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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number:
NOTIFICATION OF LATE FILING
(Check One): /X / Form 10-KSB / / Form 11-K / / Form 2-F
/ / Form 10-QSB / / Form N-SAR
For Period Ended:
March 31, 2000
/ / Transition Report on Form 10-K / / Transition Report on Form 10-Q
/ / Transition Report on Form 20-F / / Transition Report on Form N-SAR
/ / Transition Report on Form 11-K
For 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
DYNAMIC I-T INC.
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Former name if applicable
Colorado Gold & Silver, Inc.
Address of principal executive office (Street and Number)
10200 West 44th Avenue, # 400
City, State and Zip Code
Wheat Ridge, Colorado 80033
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 this Rule 12-b25 (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;
(b) The subject annual report on Form 10-KSB, will be filed on or
before ninety calendar days 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 Form 10-K, 11-K, 20-F,
10-QSB, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
Registrant requires additional time to finalize certain disclosure
information necessary to accurately complete Form 10-KSB for the year ended
March 31, 2000. This is due primarily to the fact that the Registrant entered
into a Share Purchase Agreement to acquire Banknet, KFT, a Hungarian limited
liability company ("Banknet"), on January 28, 2000 (the "Agreement"). The
closing of the proposed transaction contemplated by the Agreement was subject to
several conditions. As of this date not all of these conditions have been
satisfied. The closing of the transaction was to have occurred on or before
February 28, 2000. As a result of the parties' failure to meet certain of these
conditions the parties agreed to amend the Agreement and close the proposed
transaction on or before July 31, 2000. As a result, the Company will need to
also amend the 8-K which was previously filed on March 1, 2000 to accurately
report this transaction. For these reasons, the Company will file its March 31,
2000 10-KSB late.
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PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
Ray King 01144207 628-2681
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 of
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).
/ / Yes /X/ No
The Registrant did not file Form 10-QSB for the period ended
December 31, 1999 within the required filing period. In addition, due to reasons
stated in Part III, the Registrant did not file the required consolidated
financial reports with its Form 8-K filed on March 1, 2000 or an amendment to
the Form 8-K thereafter.
(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?
/ / Yes /X/ 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.
DYNAMIC I-T 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
July 3, 2000
By : Ray King
/s/
Ray King
Finance Director
