XPLORER S A
NT 10-Q, 2000-05-15
GOLD AND SILVER ORES
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                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 12b-25

                           Notification of Late Filing


                                         Commission File Number      0-17874


 (Check one):    [ ] Form 10-K and Form 10-KSB   [ ]  Form 11-K
                 [ ]  Form 20-F                  |X|   Form 10-Q and Form 10-QSB
                 [ ]  Form N-SAR

         For period ended

         [ ]        Transition Report on Form 10-K and 10-KSB
         [ ]        Transition Report on Form 20-F
         [ ]        Transition Report on Form 11-K
         [ ]        Transition Report on Form 10-Q and Form 10-QSB
         [ ]        Transition Report on Form N-SAR

         For the transition period ended

     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

         Full name of registrant           NetHoldings.Com, Inc.

         Former name if applicable         Xplorer, S.A.

         Address of principal executive office (Street and Number)

                                           2929 South Maryland Parkway

         City, State and Zip Code          Las Vegas, Nevada 89109-2217




<PAGE>

                                     PART II

                             RULE 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.)

         [ ]      (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 Forms 10-K, 10-KSB, 20-F, 11-K
                           or Form N-SAR, or portion thereof will be filed on or
                           before the 15th calendar day following the prescribed
                           due date;  or the subject quarterly report or
                           transition report on Form 10-Q, 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

                                 Not applicable


                                     PART IV

                                OTHER INFORMATION

 (1)      Name and telephone number of person to contact in regard to this
          notification.

               Leonard J. Roman            (949)              475-7727
                    (Name)              (Area Code)       (Telephone Number)

 (2)      Have all other periodic reports required under Section 13 or 15(d) or
          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




<PAGE>

 (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


          The Registrant is awaiting certain information to complete the
          Company's quarterly report and depending upon the outcome of the
          information, the results of the Registrant may significantly change.



                              NetHoldings.Com, Inc.
                  (Name of Registrant as Specified in Charter)

Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.



Date: May 15, 2000                        By: /s/  Leonard J. Roman
                                                   Leonard J. Roman,
                                                   Chief Financial Officer




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