UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12B-25
Notification of Late Filing
[X] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: March 31, 1999 Commission File Number: 0-25760
PART I
SPECTRUM INFORMATION TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 75-1940923
(State of incorporation) (IRS Employer Identification No.)
P.O. Box 1006, New York, New York 10268
(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (914) 251-1800
Securities registered pursuant to Section 12(b) of the Act: Common stock,
$.001 par value
Securities registered under Section 12(g) of the Act:
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PART II
Form 10-K cannot be filed without unreasonable effort or expense and
the registrant seeks relief pursuant to Rule 12b-25 as follows:
[X] (a) For reasons described in Part III, Form 10-K for the fiscal year
ended March 31, 1999 cannot be timely filed without unreasonable effort or
expense, therefore, we are requesting a fifteen (15) day extension of time
to file such form.
[X] (b) Form 10-K will be filed on or before the 15th day following its
current due date of June 29, 1999.
[ ] (c) The accounting statement or other exhibit required by Rule
12b-25(c)has been attached if applicable.
PART III
On June 23, 1999, six days before the due date of the Issuer's Annual
Report on Form 10-K, the Issuer entered into a Merger and Business
Development Agreement with Tropia, Inc. In order to adequately prepare
disclosure describing the Merger and Business Development Agreement, the
business of Tropia, Inc., and the notes describing events subsequent to the
end of the period reported for the Annual Report, the Issuer needs several
additional days to assemble and analyze the relevant data. The Issuer
believes that it will have no difficulty in filing the Report on or before
the extended due date, which will be July 14, 1999.
PART IV
(1) Name and telephone number of person to contact in regard to this
modification: Jon M. Gerber, Treasurer, at 212.655.4317
(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 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 reason
why a reasonable estimate of the results cannot be made.
As more fully disclosed on a Current Report on Form 8-K filed on
December 17, 1998 and a Quarterly Report on Form 10-Q filed on February 12,
1999, as of December 11, 1998 the Issuer underwent a change in control. At
that time the Issuer discontinued its previous lines of business and
redirected its focus towards developing commercial Internet sites.
Consequently, period-to-period comparisons are not indicative of future
results. In connection with the winding down of the Issuer's previous
activities, its net loss for the 1999 fiscal year (ended March 31, 1999)
decreased to approximately $1,384,000 from the prior year's $3,077,000. On
a per share basis, the approximate net loss was $.43 for the fiscal year
1999, versus $2.33 for 1998.
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General Acceptance Corporation has caused this notification to be
signed on its behalf by the undersigned thereunto duly authorized.
/s/ Lawrence Powers
_______________________
Date: 6/29/99 By: Lawrence Powers
