cantstandsya. Good Morning to you. You seem like the good old fashion investor that does his own DD and doesn't just look at the glossy presented side of a company. That you look at both the pros and cons (no pun intended there). A sign of a good investor.
You can't (sorry, again no pun intended) get a reasonable explanation off a penny stock board. Nothing against these posters, but all you can get are simply guesses.
None of us despite our backgrounds, education and experience really know what's going on inside of FASC. So we take educated (and, some not so) guesses. Not their fault. It's their only recourse. So, I did a little digging -- tried desperately to side step the manure the company is well know for handling. And, in line with the board, here are my guesses. However, you may notice that I've slipped in a few facts prepared by the company for justification purposes.
FASC itself has, in my opinion, purposely keeps its investors in the dark with its complete lack of informative and timely PRs and its lack of follow-up on key projects and especially contracts. And, mind you, that is year, after year, after year. We can excuse it all we want but, in reality there is no excuse. Now you can go to the comapny's website for verification, and while there, find one back up to a previous PR. (Made that one easy.)
Lets forget Japan. Look at a more recent event. ALMI. For God's sake, how long does it take to lay cement (which I've heard isn't the problem) and how long does it take to deliver a KDS machine down the road? Which is the problem.Yet, no PR. Go over to the ALMI board and there are a good bunch of investors over there that are also somewhat frustrated over that deal.
And, no one, despite all the phone calls can tell you what if anything is really going on in Mexico, Poland, Japan, China, or even in their own back yard, Canada. The past five years, for those that have been around that long, show you that FASC was in an out of Poland and Japan. Japan, if they really have gone back there, simply will not happen this year. Mark my word on that. And, if one were to read the boards, it seems that some have reported discrepancies in phone calls. Phony calls??
And, NO, your question has not been answered. Tech, though being facetious, gave the best one.
Rodrth gave one but, unfortunately it by his own wording is outdated. It was a year ago. Nothing against him but, a lot happens in a year to negate meaningful (or less) conversations. In FASC's case that is the inevitable. There were no other answers.
When a company releases a few PRs and has all these deals in the works and only a couple machines in inventory, that should tell anyone about funding. It ain't there. When the company is in serious jeopardy of obtaining finances to fund any project, that again tells you it ain't there. And, when you have accumulated deficit that in one year is $9,151,400 and the next year goes to $10,190,326; then guess where it is? YUP! You got it, IT'S THERE. Now that you found it, aren't you all warm and fuzzy inside?
Another sad commentary on their state of affairs is the never ending decreasing value of their inventory. Why last year it went from $490,442 to this year's glowing figure of $190,442. Man that's a lot of sales. But, wait a minute, ah shucks, the reports states, "During the year ended June 30, 2003, the Company determined that the value of three used KDS machines should be further reduced to $50,000 each, thereby resulting in an aggregate impairment charge of $150,000. See Note 3. Hint, you don't want to look at note 3, it gets more depressing. As it describes three machines being in California and Delta, BC. Then you start to thinking, "Hey, didn't they only have 3 machines? Then how many were really sold?"
At June 30, 2003, accounts receivable were $122,065 with an allowance for doubtful accounts of $119,046. Now, it doesn't take much business savvy to understand they don't collect their debts too well.
And, don't buy that "emerging growth company" line. After 10 years, it's not called emergence, it's called submergence.
There is a bottom line and it looks good. As of the last report there are 47,353,624 shares remain unissued. Lets go buy some more.
I only get three posts a day, so maybe tomorrow I'll present the glowing side of FASC.
May you have a great investing day.
IMO.
