UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER 000-30503
(Check one): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q
[ ] Form 10-D [ ] Form N-SAR [ ] Form N-CSR
For Period Ended: March 31, 2010
[ ] 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:
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
AVSTAR AVIATION GROUP, INC.
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Full Name of Registrant
Pangea Petroleum Corp.
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Former Name if Applicable
3600 GESSNER, SUITE 220
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Address of Principal Executive Office (Street and Number)
HOUSTON, TEXAS 77063
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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)
| (a) The reason 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, Form 11-K, Form N-SAR or Form N-CSR, or
| portion thereof, will be filed on or before the fifteenth
[X] | calendar day following the prescribed due date; or the subject
| quarterly report or transition report on Form 10-Q or subject
| distribution report on Form 10-D, 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 why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR,
N-CSR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The Registrant is unable to file its Quarterly Report on Form 10-Q for the
period ended March 31, 2010 within the prescribed time period without
unreasonable effort and expense due to the unavailability of certain information
that may materially affect the disclosure to be contained in the Report.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
RUSSELL IVY 281 710-7103
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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 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 [ ] No [X]
Earlier in 2010, Registrant issued 15 million shares of Registrant's common
stock to Registrant's Chief Executive Officer in connection with the
re-negotiation of this officer's verbal employment agreement (including a salary
reduction) and the memorialization of this agreement in writing. Moreover,
earlier in 2010, Registrant issued an aggregate of 21 million shares of
Registrant's common stock to three persons holding interests in a convertible
promissory note in exchange for an aggregate of $52,500 of the indebtedness
represented by this note. The aggregate number of shares issued and the identity
of some of the recipients of these shares required the filing of a Current
Report on Form 8-K reporting the issuances under Items 3.02 and 5.02. Registrant
is currently in the process of preparing this Current Report and plans on filing
the same to cure this deficiency.
(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?
Yes [X] 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.
Registrant expects that revenues for the first quarter 2010 will decline to
about $100,000 compared to revenue of $175,394 for the first quarter 2009 as a
result of a decrease in the volume in services provided, as the local economy in
California in which Registrant's operations are provided seemed to deteriorate
further. At this time, Registrant is trying to compute final figures as to costs
and expenses for the first quarter 2010. Because of the unavailability of these
final figures, Registrant is not in a position to estimate its profits or losses
for the first quarter of 2010 although Registrant believes that its loss for the
first quarter 2010 will increase significantly compared to its loss of $62,620
for the first quarter 2009, due to a large increase in stock-based compensation.
AVSTAR AVIATION GROUP, INC.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 17 , 2010 By: /s/ Russell Ivy
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President & CEO
(Principal Executive Officer)
(Principal Financial and Accounting
Officer)
ATTENTION
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001)