American Scientific Resources (ASFX)

[Streett]

If jason and faber have identified themselves as the "purchasers" aren't they also accepting that debt? They aren't disolving the debt. They are both the seller and the purchaser.

On February 23, 2012, American Scientific Resources, Incorporated, a Nevada corporation (the “Company”), entered into an asset purchase agreement (the “Asset Purchase Agreement”) with American Scientific Resources, Inc., a Delaware corporation (the “Purchaser”). Pursuant to the Asset Purchase Agreement, the Company sold certain receivables and certain intellectual property to the Purchaser for a purchase price consisting of (i) $50,000 cash advanced at closing and (ii) a royalty for up to five years from the date of closing equal to 5% of the Purchaser’s net revenues less returns less direct costs and joint marketing money up to a maximum of $4,000,000. Royalty payments will be remitted on the 15th day of each month 75 days in arrears for each calendar month.

Robert Faber, the Company’s President and Chief Executive Officer and Chairman of the board of directors, and Jason Roth, the Company’s Senior Vice President and Director of Business Development and a director, are officers and directors of the Purchaser. The transaction was approved by a majority of the disinterested members of the Company’s board of directors pursuant to Section 78.140 of the Nevada Revised Statutes.

They are moving it around but not saying they won't pay it...at least not at this time.
That's how I see it though I know I am no expert at reading financials...
CW