UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number: 0-25668
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(Check One): [X] Form 10-K and Form 10-KSB [ ] Form 10-Q and Form 10-QSB
[ ] Form 20-F [ ] Form 11-K [ ] Form N-SAR
For Period Ended: June 30, 2000
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[ ] 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:
PART I - REGISTRANT INFORMATION
Global Technologies, Ltd.
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Full Name of Registrant
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Former Name if Applicable
The Belgravia, 1811 Chestnut Street, Suite 120
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Address of Principal Executive Office (Street and Number)
Philadelphia, PA 19103
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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 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;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, 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
[X] (c) The accountant's statement or other exhibit required by rule 12b-25(c)
has been attached if applicable.
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PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K and Form 10-KSB,
11-K, 20-F, 10-Q and Form 10-QSB, N-SAR, or other transition report or portion
thereof, could not be filed within the prescribed period.
The Company's Annual Report on Form 10-KSB for the fiscal year ended June 30,
2000 cannot be filed within the prescribed time period without unreasonable
effort and expense because the Company is experiencing delays in the collection
of certain information regarding material subsequent events required to be
included in the Form 10-KSB and in preparing its final audit report. Further,
certain financing transactions which the Company entered into during the fourth
quarter and subsequent to year-end have complex accounting treatments and
financial statement disclosures that are new to the Company. The Annual Report
on Form 10-KSB will be filed no later than the 15th calendar day following the
prescribed due date.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
S. Lance Silver, Esq. 215 972-8191
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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 reports), been filed. If 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 statement 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,
if appropriate, state the reasons why a reasonable estimate of the results
cannot be made.
For the year ended June 30, 2000, the Company anticipates a significant change
in results of operations from the corresponding twelve months ended June 30,
1999. The Company's conclusion is based on a one-time, non-cash benefit related
to the reversal of warranty, maintenance and commission accruals as disclosed in
our Annual Report on Form 10-KSB for the Transition Period ended June 30, 1999
and the start-up costs associated with the international lottery operation as
disclosed on Form 10-QSB for the nine-month period ended March 31, 2000. Due to
the complex nature of fourth quarter transactions and subsequent events as noted
in Part III above, the Company is finalizing the effect of these transactions on
the year ended June 30, 2000.
Global Technologies, Ltd.
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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: September 29, 2000 By: /s/ S. Lance Silver
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<PAGE>
Global Technologies, Ltd.
The Belgravia
1811 Chestnut Street, Suite 120
Philadelphia, PA 19103
Ladies and Gentlemen:
Pursuant to Rule 12b-25 of the General Rules and Regulations under the
Securities Exchange Act of 1934, we inform you that we have been furnished a
copy of Form 12b-25 to be filed by The Network Connection, Inc. on or about
September 28, 2000, which contains notification of the registrant's inability to
file its transition Form 10-KSB by September 28, 2000. We have read the
Company's statements contained in Part III therein and we agree with the stated
reasons as to why we have been unable to complete our audit and report on the
financial statements for the year ended June 30, 2000, to be included in Form
10-KSB.
Very truly yours,
KPMG LLP
