SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G


             Information Statement Pursuant to Rules 13d-1 and 13d-2
                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*


                       Precision Optics Corporation, Inc.
                                (Name of Issuer)


                          Common Stock, $0.01 par value
                         (Title of Class of Securities)

                                    940294202
                                 (CUSIP Number)


                                December 31, 2004
             (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)
[X]    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
disclosures provided in a prior cover page.

The information required on 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).



                                                                               2

CUSIP No. 740294202

--------------------------------------------------------------------------------
1.       Name of Reporting Person:

         Jeffrey Thorp IRA Rollover, Bear Stearns Securities Corp. as Custodian
--------------------------------------------------------------------------------
2.       Check the Appropriate Box if a Member of a Group:
                                                                (a)     [_]
                                                                (b)     [X]
--------------------------------------------------------------------------------
3.       SEC Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization:

         New York
--------------------------------------------------------------------------------
                           5.   Sole Voting Power: -0-
Number of
Shares
Beneficially               6.   Shared Voting Power: -0-
Owned By
Each
Reporting                  7.   Sole Dispositive Power:  -0-
Person
With
                           8.   Shared Dispositive Power: -0-
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person:

         -0-
--------------------------------------------------------------------------------
10.      Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9):

         0%
--------------------------------------------------------------------------------
12.      Type of Reporting Person:

         OO
--------------------------------------------------------------------------------




                                                                               3

CUSIP No. 740294202

--------------------------------------------------------------------------------
1.       Name of Reporting Person:

         Jeffrey Thorp
--------------------------------------------------------------------------------
2.       Check the Appropriate Box if a Member of a Group:
                                                                (a)     [_]
                                                                (b)     [X]
--------------------------------------------------------------------------------
3.       SEC Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization:

         United States
--------------------------------------------------------------------------------
                           5.   Sole Voting Power: -0-
Number of
Shares
Beneficially               6.   Shared Voting Power: -0-
Owned By
Each
Reporting                  7.   Sole Dispositive Power:  -0-
Person
With
                           8.   Shared Dispositive Power: -0-
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person:

         -0-
--------------------------------------------------------------------------------
10.      Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares:

                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9):

         0%
--------------------------------------------------------------------------------
12.      Type of Reporting Person:

         IN
--------------------------------------------------------------------------------




                                                                               4


This Amendment No. 1 to Schedule 13G is filed by the undersigned to amend and
restate in its entirety the Schedule 13G, dated July 26, 2004, with respect to
the shares of Common Stock, par value $0.01 per share, of Precision Optics
Corporation, Inc.


Item 1(a).        Name of Issuer:

                  Precision Optics Corporation, Inc. (the "Company").

Item 1(b).        Address of Issuer's Principal Executive Offices:

                  22 East Broadway
                  Gardner, Massachusetts 01440-3338

Item 2(a).        Name of Persons Filing:

                  (i) Jeffrey Thorp IRA Rollover, Bear Stearns Securities Corp.
                  as Custodian ("Jeffrey Thorp IRA Rollover"), and (ii) Jeffrey
                  Thorp ("Thorp", together with Jeffrey Thorp IRA Rollover, the
                  "Reporting Persons").

Item 2(b).        Address of Principal Business Office:

                  For each Reporting Person:

                  535 Madison Avenue
                  7th Floor
                  New York, NY 10022.

Item 2(c).        Citizenship:

                  See row 4 of each Reporting Person's cover page.

Item 2(d).        Title of Class of Securities:

                  Common Stock, $0.01 par value per share, of the Company

Item 2(e).        CUSIP Number:

                  940294202

Item 3.           Not Applicable.

Item 4.           Ownership.

                  For each Reporting Person:

                  (a)      Amount beneficially owned: -0-

                  (b)      Percent of class: 0%

                  (c)      Number of shares to which each Reporting Person has:




                                                                               5


                           (i)   Sole power to vote or direct the vote: -0-

                           (ii)  Shared power to vote or direct the vote: -0-

                           (iii) Sole power to dispose or to direct the
                                 disposition of: -0-

                           (iv)  Shared power to dispose of or direct the
                                 disposition of: -0-

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 [X].

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 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 a Group.

                  Not Applicable.

Item 10.          Certification.

                  By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above 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.






                                                                               6


                                    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.

Dated:   February 8, 2005

                                        JEFFREY THORP IRA ROLLOVER, BEAR
                                        STEARNS SECURITIES CORP. AS CUSTODIAN



                                            By:  /s/ Jeffrey Thorp
                                                 ----------------------------
                                                 Jeffrey Thorp



                                        /s/ Jeffrey Thorp
                                        -------------------------------------
                                        Jeffrey Thorp