FORM 12b-25
Commission File Number 0-20307
CUSIP No. 053431 10 2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__Form 10-K __Form 20-F __Form 11-K XX Form 10-Q __Form N-SAR
For the period ended September 30, 1997
[ ] 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:_____
If the notification relates to a portion of the filing checked above identify
the item(s) to which the notification relates: n/a
AVALON COMMUNITY SERVICES
13041 Railway Drive, Oklahoma City, Oklahoma 73114
Issuer's telephone Number (405)-752-8802
[ ] The reasons described in reasonable detail in Part III of this form could
not be eliminated without unreasonable effort or expense;
[X] The subject quarterly report on Form 10-Q will be filed on or before the
fifth calendar day following the prescribed due date; and
[ ] The accountant's statement or other exhibit required by Rule 12b-25 (c) has
been attached if applicable.
PART III. Narrative
The subject quarterly report on Form 10-Q for the period ending September 30,
1997, can not be filed on November 14, 1997 due to a delay in the valuation of
the convertible feature of the Company's debentures issued in a private
placement on September 12, 1997. There has been discussion as to the valuation
of any discount of the convertible price and the Company is researching and
reviewing documentation pertaining to that valuation. Since this amount may be
material to the quarterly report involved, a reasonable estimate cannot be
determined and the valuation has not been established, the Company can not file
the subject report by November 14, 1997.
PART IV.
1. The name and telephone number of the person to contact in regard to this
notification is Kathryn A. Avery, Chief Financial Officer, (405) 752-8802.
2. Has 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 been filed? Yes.
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 statement to be included in the subject report or portion thereof? Yes.
The results of operation for the third quarter 1997 may include a material
amount of interest expense due to EITF Topic No. D-60, relating to the
convertibility to common stock of debentures issued in a private placement. A
reasonable estimate cannot be obtained at this time, because the amount could
vary significantly depending on the accounting treatment, the substantive period
of conversion or amortization, and the fair valuation.
SIGNATURE
Pursuant to the requirement of the 1933 Act, the Registrant certifies that it
has duly caused this Form 12b-25 to be signed on behalf of the undersigned,
thereunto duly authorized, in the City of Oklahoma City, State of Oklahoma on
this 14th day of November, 1997.
AVALON COMMUNITY SERVICES, INC.
By: \Donald E. Smith Date: November 14, 1997
Donald E. Smith
Chief Executive Officer and Director
