First American Scientific Corp. (fka FASC)

[sambeaux]

OMYGOD - THREE YEARS LATER WE FIND OUT.

[sunspotter]

Did I ever mention that the late unlamented Terence Hallihan was a vituperative twisted penny stock promoter, albeit a highly unsuccessful one?

Because he was.

[sambeaux]

Obviously wrong board.

[sambeaux]

Very Strange... how warrants do not get hardly
any leverage from these stock increases.

[sambeaux]

Jim, KDSs will start selling jut as soon as I
cancel my shares (for tax credit).. after 21 years.
Ya think
PS
I had about 2.5 million shares.

[JImKaiser]

I have over a million shares and I plan to hold on forever. You never know what the future may bring.

[sambeaux]

CONFESSIONS: I wrote off all my shares of FASC. About $120K in losses.
I had a few half way decent trades last year. And will
likely use up maybe $30 of FASC as offset (helps the pain
a little). So looking forward to $90 profits this year
so can use up rest of my FASC.
PS
I was shocked to see how many times I purchased FASC
stock. About 75 trades.
My biggest (and worst) trade was on 28 March, 2000.
45,000 shares for $23,000. (about .51 cents/share!!!)
For the life of me... I do not remember what I must
have been thinking.

[charlie02356]

I took losses on a few penny stocks last year, including 385K shares of FASC in ETRADE. Got my $3000 tax loss credit plus enough for a couple more years. Still have a chunk in Fidelity.

[sambeaux]

CPAMAN- This what I thought. I can kinda see a way
to maybe help any FACEESTAS still hanging in. I.'m
gonna take tax loss (actually have a few profits
to take losses against!).
As soon as I get out after 23 years.. KDSs will
start selling like hot cakes.
Ya think.

[TRCPA]

Hi Sam.......once you take the tax loss, that's it.
You just carry it forward no matter what happens with FASC.

If there were ever dividends paid out, you would just pay the normal tax on dividend income.

If there was a company sale, you would pay the capital gains on the full amount (minus whatever you had left on your capital loss carryover).

[sambeaux]

CPAMAN, Good to hear from you! And you make a good..
albeit far-reaching premise.
Quick question: If I take/use a tax loss deduction
for my shares:
1. And then the KDS market does skyrocket.
2. Can I undo my tax loss deduction and return to being
a beneficiary if possible financial benefits are
proffered by FASC???

[TRCPA]

Sam, I agree. You never know what can happen in today's world. They have had some great opportunities and a lot of really bad luck. It's not a scam.

BTW, we are still the owners of the company, albeit a private one. With the price of oil at $60/barrel, alternative sources have become far more price competitive. If they did sell a boatload of KDS at the current price of $250-$300K each, we would be the ultimate beneficiaries.

[sambeaux]

Gotta admit, SunMan, words were somewhere between dreaming...
and sarcasm.
Not sure if it was a scam... any more than just
not enough wherewithal ($$$) to make the KDS
become ubiquitous.
I think they tried.. really hard.

[sunspotter]

Bless your heart, Sam. If only the world was half as nice as you think it is.

FASC was a scam, pure and simple.

[sambeaux]

Here is all that is left: Maybe. Maybe. If the KDS
suddenly becomes exponentially powerful and Brian/FASC
sells 100s of them at really nice prices. Maybe they
will try to track us/we loyal investors down.. and
send us each between $100k and $500K (relative to our
investments) for having been so loyal and dedicated.
This would depend on the company having made so much
profit that these token distributions would not make
a huge dent.
Just sayin'....

[sunspotter]

""I wish I had better news for you but now that Covid has hit it has stalled all our progress on our big projects.. another huge blow, yet again. We are still in business and working diligently to keep moving forward but at this point I really don’t see a clear path to getting relisted as it will literally take hundreds of thousands of dollars to even make an attempt. Which means the only way we could even consider it is if we closed on a multi machine order, which still has never happened. I know we have extremely loyal shareholders who care deeply about our success and Brian and I are truly grateful for that but it just doesn’t seem realistic to give false hope to everyone."

Here's a translation from conman speak into the truth:

"We remain worried that one day the SEC might wake up and take action against us (and our undeclared stock promoters and other insiders who participated in this long-running stock selling scheme). So I'm going to pretend to be concerned and to respond to your email

We can blame COVID (a lie of course, the pandemic would have had a beneficial effect on the sales of the technology we pretended to sell!) but the reality is we'd like all our victims to slink quietly away and leave us to enjoy the cash that we swindled out of you in peace.

So long, suckers!

Brian (as dictated to Adam)"

[charlie02356]

jbotts, I'll just answer that with how Adam replied to my email:

"I wish I had better news for you but now that Covid has hit it has stalled all our progress on our big projects.. another huge blow, yet again. We are still in business and working diligently to keep moving forward but at this point I really don’t see a clear path to getting relisted as it will literally take hundreds of thousands of dollars to even make an attempt. Which means the only way we could even consider it is if we closed on a multi machine order, which still has never happened. I know we have extremely loyal shareholders who care deeply about our success and Brian and I are truly grateful for that but it just doesn’t seem realistic to give false hope to everyone."

[jbotts1]

Charlie, why would it benefit the company to not put anything out? Why keep the doors open if they are not doing business anymore? I want to hear it from you.

[charlie02356]

Because he never did even when it was a fully listed and tradeable stock.
I said goodbye to him a few months ago.

Check out Sam's post 53959 where he posted some information about getting rid of FASC during tax time.

[jbotts1]

Adam, why don't you as a company communicate with us?

[El Rubio]

Hi Ben,

 

Thank you for the email. FASC was delisted almost 10 years ago, in 2012. I don’t believe at this point FASC will be able to go public again but we are never sure what the future holds. In todays landscape with this pandemic we are just trying to survive, like many other companies.

 

I hope that answers your question, even it isn’t necessarily what you wanted to hear.

 

Kind Regards,

Adam

 

From: bounce+info.micronexsystems=[e-mail] <bounce+info.micronexsystems=[e-mail]> On Behalf Of WordPress
Sent: January 23, 2021 2:26 PM
To: [e-mail]
Cc: [e-mail]
Subject: Contact form submit

 

Hello!

This is your contact form data:

First Name: Ben
Last Name: Feddema
Email: [e-mail]
Business Phone: [phone]
Cell Phone: [phone]
Title: Stockholder FASC
Department:
Company: Retired
Subject: FASC
Message: Please send me information of the stock from First American Scientific Corporation, wich I own now more than 10 years without receiving any information at all. If the company has seized to exist, please send me a message in writing so I have a possibility to close my foreign stock account at my bank as I can not close that account because of your stock still occupying that account so I have costs until the end of my live.. Thank you.

[sambeaux]

I was kinda looking for a specific IRS document to
cover the delisted stock, etc situation.
Besides "bad debt" notification with records.
PS
Looks like IRS Form 8949 is the one.
"You must file IRS Form 8949 to report worthless securities or any other securities trade relevant to your taxes. ... If you are simply reporting your security to be worthless, use the last day of the year as the sale date. In both cases, you can write "worthless" or write in zero as the sales price."

[sunspotter]

Good luck.

[sambeaux]

Here is Draft of my "Loss" letter for tax purpose:
(any comments)

MEMO
Sam Dehne
Reno, Nevada

Subject: Losses related to My Purchase of First American Scientific Corporation Stock (FASC)
Date: December, 2020

To Whom It Concerns, Including IRS

For a period of several years I purchased what amounted to more than
million (1,00,000) shares of FASC stock at various prices.

1. FASC was delisted several years ago and has not traded for many years.
2. There are no MMs and no place to trade the stock.
3. The company has been dormant with no information provided for over 5 years.
4. Thus I am adding up my stock purchases (see attach stock trade accounts) for the record.
To be used for tax loss purposes as needed and appropriate.
5. Stock loss total:

[sunspotter]

"Will this be the last post?"

I like the subtle reference to the bugle call. But now I've replied to your post, the answer is obviously no.

In the days to come you may wish to consider that even if "investing" in stocks is a zero sum game (it really shouldn't be, value should be created for all, not just management) then given the majority of ordinary FASC shareholders lost money - in some cases very large sums of money - into whose pockets did the money they lost go?

The answers to such questions are usually instructive.

[sambeaux]

Sept, Oct, 1/2 Nov. I guess that is it. But no
use turning out the lights.
Will this be the last post?

[sunspotter]

Good luck. Sorry you lost so much.

[sambeaux]

Thanks Charlie. My plan is to add up
all of my FASC purchases. (I'm using my personal
paper purchases records [package is about 1/2 inch
thick].. because I used more than one Broker and
some don't even exist anymore, etc)
And will calculate that total.. about $150,000.
And list that as my loss(es).
With a brief letter of explanation that FASC was
delisted and has not traded for many years.
PS
Now all I need is something profitable to use
this against.
:) :)

:( :(

[charlie02356]

ETRADE sent me a link which listed all my penny stock losers which are no longer trading and have no MM. All I had to do was click each box ($5 per) and then SUBMIT.

My bulk of FASC is in Fidelity so that's next. Hope it's as easy.

Adam was sad to get my email explaining my decision, but he appreciated my, and yours, long loyalty to the company.

Cheers, Charlie

[sambeaux]

Kinda like the last nail in the coffin..
after this (for me) 22 year odd-isee.

[charlie02356]

Thanks Sam.

[sambeaux]

CPAMAN - Any comments? eom

[sambeaux]

PS (stock loss) Worthless Securities and Your Taxes:
Normally, you must actually incur a capital loss before you can deduct it. In other words, you must actually sell your stock for less than what you paid for it. However, if your stock becomes worthless – because the corporation that issued it dissolved, for example, the IRS still allows you to claim a loss.
Your capital loss typically equals the stock's adjusted basis minus its sale price. The adjusted basis normally equals the price you paid for the stock plus any other amounts you had to pay to purchase the stock, such as broker's fees. If you cannot sell your stock because it is worthless, the IRS allows you assign a sale price of zero and use this figure to calculate your capital loss. If you sold your stock for pennies, on the other hand, you should use the actual sale price to calculate your loss. To the IRS worthless stock is that which is actually worth $0, not close to $0.

A little more info:
You report capital losses on Form 8949, Form 1040 and Schedule D. Prepare documentation that proves the stock is worthless and establishes the approximate date on which it became worthless. You don't have to submit this documentation with your tax return, but you will need it if the IRS audits you.

[sambeaux]

Charlie - ETrade? I was kinda sorta gonna
write off the millions of shares I own by
assigning it a value of zero.
Normally a person would show their accountant
what they paid for the stock and what they
sold it for. And difference would be the loss.
But I am not sure if ETrade (or TD, etc)
will even reflect a sale for the person.
When the stock is not even trading for
years and shows no value anywhere?

[charlie02356]

Hello all, I think it's time I pulled the plug on this company and start getting rid of shares on E*TRADE. I'll email Brian and Adam one more time to see what's happening, but I expect the same answers as last time, and the time before that...

Hope everyone has been able to avoid getting the plague.

Cheers, Charlie

[sambeaux]

:( :(

[ichjw]

:)

[All City Baby]

-

[sambeaux]

Month and 1/2 since last "report" Seems a...
Seems a LOT longer. eom

[drian]

Good to hear that Adam wrote back to you both. I wrote him twice and didn't get a reply.

The EU has adopted an investment plan for green deal with massive investments over the next 30 years.

https://www.economiesuisse.ch/de/artikel/eu-green-deal-ein-grossprojekt-mit-offenem-ausgang

[sambeaux]

A thought... from long ago.. that KDS
could grind virus killers down to
very fine grain.. to be used
everywhere?

[TRCPA]

Thanks Charlie. I'm doing the same and getting similar feedback. One thing is for certain. Green energy is starting to take front stage, as fossil fuels are becoming more prevalent and less desired.

The only problem with the above is that gasoline and natural gas are selling cheaper, and this has been exacerbated by the coronavirus fears. Oil companies are having major issues. Unfortunately, this doesnt always help the green market's competitiveness, in terms of pricing.

But the day is coming now soon. The signs are all there.

We were probably a few steps ahead of the game.....in terms of biomass....for oh those many years.

[sambeaux]

Thanks Charlie. Still holdin'....

[charlie02356]

I check in periodically and Adam always responds in the affirmative. Big projects just take a long time to get started (his words).

[Captain Cobec]

Can anyone verify that the company is no longer doing any business???

[sambeaux]

NOW YOU TELL US! That...
That taxi cab left the Rodeo about 5 years ago.
15 years.

[Neverhadawinner]

TO ALL

Turn off the lights, the party is over! Elvis has left the building!


AND TO ALL A GOOD NIGHT!!!!!!!!

[sambeaux]

I am wondering if there is a statute of limitations on taking...
a tax write off against a company that has gone
silent, unlisted, defunct?
Pretty sure there isn't.
Haven't heard from CPAMAN in long time.
Happy Holidays.

[JImKaiser]

Very Sad..I trusted them

[sambeaux]

STOCK LOSS WRITE OFF TIME.
I think it's time to take my FASC stock
purchase documents to my Accountant.
I'm not sure what document is needed to
prove the stock is worthless?
But he should know.
It's been a very very long
SAD journey.
It's not just the massive losses
from owning this stock. But also
the lost opportunity.
If I had put the money in
Apple or Amazon from 2000 to 2002..
I would be a $$ millionaire a 100
times over.