SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 12b-25

                         Commission File Number 0-21475

                           NOTIFICATION OF LATE FILING

(Check One): |X| Form 10-K |_| Form 11-K |_| Form 20-F |_| Form 10-Q
             |_| Form N-SAR

For Period Ending: December 31, 2001

|_| 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

     Read the 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

                               EMERGENT GROUP INC.
                             Full name of registrant
                            Former name if applicable

              375 Park Avenue, 36th Floor, New York, New York 10152
           Address of principal executive office (Street and number)

                         Part II. Rule 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 appropriate box.)

|X|      (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, 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 on 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

         Since the audit has not yet  commenced,  it is unlikely  that the
         Company  will be able to file its Form  10-KSB 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 is 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 portion thereof could not be filed within
the prescribed time period. (Attached extra sheets if needed.)

     Arthur  Anderson LLP  resigned on March 5, 2002 as the firm's  auditors and
the firm of Singer Lewak  Greenbaum & Goldstein LLP was engaged as the Company's
new  auditor's on March 13, 2002.  The Form 10-KSB could not be filed within the
prescribed  period without  unreasonable  effort and expense in connection  with
preparation of the financial statements.


                           Part IV. Other Information

     (1) Name and  telephone  number  of  person  to  contact  in regard to this
notification

Steve Morse, Esq.                               516-487-1446
(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). |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.

     2000 loss  ($3,610,215).  Issuer's net loss for 2001 cannot be presently be
accurately determined.

                               EMERGENT GROUP INC.
                  (Name of registrant as specified in charter)

     Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.

Date April 1, 2002                         By     /s/ Mark Waldron
                                                      Mark Waldron, President


                     Singer Lewak Greenbaum & Goldstein LLP
                            10960 Wilshire Boulevard
                                   Suite 1100
                             Los Angeles, CA 90024

                                                March 30, 2002

Securities and Exchange
 Commission

Dear Sirs:

     Since our firm has only recently  been engaged as the  Company's  auditors,
and the audit  has not  commenced,  we are  unable  to  complete  the audit in a
timeframe  which would permit the timely filing of the Company's Form 10-KSB for
the fiscal year ended December 31, 2001.

                                                Sincerely,


                                      /s/ Singer Lewak Greenbaum & Goldstein LLP
                                          Singer Lewak Greenbaum & Goldstein LLP