13G Filing: Iroquois Capital Management, LLC and Apricus Biosciences Inc. (APRI)

Page 2 of 7 – SEC Filing

CUSIP No: 03832V307
(1) Names of Reporting Persons
Iroquois Capital Management L.L.C.
(2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) o
(b) o
(3) SEC Use Only
(4) Citizenship or Place of Organization
Delaware
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
(5) Sole Voting Power
0
(6) Shared Voting Power
415,441 shares of Common Stock
214,287  shares of Common Stock issuable upon exercise of Warrants (See Item 4)*
(7) Sole Dispositive Power
0
(8) Shared Dispositive Power
415,441 shares of Common Stock
214,287  shares of Common Stock issuable upon exercise of Warrants (See Item 4)*
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
415,441 shares of Common Stock
214,287  shares of Common Stock issuable upon exercise of Warrants (See Item 4)*
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o
(11) Percent of Class Represented by Amount in Row (9)
3.3%
(12) Type of Reporting Person (See Instructions)
OO

* As more fully described in Item 4, each of the Warrants are
subject to a 4.99% blocker, and the percentage set forth in row (11) gives effect to such blocker. However, as more fully described
in Item 4, the securities reported in rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon
full exercise of such reported warrants and do not give effect to such blocker. Therefore, the actual number of shares of Common
Stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported
in rows (6), (8) and (9).

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