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OMB
APPROVAL
OMB
Number: 3235-0287
Expires:
February 28, 2011
Estimated
average burden
hours
per response………11
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Lateral
Media, Inc.
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(Name
of Issuer)
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Common
Stock, par value $0.001 per share
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(Title
of Class of Securities)
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518189105
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(CUSIP
Number)
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David
E. Smith
c/o
Coast Asset Management, LLC
2450
Colorado Ave., Suite 100 E. Tower
Santa
Monica, CA 90404
310-576-3502
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(Name,
Address and Telephone Number of Person Authorized to Receive
Notices
and Communications)
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February
1, 2010
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(Date
of Event Which Requires Filing of this
Statement)
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If
the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of ss.240.13D-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box [_].
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Note: Schedules
filed in paper format shall include a signed original and five copies of
the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
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* 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 disclosures provided in a prior cover
page.
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The
information required on 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.
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518189105
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1.
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NAME
OF REPORTING PERSONS
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I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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David
E. Smith
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2.
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CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a)
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[_]
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(b)
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[_]
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3.
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SEC
USE ONLY
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4.
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SOURCE
OF FUNDS*
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PF,
AF
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5.
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CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d)
OR 2(e)
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[_]
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6.
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CITIZENSHIP
OR PLACE OF ORGANIZATION
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United
States of America
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NUMBER
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH
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7.
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SOLE
VOTING POWER
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2,202,137
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8.
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SHARED
VOTING POWER
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113,960
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9.
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SOLE
DISPOSITIVE POWER
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2,202,137
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10.
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SHARED
DISPOSITIVE POWER
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[_]
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113,960
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11.
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AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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2,316,097
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12.
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CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
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CERTAIN
SHARES*
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13.
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PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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24.4%
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14.
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TYPE
OF REPORTING PERSON*
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IN,
HC
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CUSIP
No.
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518189105
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Item
1.
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Security
and Issuer.
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This
Schedule 13D relates to the Common Stock, $0.001 par value per share (the
"Common Stock"), of Lateral Media, Inc., a Delaware corporation (the
"Issuer"). The address of the principal executive offices of
the Issuer is 2121 Avenue of the Stars, Suite 2550, Los Angeles,
CA 90067.
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Item
2.
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Identity
and Background.
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(a-c,
f)
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This
Schedule 13D is being filed by David E. Smith.
David
E. Smith is the managing member of Coast Investment Management, LLC, a
Delaware limited liability company. Mr. Smith is also the
President and a member of the Board of Managers of Coast Asset Management,
LLC, a Delaware limited liability company ("Coast Asset Management"),
which is the managing member of Coast Sigma Fund, LLC, a Delaware limited
liability company ("Coast Sigma").
David
E. Smith is a United States citizen. The principal business
address for David E. Smith is c/o Coast Asset Management, LLC, 2450
Colorado Ave., Suite 100 E. Tower, Santa Monica, CA 90404.
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(d)
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David
E. Smith has not, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar
misdemeanors).
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(e)
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David
E. Smith has not, during the last five years, been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, Federal or state securities laws or finding any
violation with respect to such laws.
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Item
3.
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Source
and Amount of Funds or Other Consideration.
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On
February 1, 2010, Mr. Smith received, as part of a pro rata, in-kind
distribution from a hedge fund investment, 2,202,137 shares of Common
Stock. On that same day, Coast Sigma received, as part of the
same pro rata, in kind distribution from such hedge fund, 113,960 shares
of Common Stock. In addition to beneficially owning the
2,202,137 shares of Common Stock that he received directly, Mr. Smith is
deemed to beneficially own the 113,960 shares of Common Stock received by
Coast Sigma due to his position as President and a member of the Board of
Managers of Coast Asset Management, the managing member of Coast
Sigma.
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Item
4.
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Purpose
of Transaction.
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The
recent acquisition of shares of Common Stock by Mr. Smith has been a
result of the following:
On
February 1, 2010, as part of a pro rata, in-kind distribution from a hedge
fund investment, Mr. Smith received 2,202,137 shares of Common
Stock.
On
that same day, as part of the same pro rata, in kind distribution from
such hedge fund, Coast Sigma received 113,960 shares of Common
Stock.
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Mr.
Smith intends to continuously assess the Issuer's business, financial
conditions, results of operations and prospects, general economic
conditions, the securities markets in general and those for the Issuer's
securities. Depending on such assessments, Mr. Smith may, from
time to time, acquire shares of Common Stock or may determine to sell or
otherwise dispose of all or some of his and Coast Sigma's holdings of
shares of Common Stock.
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Item
5.
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Interest
in Securities of the Issuer.
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(a,b)
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As
of the date hereof, Mr. Smith may be deemed to be the beneficial owner of
2,316,097 shares of Common Stock, constituting 24.4% of
the Common Stock of the Issuer, based upon 9,493,836 shares of Common
Stock outstanding as of February 12, 2010, according to the Issuer's Form
10-Q filed with the Securities and Exchange Commission on February 17,
2010.
Mr.
Smith has the sole power to vote or direct the vote of 2,202,137 shares of
Common Stock; has the shared power to vote or direct the vote of 113,960
shares of Common Stock; has sole power to dispose or direct the
disposition of 2,202,137 shares of Common Stock; and has shared power to
dispose or direct the disposition of 113,960 shares of Common
Stock.
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(c)
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On
February 1, 2010, as part of a pro rata, in-kind distribution from a hedge
fund investment, Mr. Smith received 2,202,137 shares of Common
Stock.
On
that same day, as part of the same pro rata, in kind distribution from
such hedge fund, Coast Sigma received 113,960 shares of Common
Stock.
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(d)
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Not
applicable.
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(e)
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Not
applicable.
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Item
6.
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Contracts,
Arrangements, Understandings or Relationships with Respect
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to
Securities of the Issuer.
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None.
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Item
7.
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Material
to be Filed as Exhibits.
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None.
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March
31, 2010
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(Date)
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/s/ David
E. Smith
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(Signature)
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