First American Scientific Corp. (fka FASC)

[Gd2Aussie3]

Well, I really can't say I need one to try to explain their idea of a distinction between sales and revenues. Especially since in any accounting 101 book one will notice that the terms are indeed interchangeable. No real need to distinguish them on a penny stock board. So, on a properly prepared quarterly or annual report, guess what? They'll more than likely show up on the same line. End of that discussion.

Hmmm, the KDS sales to ALMI was then, not NOW. Believe that was announced Feb. 2004 and should have been included in the 1st quarterly report, shouldn't it have? If one correctly reads the 2/23/04 PR there was no delay of revenues from sales. However, I don't think ALMI expected the delay they so far have gotten in delivery. FASC certainly has a problem with time tables still. And, if posters remember, there was much discussion when last quarter's report came out about how much ALMI paid. I think many are still scratching their heads over that.

AH! The Codogni sale that should have had the NOW. Nah! Not really. Strange, I would have expected some to say, lets wait for the 10Q. Especially in light of a couple of small items. Very, very samll. The first being, "Project financing will be provided by Northstar Trade Finance Inc., a Canadian lender who provides funding in support of Canadian exports 'provided they meet Northstar’s requirements for export performance coupled with a credit worthy foreign buyer who is insurable by Export Development Canada.'” You've got to love those hidden little caveats. There is little to no doubt about the credit worthy foreign buyer. Lets see if they meet Northstar’s requirements for export performance. Then there is the ALWAYS missing little item in just about every FASC PR. And, that is, HOW MUCH DID THEY GET FOR THE KDS? AND, WHEN WILL THEY ACTUALLY RECEIVE PAYMENT? I squeezed the death out of the PR and couldn't find it. A guess is that they probably got as much if not less than they did for the one sold to ALMI. And, if a new one is in order, then I also expect that payment may not come all at once. It may come in installments or at the delivery date. Which would then put revenues when? NOT NOW. It is my opinion that "NOW" is "NOT NOW."

And, JV's, i.e. UZP Ltd. and FASC Malaysia provide for no revenues now, but continuing revenue streams after production begins appears to be a familiar twist that doesn't apply to my post to Rafael at all. See, in it, I stated, "We can only hope for ALMI to be real soon and for Princeton around August." As for Malayasia, that was pretty much covered with, "I, again, say, most definitely not this year (excepting ALMI). And, next year is somewhat "iffy." Especially, if one thinks about the hidden question. And that is, "When will production begin?" One may also want to add some logical after thought type question(s) to that one. The most obvious is, will there be testing? If so, how never ending will it be? Could it be another AP in the making? Is there a dreaded time table?

Sorry, but NOW is NOT NOW; but, WHEN.

JMHO.