American Standard Energy Corp. (fka ASENQ)

[OilStockReport]

Seems like they may have moved on and the new management is now in place like a reverse merger?

As of October 1, 2010, the primary focus of our business changed from selling Famous Uncle Al’s Hot Dogs & Grille Franchised restaurants to making capital investments in acreage acquisitions and working interests in existing or planned hydrocarbon production with a special focus on productive oil and natural gas prospects. The Company is currently focused on acquiring and developing assets within the states of North Dakota and Texas. Notwithstanding this initial focus, American Standard will pursue the acquisition of property and assets within other geographic areas that meet our general investment guidelines and targets.


ASEC currently holds working interests in seven producing leaseholds in the Permian Basin of West Texas. These working interests grant us the right as the lessee of the property to explore for and to produce and own oil, gas or other minerals, while also bearing any related exploration, development, and operating costs. American Standard also holds working interests in over 10,000 acres of undeveloped leaseholds.


On July 9, 2010, the Company’s Board of Directors approved a partial assignment of the existing sublicensed franchises to Famous Uncle Al’s Hot Dogs, Inc., a Delaware corporation. The former franchises were not paying any royalty fees during the prior fiscal year. Under the terms of the assignment, Famous Uncle Al’s Hot Dogs, Inc., assumed all potential liabilities related to the franchises. The Company reserved and maintained all rights to issue future sublicenses.


On November 5, 2010, the Board of Directors approved a partial assignment of the remaining License Agreement to Famous Uncle Al’s Hot Dogs, LLC, (“FUA NV”) a Nevada Limited Liability corporation. Pursuant to the partial assignment, FUA NV assumed all the prior debt related to the operations of the Company through September 30, 2010.


The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company may not have adequate readily available resources to fund operations through December 31, 2010. This raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.