UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington , D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Check One: Form 10-K Form 20-F Form 11-K [X] Form 10-Q Form N-SAR
For Period Ended: December 31, 2000
_____________________________________________
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:_______________________________
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
_____________________________________________________________________________
PART 1 - REGISTRANT INFORMATION
Capitol Communities Corporation
_____________________________________________________________________________
Full Name of Registrant
________________________________________________________________________________
Former Name if Applicable
25550 Hawthorne Boulevard
________________________________________________________________________________
Address of Principal Executive Office (Street and Number)
Torrance, CA 90505
________________________________________________________________________________
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)
(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
[X] 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 Forms 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.
On July 21, 2000, Capitol Communities Corporation's (the "Company") wholly-
owned subsidiary, Capitol Development of Arkansas, Inc. (the "Operating
Subsidiary"), filed for Chapter 11 with the United States Bankruptcy Court,
Eastern District of Arkansas. The Company has just completed filing a
Reorganization Plan with the Bankruptcy Court making it an unreasonable burden
and expense to prepare its Quarterly Report on Form 10-QSB by February 14,
2001. The Company intends to file its Quarterly Report by no later than February
19, 1999.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Michael G. Todd (310) 375-2266
________________________________________________________________________________
(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 answer is no,
identify report(s). [ ] Yes [X ] No
The following officers, directors, and beneficial owners of 10% or more of
the Company's Common Stock were delinquent in filing an Annual Statement of
Changes in Beneficial Ownership on Form 5: Michael G. Todd, and David R. Paes.
(3) Is it anticipated that any significant change in results of operations from
the corresponding period of 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.
2
The Company expects a loss for the three months ended December 31, 2000 of
approximately $476,486 compared with a loss of $873,685 for the three months
ended December 31, 1999. The difference was primarily due to a decrease in
General and Administrative Expenses for the three months ended December 31,
2000.
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Capitol Communities Corporation
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date February 14, 2001 By /s/ Michael G. Todd
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Michael G. Todd, Chairman, President and
Chief Executive Officer
3