U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number 000-28575
NOTIFICATION OF LATE FILING
(Check One): [X ] Form 10-K/KSB [ ] Form 20-F [ ] Form 11-K [] Form 10-Q/QSB
[ ] Form N-SAR
For the Period Ended: December 31, 2007
[ ] 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 attached instruction 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
GLOBAL AIRCRAFT SOLUTIONS, INC.
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Full Name of Registrant
Former Name if Applicable
P.O. BOX 23009, 6901 S. PARK AVE.
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Address of Principal Executive Office (Street and Number)
TUCSON, AZ 85706
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City, State and Zip Code
PART II
RULE 12b-25(b) and (c)
The Registrant makes the following representations with respect to filing this
Form 12b-25:
(a) The reasons causing the inability to file timely could not be
eliminated without unreasonable effort or expense due to the reasons set forth
at Part III.
(b) The subject annual report, on Form 10-K for the fiscal year
ended December 31, 2007 will be filed on or before the 15th 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
State below in reasonable detail why the Form 10-K, could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
The Registrant hereby represents that it is unable to file its Annual Report on
Form 10-K for the fiscal period ended December 31, 2007 without unreasonable
effort or expense. The Company requires additional time to complete the
preparation of the annual financial statements for 2007 to be included therein
because additional time is required for the Company to correctly complete its
assessment and preparation of the Company's tax position and corresponding
entries related to FIN 48 which will impact the financial statements for Form
10-K. The Registrant further represents that the Form 10-K will be filed by no
later than the 15th day following the date on which the Form 10-K was due.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Patricia Graham, CAO
(520) 294-3481
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(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). [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.
During 2007, revenues were $24,743,501 which represents a decrease of 28.4% from
2006's figure of $34,542.195. The Company had a net loss of $3.8 million in
2007 and net income of $.826 million in 2006. In 2006, there was a loss from
operations of $2,109. In 2007, the loss from operations was $4.9 million.
2
In 2007, sales related to our Tijuana operation fell to $2.3 million due to our
temporary suspension of work due to non-payment of invoicing by that location's
primary customer. This only partially accounts for the 49% drop in revenue in
our maintenance segment. Maintenance felt the effects of the substantial cash
problems created in 2006 by the non-payment of invoicing by customers, Avolar
and BCI. Our partner in Jetglobal, BCI, desired that the partnership hold
aircraft assets rather than sell them. Our membership in Jetglobal had been
undertaken to increase revenue and we had a sizable investment of over $6M in
those assets. Additionally, the resulting settlement reached with BCI to
take-over our membership in Jetglobal, which was not finalized until mid-year,
netted us an inventory of aircraft but no cash. Maintenance slots that had been
saved to service aircraft sold were left open and revenue dropped.
Global Aircraft Solutions, Inc. has caused this notification to be signed on its
behalf by the undersigned officer, thereunto duly authorized.
Date: March 31, 2008 Global Aircraft Solutions, Inc.
By: /s/ John B. Sawyer
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Title: President