[THIS PAPER DOCUMENT IS BEING SUBMITTED PURSUANT TO RULE 901 (d) OF
REGULATION S-T]
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
1 - 13589
CUSIP NUMBER
967575 10 1
[ ] 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: September 30, 1996
[ ] 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: Items 1 and 2 of
Part I.
Part I -- Registrant Information
The WideCom Group Inc.
(Exact name of registrant as specified in its charter)
55 City Center Drive, Suite 500, Mississauga, Ontario, Canada, L5B 1M3
(Address of principal executive offices, 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.
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
(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 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 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 period:
An unforeseen delay has occurred in the transfer of data via the
internet between the Registrant, its law firm and the firm engaged to
reformat the information for transmission to the Commission.
Part IV -- Other Information
(1) Name and telephone number of person to contact in regard to this
notification: Suneet S. Tuli, Executive Vice President, The WideCom Group
Inc., 267 Matheson Blvd. East, Mississauga, Ontario, Canada L4Z 1X8;
telephone number 905-712-0505.
(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?
[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.
Quarter Ended September 30, 1996 Compared to Quarter
Ended September 30, 1995
Revenues for the quarter ended September 30, 1996 were $409,108, a
decrease of $148,136 or 26.6%, as compared to $557,244 for the quarter ended
September 30, 1995. Sales for the quarter ended September 30, 1996 were
$359,301, a decrease of $110,972 as compared to $470,273 for the quarter
ended September 30, 1995. For the quarter ended September 30, 1995, sales
of the 36" WIDEfax Modular Unit accounted for approximately 63.2% of the
Company's product sales. For the quarter ended September 30, 1996, sales of
the WIDEfax Scan and WIDEfax Modular Unit accounted for approximately 58.9%
and 29.8%, respectively, of the Company's sales. No revenues were
recognized from government sponsored research programs for the quarter ended
September 30, 1996 as compared to $86,971 for the quarter ended September
30, 1995.
Operating expenses for the quarter ended September 30, 1996 were
$862,336, an increase of $216,990 or 33.6%, as compared to $645,346 for the
quarter ended September 30, 1995. Research and development expenses
decreased from $211,084 for the quarter ended September 30, 1995 to $188,743
for the quarter ended September 30, 1996. Selling, general and
administrative expenses for the quarter ended September 30, 1996 increased
by $210,406 and increased as a percentage of revenues from 55.5% to 127.1%.
The increases in absolute dollars and as a percentage of revenues were due
to marketing expenses associated with continued emphasis on product
commercialization, particularly the introduction of the next generation
WIDEfax Scan and WIDEfax Plotter and the expansion of the Company's
administrative and sales staff and offices in anticipation of expanding the
Company's operations.
Six Months Ended September 30, 1996 Compared to
Six Months Ended September 30, 1995
Revenues for the six months ended September 30, 1996 were $951,030, a
decrease of $126,872 or 11.8%, compared to $1,077,902 for the six months
ended September 30, 1995.
Operating expenses for the six months ended September 30, 1996 were
$1,775,364, an increase of $836,683, or 89.0%, compared to $939,681 for the
six months ended September 30, 1995. Operating expenses also increased as a
percentage of revenues from 87.2% for the six months ended September 30,
1995 to 186.7% for the six months ended September 30, 1996. The increases
in absolute dollars and as a percentage of revenues were due to marketing
expenses associated with continued emphasis on product commercialization,
particularly the introduction of the next generation WIDEfax Scan and
WIDEfax Plotter and the expansion of the Company's administrative and sales
staff and offices in anticipation of expanding the Company's operation.
The WideCom Group Inc. has caused this notification to be signed on
its behalf by the undersigned thereunto duly authorized.
Date: November 14, 1996 By: /s/ Willem J. Botha
Willem J. Botha,
Chief Financial Officer
