Unfortunately, that cannot be the case. There are very few things that are filed with the SEC on a confidential basis and merger-related documents aren't included - the first time the SEC sees anything is when the company files the 8-K within 4 business days of the signing of a definitive agreement.
Also - whether or not there's any transaction pending, there's no reason for ASYI not to have filed the last 10-Q, a Form 12b-25 for an extension of the 10-Q filing date or one or more 8-Ks to disclose the sale of additional securites (the swap of debt for shares, as War and others have suggested is going on in the background).