U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
ADVANCED FINANCIAL, INC.
(Registrant)
0-19485
(SEC FILE NUMBER)
00753J602
(CUSIP Number)
[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
__________________________________
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:_______________________________________________
_______________________________________________________________________________
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: Not Applicable
_______________________________________________________________________________
Part I - Registrant Information
_______________________________________________________________________________
Full Name of Registrant: Advanced Financial, Inc.
Former Name if Applicable: Not Applicable
Address of Principal Executive Officer: 911 Main Street
(Street and Number)
Kansas City, MO 64105
(City, State and Zip Code)
<PAGE>
_______________________________________________________________________________
Part II - Rules 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 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;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the fifteenth 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.
_______________________________________________________________________________
Part III - Narrative
_______________________________________________________________________________
State below in reasonable detail the reasons why Form 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR or the transition report or portion
thereof could not be filed within the prescribed time period.
The financial statements and audit of Advanced Financial, Inc. (the
"Company") for fiscal year ended March 31, 1999 have not yet been
completed for the following reasons: (i) in late1998, the United States
Bankruptcy Court for the District of Kansas entered an order confirming
the First Amended Joint Plan of Reorganization dated July 29, 1998 (the
"Plan") of the Company and its wholly-owned subsidiary, AFI Mortgage,
Corp.; (ii) the recapitalization of the Company and the other transactions
contemplated by the Plan were effected in February 1999; and (iii) in
February1999, the Company acquired Cannon Financial Company, a Kansas
corporation ("Cannon"), as a wholly-owned subsidiary resulting in a
requirement that the Company prepare and file with the Commission pro
forma financial statements. Each of the above have made completion of the
financial statements and preparation of the pro forma financial statements
very complicated, expensive and time consuming. Because the financial
statements of the Company have not been completed the audit of the
Company's financial statements for and as of the fiscal year ended March
31, 1999 is still in process.
_______________________________________________________________________________
Part IV - Other Information
_______________________________________________________________________________
(1) Name and telephone number of person to contact in regard to this
notification.
William B. Morris 816-842-0700
(Name) (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 the preceding
<PAGE>
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)
[ ] Yes [ X ] No
Current Report on Form 8-K/A No. 1 (date of report February 19, 1999)
to be filed when pro forma financial statements regarding the registrant's
acquisition of Cannon are completed.
(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 Company anticipates a significant change in the results of
operations for the fiscal year ended March 31, 1999 as compared to the
results of operations for the fiscal year ended March 31, 1998 because in
February 1999 the Company changed its operations when it acquired Cannon
as a wholly-owned subsidiary. Cannon is engaged in the business of
collecting non-performing receivables on behalf of third parties and
collecting non-performing credit card receivables acquired for its own
account. Because the financial statements and audit of the Company have
not been completed, the Company is unable to make a reasonable estimate of
its results of operations for the fiscal year ended March 31, 1999.
Advanced Financial, 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: June 30, 1999 By:/s/ William B. Morris
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William B. Morris,
Senior Vice- President and Secretary
