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Prospector
Profile
1110-02
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| First American Scientific Corp. |
NAICS |
333991 |
| 811-100 Park Royal South
West Vancouver, British Columbia, Canada V7T 1A2 |
Description |
Grinders Mfg. |
| (604) 913-9035 |
Employees |
1 |
| http://www.fasc.net/ |
Revenue |
(mil) |
0.3230 |
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Income |
(mil) |
-1.0860 |
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Assets |
(mil) |
1.3500 |
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Liability |
(mil) |
1.1990 |
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(for the year ended 2007-06-30) |
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Category:
Audit Concerns
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Event:
Williams & Webster PS expressed substantial doubt about the ability of First American Scientific Corp. to continue as a going concern after auditing its financial statements. The auditor notes that the Company has incurred an accumulated deficit of $13,217,712 through June 30, 2007, and has limited cash resources of $58,321. The Company recorded decreased sales during the year ended June 30, 2007, and generated a net loss of $1,086,967.
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Intellectual Property:
The Company owns the patented kinetic disintegration system called the KDS Micronex System and two additional process patents using the equipment. One other process patent application is pending. The System consists of an electrically powered disintegration/drying chamber and feeding system that utilizes kinetic energy and standing sound waves to pulverize various waste materials such as biomass, pulp sludge, animal waste, food waste, rubber, glass, and other feed stocks into valuable, fine, dry, talcum-like powders that can be used as a combustible fuel or a high nutrient fertilizer. [SEC Filing 10-KSB 10-15-07]
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Description:
The Company is an innovative equipment manufacturer and provider of turn-key systems that increase profitability and reduce the environmental impact of materials processing.
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Officers:
Cal Kantonen (Chair, CFO & Treas.); John Brian Nichols (Pres., CEO & Dir.); David Gibson (Sec. & Dir.)
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Auditor:
Williams & Webster PS
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Securities:
Common Stock-Symbol FASC.OB; OTC BB;
196,143,955 common shares outstanding as of September 10, 2007.
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