American Scientific Resources (ASFX)

[Christy from Google]

TY dannol48 for providing additional evidence of FRAUD. The quote was also used in the Sept 30, 2011 10Q, under the same section, “Liquidity and Capital Resources”, (page 42, 2nd para), with a slightly different wording, but still essentially the same.

“Management estimates that it will need $3,000,000 over the next twelve months to fund all of the Company’s current product development and marketing projects, including $1,000,000 to fund marketing programs for the VeraTemp thermometers. The Company expects to procure large purchase orders for its thermometer during 2011 from customers. If these orders are to occur, and the Company is able to procure, assemble and deliver product, cash flow will greatly improve and lessen the need for outside financing.”

The use of “expects to procure large purchase orders” from Dec 2010, and the subsequent “If these orders are to occur” from Sept 2011 10Q, dated Novemenber 21st, 2011, indicates that the Company still has made NO major progress in its attempt to get the needed $3,000,000. And there's only 41 days left in 2011.

In addition, while failing in regard to the $3,000,000, they have continued to lose MILLIONs, as noted in the Sept 2011 10Q.

“These financial statements have been prepared assuming that the Company will continue as a going concern. As of and for the nine months ended September 30, 2011, the Company had current liabilities that exceeded current assets by $6,111,788, has incurred a net loss of $6,927,652, and used $1,015,288 of cash in operating activities. As reported in the December 31, 2010 audited financial statements, the Company had current liabilities that exceeded current assets by $5,149,524 as of December 31, 2010, and had reported a net loss of $7,040,767 and used $896,346 of cash in operating activities for the year ended December 31, 2010. In addition, the Company remains in default with regard to payment of certain of its obligations.”

In the context of “needing $3,000,000”; “a net loss of $6,927,652” and “a net loss of $7,040,767”; and “current liabilities that exceeded current assets by $6,111,788”, its simply fraudulent to suggest that ASFX is making progess because they are making $194,264 in gross profits.

The Company is telling the investing public that “We aren’t even close, and we are making no progess in 2011 that would indicate we will succeed in our goals of raising the needed $3,000,000”.

It’s that simple, and to suggest that ASFX is lying to the public about the above disclosures, is Complete and Utter FRAUD.

ASFX management is very clear to the investing PUBLIC about it's FAILURES, and the proof is the drop of 97% in the PPS during 2011.