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UNITED STATES | OMB APPROVAL |
SECURITIES AND EXCHANGE COMMISSION +------------------+
Washington, D.C. 20549 | OMB Number: |
| 3235-0058 |
FORM 12b-25 | Expires: |
| January 31, 2002 |
NOTIFICATION OF LATE FILING | Estimated |
| average burden |
(Check One): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K | hours per |
[ ] Form 10-Q [ ] Form N-SAR | response..2.50 |
December 31, 2001 +------------------+
For Period Ended: ________________________ +------------------+
| SEC FILE NUMBER |
[ ] Transition Report on Form 10-K | |
[ ] Transition Report on Form 20-F | 0-23634 |
[ ] Transition Report on Form 11-K +------------------+
[ ] Transition Report on Form 10-Q +------------------+
[ ] Transition Report on Form N-SAR | CUSIP NUMBER |
| |
For the Transition Period Ended: ________________________ +------------------+
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| Read Instruction (on back page) 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. |
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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 I - REGISTRANT INFORMATION
KFX Inc.
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Full Name of Registrant
N/A
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Former Name if Applicable
3300 East First Avenue, Suite 290
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Address of Principal Executive Office (Street and Number)
Denver, CO, USA, 80206
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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
[X] | filed on or before the fifteenth calendar day following the
| prescribed due date; or the 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.
(Attach Extra Sheets if Needed)
The Registrant is unable to complete the information for the timely presentation
of its Annual Report on Form 10-K for the period ended December 31, 2001 due to
the fact that the Registrant requires additional time to gather and compile the
financial and other information required to prepare such Annual Report. The
Registrant is in the process of gathering and compiling such information and
will file such Annual Report as soon as practically possible.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
PATRICK S. FLAHERTY 440 358-7740
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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
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(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 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
SEC 1344 (2-99)
estimate of the results cannot be made.
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The Registrant expects significant changes in its results of operations for the
fiscal year ended December 31, 2001 compared to the fiscal year ended December
31, 2000. Anticipated condensed financial information for these years is
contained in the table below. The changes from 2000 to 2001 reflect (a) an
increase in Pegasus revenues from 2000 to 2001 of approximately $860,000 offset
by a decrease in K-Fuel laboratory contract revenue from 2000 to 2001 of
approximately $230,000, (b) increased operating loss approximating $839,000 from
2000 to 2001 at the K-Fuel segment and at the KFX corporate level due to
expenses related to the repayment of notes to the State of Wyoming and increased
legal and professional fees, largely offset by decreased operating loss from
2000 to 2001 at the Pegasus segment approximating $554,000, as Pegasus expanded
its business and increased its order intake and revenue and, (c) the
amortization of debt discount and recognition of expense related to the induced
conversion of Debentures during 2001. The preliminary unaudited information
below for 2001 is subject to the final compilation of information noted in Part
III of this Form 12b-25, and completion of the audit of the Company's 2001
financial statements.
STATEMENT OF OPERATIONS Twelve Months Twelve Months
Ended 12/31/01 Ended 12/31/00
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Operating revenues $ 2,753,000 $ 2,125,000
Operating loss $ (9,283,000) $ (8,998,000)
Net loss $(14,834,000) $(12,290,000)
Basic and diluted earnings per share $ (.57) $ (.49)
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KFX, Inc.
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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 April 1, 2002 By PATRICK S. FLAHERTY
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INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
+----------------------------------ATTENTION-----------------------------------+
| INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT |
| CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). |
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in or
filed with the form will be made a matter of public record in the Commission
files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T ((S)232.201 or (S)232.202 of this chapter) or
apply for an adjustment in filing date pursuant to Rule 13(b) of Regulation
S-T ((S)232.13(b) of this chapter).
SEC 1344 (2-99)