UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One) [ ] Form 10-K [ ] Form 11-K [X] Form 10-Q [ ] Form N-SAR
For the Period Ended: March 31, 2000
[ ] 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
I-LINK INCORPORATED
Full Name of Registrant
Former Name if Applicable
13751 S. Wadsworth Park Drive , Suite 200
Address of Principal Executive Office (Street and Number)
Draper, Utah 84020
City, State, and Zip Code
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PART II - RULES 12b-25 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)
[XX] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
[XX] (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 of 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 the 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.
James Giauque (801) 576-5000
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 of 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 reports) been filed? If
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
position 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.
See Attached Exhibit B
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I-LINK INCORPORATED
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 15, 2000 By: /s/ John M. Ames
John M. Ames, CPA, Acting Chief Financial 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 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 0-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with this form will be made a matter of public record in the
Commission file.
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 report 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 or apply for an adjustment in filing date
pursuant to Rule 13(b) or Regulation S-T.
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EXHIBIT A
PART III - NARRATIVE
The unaudited financial statements of I-Link Incorporated (the "Registrant")
will not be completed by May 15, 2000, the last day for a timely filing of its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2000.
The Registrant was unable to compile information required for complete and
accurate disclosure as required by Form 10-Q and Regulation S-X in order to
timely file Form 10-Q.
The Registrant undertakes to file its Form 10-Q no later than the fifth day
following the due date.
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EXHIBIT B
PART IV (3)
The Company anticipates that its results of operations for the quarter ending
March 31, 2000 will reflect a net loss significantly less than its reported net
loss for the quarter ended March 31, 1999. The decrease in net loss is
primarily the result of an increase in total revenues. The increase in revenues
is primarily due to increased revenue from technology licensing and development,
which increase was offset by a decrease in telecommunication services revenues.
The decrease in telecommunication revenues was anticipated and is a direct
result of the agreement with Big Planet effective February 15, 2000. Prior to
February 15, 2000, the Company's telecommunication services revenues were
primarily dependent upon the sales efforts of independent representatives (IRs)
functioning within a Network Marketing channel of distribution. These revenue
sources were recorded at retail. Under terms of the agreement, I-Link's
independent network marketing sales force (the IR's) transitioned to Big Planet.
A substantial decrease in telecommunication services revenues for the quarter
ended March 31, 2000 was the financial impact as the Company sells its services
to the same subscribers but through Big Planet at wholesale prices. The
ultimate impact on operations for the quarter ended March 31, 2000 is presently
being determined and accordingly cannot be quantified as of this date.
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