SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
Notification of Late Filing
Commission File Number: 000-30326
(Check one)
|X| Form 10-K | | Form 11-K | | Form 20-F | | Form 10-Q | | Form N-SAR
For Period Ended: January 31, 2000
| | Transition Report on Form 10-K
| | Transition Report on Form 20-F
| | Transition Report on Form 11-K
| | Transition Report on Form 10-Q
| | Transition Report on Form N-SAR
For the transition period ended ____________
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which notification relates: ____________________________
PART I
REGISTRANT INFORMATION
Full name of registrant: Vsource, Inc.
Former name if applicable: Interactive Buyers Network International, Ltd.
Address of principal executive office: 5740 Ralston Street, Suite 110
City, State and Zip Code: Ventura, California 93003
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PART II
RULE 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
(a) The reasons described in detail in Part III of this form could
not be eliminated without unreasonable effort or expense;
|X| (b) The subject annual report, semi-annual report, transition report
of Forms 10-K, 10-KSB, 20-F, 11-K or Form N-SAR, or portion
thereof will be filed on or before the 15th calendar day
following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q, 10-QSB, or portion
thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 10-KSB, 11-K,
20-F, 10-Q, 10-QSB, N-SAR or the transition report portion thereof could not be
filed within the prescribed time period. (Attach extra sheets if needed.)
The registrant has recently acquired a new chief financial officer, new
independent auditors, and new securities counsel. These changes in personnel
have resulted in unforeseen and unavoidable delays in the preparation and filing
of registrant's annual report on Form 10-KSB for the fiscal year ended January
31, 2000, but not beyond the fifteen day period of relief set forth in Rule
12b-25.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Sandford T. Waddell (805) 677-6720
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(Name) (Area Code) (telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).
|X| YES | | No
(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.
The Company estimates the following changes in results of operations compared
to the fiscal year ended January 31, 1999:
Vsource and subsidiaries
Fiscal year ended January 31
2000 1999
---- ----
Revenue $ 3,500 60,527
Net income (loss) $ (5,523,294) (1,760,630)
Net income (loss) per common share $ (0.40) (0.17)
Company ceased its sales of software version of its Virtual Source Network (VSN)
product in early fiscal 1999. Revenues recorded in fiscal 2000 were final
deferred revenues from earlier product licenses. No revenues for new Internet
version of VSN were recorded in fiscal 2000.
Increase in net loss reflects increased Research and Development expense,
Increased General and Adminstrative expense, and write-off of remaining
Goodwill associated with the June 1998 purchase of Wpg.net, Inc.
Increase in net loss per share reflects an increase in average number of common
shares outstanding from 10,529,147 to 13,931,634.
Vsource, Inc.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: April 28, 2000 By: /s/ Sandford Waddell
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Sandford T. Waddell, Chief Financial Officer
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