U. S. Securities and Exchange Commission
Washington, D.C. 20549
FORM NT 10-Q ---------------
SEC FILE NUMBER
NOTIFICATION OF LATE FILING 0-31729
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(Check One): ( )Form 10-K and Form 10-KSB ( )Form 20-F ( )Form 11-K
(X)Form 10-Q and Form 10-QSB ( )Form N-SAR
For Period Ended: September 30, 2002
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( ) 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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Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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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
Clariti Telecommunications International, Ltd.
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Full Name of Registrant
625 Ridge Pike, Suite C-106
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Address of Principal Executive Office (Street and Number)
Conshohocken, PA 19428
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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 10-KSB, Form 20-F, Form 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 or
transition report on Form 10-Q or Form 10-QSB, or portion thereof will
be filed on or before the fifth calendar day following the prescribed
due date.
( ) (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached, if applicable.
PART III - NARRATIVE
On April 18, 2002, Clariti Telecommunications International, Ltd.("the Company)
filed a voluntary petition for reorganization under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the Eastern
District of Pennsylvania. The Company is awaiting approval from the Court for
the engagement of accounting professionals to review the quarterly financial
statements of the Company prior to release. As a result, it is management's
opinion that financial statements for the three-month period ended September
30, 2002 cannot be completed by November 14, 2002(the original due date for
Form 10-Q) without unreasonable effort or expense. Management expects to file
a completed Form 10-Q for the quarter ended September 30, 2002 on or before
November 19, 2002.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Abraham Carmel 610 825-6224
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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 been
filed? (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 statement to be included in the subject report thereon?
(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.
Explanation:
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Registrant incurred a net loss of $2,838,000 for the three-month period
ended September 30, 2001. Final consolidated results of operations for the
corresponding periods of the current fiscal year have not yet been
completed. During the three-month period ended September 30, 2002, the
Registrant was involved in Chapter 11 Bankruptcy proceedings. During this
time the Registrant operated with limited operating expenses, which
decreased the net loss for the current fiscal quarter.
Clariti Telecommunications International, Ltd.
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(Name of Registrant as Specified in Charter)
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 14, 2002 By: s/Abraham Carmel
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Abraham Carmel
Chief Executive Officer,
President and Acting Chief
Financial Officer
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