FORM 12b-25
NOTIFICATION OF LATE FILING
Form 10-KSB For The Period Ended April
30, 1998 Part I - Registrant Information
Finet Holdings Corporation
3021 Citrus Circle, Suite 150
Walnut Creek, CA. 94509
Part II - Rules 12b-25 (b) and (c)
(a) The reasons for the delay in filing as described
in reasonable detail in Part III of this form could not be
eliminated without unreasonable effort or expense;
(b) The subject annual report on Form 10-KSB will be
filed on or before the fifteenth calendar day following the
prescribed due date;
(c) The primary reason the subject report cannot be filed in
a
timely manner is the time required by the Registrant's
independent accountant to complete the audit of the
consolidated financial statement.
Part III - Narrative
A series of events that have combined to cause a delay in
Registrant's receipt of audited financial statements upon
which to base and file its Form 10-KSB for the year ended
April 30, 1998. These events include:
1. The Registrant acquired Coastal Federal
Mortgage Company ("Coastal") of Manalapan, New Jersey on
the last day of the Registrant's fiscal year, April 30,
1998. The acquisition is accounted for as a pooling.
Coastal had a calendar fiscal year. It's private
independent accountant recently retired. A new public
accounting firm was engaged to complete the required Coastal
audit but was unable to complete it in the time available.
2. The fiscal year end of Coastal was changed from
December 31 to April 30th conform to the fiscal year of
the Registrant. Prior to the acquisition, neither the
Registrant's independent accountant nor Coastal's new
accounting firm had any experience with Coastal. The
additional procedures involved in any first year audit,
combined with the short time to complete the audit
engagement upon resolution of merger accounting
methodology and delays in closing the Registrant's accounting
books for the reasons above, has prevented completion of the
consolidated annual audit in the time allowed.
Part IV - Other Information
(1) Name and telephone number of person to contact
in regard to this notification
Mr. Jan Hoeffel (510) 988-6555
(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 reports(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?
[ ] Yes [ X ]
No
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FINET HOLDINGS CORPORATION
has caused this notification to be signed on its behalf by
the undersigned thereunto duly authorized.
Date: July 29, 1998 By: /s/ Jan Hoeffel
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Jan Hoeffel, President
