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: September 30, 2003

   [] 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
                         -------------------------------

Full Name of Registrant

INTERNATIONAL TRUST & FINANCIAL SYSTEMS, INC.
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Former Name if Applicable

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Address of Principal Executive Office (Street and Number)

1024 South Greenville Ave. Suite 240
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City, State and Zip Code

Allen, Texas 75001
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                        PART II - RULE 12b-25(b) and (c)

If the subject 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 subject quarterly report of 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 or portion thereof, could not be filed
within the prescribed time period. (Attached Extra Sheets if needed)

Registrant did not obtain all information prior to filing date and attorney
and accountant could not complete the required legal information and
financial statements and management could not complete Management's
Discussion and Analysis of such financial statements by May 15, 2002.

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                           PART IV - OTHER INFORMATION

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

DAVID PELLS                         (214)        236-8480
- -------------------                  -----       --------
(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 Act
     Company of 1940 during the preceding 12 months or for such shorter the
     period that 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 changes 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

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this notification to be singed on its behalf by the
undersigned hereunto duly authorized.

By:                                             Dated November 15, 2003
        ______________________

        President
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