================================================================================
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Notification of Late Filing
----------
|_| Form 10-KSB |_| Form 11-K |_| Form 20-F |X| Form 10-QSB |_| Form N-SAR
For The Fiscal Quarter Ended: March 31, 2005
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
- --------------------------------------------------------------------------------
PART I - REGISTRANT INFORMATION
- --------------------------------------------------------------------------------
INNOVATIVE SOFTWARE TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Charter)
100 North Tampa Street, Suite 2410, Tampa, Florida 33602
(Address of Principal Executive Office)
================================================================================
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 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.
- --------------------------------------------------------------------------------
PART III - NARRATIVE
- --------------------------------------------------------------------------------
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-QSB for
the fiscal quarter ended March 31, 2005 (the "Form 10-QSB") without
unreasonable effort or expense. Registrant has recently (1) changed
our independent auditor, (2) sold one of its subsidiaries, and (3)
recently acquired the assets of another company. Additional time has
been necessitated by these events. The Registrant will file a Form 8-K
on or about May 13, 2005 relating to the change in its auditor and
filed Form 8-Ks on April 26, 2005 and May 13, 2005, regarding its
recent disposition and acquisition, respectively.
- --------------------------------------------------------------------------------
PART IV - OTHER INFORMATION
- --------------------------------------------------------------------------------
(1) Name and telephone number of person to contact in regard to this
notification
Peter M. Peterson (813) 387 - 3310
(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?
|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.
Revenue for the first quarter of 2004 was $9,649,389 resulting in net income for
the period of $238,650. As much of the operations that generated that revenue
were transferred to Garn and Willis as a result of the Settlement Agreement (see
the Registrant's Report on Form 8-K dated July 19, 2004), revenue for the
current reporting period will be substantially less and management expects to
report a net loss for the period. The actual amount of revenue and the resulting
net loss cannot be accurately estimated at this time.
Innovative Software Technologies, Inc. has caused this notification to be
signed on its behalf by the undersigned thereunto duly authorized.
Dated: May 13, 2005 Innovative Software Technologies, Inc.
By: /s/ Peter M. Peterson
---------------------------------
Peter M. Peterson
Chief Executive Officer
- --------------------------------------------------------------------------------
ATTENTION
Intentional misstatements or omissions of act constitute Federal Criminal
Violations (See 18 U.S.C. 1001).