Jeffrey I did not post URL because it was already posted in post 818 but here it is again together with the relevant pieces. I apologize in getting my qtrs wrong. I was talking Calendar qtrs not fiscal year qtrs so you are right to be somewhat confused.
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
See Attachment III
Attachment III reads as follows:
The Company requires additional time in order to prepare the Company's
financial statements to be included in the Quarterly Report on Form 10-QSB
for the fiscal year ended September 30, 1998 to be filed by the Company.
So it's late because it's late.
There is an interesting narrative in response to the item:
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof?
/X/ Yes / / No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
See Attachment IV
Attachment IV reads:
The Company anticipates that the earnings statement to be filed in the
subject report will reflect a significant change in the results of operations
from the corresponding period for the last fiscal year. The Company's results
of operations for the nine (9) month and three (3) month periods ended
September 30, 1998 will reflect significantly higher total revenues and net
income than the corresponding periods ended September 30, 1997. These
changes in results of operations relate to the Company's entering into a
credit card processing agreement with BestBank on October 30, 1997. On July
23, 1998, the Federal Deposit Insurance Corporation closed and appointed a
receiver for the operations of BestBank. Although the Company continues to
generate revenues from the agreement with BestBank, this event may have a
material adverse effect on the Company's future operations due to the
Company's current dependence on the agreement with BestBank to generate a
significant portion of the Company's revenues.
The full NT-10Q can be found at:
freeedgar.com.
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