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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
Notification of Late Filing
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|X| Form 10-KSB |_| Form 11-K |_| Form 20-F |_| Form 10-QSB |_| Form N-SAR
FOR THE FISCAL YEAR ENDED: December 31, 2003
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:
N/A
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PART I - REGISTRANT INFORMATION
INNOVATIVE SOFTWARE TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Charter)
204 NW PLATTE VALLEY DRIVE, RIVERSIDE, MISSOURI 64152
(Address of Principal Executive Office)
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PART II - RULES 12B-25 (B) AND (C)
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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 or semi-annual report/portion thereof will
be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report/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.
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PART III - NARRATIVE
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State below in reasonable detail the reasons why the Form 10-KSB, 11-K, 20-F,
10-QSB or N-SAR or portion thereof could not be filed within the prescribed
time:
The Registrant is unable to timely file its report on Form 10-KSB for the fiscal
year ended December 31, 2003 (the "Form 10-KSB") without unreasonable effort or
expense. The Registrant has determined that it will be required to restate
financial statements from prior periods due to the fact that accounting entries
deferring revenues for services not yet provided by the Registrant have been
understated. Additionally, revenues for Company financed sales have been
understated. Therefore, previously reported revenues for 2002 and the first
three quarters of 2003 require restatement. The Registrant's ongoing review and
analysis of these revenue deferral entries, financed sales entries, and the
restatement have caused a delay in the completion of the Registrant's audit for
the fiscal year ended December 31, 2003 and a corresponding delay in the
completion in the Form 10-KSB.
On a preliminary unaudited basis, the Registrant currently expects that the
restatement will result in a net decrease in total revenues for the 2003 and
2002 fiscal years. The amount of the expected decrease is not quantifiable at
this time.
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PART IV - OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification
Douglas S. Hackett (816) 584-8030
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(2) Have all other periodic reports required (under Section 13 or 15(d) of the
Securities and 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 reports) been filed?
If answer 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 statement to be included in the subject report or portion
thereof?
|_| YES |_| NO
The extent of any change in the results of operations could not be
measured at this time.
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.
A qualitative and quantitative statement cannot be provided at this
time, for reasons set forth in Part III above.
Innovative Software Technologies, Inc. has caused this notification to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: March 30, 2004 Innovative Software Technologies, Inc.
By: /s/ Douglas S. Hackett
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Douglas S. Hackett
Chief Executive Officer
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ATTENTION
Intentional misstatements or omissions of act constitute Federal Criminal
Violations (See 18 U.S.C. 1001).