SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- SCHEDULE 13G (RULE 13D-102) UNDER THE SECURITIES EXCHANGE ACT OF 1934 INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES 13D-1(B), (C) AND (D) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(B) (AMENDMENT NO. ____)* CASTLE BRANDS INC. ------------------------------------------------------------------------------- (Name of Issuer) Common Stock ------------------------------------------------------------------------------- (Title of Class of Securities) 148435100 ------------------------------------------------------------------------------- (CUSIP Number) 12/31/2007 ------------------------------------------------------------------------------- (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) *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 the disclosures provided in a prior cover page. The information required in 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). Page 1 of 5 Pages
---------------- --------------------- CUSIP No. SCHEDULE 13G PAGE 2 OF 7 PAGES ---------------- --------------------- ---------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) PHILLIP FROST ---------------------------------------------------------------------------------------------------------------------- 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 648,526* NUMBER OF --------------------------------------------------------------------------------- SHARES 6 SHARED VOTING POWER 237,400** BENEFICIALLY --------------------------------------------------------------------------------- OWNED BY 648,526* EACH 7 SOLE DISPOSITIVE POWER --------------------------------------------------------------------------------- REPORTING 8 SHARED DISPOSITIVE POWER 237,400** PERSON WITH ---------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 885,926*** ---------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ---------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.59% ---------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* INDIVIDUAL ---------------------------------------------------------------------------------------------------------------------- * Includes vested warrants and options to purchase 48,750 shares of common stock. ** Includes vested warrants to purchase 162,000 shares of common stock *** Includes vested warrants and options to purchase 210,750 shares of common stock. *SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------- --------------------- CUSIP No. SCHEDULE 13G PAGE 3 OF 7 PAGES ---------------- --------------------- ---------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) FROST GAMMA INVESTMENTS TRUST ---------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [_] ---------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY ---------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION FLORIDA ---------------------------------------------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF --------------------------------------------------------------------------------- SHARES 6 SHARED VOTING POWER 75,400 BENEFICIALLY --------------------------------------------------------------------------------- OWNED BY EACH 7 SOLE DISPOSITIVE POWER --------------------------------------------------------------------------------- REPORTING 8 SHARED DISPOSITIVE POWER 75,400 PERSON WITH ---------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 75,400 ---------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ---------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.48% ---------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* OO ---------------------------------------------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------- --------------------- CUSIP No. SCHEDULE 13G PAGE 4 OF 7 PAGES ---------------- --------------------- ---------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) FROST NEVADA INVESTMENTS TRUST ---------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [_] ---------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY ---------------------------------------------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION FLORIDA ---------------------------------------------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF --------------------------------------------------------------------------------- SHARES 6 SHARED VOTING POWER 162,000** BENEFICIALLY --------------------------------------------------------------------------------- OWNED BY EACH 7 SOLE DISPOSITIVE POWER --------------------------------------------------------------------------------- REPORTING 8 SHARED DISPOSITIVE POWER 162,000** PERSON WITH ---------------------------------------------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 162,000** ---------------------------------------------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ---------------------------------------------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.02% ---------------------------------------------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* OO ---------------------------------------------------------------------------------------------------------------------- ** Includes vested warrants to purchase 162,000 shares of common stock *SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------- --------------------- CUSIP No. SCHEDULE 13G PAGE 5 OF 7 PAGES ---------------- --------------------- ITEM 1(A). NAME OF ISSUER. Castle Brands Inc. ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES. 570 Lexington Avenue 29th Floor New York, NY 10022 ITEM 2(A). NAME OF PERSON FILING. Phillip Frost ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE. 4400 Biscayne Blvd. Miami, Florida 33137 ITEM 2(C). CITIZENSHIP. UNITED STATES ITEM 2(D). TITLE OF CLASS OF SECURITIES. Common Stock ITEM 2(E). CUSIP NUMBER. 148435100 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B) OR (C), IDENTIFY THE STATUS OF THE PERSON FILING. ITEM 4. OWNERSHIP. (A) AMOUNT BENEFICIALLY OWNED: 885,926 (B) PERCENT OF CLASS: 5.59% (C) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS: (I) SOLE POWER TO VOTE OR DIRECT THE VOTE: 648,526 (II) SHARED POWER TO VOTE OR DIRECT THE VOTE: 237,400 (III) SOLE POWER TO DISPOSE OR DIRECT THE DISPOSITION OF: 648,526
---------------- --------------------- CUSIP No. SCHEDULE 13G PAGE 6 OF 7 PAGES ---------------- --------------------- (IV) SHARED POWER TO DISPOSE OR DIRECT THE DISPOSITION OF: 237,400 ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. If this Statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. [_] 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 OR CONTROL PERSON. 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.
---------------- --------------------- CUSIP No. SCHEDULE 13G PAGE 7 OF 7 PAGES ---------------- --------------------- SIGNATURES 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. February 14, 2008 /s/ Philip Frost, MD ----------------------------------------