RJ......it is very likely that a new share authorization request would require the issuance of the current financial statements. All indications from HQ are that FASC will issue the statemments upon realizing new cash flow.
A private placement may be a different matter, and not require the financials.
Once again, go to the SEC reports.....
"Management’s plan to address the Company’s ability to continue as a going concern includes: (i) obtaining funding from the private placement of debt or equity; (ii) realizing increased revenues from sales of the KDS system; and (iii) obtaining loans and grants from financial or government institutions. Management believes that it will be able to obtain funding to allow the Company to remain a going concern through the methods discussed above, though there can be no assurances that such methods will prove successful."
Brian still has a number of options at his disposal, and I am quite sure he is getting good counsel on them, while waiting for new sales closings.
Also think about it this way. In addition to his fiduciary responsibility to the shareholders, he also has his son in position to be around a long time with a developing company, in FASC. And he has the memory and responsibility of Cal's estate, and Cal's loved ones.
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