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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:
June 30, 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.
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Former name if applicable
Colorado Gold & Silver, Inc.
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Address of principal executive office (Street and Number)
2504 Eleventh Street
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City, State and Zip Code
Santa Monica, California 90405
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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 filed on or
before the fifth calendar day following the prescribed due date 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 quarter ended June 30, 2000.
Registrant requires additional time to finalize certain disclosure
information necessary to accurately complete Form 10-KSB for the quarter ended
June 30, 2000. Registrant completed its acquisition of Banknet, KFT, a Hungarian
limited liability company ("Banknet"), on July 31, 2000 and 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 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 June 30, 2000 10-QSB late.
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PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
Patrick D. Doyle 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).
/X / Yes / / No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
quarter 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 comparable quarter ended last 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. 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:
August 15, 2000
By : Patrick D. Doyle
/s/
Patrick D. Doyle
Director
