<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
COMMISSION FILE NUMBER:
0-10065
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:
SEPTEMBER 30, 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.
<PAGE> 2
Former name if applicable
COLORADO GOLD & SILVER, INC.
Address of principal executive office (Street and Number)
2504 ELEVENTH STREET
City, State and Zip Code
SANTA MONICA, CALIFORNIA 90405
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 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;
(b) The subject quarterly report on Form 10-QSB, will be filed on or
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 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 quarter ended
September 30, 2000. Registrant acquired Banknet Kft., a company organized under
the laws of Hungary ("Banknet"), on July 31, 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 period to period 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 newly
engaged accountants and counsel in preparation for filing. In addition, the
consolidated statements are for the period commencing August 1, 2000 through
September 30, 2000. As Banknet's financial statements are prepared on a
quarterly basis, it will be necessary to adjust these financials in order to
incorporate results from the applicable period. For these reasons, the Company
will file its September 30, 2000 late.
<PAGE> 3
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).
/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.
The anticipated change in the Registrant's results of operations for
the six months ending September 30, 2000 as compared with the comparable period
of 1999 are the result of the Company's acquisition of Banknet. The
consolidation of the financial results of the Registrant and Banknet may result
in a one-time charge in certain categories as well as significant differences in
certain line items. In addition, Banknet has a fiscal calendar year while the
Company has a fiscal year ending March 31, 2001. A reasonable estimate cannot be
made at this time because the periods in question are not comparable.
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
November 14, 2000
By : /S/ Ray King
------------------
Ray King
Chief Financial Officer
