U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
NOTIFICATION OF LATE FILING
FORM 12b-25
Sec. File Number 0-9624 Cusip Number 460491 80 6
[Check One]
[ X ] Form 10-K [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q [ ] Form N-SAR
For the Period Ended: June 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 Instructions (on back page) Before Preparing Form.
Please Print or Type
Nothing in this form shall be constructed 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 International Thoroughbred Breeders, Inc.
Former Name If Applicable
Address of Principal Executive Office (Street and Number)
Haddonfield Road & Route 70
City, State and Zip Code Cherry Hill, NJ 08034
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 12-b-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 expenses;
[b] The subject annual report, semi-annual report,
transition report on From 10-K, Form 2-F, Form
11-K, 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 the Form 10-K,
20-F, 11-k, 10-Q or N-SAR or the transition report or portion
thereof, could not be filed within the prescribed time period.
{Attach Extra Sheet if Needed} SEE ATTACHED
PART IV - OTHER INFORMATION
[1] Name and telephone number of person to contact in
regard to this notification
William H. Warner 609 488-3625
[Name] [Area Code] [Telephone No.]
[2] Have all other periodic reports required under
Section 13 or 15[d] of the Securities and
Exchange Act of 1934 or Section 10 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
reports] been filed? If answer is no, identify
report[s]. [ X ] Yes [ ] No
[3] It is 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 ATTACHED
[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.
International Thoroughbred Breeders, 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 September 30, 1997 By/s/Nunzio P. DeSantis
Nunzio P. DeSantis,
Chief Executive 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.
ATTENTION
Intentional misstatements or omissions of fact constitute
Federal Criminal Violation [See 18 U.S.C. 1001]
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 [17CFR 240.12b-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, D.C. 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 the 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 amendment notification.
International Thoroughbred Breeders, Inc.
Form 12b-25
Form 10-K for Period Ended June 30, 1997
Part III - Narrative
During the fiscal year ended June 30, 1997, the Registrant
experienced extensive management changes and completed fairly
complicated debt financing transactions. The new management
believes that a larger, nationwide firm will be more able to
service the Registrant in the future and therefore, the
Registrant notified its principal accounting firm, Moore
Stephens, P.C., that the Registrant would not retain it to
audit the Registrant's financial statements for the fiscal
year ending June 30, 1997. As a result of Moore Stephens P.C.
indicating that they are in disagreement with their
termination and their failure to comply with the termination
notice and litigation between the Members of the Board, the
Registrant has experienced delays in engaging an accounting
firm willing to undertake an audit of the Registrant's
financial statements for the year ended June 30, 1997. As a
result, the Registrant is unable to complete the preparation
of the Form 10-K report for filing on a timely basis.
Part IV - Other Information
(3) For the fiscal year ended June 30, 1996, the Registrant reported
a net loss of $1,069,712. On a comparative basis the Registrant anticipates
reporting a net operating loss, subject to audit, in the range of $2,500,000
to $3,000,000 for the fiscal year ended June 30, 1997, before various write
offs of substantial non-recurring expenses and amortization of options
granted. In addition to the write off reported in the Company's 10-Q for
March 31, 1997 of $2,585,000, the Company will write off expenses of
terminated projects, financing costs, and amortization of options granted
which the Company anticipates will result in a net loss for the fiscal year
ending June 30, 1997, subject to audit, of approximately $14,000,000.
