SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
SEC FILE NUMBER 0-12531
CUSIP NUMBER (Common Stock) 464895-10-1
CUSIP NUMBER (Warrants) 464895-11-9
CUSIP NUMBER (Units) 464895-20-0
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: April 30, 1998
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[ ] 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 Isonics Corporation
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Former Name if Applicable N/A
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Address of Principal Executive Office (Street and Number)
4010 Moorpark Avenue, Suite 119
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City, State and Zip Code San Jose, CA 95117
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1.
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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, 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, or
portion thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
[X] (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 and Form
10-KSB, 20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or
portion thereof could not be filed within the prescribed period.
The Registrant recently completed the acquisition of
Chemotrade GmbH in July 1998 and completed the acquisition of
International Process Research Corporation in May 1998.
Because of the efforts required in the negotiation,
integration and financial reporting matters associated with
these acquisitions, which have consumed a substantial portion
of management's attention and limited resources, the
Registrant was not able to complete the preparation of its
annual report on Form 10-KSB for the year ended April 30, 1998
without unreasonable effort and expense. Delays relating the
recent acquisitions have also prevented the Registrant's
independent auditors from furnishing their required opinion.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Paul Catuna (408) 260-0155
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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
2.
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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 Registrant anticipates that the earnings statement to be
reported in its Form 10-KSB for the year ended April 30, 1998 will
reflect significant changes in its results of operations from the
fiscal year ended April 30, 1997. The earnings statement will report:
(i) net revenues increased from $4.54 in fiscal year 1997 to $6.78
million in fiscal year 1998, and gross margin increased from $923,000
in fiscal year 1997 to $2.12 million in fiscal year 1998, in each case
due to increased demand for and increased average unit sales prices of
the Registrant's products; and (ii) net loss decreased from $1.3
million in fiscal year 1997 to $115,000 in fiscal year 1998, due
primarily to increased gross margin and realization of a deferred tax
asset.
Isonics Corporation
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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: July 29, 1998 BY: /s/ James Alexander
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James Alexander
President and Chief Executive Officer
3.
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Exhibit 12b-25(c)
July 29, 1998
Mr. Paul Catuna
Chief Financial Officer
Isonics Corporation
4010 Moorpark Avenue, Suite 119
San Jose, CA 95117
Dear Mr. Catuna:
We have read the statements of Isonics Corporatin contained in Part III of form
12b-25 in regards to the reasons for the inability of the Company to file its
Form 10-KSB for the year ended April 30, 1998 by the prescribed date. We affirm
that this delay prevents us from furnishing our required opinion.
GRANT THORNTON LLP
4.
