Replies to post #18528 on First American Scientific Corp. (fka FASC)

[michguz]

I think they will R/S, well another one bites the dust. Thats three for me (R/S's) within 4 months. BOOOOO!

[Fasctrack]

Does anyone have a handle on what the actual restrictions are on the Restricted shares?
Restricted shares: 8,010,000

Just brain storming here. We know that there are only 1,356,045 unissed shares left. But what of the restricted shares. I know that these have been issued to Cal & other officers but I was just wondering if there was a way that these shares could be utilized. Suppose there is some restriction that makes them currently worthless to Cal. I suppose Cal & the other officers would have to agree to surrender them back to the Company for nominal consideration. They could then be recharacterized and added back to the unissed share count and therefore available for further use. They can always issue themselves more shares. See the 10Q full filing:

"During the quarter ended September 30, 2007, the Company committed to granting to each of its two principal officers, an option to purchase 15,000,000 shares of the Company's common stock at an exercise price of $0.015 per share, the exercise of which will satisfy the unpaid salaries accrued through June 30, 2007."

On the flip side, why would the Company grant an option to purchase 30,000,000 shares when there are not that many shares left to issue unless some share restructure plan was imminent?

Confused and still waiting for payday.