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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 12b-25

                         Commission File Number 0-17430
                                 --------------

                           NOTIFICATION OF LATE FILING

       (Check One): [] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q
                          [ ] Form N-SAR [ ] Form N-CSR

                        For Period ended: April 30, 2004

[ ] Transition Report on Form 10-K          [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F          [ ] Transition Report on Form N-SAR
                       [ ] Transition Report on Form 11-K

                        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: Obsidian Enterprises, Inc.

                     ---------------------------------------

                    Former Name if Applicable: Not Applicable

                     ---------------------------------------

           Address of Principal Executive Office (Street and Number):
                         111 Monument Circle, Suite 4800

                             -----------------------

              City, State and Zip Code: Indianapolis, Indiana 46204

                           ---------------------------







                                     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;

[X]  (b)  The subject annual report,  semi-annual  report,  transition report on
          Form 10-K,  Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, 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

     (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,  N-CSR 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 file the  Quarterly  Report on Form 10-Q for the
quarter ended April 30, 2004, within the prescribed period without  unreasonable
effort or expense because of delays in receiving  information from certain third
parties  that will  affect  the  disclosures  in the Form 10-Q.  The  Registrant
believes  that it will be able to file the Annual Report on Form 10-Q within the
extended time period.


                                     PART IV
                                OTHER INFORMATION

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

          Rick D. Snow              (317)            237-4122
          -------------------------------------------------------------
          (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

     (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?

                  [ ] Yes           [X] 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.


                           Obsidian Enterprises, Inc.
 ------------------------------------------------------------------------------
                  (Name of Registrant as Specified in Charter)

          has  caused  this  notification  to be  signed  on its  behalf  by the
          undersigned hereunto duly authorized.


Date:  June 14, 2004                    By /s/ Rick D. Snow
                                         --------------------------------------
                                         Name: Rick D. Snow
                                         Title: Executive Vice President and
                                                Chief Financial Officer