UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File Number 0-7693
Cusip Number 459858 20 5
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form N-SAR
For the Period Ended: December 31, 1999
[ ] 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: ________________________________________
Read Instructions (on back page) 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:
INTERNATIONAL MERCANTILE CORPORATION
Former Name if Applicable
Address of Principal Executive Office (Street and Number)
1625 KNECHT AVENUE
City, State and Zip Code
BALTIMORE, MARYLAND 21227
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;
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, 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 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, 20-F, 11-K, 10-Q,
N-SAR or the transition report or portion thereof could not be filed within
the prescribed time period.
The Registrant's Form 10-KSB could not be filed within the prescribed
time period because the results of an independent appraisal regarding the
valuation of certain assets material to the financial statements as a whole
have not yet been completed. This has caused a delay in the Registrant's
ability to timely complete its requisite financial statements with respect
to its Form 10-KSB for year end 1999.
Part IV-Other Information
(1) Name and telephone number of person to contact in regard to this
notification:
C. Timothy Jewell (410) 242-5000
----------------- ----------- ------------------
(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 reports(s).
[ ] Yes [X] No
To the best knowledge of the Registrant, the Registrant has filed all
periodic reports required under section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months; however, it appears that
Form 8-K/A filed December 3, 1999 may be deficient with respect to its
finacial statement presentation.
(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.
See Attached Letter from Caruso & Caruso, Certified Public
Accountants, P.A.
INTERNATIONAL MERCANTILE CORPORATION
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: March 30, 2000
INTERNATIONAL MERCANTILE CORPORATION.
By: /s/C. Timothy Jewell
--------------------
C. Timothy Jewell,
President
CARUSO &
CARUSO Certified Public Accountants, P.A.
=============================================================================
6971 N. Federal Highway - Suite 402 - Boca Raton, Florida 33487
Tel: (561) 995-1070 - Fax: (561) 994-5506
We are the accountants engaged by International Mercantile Corporation to
audit the financial statements for the year ended December 31, 1999. As a
result of this correspondence the audit has not been issued. The results of
an independent appraisal regarding the valuation of certain assets material
to the financial statements as a whole has not yet been completed.
The financial statements to be presented are substantially different from
those statements presented for the prior year. On December 31, 1998 the
Company's majority interest was in a subsidiary, University Mortgage, Inc.,
which represented the Company's operations. On July 31, 1999 the Company
liquidated that interest through a new issuance of University Mortgage, Inc.
stock to a related third party investor in consideration of the Company's
investment in University Mortgage, Inc. This left the Company an OTC
Bulletin Board publicly traded company with substantially no assets or
liabilities. On September 6, 1999, the Company then executed a reverse
merger with recapitalization of Micromatix.com, Inc. and not a business
combination, pro forma information is not included in the December 31, 1999
financial statements and the historical data contained in the financial
statements is that of Micromatix.com, Inc.
Sincerely,
/s/Richard J. Gross
Richard J. Gross, C.P.A.
For the Firm