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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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: April 30, 1996
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/ / 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:
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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.
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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
Global Environmental Corp.
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Full Name of Registrant
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Former Name if Applicable
17500 York Road,
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Address of Principal Executive Office (Street and Number)
Hagerstown, MD 21740
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City, State and Zip Code
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 Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
Due to the appointment of a new Company president during the period, the
closing of the sale of a subsidiary of the Company in the weeks subsequent to
the reporting period, and timing and difficulty of the reporting process and
auditor review, the additional effort and expense related to a timely filing
would be unreasonable.
(ATTACH EXTRA SHEETS IF NEEDED)
SEC 1344 (6/84)
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PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
William Clarke 301 582-2000
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(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 12 months or for such shorter period
that the registrant was required to file such report(s) been filed? If
answer is no, identify report(s). /X/ Yes / / No
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(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.
Effective as of April 30, 1996, the Company disposed of a wholly-owned
Subsidiary, Rage Inc. and certain real property owned by the Company in
exchange for common stock of the Company held by the buyer and other
consideration. The following drafts of the financial statements of the Company
reflect the disposition of Rage Inc. See "Loss From Discontinued Operations"
and "Discontinued Operations, Liabilities Net of Assets" below.
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GLOBAL ENVIRONMENTAL CORP. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT
ASSETS
APRIL 30, OCTOBER 31,
1996 1995
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CURRENT ASSETS
Cash and cash equivalents $ 195,427 $ 335,979
Restricted cash 0 0
Accounts receivable, less allowance for
doubtful accounts of $58,965
and $38,409 respectively 1,304,428 906,897
Inventories 895,439 790,903
Prepaid expenses and other 124,537 61,549
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Total current assets 2,519,831 2,095,328
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PROPERTY, PLANT AND EQUIPMENT
Land 25,797 25,797
Building and improvements 1,370,328 1,370,328
Equipment 2,418,108 2,383,102
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3,814,233 3,779,227
Less - accumulated depreciation and
amortization (2,109,546) (2,015,605)
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Total property, plant and equipment, net 1,704,687 1,763,622
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OTHER ASSETS 38,790 32,208
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$ 4,263,308 $ 3,891,158
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DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
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GLOBAL ENVIRONMENTAL CORP. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT
LIABILITIES AND STOCKHOLDERS' EQUITY
APRIL 30, OCTOBER 31,
1996 1995
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CURRENT LIABILITIES
Current portion of long-term debt $1,455,977 $ 182,061
Accounts payable 1,256,225 1,044,159
Accrued salaries and wages 168,790 124,787
Accrued expenses, other 388,326 322,420
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Total current liabilities 3,269,318 1,673,427
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LONG-TERM DEBT, net of current portion 880,258 1,604,567
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DISCONTINUED OPERATIONS, LIABILITIES NET OS ASSETS 97,006 52,677
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIENCY)
Common stock, par value $.0001 per share;
20,000,000 shares authorized; 2,465,144
shares issued 247 247
Preferred stock, $.001 par value;
5,000,000 shares authorized; Class of 10%
Cumulative Convertible Senior Preferred Stock,
10,500 shares authorized, 7,550 shares issued and
outstanding in 1995 and 1994 (total of
$662,150); Series B Cumulative Convertible
Senior Preferred Stock, 16,000 shares authorized,
issued and outstanding 1995 (total of
$1,511,319); 2,173,469 2,173,469
Additional paid-in capital 1,877,784 1,877,784
Deficit ( 4,034,774) ( 3,491,013)
Less: Treasury stock, 95,579 shares, at cost - -
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Total stockholders' equity 16,726 560,487
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$ 4,263,308 $ 3,891,158
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DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
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GLOBAL ENVIRONMENTAL CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
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APRIL 30, APRIL 30,
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1996 1995 1996 1995
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<S> <C> <C> <C> <C>
NET SALES $ 2,142,063 $ 1,997,576 $ 3,699,664 $ 3,596,172
COST OF GOODS SOLD 1,754,265 1,662,294 3,197,813 3,173,806
----------- ----------- ------------ -----------
GROSS PROFIT 387,798 335,282 501,851 422,366
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 263,996 206,737 540,290 390,944
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INCOME (LOSS) FROM OPERATIONS 123,802 128,545 ( 38,439) 31,432
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INTEREST EXPENSE, NET ( 66,944) ( 90,580) ( 106,731) ( 166,611)
OTHER INCOME 0 40,192
OTHER EXPENSE ( 28,960) ( 86,569) ( 21,335) ( 53,330)
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INCOME (LOSS) FROM CONTINUING
OPERATIONS 27,898 78,157 ( 166,505) ( 188,519)
LOSS FROM DISCONTINUED
OPERATIONS ( 158,038) 30,637 ( 259,510) ( 58,487)
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NET INCOME (LOSS) ($ 130,140) $ 108,794 ($ 426,015) ($ 247,006)
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NET INCOME (LOSS) PER SHARE:
CONTINUING OPERATIONS ($ .01) $ .03 ($ .07) ($ .07)
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DISCONTINUED OPERATIONS ($ .06) $ . 01 ($ .10) ($ .03)
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AFTER DISCONTINUED
OPERATIONS ($ .05) $ .04 ($ .17) ($ .10)
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WEIGHTED AVERAGE
SHARES OUTSTANDING 2,465,144 2,369,565 2,465,144 2,369,565
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</TABLE>
DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT DRAFT
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
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Global Environmental Corp.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date June 14, 1996 By /s/ William F. Clarke
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INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
____________________________________ATTENTION__________________________________
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).
_______________________________________________________________________________
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule O-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers unable
to submit a report within the time period prescribed due to difficulties in
electronic filing should comply with either Rule 201 or Rule 202 of
Regulation S-T (Section 232.201 or Section 232.202 of this chapter) or apply
for an adjustment in filing date pursuant to Rule 13(b) of Regulation S-T
(Section 232.13(b) of this chapter).
