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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-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: August 31, 1996
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[ ] 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:
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* *
* Read Attached Instruction Sheet 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. *
* *
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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
Bullet Sports International, Inc.
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FULL NAME OF REGISTRANT
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FORMER NAME IF APPLICABLE
2803 South Yale Street
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ADDRESS OF PRINCIPAL EXECUTIVE OFFICE (STREET AND NUMBER)
Santa Ana, California 92704
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CITY, STATE AND ZIP CODE
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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 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, or 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 due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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PART III - NARRATIVE
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State below in reasonable detail the reasons why Form 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof could not be filed within the prescribed time period.
The preparation of the Company's quarterly report on Form 10-QSB has
been delayed as a result of the Company's calculation of charges to be accrued
for the period in connection with the requirement to register common stock
underlying certain convertible preferred stock issued by the Company (as
discussed more fully in response to Part IV below). These determinations have
caused the Company to file for an extension of time to file its Form 10-QSB.
(ATTACH EXTRA SHEETS IF NEEDED)
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PART IV -- OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to
this notification
William Slater (714) 966-0310
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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 report(s) been filed? If the
answer is no, identify report(s).
[X] Yes [ ] No
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(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.
The Company experienced a decrease in sales to $1,730,000 for the three
months ended August 31, 1996, as compared to $4,272,000 for the same period of
the prior year, a decrease of $2,542,000 or 59.5%. Net loss for the three
months ended August 31, 1996, was $1,480,000 compared to a net loss of $741,000
for the same period of the prior year.
These changes are a consequence of the continued unfavorable impact of
restrictions in the Company's principal lending agreement limiting available
working capital for use in marketing activities. In addition, substantial
charges were accrued during the period in connection with certain payments
which may be claimed by various preferred stockholders of the Company who hold
registration rights relating to convertible preferred stock issued by the
Company. These payments relate to the failure of the Company to meet certain
deadlines with respect to the filing and effectiveness of a registration
statement covering the shares of common stock of the Company underlying such
convertible preferred stock.
Bullet Sports International, Inc.
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(Name of Registrant as specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: October 15, 1996..................... By /s/ JOHN A. HAAS
...............................
John A. Haas
President and
Chief Executive 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.
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ATTENTION
Intentional misstatement or omissions of fact constitute Federal Criminal
Violations (See 18 U.C. 1001).
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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 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.
5. Electronic Filers. This form shall not be used by electronic
filers unable to timely file 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
or Regulation S-T (Section 232.201 or Section 232.202 of this chapter) or apply
for an adjustment in filing date pursuant to Rule 13(b) of Regulation S-T
(Section 232.13(b) of this chapter)/ [Added in Release No. 34-31905 (Paragraph
85,111), effective April 26, 1993, 58 FR 14628; and Release No. 34-35113
(Paragraph 85,475), effective January 30, 1995, 59 F.R. 67752.]
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