NT 10-Q 1 doc1.txt Form 12b-25. - NOTIFICATION OF LATE FILING Form 12b-25 SEC File Number 0-20030 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Check One): [ ] Form 10-K and Form 10-KSB [ ] Form 11-K [ ] Form 20-F [ X] Form 10-Q and Form 10-QSB [ ] Form N-SAR For Period Ended: June 30, 2002 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: All Items. ------------- PART 1-REGISTRANT INFORMATION ------------------------------- American Income Fund I-D, a Massachusetts Limited Partnership -------------------------------------------------------------------- Full Name of Registrant N/A --- Former Name, if Applicable 1050 Waltham Street, Suite 310 ---------------------------------- Address of Principal Executive Office (Street and Number) Lexington, MA 02421 --------------------- City, State and Zip Form 12b-25 Page Two 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 10-KSB, Form 20-F, Form 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, Form 10-QSB 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, 10-KSB, 11-K, 20-F, 10-Q, 10-QSB or N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period. The Registrant requires additional time to prepare a complete and accurate accounting of the quarter ended June 30th, 2002. This is due to delays caused by staffing turnover. The Registrant expects to be completed with the financial statements by August 19th, 2002 and, therefore, Form 10-Q is expected to be filed within the prescribed extension period. PART IV-OTHER INFORMATION --------------------------- (1) Name and telephone number of person to contact in regard to this notification. Michael J. Butterfield 781 676-0024 ------------------------ --- -------- (Name) (Area Code) (Telephone Number) Form 12b-25 Page Three (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 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 quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results can not be made. See attachment. American Income Fund I-D, a Massachusetts Limited Partnership -------------------------------------------------------------------- (Name of Registrant as Specified in Charter) has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized. Date: August 15, 2002 By:/s/ Michael J. Butterfield ----------------- ----------------------------- Executive Vice President and Chief Operating Officer of the general partner of Equis Financial Group Limited Partnership and Treasurer of the General Partner (Principal Financial and Accounting Officer) ATTACHMENT TO FORM 12b-25 Part IV-Other Information --------------------------- Significant changes in the statement of operations for the three and six months ended June 30, 2002 as compared to the corresponding periods for 2001 are summarized below: The estimated three and six months ending June 30, 2002 results as compared to the three and six months ending June 30, 2001 results (in thousands):
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2002 2001 2002 2001 ------------------ ----------------- --------- --------- Total Revenues $ 409,381 $ 613,097 $ 696,226 $1,164,096 Total Expenses 1,673,371 1,583,811 2,013,587 1,953,586 Net Loss $ (1,263,990) $ (970,714) $(1,317,361) $ (789,490)
The decrease in revenues from 2001 to 2002 primarily reflects a decrease in lease revenue resulting from lease term expirations and equipment sales. Expenses in 2002 reflect a bad debt recovery of approximately $473,000 and a write-down of equipment of approximately $1,810,000 in the three months ended June 30, 2002. Expenses in 2001 include a write-down of an impaired loan and interest receivable of approximately $762,000 and the costs associated with ongoing legal matters.