American Scientific Resources (ASFX)

[Christy from Google]

They haven't stated anything yet, so "restatement" is N/A.

But I think your real question is "Does this 2011 (still not sure of date) Court Order affect 2010 numbers?"

Absolutely, and it includes all related costs (incurred in 2010 and 2011) associated with the recall, including professional fees.

But more IMPORTANTLY, the likely Legal outome of the entire Case changes significantly. Management's position that an unfavorable outcome is "unlikely", on the case(s) taken as a whole, becomes very WEAK.

BTW, I expect the 2009 #s will be restated for the $129,000 collected in 2010 for 2009 bad debts. One other thing too, but I can't remember. EDIT 2009 Inventory Valuation should be adjusted too, Mint EDIT #2 The Valuation of the NDD is way off too. Expect a significant writedown, but will have no impact on the IS/RE because the corresponding Liabiblity will go down a like amount. There isn't anything that can justify the 2.6M Valuation.

Edit #3 In fact Mint, I expect the Auditor will issue a "NO Opinion" to cover his azz. I think this is well beyond a "going conern" issue.