SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* PAXTON GREG (Last) (First) (Middle) 23011 MOULTON PARKWAY A-16 (Street) LAGUNA HILLS CA 92653 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol AQUA DYNE INC [ aqdy ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) Interim Chief Exectuive Office
	3. Date of Earliest Transaction (Month/Day/Year) 06/25/2002
	4. If Amendment, Date of Original Filed (Month/Day/Year) 05/21/2004	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share	06/25/2002(1)		P		1,000,000	A	$2.5(2)	5,750,000(3)	I	See note 3(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This Form 4/A is being filed to correct the transaction date for the above purchase and provide additional information regarding such purchase. The purchase consists of shares issued to Global Power & Water, Inc. pursuant to the Deed of Agreement for Assignment of Intellectual Property, dated June 2000 (the "Deed of Agreement"), between Global Power & Water, Inc. and Aqua Dyne, Inc. In accordance with the Deed of Agreement, the issuance of these shares was approved by Aqua Dyne's board of directors in 2000 subject to satisfaction of a condition that Aqua Dyne receive a fully working prototype of the JetWater System that is ready for large scale production and deployment in commercial applications. That condition was satisfied on June 25, 2002.

2. On June 25, 2002, the market price per share on the NASD OTC Bulletin Board on that date was $2.50. Aqua Dyne delivered a certificate representing the shares on March 26, 2004, the date incorrectly reported in the Form 4 filed on May 21, 2004 as the transaction date for the purchase.

3. Number of shares beneficially owned effective June 25, 2002.

4. Represents stock held by Global Power & Water, Inc. Greg Paxton is the beneficial owner of this stock due to his ownership of all the capital stock of Global Power & Water, Inc. and his position as a director and president of that company.

	Greg Paxton	06/30/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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