American Scientific Resources (ASFX)

[Christy from Google]

And that’s EXACTLY what Granite and Lanktree wanted KittyHawk!!!!!!!!!

Here you go Kittyhawk regarding the infamous “TWO CENT” deal for Granite. And a month later, the 8k filed for Lanktree stock conversion deal appears to lack the proper disclosures since Granite had already converted two times. In addition, since no 8k was filed when a conversion was actually made, it appears these Material Event(s) were withheld from the shareholders. Granite appears to have made as much as 500% on these deals, with the common shareholders holding the bag. Its Fraud, because ASFX knew on Sept 26th that Granite had already converted at two cents TWICE, and made no disclosure to the common shareholders.

The true management is the Creditors Committee, not the BOD. And they want their Cash back, and they’ll get any way they can. Any shareholder buying during this time period lost BIG TIME. Thanks IR, super job for THE COMMITTEE.

Like I have said many times, the creditors are running the SHOW. It’s an informal Bankruptcy, without the Judge. And a Judge would have stood up for the Shareholders.


Per 8K – 9-26-2011

At the option of the Holder (Lanktree), the Holder has the right to convert all or a portion of the outstanding principal balance and accrued interest into fully paid and non-assessable shares of the Company’s common stock at a conversion price of $0.10. Further, if any other noteholder of the Company converts a note according to its terms at a conversion price of less than $0.10, then the Holder shall be able to convert the Note at such lower conversion price.

Per 10Q

On September 14, 20 and 30, 2011, Granite provided the Company with notices of conversion to convert $9,000, $4,000 and $2,000 of principal into 450,000, 200,000 and 100,000 shares of common stock, respectively, at the conversion price of $0.02 per share. These shares were issued in October and November 2011.

On November 3 and 11, 2011, Granite provided additional notices of conversion to convert $12,000 and $16,000 of principal into 600,000 and 800,000 shares of common stock, respectively, at the conversion price of $0.02 per share.

And for Lanktree

On October 7, 2011, and November 11 and 15, 2011, $25,000, $15,000 and $5,400 of this principal was converted into 477,783 shares, 870,827 shares and 380,825 shares of common stock at conversion rates of $0.05233, $0.01723 and $0.00945, respectively.