13D Filing: Etude Capital and Renn Global Entrepreneurs Fund, Inc. (RCG)

(a)

As a managing member of Davenforth LLC, Mr. Roofner may be deemed the beneficial owner of the 100,000 Shares owned by each Davenforth LLC and DFI LP.

Percentage: Approximately 2.2%

(b)

1.   Sole power to vote or direct vote:

2.

Shared power to vote or direct vote: 100,000

3.

Sole power to dispose or direct the disposition:

4.

Shared power to dispose or direct the disposition: 100,000

(c)

Transactions available on Schedule I

H.	Logan Brown.

(a)

As a managing memeber of Davenforth LLC, Mr. Brown may be deemed the beneficial owner of the 100,000 Shares owned by each Davenforth LLC and DFI LP.

Percentage: Approximately 2.2%

(b)

1.  Sole power to vote or direct vote:

2.

Shared power to vote or direct vote: 100,000

3.

Sole power to dispose or direct the disposition:

4.

Shared power to dispose or direct the disposition: 100,000

(c)

Transactions available on Schedule I

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Pursuant to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13D as Exhibit 1, with respect to the joint filing of this Schedule 13D and any amendment or amendments thereto.

The Funds may, from time to time, enter into and dispose of cash-settled equity swap, stock-settled equity swap, option or other derivative transactions with one or more counterparties that are based upon the value of shares of Common Stock, which transactions may be significant in amount. The profit, loss and/or return on such contracts may be wholly or partially dependent on the market value of the shares of Common Stock.

Other than as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and any other person with respect to the securities of the Issuer.

Item 7.

Material to be Filed as Exhibits