UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING SEC FILE NUMBER
000-22611
---------
CUSIP NUMBER
20476A 10 0
-----------
(Check One): [ ] Form 10-K and Form 10-KSB [ ] Form 11-K [ ] Form 20-F
[X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: June 30, 2000
---------------
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 20-F
[ ] 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:
<PAGE>
PART I - REGISTRANT INFORMATION
MYTURN.COM, INC.
----------------
Full Name of Registrant
-------------------------
Former Name if Applicable
1080 Marina Village Parkway
----------------------------
Address of Principal Executive Office (Street and Number)
Alameda, CA 94501
-----------------
City, State and Zip Code
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 Forms 10-K, 11-K, 20-F, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The Company was unable to complete and file its Quarterly Report on Form
10-QSB for the period ended June 30, 2000 within the prescribed period because
of the need to resolve certain issues relating to the subscription for Preferred
Stock by the Chairman of the Board and Interim Chief Executive Officer during,
and subsequent to the end of, the second quarter of 2000 in order to complete
the disclosure in the Quarterly Report.
<PAGE>
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Michael Fuchs (212) 583-7010
-------------------------------------------------------------------------------
(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 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.
For the three month period ended June 30, 2000, revenues from
continuing operations were $40,564 which consisted primarily of
interest income in the amount of $34,056 compared to revenues of
$81,200 for the three months ended June 30, 1999, which consisted
primarily of interest income of $41,002 and internet subscription fees
in excess of cost of $26,271.
Costs and expenses increased $44,880,024 for the three months ended
June 30, 2000 from the same period in 1999. The increase was primarily
attributable to various non-cash earnings charges.
The Company's consolidated loss from continuing operations for the
three months ended June 30, 2000 was $45,281,493, compared to loss form
continuing operations of $2,762,902 for the same period in 1999. This
is primarily attributable to the increase in costs and expenses from
1999 to 2000 resulting from various non-cash earnings charges.
For the three months ended June 30, 2000, the Company incurred a net
loss of $45,281,493, or a $4.40 loss per basic share as compared to a
net loss of $2,762,902, or a $0.72 loss per basic share for the same
period in 1999. Net loss per diluted share was the same as net loss per
basic share for each of the respective years as the effect of including
potentially dilutive securities in the computation of earnings per
share is anti-dilutive. This increase in loss is the result of the
increase in costs and expenses of $44,880,024 for the three month
period ended June 30, 3000 as compared to the same period in 1999,
resulting primarily from various non-cash earnings charges.
<PAGE>
MYTURN.COM, INC.
--------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date August 15, 2000 By: /s/ Paul K. Danner
--------------- ----------------------------------
Paul K. Danner, Executive Vice
President, Office of the President
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)
<PAGE>
