SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File No: 0-20835
(Check One):
[ ] Form 10-K
[ ] Form 20-F
[ ] Form 11-K
[X] Form 10-Q
[ ] Form N-SAR
For Period Ended: April 30, 1997
[ ] 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:
Read Attached Instruction Sheet Before Preparing Form.
Please Print or Type.
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 the notification relates:
Part I - Registrant Information
Full Name of Registrant: The Leap Group, Inc.
Former Name if Applicable
Address of Principal Executive Office (Street and Number)
22 West Hubbard Street, Chicago, Illinois 60610
Part II - Rules 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.)
[X] (a) The reasons described in reasonable 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 on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion
thereof will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly report
or transition report on Form 10-Q, 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 Form 10-K, 20-F,
11-K, 10-Q, N-SAR, or the transition report or portion thereof
could not be filed within the prescribed period.
See Part III Narrative attached hereto.
(Attach Extra Sheets if Needed)
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to this
notification
(Name) (Area Code) (Telephone Number)
Peter Vezmar (312) 494-0300
Chief Financial Officer
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities and 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.
Potential changes in the Registrant's results of operations are
described in the Part III Narrative attached hereto.
(Name of Registrant as specified in charter)
The Leap Group, Inc.
has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: June 17, 1997
By: /s/ PETER VEZMAR
--------------------
Peter Vezmar
Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative.
The name and title of the person signing the form shall be typed
or printed beneath the signature. If the statement is signed on
behalf of the registrant by an authorized representative (other
than an executive officer), evidence of the representative's authority
to sign on behalf of the registrant shall be filed with the form.
THE LEAP GROUP, INC.
Form 12b-25 With Respect to Quarterly Report
on Form 10-Q for Quarter Ended April 30, 1997
PART III - NARRATIVE
Due to the fact that the Company completed a significant
acquisition during the relevant period, the Company was unable
to complete the necessary financial statements and timely file
its report on Form 10-Q. However, the Form 10-Q was filed on
the day immediately following the prescribed due date.
As disclosed in the Company's press release dated June 2, 1997,
the Company reported revenues of $4.47 million for the quarter
ended April 30, 1997 as compared to revenues of $2.04 million
for the quarter ended April 30, 1996. The Company reported a net
loss of $1.15 million or ($0.08) per share for the first quarter
of fiscal 1998 compared to a net loss of $185,000, or ($0.02) per
share, for the comparable quarter in fiscal 1997. The net loss
for the current quarter reflected costs and expenses relating to the
start-up of Quantum Leap Communications, Inc., the opening of a Los
Angeles office and the acquisition of YAR Communications, Inc.
