<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number:
NOTIFICATION OF LATE FILING
(Check One): / / Form 10-K / / Form 11-K / / Form 2-F
/X/ Form 10-QSB / / Form N-SAR
For Period Ended:
December 31, 1999
/ / 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.
<PAGE>
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 quarterly report on Form 10-QSB, 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-QSB for the period ended
December 31, 1999. Registrant acquired Banknet, KFT, a Hungarian limited
liability company ("Banknet"), on February 14, 2000. As a result, the Company is
required to file consolidated financial statements. In accordance with Hungarian
corporate law, however, Banknet is required to prepare financial statements in
accordance with International Accounting Standards rather than with Generally
Accepted Accounting Principles ("GAAP"). In order for comparisons to be done
accurately on a year to year basis in accordance with GAAP and therefore, the
standards of the Securities and Exchange Commission (the "Commission"),
Banknet's financial statements for the applicable periods must be converted to
GAAP, consolidated with the Registrant's and reviewed by the Registrant's
accountants and newly engaged counsel in preparation for filing. For these
reasons, the Company will file its December 31, 1999 10-QSB late.
<PAGE>
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
Ray King 01144207 628-2681
-------- --------
(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?
/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.
The anticipated change in the Registrant's results of operations from
the corresponding period for the last fiscal year are the result of the
acquisition of Banknet. The consolidation of the financial results of the
Registrant and Banknet may result in a one-time charge in certain categories to
the merger. A reasonable estimate cannot be made at this time because the
financial statements of Banknet must first be conformed to GAAP.
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
May 26, 2000
By : Ray King
/s/ Ray King
Finance Director
