UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING SEC FILE NUMBER:
CUSIP NUMBER:
[ ] Form 10-K [ ]Form 20-F [ ] Form 11-K [X] Form 10-Q
[ ] Form N-SAR
For Period Ended: June 30, 2003
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[ ] 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
Full Name of Registrant
American Sports Development Group, Inc.
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Former Name if Applicable
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Address of Principal Office (Street and Number)
155 Verdin Road
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City, State and Zip Code
Greenville, South Carolina 29607
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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)
[X] (a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable effort
or expense.
[x] (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
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[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
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State below in reasonable detail the reasons why Forms 10-K, 20-F, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed
within the prescribed time period.
Management and the Company's Auditor are in the process of
completing the Company's Form 10-QSB for the period ended
June 30, 2003. It is anticipated that the Form 10-QSB for
the period ended June 30, 2003 will be completed in time
for filing within the time allowed by this extension.
PART IV - OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification.
William R. Fairbanks (864) 458-7221
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(Name) (Area Code) (Telephone Number)
(2) Have all other period 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 short period that the registrant was required to file
such report(s) been filed? If 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 in the earnings statement 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 the six months ended June 30, 2003, the Company incurred
a net loss of $1,052,629 compared to a net loss of $98,373 for
the same period of 2002. The primary cause of this decline in
results of operations stems from difficulties the Company has
encountered in securing financing to satisfy its obligations
to its bank on its promissory note and to rebuild inventories
to historical level. As a result, the Company's consolidated
sales have dropped from $11,539,947 in the first six months of
2002 to $4,372,768 in the first half of 2003.
AMERICAN SPORTS DEVELOPMENT GROUP, INC. has caused this notification
to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 14, 2003 BY: /s/William R. Fairbanks
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William R. Fairbanks, Chairman
Of the Board of Directors
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