UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number: 0-25668
--------
(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, 2001
---------------
[ ] 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.
-------------------------
Full Name of Registrant
-------------------------
Former Name if Applicable
The Belgravia, 1811 Chestnut Street, Suite 120
---------------------------------------------------------
Address of Principal Executive Office (Street and Number)
Philadelphia, PA 19103
-------------------------
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
[ ] (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 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, 2001 (the "Annual Report") cannot be filed within the prescribed time period
without unreasonable effort and expense for the following reasons:
The Company has been experiencing liquidity issues since the beginning of
fiscal year 2001. These liquidity issues have resulted in the Company incurring
significant past due payables with its auditors here in the United States and
its outside accountants abroad.
On September 14, 2001, the Company was able to bring the level of its past
due payables to its domestic auditors to a level that allowed the auditors to
begin work on the annual audit necessary for the Annual Report. On September 17,
2001 (11 days before the Annual Report is due to be filed), the domestic
auditors began the audit process.
The Company was also able to become sufficiently current with its overseas
accountants only recently, such that they are now willing to prepare the
financial statements for the Company's overseas subsidiaries. The Company's
overseas outside accountants are currently working to get these financial
statements compiled so that they may be consolidated and audited.
The Company's financial inability to get its outside accountants and
auditors started on the annual audit in preparation of the Annual Report have
caused the Company to be unable to file the Annual Report within the prescribed
time period. Despite these difficulties, the Company and its auditors are
working diligently to complete the Annual Report in a timely manner, and the
Company will file the Annual Report 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
-------------------------------------------------------------
(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.
Similar to the past fiscal year, the Company expects that its results of
operations for this fiscal year will reflect a significant net loss. While the
net loss for this fiscal year is not expected to be significantly greater than
last fiscal year's net loss, the components and reporting are expected to vary
extensively because of the cessation of much of the Company's operations by the
end of the first quarter of fiscal 2001. While the Company anticipates that its
results of operations for fiscal 2001 will reflect income from sales of
investment securities, it also anticipates that any such income will be offset
by charges resulting from write-downs related to reductions in value of
equipment held for sale and investment securities. The cessation of operations
and write-downs require analysis and evaluation by our auditors, who, as
explained above, were unable to begin the audit process until September 17, 2001
as a result of the Company's financial constraints. Thus, at this time, a
reasonable estimate of results cannot be made.
Global Technologies, Ltd.
--------------------------------------------
(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 28, 2001 By: /s/ Irwin L. Gross
---------------------------------