UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934
                              (Amendments No. __)*



                                LOGICVISION INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                    COMMON STOCK, PAR VALUE $.0001 PER SHARE
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                           (Title of Class Securities)


                                   54140W 10 7
                      ------------------------------------
                                 (CUSIP Number)



                                December 31, 2005
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     X   Rule 13d-1(b)

         Rule 13d-1(c)

         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
disclosure 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).











Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.





CUSIP No.  54140W 10 7

   1. Name of Reporting Persons.
      I.R.S. Identification Nos. of above persons (entities only).

      MicroCapital LLC
      13-4103993
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   2. Check the Appropriate Box if a Member of a Group (See Instructions)

      (a)  [   ]................................................................
                ----------------------------------------------------------------

      (b)  .....................................................................
           ---------------------------------------------------------------------
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   3. SEC Use Only..............................................................
                  --------------------------------------------------------------
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   4. Citizenship or Place of Organization     Delaware.........................
                                            ------------------------------------
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Number of Shares       5.  Sole Voting Power        ............................
Beneficially Owned by  6.  Shared Voting Power        1,200,559.................
Each Reporting Person  7.  Sole Dispositive Power        .......................
With:                  8.  Shared Dispositive Power        1,200,559...........


   9. Aggregate Amount Beneficially Owned by Each Reporting Person   1,200,559..
                                                                  --------------

   10. Check if the Aggregate  Amount in Row (9) Excludes  Certain Shares (See
   Instructions) -----


   11...............Percent of Class Represented by Amount in Row (9)     6.37%
                                                                       ---------
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   12...............Type of Reporting Person (See Instructions)
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   IA...........................................................................
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CUSIP No.  54140W 10 7

   1. Name of Reporting Persons.
      I.R.S. Identification Nos. of above persons (entities only).

      Ian P. Ellis
--------------------------------------------------------------------------------

   2. Check the Appropriate Box if a Member of a Group (See Instructions)

      (a)  [   ]................................................................
                ----------------------------------------------------------------

      (b)  .....................................................................
           ---------------------------------------------------------------------
--------------------------------------------------------------------------------

   3. SEC Use Only..............................................................
                  --------------------------------------------------------------
--------------------------------------------------------------------------------

   4. Citizenship or Place of Organization     U.K..............................
                                            ------------------------------------
--------------------------------------------------------------------------------

Number of Shares      5.  Sole Voting Power        .............................
Beneficially Owned    6.  Shared Voting Power        1,200,559..................
by Each Reporting     7.  Sole Dispositive Power        ........................
Person With:          8.  Shared Dispositive Power        1,200,559............


   9. Aggregate Amount Beneficially Owned by Each Reporting Person   1,200,559..
                                                                   -------------

   10. Check if the Aggregate  Amount in Row (9) Excludes  Certain Shares (See
   Instructions) -----


   11................Percent of Class Represented by Amount in Row (9)    6.37%
                                                                        --------
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   12................Type of Reporting Person (See Instructions)
--------------------------------------------------------------------------------

  IN, HC........................................................................
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Item 1.

     (a) Name of Issuer

         LogicVision, Inc.

     (b) Address of Issuer's Principal Executive Offices

         25 Metro Drive, 3rd Floor
         San Jose, California

Item 2.

     (a) Name of Person Filing

         This statement is being filed by (i) MicroCapital LLC, a Delaware
         limited liability company and a registered investment adviser ("IA")
         and (ii) Ian P. Ellis ("Managing Member")(collectively, the "Reporting
         Persons"). Managing Member controls IA by virtue of Managing Member's
         position as managing member and majority owner of IA.

     (b) Address of Principal Business office or, if None, Residence

         IA's principal place of business is located at:
         623 Fifth Avenue, Suite 2502, New York, New York 10022

         Managing Member's principal place of business is located at:
         623 Fifth Avenue, Suite 2502, New York, New York 10022

     (c) Citizenship

         Item 4 of each cover page is incorporated by reference.

     (d) Title of Class Securities

         Common Stock, par value $.0001 per share

     (e) CUSIP Number

         54140W 10 7

Item     3. If this statement is filed pursuant to sections 240.13d-1(b), or
         240.13d-2(b) or (c), check whether the person filing is a:

          (a)  Broker  or  dealer  registered  under  section  15 of the Act (15
               U.S.C. 78o).

          (b)  Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

          (c)  Insurance  company as defined in section  3(a)(19) of the Act (15
               U.S.C. 78c).

          (d)  Investment  company  registered under section 8 of the Investment
               Company Act (15 U.S.C. 80a-8).

      X   (e)  An    investment    adviser   in    accordance    with    section
               240.13d-1(b)(1)(ii)(E).

          (f)  An employee  benefit plan or endowment  fund in  accordance  with
               section 240.13d-1(b)(ii)(F).

          (g)  A parent  holding  company or control  person in accordance  with
               section 240.13d-1(b)(1)(ii)(G).

          (h)  A savings  association  as defined in Section 3(b) of the Federal
               Deposit Insurance Act (12 U.S.C. 1813).

          (i)  A  church  plan  that  is  excluded  from  the  definition  of an
               investment  company  under  section  3(c)(14)  of the  Investment
               Company Act of 1940 (15 U.S.C. 80a-3).

          (j)  Group in accordance with section 240.13d-1(b)(ii)(J).


Item 4.  Ownership

         Common Stock:

         (a) Amount Beneficially Owned: 1,200,559

         (b) Percent of Class: 6.37%

         (c) Number of shares as to which the joint filers have:

              (i)   sole power to vote or to direct the vote:

              (ii)  shared power to vote or to direct the vote: 1,200,559

              (iii) sole power to dispose or to direct the disposition of:

              (iv)  shared power to dispose of or to direct the disposition of:
                    1,200,559



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 securities, check the following .



Item 6.  Ownership of More than Five Percent on Behalf of Another Person.

         IA, a registered investment adviser, and Managing Member, the majority
         owner and managing member of IA, have the right or the power to direct
         the receipt of dividends from Common Stock, and to direct the receipt
         of proceeds from the sale of Common Stock to IA's investment advisory
         clients.

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:

         (a)  The following certification shall be included if the statement is
              filed pursuant to section 240.13d-1(b):

              By signing below I certify that, to the best of my knowledge and
              belief, the securities referred to above were acquired and are
              held I the ordinary course of business and were not acquired and
              are not held for the purpose of or with the effect of changing or
              influencing the control of the issuer of the securities and were
              not acquired and are not held in connection with or as a
              participant in any transaction having that purpose or effect.


                                    SIGNATURE

Date:  February 14, 2006
                              MICROCAPITAL LLC

                              /s/  Ian P. Ellis
                              ------------------------------------------------
                              Ian P. Ellis, Managing Member


                              IAN P. ELLIS

                              /s/  Ian P. Ellis
                              ------------------------------------------------
                              Ian P. Ellis









                                    EXHIBIT A


            Identification and Classification of Members of the Group


Pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1) under the Securities and
Exchange Act of 1934, the members of the group making this joint filing are
identified and classified as follows:

                Name                             Classification














                                    EXHIBIT B


                  Joint Filing Agreement Pursuant to Rule 13d-1


This agreement is made pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1)
under the Securities and Exchange Act of 1934 (the "Act") by and among the
parties listed below, each referred to herein as a "Joint Filer." The Joint
Filers agree that a statement of beneficial ownership as required by Sections
13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their
behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint
filing may thereafter be amended by further joint filings. The Joint Filers
state that they each satisfy the requirements for making a joint filing under
Rule 13d-1.


                                    SIGNATURE

Date:  February 14, 2006
                              MICROCAPITAL LLC

                              /s/  Ian P. Ellis
                              ------------------------------------------------
                              Ian P. Ellis, Managing Member


                              IAN P. ELLIS

                              /s/  Ian P. Ellis
                              ------------------------------------------------
                              Ian P. Ellis