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CUSIP NUMBER 52541 P 101
SEC FILE NUMBER 000-26935
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
___Form 10-K __Form 20-F __Form 11-K X Form 10-Q __Form N-SAR
FOR PERIOD ENDED: March 31, 2000
---------------
[ ] 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: _____________________________
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
LEISURE TIME CASINOS & RESORTS, INC.
- ---------------------------------------------------------
Full Name of Registrant
N/A
- ---------------------------------------------------------
Former Name if Applicable
4258 Communications Drive
- ---------------------------------------------------------
Address of Principal Executive Office (Street and Number)
Norcross, Georgia 30093
- ---------------------------------------------------------
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 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; and
[X] (b) The subject annual report, semi-annual report, transition report on Form
10-K, Form 20-F, Form 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 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.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, Form 20-F, Form
11-K, Form 10-Q, Form N-SAR, or the transition report or portion thereof, could
not be filed within the prescribed time period. (Attach extra sheets if needed.)
See attached.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Alan N. Johnson (440) 934-1020
- ---------------------- ----------- -----------
(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
(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 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. See
attached.
<PAGE>
LEISURE TIME CASINOS & RESORTS, INC.
-------------------------------------------------------------------------
(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, 2000 By: /s/Alan N. Johnson
-------------------
Alan N. Johnson, President
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
<PAGE>
PART III - NARRATIVE
Based upon the elimination of gaming in South Carolina, the Registrant has
refocused efforts and reevaluated each business segment. Based upon this
review, the Registrant has elected to discontinue certain of its business
segments. This process has required significant time and resources and,
therefore, the Registrant's limited accounting staff have encountered delays in
the preparation and filing of the Registrant's quarterly report for the period
ended March 31, 2000.
PART IV(3) - OTHER INFORMATION
As discussed in Part III of this document, the Registrant has decided to
discontinue certain business segments including offshore gaming cruises and the
hotel. Based upon the elimination of gaming in South Carolina and the
discontinuation of certain business segments, the Registrant is expecting
significant losses from continuing operations as well as a net loss as of March
31, 2000. The Registrant is continuing to analyze the effect that the
discontinued segments will have on its operations and as such a reasonable
estimate of the results of operations is unavailable at this time.
