UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number ___________
NOTIFICATION OF LATE FILING
(Check One):
|X| Form 10-K |_| Form 11-K |_| Form 20-F |_| Form 10-Q |_| Form N-SAR
For Period Ended: December 31, 1997
[ ] 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:
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PART I
REGISTRANT INFORMATION
CONSOLIDATED ECO-SYSTEMS, INC.
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Full Name of Registrant
EXSORBET INDUSTRIES, INC.
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Former Name if Applicable
6807 West 12th Street
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Address of Principal Executive Office (Street and Number)
Little Rock, AR 72204
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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 Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
|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-K, 20-F, 11-K or 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
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The independent auditor retained by the Registrant resigned on March
23, 1998. The resignation is detailed in Form 8-K filed on December 30,
1998. The independent auditor cited inability to obtain records in
resigning. The Registrant disagrees with this information because the first
request for the specified information by the auditor occurred on March 23,
1998. Without allowing the Registrant the opportunity to produce the
records, the auditor resigned.
The Registrant has attempted to obtain another independent auditor to
conduct the audit. However, the Registrant has been unable to locate
another independent auditor who was able to verify that the audit could be
completed within the time extension prescribed by Rule 12b-25.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Sam Sexton III 501 664-7745
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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 answer is no,
identify report(s). |X| Yes |_| No
(3) Is it anticipated that any significant change in results of operation for
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.
The Registrant anticipates reporting a net loss for the fiscal year
ended December 31, 1997 which is estimated to be approximately $11,000,000.
This estimate is based upon a second quarter loss of approximately
$4,600,000 and a fourth quarter loss related primarily to the write down of
certain assets, including good-will of its 7-7, Inc. subsidiary. This is
compared to a loss of approximately $4,200,000 for the fiscal year ended
December 31, 1996. All amounts stated are stated after benefit for income
tax provisions.
Consolidated Eco-Systems, 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 hereunto duly authorized.
Date 3/31/98 By /s/ Sam Sexton III
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Name: Sam Sexton III
Executive Vice President
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
Intentional misstatements or omissions of fact constitute Federal criminal
violations. (See 18 U.S.C. 1001)