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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number
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(Check One):
[ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q [ ] Form N-SAR
For Period Ended:
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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: March 31, 1997
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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
TELECHIPS CORPORATION
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Full Name of Registrant
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Former Name if Applicable
6880 South McCarran Boulevard
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Address of Principal Executive Office (Street and Number)
Reno, Nevada 89509
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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 Rules 12b-25(b), the following
should be completed. (Check box if appropriate)
[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-K, 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-Q, 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.
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PART III--NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 20-F, 11-K,
10-Q, N-SAR, or the transition report or portion thereof, could not be filed
within the prescribed time period. (ATTACH EXTRA SHEETS IF NEEDED)
Exhibit 1
The Registrant was unable to file its Quarterly Report for the
Quarter ended March 31, 1997 on Form 10-QSB (the "Form 10-QSB") without
unreasonable effort or expense due to the following reasons:
1. The Registrant has recently gone through a layoff of all
employees as of April 30, 1997 and is operating with a contract skeleton
workforce. A portion of the workforce is occupied with preparation of items for
the bankruptcy filing. A second group is attempting to quantify and record the
effects of such bankruptcy proceeding on the financial statements of the
Company and the report on financial condition as of March 31, 1997.
Due to the employee layoff and the filing for bankruptcy by the
Registrant, it is not possible, without unreasonable effort and expense, to
timely file the 10-QSB.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
<TABLE>
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Nelson B. Caldwell 702 824-5555
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(Name) (Area Code) (Telephone Number)
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(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 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 of 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.
As of May 13, 1997, the Telechips Corporation Board of Directors
retained the law firm of Hale, Lane, Peek, Dennison, Howard, Anderson & Pearl
to file a petition for relief under Chapter 7 of the Bankruptcy Code. The
effects of this subsequent event on the valuation of assets reported as of
March 31, 1997 and has not been determined or reflected in the financial
statements. The effect of recording valuation allowances will significantly
alter the results of operations for the current 1st Quarter as compared with
the corresponding period of the last fiscal year.
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TELECHIPS CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date May 15, 1997 By /s/ Nelson B. Caldwell
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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.
ATTENTION
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Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001)
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(Attach Extra Sheets If Needed)