sec document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
SEC File Number: 0-25247
-------
CUSIP Number: 84916X 20 3
-----------
NOTIFICATION OF LATE FILING
(Check One): / / Form 10-K / / Form 11-K / / Form 20-F /X/ Form 10-Q / / Form N-SAR
For Period Ended: February 28, 2002
--------------------------------------------------------------
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
------------------------------------------------
Read attached instructions sheet 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:__________________
PART I
REGISTRANT INFORMATION
Full name of registrant Sporting Magic, Inc.
--------------------------------------------------------
Former name if applicable
-------------------------------------------------------
Address of principal executive office (Street and number) 7625 Hamilton Park
-------------------
Drive, Building 2, Suite 12
--------------------------------------------------------------------------------
City, state and zip code Chattanooga, Tennessee 37421
-------------------------------------------------------
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.)
(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, 20-F, 11-K or Form N-SAR, or portion thereof will be
filed on or before the 15th calendar day following the prescribed
due date; or the subject quarterly report or 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 Form 10-K, 11-K,
20-F, 10-Q, N-SAR or the transition report or portion thereof could not be filed
within the prescribed time period.
Due to difficulty in gathering certain information, the Company is
unable to file its Form 10-Q in a timely manner.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Robert Wilbanks (423) 296-8213
--------------------------------------------------------------------------------
(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 the
answer is no, identify report(s).
Yes /X/ No / /
2
(3) Is it anticipated that any significant change in results of
operations for 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 / /
Pursuant to the terms a reverse acquisition, on February 1, 2002 the
Company acquired Next, Inc. ("Next"), with the business of Next becoming the
business of the Company. Prior this acquisition, the Company was an inactive
"shell" with minimal operations. As the business of Next is now the business of
the Company, the Company's historical financial statements need to be restated
to reflect Next's operations (which are significantly different than those of
the Company). A reasonable estimate of these results, however, cannot be made at
this time, as the Company's restated financial statements have yet to be
completed.
Sporting Magic, Inc.
--------------------------------------------------------------------------------
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 15, 2002 By:/s/ Dan F. Cooke
-------------- -----------------------------
Dan F. Cooke
President
INSTRUCTION. The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal criminal
violations. (See 18 U.S.C. 1001)
3