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OMB NUMBER: 3235-0058
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SEC FILE NUMBER
033-07811 NY
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CUSIP NUMBER
7211Q 10 0
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): / / Form 10-K / / Form 20-F / / Form 11-K /X/ Form 10-Q
/ / Form N-SAR
For Period Ended: December 31, 1999
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/ / 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 the Transition Period Ended:
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Read Instruction (on back page) 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:
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PART I - REGISTRANT INFORMATION
Full Name of Registrant GARY PLAYER DIRECT, INC.
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Former Name if Applicable Not applicable
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Address of Principal Executive Office
(Street and Number) 1428 Philips Lane, Suite 302
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City, State and Zip Code San Luis Obispo, California 93401
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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 Rule 12b-25(b), the following should
be completed. (Check appropriate box.)
/X/ (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
/X/ (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the 15th 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.
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PART III. NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 20-F, 11-K, 10-Q,
N-SAR or the transition report portion thereof could not be filed within the
prescribed time period.
The registrant moved its principal executive offices during January 2000.
Due to this re-location, the transition of computerized records and paper
records to the new office, and other factors, the registrant has been
delayed in closing its books for the 12/31/99 quarter such that the
10-QSB could not be completed without unreasonable effort or expense. In
addition, the registrant's Board of Directors is evaluating alternatives
that may affect the carrying values of certain assets and liabilities for
accounting purposes and has not yet finalized this evaluation as of the
due date for the 10-QSB.
(Attach Extra Sheets if Needed)
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a
currently valid OMB control number.
PART IV. OTHER INFORMATION
(1) Name and telephone number of persons to contact in regard
to this notification
Carl Cassreto, Executive Vice President and Treasurer
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(Name)
805 783-1011
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(Area code) (Telephone number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during preceding 12 months or for such shorter period that the
registrant was required to file such report 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.
During the fiscal quarter ended December 31, 1998, the registrant had net
sales of approximately $1.6 million and a loss of approximately $1.7
million from operations as compared to net sales of approximately $80,000
and a loss of approximately $2.2 million from operations during the
fiscal quarter ended December 31, 1999. During the fiscal quarter ended
December 31, 1999 the registrant had limited revenues from the sale of
its golf equipment and incurred substantial costs in connection with
preparing audited financial statements for the fiscal year ended
September 30, 1998 and March 31, 1999, incurred significant costs
associated with preparing quarterly reports for the December 31, 1998,
June 30, 1999, and September 30, 1999 fiscal quarters, and wrote-down the
carrying value of certain assets by approximately $1.4 million. In
addition, the registrant prepared a registration statement on Form 8-A
all in connection with its efforts to qualify its shares for re-listing
on NASDAQ's OTC Bulletin Board system. In addition, the registrant made
significant payments to creditors in connection with certain outstanding
litigation matters during the fiscal quarter ended December 31, 1999.
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