EQUALNET COMMUNICATIONS CORP
NT 10-Q, 1999-11-15
TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE)
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 12B-25

                                                 Commission File Number: 0-25482

                          NOTIFICATION OF LATE FILING

(Check One): [_] Form 10-K  [_] Form 20-F   [_] Form 11-K
             [X] Form 10-Q  [_] Form N-SAR

For Period Ended: September 30, 1999

                 [ ] 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: ________________________

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| Read Instruction (on back page) Before Preparing Form. Please Print or Type  |
|  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

Equalnet Communications Corp.
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Full Name of Registrant

EqualNet Holding Corp.
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Former Name if Applicable

1250 Wood Branch Park Drive
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Address of Principal Executive Office (Street and Number)

Houston, Texas 77079
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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 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 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
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    | (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, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.

The Registrant encountered unexpected delays in the review process necessary to
enable it to present the financial information required and cannot complete such
review by the due date without unreasonable effort and expense.


PART IV - OTHER INFORMATION

(1)  Name and telephone number of person to contact in regard to this
     notification.

         Michael P. Gallagher           (281)                 529-4600
    ----------------------------    --------------    -------------------------
              (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
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(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 [X] 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.

     Equalnet Communications Corp. has caused this notification to be signed on
     its behalf by the undersigned thereunto duly authorized.

Date:  November 12, 1999                      By: /s/  Michael P. Gallagher
                                              ---------------------------------
                                              Michael P. Gallagher
                                              Chief Financial Officer

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