 2007:
(a) Vision Opportunity Master Fund, Ltd. - 14,236,466
Vision Capital Advisors, LLC - 14,236,466
Adam Benowitz - 14,236,466
(b) Percent of class:
Vision Opportunity Master Fund, Ltd. - 9.99%*
Vision Capital Advisors, LLC - 9.99%*
Adam Benowitz - 9.99%*
(c) Number of shares as to which the person has:
Vision Opportunity Master Fund, Ltd.
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(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 14,236,466
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of:
14,236,466
Vision Capital Advisors, LLC
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(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 14,236,466
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of:
14,236,466
Adam Benowitz
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(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 14,236,466
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of:
14,236,466
* Percent of class based on 132,955,693 shares of Common Stock outstanding as of
July 30, 2007 as reported on the Issuer's quarterly report on Form 10-QSB filed
on August 10, 2007.
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 7 of 9 Pages
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Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 8 of 9 Pages
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Item 10. Certification.
Certification pursuant to ss.240.13d-1(c):
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
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CUSIP No. 58501F 10 8 SCHEDULE 13G Page 9 of 9 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: September 12, 2007
VISION OPPORTUNITY MASTER FUND, LTD.**
By: /s/ ADAM BENOWITZ
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Name: Adam Benowitz
Title: Portfolio Manager
VISION CAPITAL ADVISORS, LLC**
By: /s/ ADAM BENOWITZ
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Name: Adam Benowitz
Title: Managing Member
/s/ ADAM BENOWITZ
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ADAM BENOWITZ**
** Vision Capital Advisors, LLC (the "Investment Manager") serves as investment
manager to Vision Opportunity Master Fund, Ltd. (the "Master Fund"), the record
owner of the subject securities. Adam Benowitz is the managing member of the
Investment Manager and the Master Fund's portfolio manager. Each Reporting
Person disclaims beneficial ownership of all securities other than those owned
of record by such Reporting Person.
EXHIBIT INDEX
Exhibit No. Document
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1 Joint Filing Agreement
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock, par value $0.0001 per share, of Medistem
Laboratories, Inc. and further agree that this Joint Filing Agreement be
included as an Exhibit to such joint filing.
Dated: September 12, 2007
VISION OPPORTUNITY MASTER FUND, LTD.
By: /s/ ADAM BENOWITZ
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Name: Adam Benowitz
Title: Portfolio Manager
VISION CAPITAL ADVISORS, LLC
By: /s/ ADAM BENOWITZ
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Name: Adam Benowitz
Title: Managing Member
/s/ ADAM BENOWITZ
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ADAM BENOWITZ