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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-KSB [ ] Form 20-F [ ] Form 11-K [X] Form 10-QSB
[ ] Form N-SAR
For Period Ended: September 30, 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 attached instruction sheet before preparing form. Please print or type.
Nothing in the 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:
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PART I - REGISTRANT INFORMATION
Brainworks Ventures, Inc.
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Full Name of Registrant
Former Name if Applicable: Auric Metals Corporation
4243 Dunwoody Club Drive, Suite 200
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Address of Principal Executive Office (STREET AND NUMBER)
Atlanta, Georgia 30305
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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 appropriate box)
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[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-KSB, 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-QSB, 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-KSB, 11-K, 10-QSB,
N-SAR, or the transition report or portion thereof, could not be filed with the
prescribed time period. (Attach Extra Sheets if Needed)
The Registrant could not prepare and file, by the filing deadline, without
unreasonable effort or expense, its Quarterly Report on Form 10-QSB for the
period ended September 30, 2000 due to the time and attention required of the
Company's management in the planning and preparing for the Company's Annual
Meeting of Stockholders held on November 9, 2000. Therefore, the Registrant
seeks relief pursuant to Rule 12b-25(b).
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Marc J. Schwartz 678 731-0007
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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 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 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.
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The Registrant expects to report a net loss of approximately $312,000
for the quarter ended September 30, 2000 compared to a net loss of
$26,000 for the quarter ended September 30, 1999. This change is due
primarily to a non-cash compensation charge of $194,000 and a general
and administrative expense of $110,000 incurred in the quarter ended
September 30, 2000.
The Registrant also expects to report a net loss of approximately
$674,000 for the six month period ended September 30, 2000 compared to
a net loss of $22,000 for the six month period ended September 30,
1999. This change is due primarily to a non-cash compensation charge of
$1,521,000 and a general and administrative expense of $295,000
incurred in the six month period ended September 30, 2000.
SIGNATURE
Brainworks Ventures, Inc. has caused this notification to be signed on
its behalf by the undersigned hereunto duly authorized.
Date: November 15, 2000
By: /s/ Marc J. Schwartz
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Marc J. Schwartz
Vice President
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