-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BLIqZOQ6FEz7457AgIJG/DDwycK0YpO3mfMTWuBTpDmhGZVGaES7PptWa9jpnrgV 0c/Gdpdxvb7IQv41iP2Yyg== 0000916513-99-000019.txt : 19991231 0000916513-99-000019.hdr.sgml : 19991231 ACCESSION NUMBER: 0000916513-99-000019 CONFORMED SUBMISSION TYPE: NT 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991230 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORECROSS CORP CENTRAL INDEX KEY: 0000916513 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 942823882 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NT 10-K SEC ACT: SEC FILE NUMBER: 000-29672 FILM NUMBER: 99784134 BUSINESS ADDRESS: STREET 1: 90 NEW MONGOMERY STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 4155431515 MAIL ADDRESS: STREET 1: 90 NEW MONTGOMERY ST CITY: SAN FRANCISCO STATE: CA ZIP: 94105 NT 10-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 12B-25 COMMISSION FILE NUMBER: 0-29672 -------- NOTIFICATION OF LATE FILING --------------------------- (Check One): [ X ] Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q For Period Ended: September 30, 1999 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: PART I- REGISTRANT INFORMATION - --------------------------------- Full Name of Registrant: Forecross Corporation ---------------------- Former Name if Applicable: Address of Principal Executive Office (Street and Number): 90 New Montgomery St. --------------------- City, State and Zip Code: San Francisco, California 94105 ---------------------------------- Page 1 of 4 PART II - RULE 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 or portion thereof will be filed on or before the 15th calendar day following the prescribed due date; or the subject quarterly report 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 or 10-Q or portion thereof could not be filed within the prescribed time period. The Registrant's Annual Report on Form 10-K for the fiscal year ended --------------------------------------------------------------------------- September 30, 1998 could not be filed within the prescribed time period --------------------------------------------------------------------------- because the Registrant has experienced unanticipated delays in the --------------------------------------------------------------------------- collection and compilation of certain information required to be included --------------------------------------------------------------------------- in the Form 10-K, and in the completion of the drafting of the Form 10-K --------------------------------------------------------------------------- for filing. Such delays could not be eliminated by the Registrant without --------------------------------------------------------------------------- unreasonable effort or expense. The Form 10-K will be filed as soon as --------------------------------------------------------------------------- practicable, but in no event later than the fifteenth calendar day --------------------------------------------------------------------------- following the prescribed due date. ---------------------------------- Page 2 of 4 PART IV - OTHER INFORMATION - ------------------------------- (1) Name and telephone number of person to contact in regard to this notification: Andrew J. Cosentino, Esq. (212) 801-9304 ---------------------------- --------------- (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 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 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. Fiscal 1998 net loss was $2,328,652; but fiscal 1999 net loss was --------------------------------------------------------------------------- $2,750,000. Revenues decreased from $7,168,752 in 1998 to $3,450,000 in --------------------------------------------------------------------------- 1999, primarily due to the fact that no new computer software or platform --------------------------------------------------------------------------- migrtion projects were begun in fiscal 1999. It is generally believed that --------------------------------------------------------------------------- prospective clients deferred all significant migrations in anticipation of --------------------------------------------------------------------------- the need to allocate 1999 resources to year 2000 readiness issues. In --------------------------------------------------------------------------- addition, after completing a large, multi-year year 2000 renovation project --------------------------------------------------------------------------- in the second quarter of 1999, the Registrant's year 2000 projects --------------------------------------------------------------------------- predominantly consisted of lower-priced year 2000 compliance audits rather --------------------------------------------------------------------------- than higher-priced renovations. Cost of revenue decreased from $4,419,347 --------------------------------------------------------------------------- in 1998 to $2,750,000 in 1999 primarily due to a reduction in staff as a --------------------------------------------------------------------------- result of layoffs and attrition, a reduction in the use of contractors and --------------------------------------------------------------------------- the absense of a substantial warranty amortization period for year 2000 --------------------------------------------------------------------------- audit projects which were completed in 1999 versus year 2000 renovation --------------------------------------------------------------------------- projects which were conducted in fiscal 1998. Operating expenses were --------------------------------------------------------------------------- reduced from $4,772,147 in 1998 to $2,900,000 in 1999, again due primarily --------------------------------------------------------------------------- to the reduction in staff, and the reduced need for legal and accounting --------------------------------------------------------------------------- services when compared to fiscal 1998, during which year the Registrant was --------------------------------------------------------------------------- a first-time filer with the United States Securities and Exchange --------------------------------------------------------------------------- Commission. Other expenses increased from $305,110 in fiscal 1998 to --------------------------------------------------------------------------- $550,000 in 1999, due primarily to interest incurred on the use of credit --------------------------------------------------------------------------- facilities, and interest on notes payable. -------------------------------------------- Page 3 of 4 FORECROSS CORPORATION --------------------- (Name of Registrant as specified in charter) has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized. Date: December 30, 1999 By: /s/ Bernadette C. Castello Name: Bernadette C. Castello Title: Senior Vice President and Chief Financial Officer Page 4 of 4 -----END PRIVACY-ENHANCED MESSAGE-----