The position asserted by Management via IHUB members is that no PRS until SEC compliance. It seems like a plausible reason to me, albeit a bit too convenient. What is troubling to me is the size of the hole that FASC dug for itself...starting with Mainland Machinery. How could FASC ever owe them $800,000? I thought they always got deposits from buyers to cover the cost of manufacturing. Since we don't have financial statements, who knows? What about indebtedness due the shareholders? It always annoyed me that FASC set salaries so high for having no revenues. Unable to pay the salaries has led to a large liability owing to the shareholders. With some recent sales possibly closed, what is FASC doing with the new found cash? I assume that they are paying Mainland. What about paying back the shareholder loans? I am getting the impression that FASC wants to fully clean up its balance sheet. Admittedly I am guessing, but my impression is that shareholders loans and any other liabilities will also be paid before money is set aside for the audit. I don't know how I feel about that since Brian has gone out of pocket so that the Company can survive. Why shouldn't he be paid first? In any event if we emerge with a clean balance sheet and a whole load of sales and new projects I will say it was worth it. Just wish I knew what was going on.
