SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
Commission File Number 0-21475
NOTIFICATION OF LATE FILING
(Check One): [_] Form 10-K [_] Form 11-K [_] Form 20-F [x] Form 10-Q
[_] Form N-SAR
For Period Ended: October 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:______________________________________
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
EMERGENT GROUP INC.
________________________________________________________________________________
Full name of registrant
DYNAMIC INTERNATIONAL, LTD.
________________________________________________________________________________
Former name if applicable
c/o EMERGENT MANAGEMENT COMPANY, LLC
375 Park Avenue
________________________________________________________________________________
Address of principal executive office (Street and number)
New York, NY 10152
________________________________________________________________________________
City, state and zip code
<PAGE>
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 reasonable detail in Part III of this
| form could not be eliminated without unreasonable effort or
| expense;
|
| (b) The subject annual report, semi-annual report, transition report
| on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will
[x] | 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, 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 why the Form 10-K, 11-K, 20-F 10-Q, N-SAR
or the transition report portion thereof could not be filed within the
prescribed time period. (Attach extra sheets if needed.)
On August 31, 2000, Registrant (i) acquired all of the then outstanding
membership interests of Emergent Ventures, LLC ("Emergent Ventures"), a Delaware
limited liability company that had theretofore engaged in the business of
acquiring equity interests in technology businesses with significant Internet
features and applications, and (ii) contemporaneously transferred to a third
party all of Registrant's assets, which assets related to the design, marketing
and sale of sports and exercise equipment (the "Prior Business"). As a result of
these transactions, Registrant is now engaged in the business formerly conducted
by Emergent Ventures (the "New Business").
Due to the change in control, management and business of Registrant, and
the transition occassioned thereby, the preparation of the financial statements
of the Registrant for the three month period ended October 31, 2000, including
the financial results of the New Business prior to and after August 31, 2000,
have not yet been completed. As a result, Registrant was unable to file its Form
10-Q for the period ended October 31, 2000 within the prescribed time period.
<PAGE>
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
DANIEL YUN (212) 813-9700
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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).
See explanation below.
[_] Yes [X] 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?
See explanation below.
[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.
SUPPLEMENTAL EXPLANATIONS FOR PART IV
On September 15, 2000, Registrant filed with the Securities and Exchange
Commission a Form 8-K (the "Form 8-K") reporting events under Items 1 and 2. As
described in the Form 8-K, on August 31, 2000, Registrant (i) acquired all of
the then outstanding membership interests of Emergent Ventures, LLC ("Emergent
Ventures"), a Delaware limited liability company that had theretofore engaged in
the business of acquiring equity interests in technology businesses with
significant Internet features and applications, and (ii) contemporaneously
transferred to a third party all of Registrant's assets, which assets related to
the design, marketing and sale of sports and exercise equipment (the "Prior
Business"). As a result of these transactions, Registrant is now engaged in the
business formerly conducted by Emergent Ventures (the "New Business").
The historical financial statements required by Item 7(a) of the Form 8-K
relative to the New Business, and the pro forma financial information reflecting
the acquisition of the New Business and disposition of the Prior Business
required by Item 7(b) of the Form 8-K, were to be filed under cover of Form
8-K/A not later than November 14, 2000. Such financial statements and pro form
financial information have not as yet been filed as the audit of the historical
financial statements of the New Business, while in progress, has not been
completed.
Registrant anticipates that there will be a significant change in the
results of operations of Registrant for the three month period ended October 31,
2000 as compared to the three month period ended October 31, 1999, since (i) the
three month period ended October 31, 2000 will contain one month of results from
the Prior Business and two months of results from the New Business, and (ii) the
three month period ended October 31, 1999 contains three months of results from
the Prior Business.
Due to the change in control, management and business of Registrant, and
the transition occassioned thereby, the preparation of the financial statements
of the Registrant for the three month period ended October 31, 2000, including
the financial results of the New Business prior to and after August 31, 2000,
have not yet been completed. Pending completion of the audit, a reasonable
estimate of such results cannot be made.
<PAGE>
EMERGENT GROUP 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 December 18, 2000 By /s/ DANIEL YUN
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CHAIRMAN
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.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (see 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 of the General Rules and
Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and Exchange
Commission, Washington, DC 20549, in accordance with Rule 0-3 of the General
Rules and Regulations under the Act. The information contained in or filed with
the form will be made a matter of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of the
registrant is registered.
4. Amendments to the notifications must also be filed on Form 12b-25 but
need not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to difficulties
in electronic filing should comply with either Rule 201 or Rule 202 of
Regulation S-T or apply for an adjustment in filing date pursuant to Rule 13(b)
of Regulation S-T.
