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SEC
FILE NUMBER 033-22128-D
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
[
] Form
10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q [ ] Form 10-D [
] Form N-SAR [ ] Form N-C
For
Period Ended: March 31, 2008
[
]
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
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: Entire Form 10-QSB
Part
I -
Registrant Information:
Full
Name of
Registrant
Nexia
Holdings, Inc.
Former
Name if
Applicable
N/A
Address
of Principal Executive
Office: 59 West 100 South, Second
Floor
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Salt
Lake City, Utah 84101
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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, semi-annual report, transition report on Form 10-K,
Form
2-F, 11-F, or From N-SAR, or portion thereof will be filed on or before the
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
[ ]
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(c)
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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
State
below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR,
N-CSR,
or the transition report or portion thereof, could not be filed within the
prescribed time period.
The
preparation of the Company’s 1st
Quarter
10-QSB has been delayed due to the Company’s dealing with the recent reductions
of its retail operations and the change in the Company’s Independent Accountant
and the time spent on conducting the year end audit. The Company and
its staff are working diligently to complete the reports for the period ended
March 31, 2008. Despite these efforts the Company will not be able to
complete its Form 10-QSB for the first quarter of 2008 on a timely basis
without
unreasonable effort or expense to the Company.
Part
IV -
Other Information
(1)
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Name
and telephone number of person to contact in regard to this notification.
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Richard D.
Surber
President
(801)575-8073
(Name)
(Title)
(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 12 months or for such shorter period that
the
registrant was required to file such report(s) been filed? If the
answer
is no, identify report(s).( X ) Yes ( ) No
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(3)
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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?( ) Yes ( X ) No
|
If
so,
attach an explanation of the anticipated change, both narrative and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
Nexia
Holdings, Inc.
(Name of Registrant as specified in Charter)
has
caused this notification to be signed on its behalf by the undersigned thereunto
duly authorized.
Date:
May 14,
2008
By: /s/
Richard
Surber .
Name: Richard D. Surber
Title: President
Estimated
results for the
first quarter of 2008 compared to the first quarter of 2007.
Revenue
Gross
revenue for the three month period ended March 31, 2008, is estimated to
be
$845,365 as compared to $738,774 for the
same
period in 2007. The increase in the three revenue of $106,591, or 14%, is
due to
the growth in both rental revenues and sales growth from the operations of
the
Landis Salons.
Operating
Losses
Nexia
recorded operating losses of $615,461 for the three month period ended March
31,
2008, compared to losses of $1,431,795 for the comparable period in the year
2007. The decrease in three month operating losses of $816,334, or 57%, was
the
result of the decreases realized in consulting fees and general administrative
expenses and the increase in total revenue.
Net
Income or Losses
Nexia
recorded net losses of $856,966 for the three month period ended March 31,
2008,
as compared to a net loss of $1,201,446 for the comparable period in 2007.
The
decrease in the three month net losses of $344,480 or 28%, compared to the
same
period in 2007, is attributable primarily to the reduction in operating losses
as reported above.
Nexia
may
not operate at a profit through fiscal 2008. Since Nexia's activities are
tied
to its ability to operate its retail operations and real estate properties
at a
profit, future profitability or its revenue growth tends to follow changes
in
the markets for these activities. There can be no guarantee that profitability
or revenue growth will be realized in the future.
Expenses
General
and administrative expenses for the three month period ended March 31, 2008,
were $989,334 compared to $1,470,964 for the same period in 2007. The decrease
in three months expenses was $481,630, or 32%..
Consulting
fee expenses for the three ended March 31, 2008, were $19,039 compared to
$172,943 for same period in 2007. The decrease in the three month expenses
of
$153,904, or 89%, was a result of the Company reducing the number and amount
of
consulting work that it contracted for during the quarter.
Capital
Resources and
Liquidity
On
March
31, 2008, Nexia had current assets of $956,678 and $4,550,031 in total assets
compared to current assets of $1,036,555 and total assets of $4,845,485 as
of
December 31, 2007. Nexia had net working capital deficit of $2,968,371 at
March
31, 2008, as compared to a net working capital deficit of $1,397,448 at December
31, 2007.