SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
Notification of Late Filing
Commission file Number 0-24682
(Check one)
|X| Form 10-K and Form 10-KSB | | Form 11-K
| | Form 20-F | | Form 10-Q and Form 10-QSB | | Form N-SAR
For the period ended June 30, 1998
| | Transition Report on Form 10-K and Form 10-KSB
| | Transition Report on Form 20-F
| | Transition Report on Form 11-K
| | Transition Report on Form 10-Q and Form 10-QSB
| | 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 related to a portion of the filing checked above,
identify the
item(s) to which notification relates: ____________________________________
PART I
REGISTRANT INFORMATION
Full name of registrant: Worldwide Petromoly, Inc.
Former name if applicable:
Address of principal
executive office: 1300 Post Oak Boulevard, Suite 1985
City, State and Zip Code: Houston, Texas 77056
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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 appropriate box.)
|X| (a) The reasons described in 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
of Forms 10-K, 10-KSB, 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, 10-QSB, or
portion thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
|X| (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 Forms 10-K, 10-KSB, 11-K,
20-F, 10-Q, 10-QSB, N-SAR or the transition report portion thereof could not be
filed within the prescribed time period. (Attach extra sheets if needed.)
The Registrant's annual report on Form 10-KSB could not be filed within the
prescribed time period because the financial statements required to be prepared
by the Registrant's independent auditor have not been completed.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Lance Rosmarin (713) 892-5823
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(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?
|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.
Explanation:
Explanation:
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The Company presently anticipates that there will be an increase in revenues
from $216,887 in fiscal 1997 to $301,150 in fiscal 1998. The Company presently
anticipates that there will be an increase in gross margin from $25,387 in
fiscal 1997 to $87,133 in fiscal 1998. The Company presently anticipates that
there will be a decrease in operating expenses from $4,475,836 in fiscal 1997 to
$2,268,692 in fiscal 1998. The Company presently anticipates that there will be
a decrease in operating loss from $ (4,450,449) in fiscal 1997 to $ (2,181,559)
in fiscal 1998. The Company presently anticipates that there will be a change
in "Other Income (Expense)" from "Other Income" of $ 163,326 in fiscal 1997 to
"Other Income (Expense) of $ (11,995) in fiscal 1998. The Company presently
anticipates that there will be a decrease in loss from operations from $
(4,287,123) in fiscal 1997 to $ (2,193,554) in fiscal 1998.
Exhibits
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1.1 Letter from Independent Accountant
Worldwide PetroMoly, Inc.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: September 25, 1998 By /s/ Lance Rosmarin
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Lance Rosmarin
Chief Financial Officer
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September 25, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
As independent auditors for Worldwide Petromoly, Inc. for the year ended June
30, 1998, we have endeavored, with the full cooperation of the Company, to
obtain the necessary information to meet the filing requirements of Form 10-KSB,
both as to form and timeliness. Due principally to the lateness of our
retention as auditors for the year, we will not have sufficient time to complete
our examination by the September 28, 1998 required filing date of the Company's
Form 10-KSB.
Very truly yours,
/S/ Jackson & Rhodes P.C.
Jackson & Rhodes P.C.
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