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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Notification of Late Filing
SEC FILE NUMBER
0-17068
CUSIP NUMBER
(Check one): ( X ) Form 10-KSB ( ) Form 20-F ( ) Form 11-K ( ) Form 10-QSB ( ) Form N-SAR
For Period Ended: June 30, 1995
( ) 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:
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:
PART I - REGISTRANT INFORMATION
Excal Enterprises, Inc.
Full name of registrant
Assix International, Inc
Former name if applicable
100 North Tampa Street, Suite 3575__
Address of principal executive office (Street and Number)
Tampa, Florida 33602
City, State and Zip Code
PART II - 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)
(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, 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 accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
SEE ATTACHED EXHIBIT B
PART III - NARRATIVE
State below in reasonable detail the reasons why form 10-K, 11-K, 10-Q, N-SAR or the transition report or
portion thereof, could not be filed within the prescribed time period. (Attach extra sheets if needed.)
SEE ATTACHED EXHIBIT A
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification.
Timothy R. Barnes 813 224-0228
(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 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?
SEE ATTACHED EXHIBIT B _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.
Excal Enterprises, Inc.
(Name of registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date September 28, 1995 By: _/S/ TIMOTHY R. BARNES_____
Timothy R. Barnes
Chief Financial Officer
Chief Accounting Officer
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 field with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal criminal violations (sec 18 U.S.C.1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 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 0-3 of the General Rules and
Regulations under the Act. The information contained or filed with the form will be made a matter of the 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.
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EXHIBIT A
PART III - NARRATIVE
The audit of the financial statements of Excal Enterprises, Inc (the "Registrant") will not be completed by
September 28, 1995, the last day for a timely filing of the Registrant's Annual Report on Form 10-KSB for the
fiscal year ended June 30, 1995, pursuant to Rule O-3 of the General Rules and Regulations under the Securities
Exchange Act of 1934.
The Registrant hired a new Chief Financial Officer in August of 1995. The Registrant's controller and Chief
Accounting Officer resigned shortly thereafter. As a result, the Registrant was unable to compile additional
information required by the auditors for complete and accurate disclosure as required by Form 10-KSB and
Regulation S-B with sufficient time for the auditors to audit the information and issue their audit report. This
delay in completing the audit of the financial statements afffected the Registrant's ability to complete other required
disclosures in the Form 10-KSB.
The information required by the auditors to enable them to issue their audit report could not be obtained without
unreasonable effort or expense. The Registrant undertakes to file its Form 10-KSB no later than the fifteenth day
following the due date.
PART IV - OTHER INFORMATION
The Registrant terminated its relationship with one customer (Sears) in Fiscal 1994 that accounted for $2,980,200
(75.6%) of its Fiscal 1994 Licensed Dealer Progam revenue. During Fiscal 1995, the Registrant began operations
related to rental of commercial real estate. The Registrant's Fiscal 1994 income included a $14,063,588 pre-tax
gain related to its settlement with Sears. Estimated revenue, income (loss) before extraordinary item,
extraordinary item, and net income (rounded to the nearest $100,000) are as follows:
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1995 1994
<S> <C> <C>
Licensed dealer program revenue $ 1,100,000 $ 3,935,833
Commercial real estate rental revenue 1,100,000 --
Net revenue $ 2,200,000 $ 3,935,833
Income (loss) before extraordinary item $ (1,600,000) $ 9,486,861
Extraordinary item -- 8,485,028
Net income $ (1,600,000) $ 17,971,889
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September 27, 1995
Securities and Exchange Commission
450 Fifth Street Northwest
Washington, D.C. 20549
Gentlemen:
We were retained by Excal Enterprises, Inc. as independent
certified public accountants to report on financial statements at
June 30, 1995 and for the fiscal years ended June 30, 1995 and
1994. We have endeavored, with the full cooperation of the
Registrant, to obtain the necessary information to meet the
filing requirements of Form 10-KSB, both as to form and
timeliness. Because the Registrant was unable to compile
additional information, determined to be required during the
course of the audit, with sufficient time for us to complete our
audit procedures, we will not be able to complete our examination
by September 28, 1995, which is the required filing date for the
Registrant's Annual Report on Form 10-KSB.
Yours very truly,
Pender Newkirk & Company
Certified Public Accountants
