First American Scientific Corp. (fka FASC)

[sunspotter]

Now, let's see:

Total current assets are $144,447.


Property and equipment net out at $77,435.

Total current liabilities are $1,923,658.

Even excluding all the back pay owed to your worthy "management", current liabilities are nearly $700,000 - that's more than three times the current assets.

I believe there's a technical accounting term for that situation, where your current debts outweigh your assets by a large margin, and you have no income to speak of.

I think it's something like "insolvent", but no doubt any accountants here, if there are any, could clarify whether FASC are just "technically insolvent" or really insolvent, please?