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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
FORM 10-Q
For Period Ended July 31, 1999
E-NET FINANCIAL CORPORATION
(Full name of registrant)
0-24512
(Commission File Number)
2102 Business Center Drive, Suite 115E, Irvine, California 92612
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (949) 253-4633
(Former name, if changed since last report): not applicable.
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PART II. RULE 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. [X]
(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-KL, 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the 15th 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. REASONS FOR DELAY IN FILING FORM 10-Q WITHIN PRESCRIBED TIME PERIOD
The Company's Form 10-Q has not been filed with the Commission within the
prescribed time period (by July 31, 1999) for the following reasons which were
outside the Company's control and which could not have been avoided without
unreasonable effort or expense:
On March 1, 1999 the Company acquired two new subsidiaries, E-Net Mortgage
Corporation, a Nevada corporation and City Pacific International, U.S.A., Inc.,
a Nevada corporation. At that time the prior management of the Company resigned
and new management was appointed. Obtaining the necessary information from these
entities which the Company needs in order to complete its financial statements
for its annual report on Form 10-KSB has been delayed due to several factors,
including changes in legal and accounting personnel.
On or about July 16, 1998, Gary Case, the Registrant's independent accountant
for the Registrant's most recent fiscal year, resigned. The Registrant's
financial statement for the prior fiscal year ended April 30, 1998, prepared by
R. E. Bassie & Co., contained no adverse opinion or disclaimer of opinion, or
was qualified as to uncertainty, audit scope, or accounting principles.
On or about July 26, 1999, the Registrant engaged the accounting firm of
Cacciamatta Accountancy Corporation as the independent public accountants to
audit the Registrant's fiscal year ended April 30, 1999. This change in
independent accountants was approved by the Board of Directors of the
Registrant.
Cacciamatta Accountancy Corporation was unable to complete the audited Financial
Statements in a manner timely to the required filing date, August 15, 1999. An
incomplete (missing the audited financial statements) 10-KSB was filed on August
13, 1999. An amended 10-KSB report will be filed as soon as the Audited
Financial Statements are available. This is expected within five calendar days
from the filing of this extension.
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The 10-Q filing, due on September 15, 1999, cannot be completed until the
amended (including the audited financial statements) 10-KSB is filed.
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification: Jean Oliver, (949) 253-4633.
(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 proceeding 12 months or for such shorter period that the
Registrant was required to file such reports been filed?
If the answer is no, identify reports. Yes [ ] No [X]
Reports that still need to be filed are (a) one (1) Form 8-K reporting
(i) resignation of independent accountants in April 30, 1998; and (b) three (3)
Form 10Q-SBs for the periods ended July 30, 1998, October 31, 1998 and January
31, 1999.
(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 [ ] No [X]
SIGNATURES
E-NET FINANCIAL CORPORATION
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: September, 1999 By: /s/ Michael P. Roth
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Michael P. Roth
President
Date: September, 1999 By: /s/ Jean Oliver
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Jean Oliver
Chief Financial Officer
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