American Scientific Resources (ASFX)

[Christy from Google]

A very simple calculation on the "Millions" Gentlemen. Review the Sept 2009 FS and note the OS and related PPS. Now compare that to the June 2011 OS and related PPS.

On the matter of "Transparaecy", please explain how ASFX can just get away with the following disclosure:

"Second Quarter 2011 Inventory loans. During May and June 2011, the Company entered into ten note agreements with various lenders in the aggregate principal amount of $785,000. These notes are secured by 70,000 units of the Company’s VeraTemp thermometers and accounts receivable related to these units. These notes mature six months from the date of issuance, collection of the accounts receivable or upon a new financing event in excess of $200,000, whichever occurs first. The notes bear interest at 8% per annum payable at maturity. In conjunction with the issuance of these notes, the Company issued an aggregate of 494,643 warrants to lenders and 301,786 warrants as commissions to others for arranging these financings. The value of these warrants was determined using the Black-Scholes pricing model on their respective dates of issuance as $169,784 to the lenders and as $112,589 as commissions."

Who are the TEN Note Holders/Lenders??????????????? They only have liens on EVERYTHING of any value in this Company, that being "Inventory" and "Accounts Receivable". They own the whole Cash Flow cycle on the 70,000 Units, PLUS over $314,000 in commissions ($112,589), financing costs ($169,784) and interest ($31,400).

Who are they Gentlemen????????? Because they own EVERYTHING of any value Now.