UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- SCHEDULE 13G Under the Securities Exchange Act of 1934 Network-1 Security Solutions, Inc. ---------------------------------- (Name of Issuer) Common Stock, $.01 par value ----------------------------------------- (Title of Class of Securities) 64121N 10 9 --------------------- (CUSIP Number) November 12, 1998 ------------------------------------------------------- (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) |_| Rule 13d-1(c) |X| Rule 13d-1(d) ---------- Page 1 of 5 SCHEDULE 13G CUSIP No. 64121N 10 9 - -------------------------------------------------------------------------------- Page 2 of 5 Pages - -------------------------------------------------------------------------------- 1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) William Hancock - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 5) SOLE VOTING POWER NUMBER 243,557 OF -------------------------------------------------------- SHARES 6) SHARED VOTING POWER BENEFICIALLY Not applicable OWNED BY -------------------------------------------------------- EACH 7) SOLE DISPOSITIVE POWER REPORTING 243,557 PERSON -------------------------------------------------------- WITH: 8) SHARED DISPOSITIVE POWER Not applicable - -------------------------------------------------------------------------------- 9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 243,557 - -------------------------------------------------------------------------------- 10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.6% - -------------------------------------------------------------------------------- 12) TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- Page 2 of 5 Schedule 13G Item 1(a). Name of Issuer: Network-1 Security Solutions, Inc. Item 1(b). Address of Issuer's Principal Executive Offices: Reservoir Place, 1601 Trapelo Road, Waltham, Massachusetts Item 2(a). Name of Person Filing: William Hancock Item 2(b). Address of Principal Business Office or, if None, Residence: c/o Network-1 Security Solutions, Inc. DFW Research Center 878 Greenview Drive Grand Prairie, Texas 75050 Item 2(c). Citizenship: USA Item 2(d). Title of Class of Securities: Common Stock, par value $.01 per share Item 2(e). CUSIP Number: 64121N 10 9 Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: (a) |_| Broker or dealer registered under Section 15 of the Exchange Act. (b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act. (c) |_| Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) |_| Investment company registered under Section 8 of the Investment Company Act. (e) |_| Investment adviser in accordance with Rule 13d-1(b)(1) (ii)(E). (f) |_| Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F). (g) |_| Parent holding company or control person in accordance with Rule 13d-1(b)(ii)(G). (h) |_| Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act. Page 3 of 5 (i) |_| Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act. (j) |_| Group, in accordance with Rule 13d-1(b)(ii)(J). Item 4. Ownership. (a) Amount beneficially owned: 243,557 (b) Percent of class: 5.6% (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: 243,557 (ii) Shared power to vote or to direct the vote: -0- (iii) Sole power to dispose or to direct the disposition of: 243,557 (iv) Shared power to dispose or to direct the disposition of: -0- 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 Item 10. Certification. Not applicable Page 4 of 5 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. Date: February 12, 1999 /s/ William Hancock ----------------------- William Hancock Page 5 of 5