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, 2001
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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:
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART 1 - REGISTRANT INFORMATION
Capitol Communities Corporation
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Full Name of Registrant
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Former Name if Applicable
25550 Hawthorne Boulevard
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Address of Principal Executive Office (Street and Number)
Torrance, CA 90505
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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 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, Capital Development of Arkansas, Inc. (the "Operating
Subsidiary") filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code in the United State Bankruptcy Court, Eastern
District of Arkansas. Due to the expense and time required for filings with the
Bankruptcy Court and given the Company's limited financial resources, the
Company submits that it is an unreasonable burden and expense to file its
Quarterly Report on form 10- QSB by February 14, 2002. The Company intends to
file its Quarterly Report by no later than February 19, 2002.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Michael G. Todd (310) 375-2266
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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). [X] Yes [ ] No
(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.
The Company anticipates a loss of approximately $619,381 for the three
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months ended December 31, 2001, compared to a loss of $476,486 for the three
months ended December 31, 2000. The increase was primarily from an increase in
operating expenses.
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, 2002 By /s/ Michael G. Todd
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Michael G. Todd, Chairman, President
and Chief Executive Officer
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