First American Scientific Corp. (fka FASC)

[Fasctrack]

You are missing a very basic issue associated with financial statement reporting. Balance Sheets are reported using historic cost not at fair market value. It is incorrect and very misleading to look at a balance sheet and conclude that a company is insolvent. Assess what the value of company assets are (both tangible and intangible), restate the balance sheet at fair market value and report back. Then you can apply the definition of insolvency.