SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 12b-25
Commission File Number: 1-4719
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: June 30, 1994
[ ] 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 From 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 the notification relates: The
notification relates to the entire Form 10-Q.
Part I - Registrant Information
Full name of registrant: The Deltona Corporation
Former name, if applicable: Not applicable
Address of principal
executive office (Street and Number): 3250 S.W. Third Avenue
City, State and Zip Code: Miami, Florida 33129
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 appropriate
box)
[X] (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 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
As explained in the Company's Notifications of Late Filing on
Form 12b-25, filed on March 30, 1994 with respect to the Company's
Annual Report on Form 10-K for the year ended December, 1993, and
on May 16, 1994 with respect to the Company's Quarterly Report on
Form 10-Q for the quarter ended March 31, 1994, the Company
continues to suffer from a critical liquidity problem.
The Company has defaulted on certain obligations, including
its escrow obligations to the State of Florida, Department of
Business Regulation, Division of Land Sales, Condominiums and
Mobile Homes ("Division"), its obligations under its lease for its
corporate offices and its obligation to make required principal and
interest payments under loans from Selex International B.V. a
Netherlands Corporation ("Selex") which holds 42.3% of the
Company's Common Stock, Yasawa Holding N.V., a Netherlands Antilles
Corporation ("Yasawa") which holds 4.4% of the Company's Common
Stock and their affiliates. In addition, the Company has been
unable to pay certain real estate taxes and is subject to certain
pending litigation which may adversely affect the financial
position of the Company. Further, the Company has been unable to
meet certain operating expenses that have become due, including
payment of the necessary fees to its accountants in connection with
the annual audit of the Company's financial statements. Since
December 31, 1993 the Company's staffing levels have been reduced
by over 75%, and the Company has been delinquent in meeting its
payroll obligations to its executive officers.
The Company indicated in the Form 12b-25 filed with respect to
its Form 10-K, that its auditors would be unable to render their
opinion on the consolidated financial statements of the Company for
the year ended December 31, 1993 until such time as the Company
obtained sufficient working capital to enable the Company to re-
employ the personnel necessary to compile the information required
to file the Form 10-K for the year ended December 31, 1993.
Since the filing of the Form 12b-25 with respect to the
Company's Form 10-Q, Antony Gram, a former director of the Company
and the beneficial owner of all of the Company's Common Stock held
by Selex and Yasawa, has been appointed Chairman of the Board and
Chief Executive Officer of the Company, replacing Marcellus H.B.
Muyres, who had held the these positions since June, 1992. Mr.
Muyres has continued to serve as a Vice Chairman of the Board.
The Company and its principal shareholders, Selex and Yasawa,
are continuing their efforts to address the Company's financial
difficulties. These efforts include seeking third parties to
provide funds to the Company through loans or asset acquisitions
and seeking to reach reasonable settlements with the Company's
principal creditors. In this connection, Yasawa has agreed to loan
a limited amount of funds to the Company to pay certain essential
expenses and effectuate such settlements.
There can be no assurance that any of these efforts will be
successful or that the Company will be able to obtain the financing
necessary to address its working capital problems. If these
efforts are not successful, the Company may be required to seek
protection under the federal bankruptcy laws. However, as efforts
proceed, the Company is utilizing a portion of the funds advanced
by Yasawa to pay its independent auditors and to re-employ certain
accounting personnel in an attempt to complete its 1993 financial
statements and file its Annual Report on Form 10-K. There can be
no assurance that funds will be sufficient for such purpose. While
it is the Company's intention to complete its financial statements
for the first quarter and first six months of 1994, as well as its
Quarterly Reports on Form 10-Q for the quarters ended March 31,
1994 and June 30, 1994, as soon as practicable following the filing
of its Annual Report on Form 10-K, the Company is presently
uncertain as to whether and when sufficient funds will exist to
permit the necessary work to proceed to facilitate such filings.
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to
this notification:
Michelle R. Garbis (305) 854-1111
(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).
[ ] Yes [X] No
As discussed in Part III above, the Company
has been delayed in filing its Annual Report
on Form 10-K for the year ended December 31,
1993 and its Quarterly Report on Form 10-Q for
the quarter ended March 31, 1994.
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be released by the earnings statements to be
included in the subject report or portion thereof?
[ ] Yes [ ] No
Based on the circumstances described in Part III above,
the Company is uncertain, at this time, as to whether or
not any significant change in results of operations will
be released by the earnings statements to be included in
its Quarterly Report on Form 10-Q for the quarter ended
June 30, 1994.
The Deltona Corporation
(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 12, 1994 By: Earle D. Cortright, Jr.
Earle D. Cortright, Jr.
President and Chief
Operating Officer
