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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
[X] Form 10-KSB
For the annual period ended December 31, 1997
Commission File No. 000-17945
PART I REGISTRANT INFORMATION
Full Name of Registrant:
INTERNATIONAL META SYSTEMS, INC.
Address of Principal Executive Office:
7718 Wood Hollow Drive, Suite 150
Austin, Texas 78731
PART III NARRATIVE
The annual report on Form 10-KSB for International Meta Systems,
Inc., (the Company) for the year ended December 31, 1997, is due
to be filed on March 31, 1998. The Company filed for
reorganization under Chapter 11 of the United States Bankruptcy
Code on March 2, 1998. The Company's former auditors have
resigned. The Company has not yet appointed successor auditors
to examine the Company's financial statements for the year ended
December 31, 1997.
The Company has asked the SEC to grant it relief from the
periodic filing requirements under the Securities and Exchange
Act of 1934 during the pendency of the bankruptcy case, on the
condition that the Company file with the SEC, under cover of Form
8-K, the monthly financial reports which the Company must file
under the Bankruptcy Code. As of March 31, 1998, the SEC has not
ruled on the Company's request for relief.
PART IV OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this information:
Lee Hoevel 512-795-8825
(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
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(3) Is it anticipated that any significant in results of
operation 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
STATEMENT OF ANTICIPATED CHANGE IN RESULTS OF OPERATIONS
The Company expects that it will report a significant change in
its operations for the year ended December 31, 1997, compared to
the year ended December 31, 1996, due to the continued
deterioration in its financial condition which resulted in the
bankruptcy filing. On the date of the bankruptcy filing, the
Company listed its total assets at $2,254,766, and total
liabilities at $7,157,462. The Company has reported to the
bankruptcy court that its unaudited operating loss for the fiscal
year ended December 31, 1997 was $9,232,574. The Company's 10-KSB
for the prior year, ended December 31, 1996, had previously
reported a net loss from operations for fiscal 1996 of
$7,134,779.
SIGNATURES
International Meta Systems, Inc., has caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
DATE: MARCH 31, 1998
INTERNATIONAL META SYSTEMS, INC.
/S/ LEE HOEVEL
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LEE HOEVEL, PRESIDENT
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