FIRST AMERICAN SCIENTIFIC CORP.

CIK:0001002822|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011
REVENUES
Revenues from equipment and machine sales	$ 74	$ 5,703	$ 640,592	$ 7,024
Royalties			4,500	70,364
Expenses recovered	0	(24)	476	679
Total Revenue	74	5,679	645,568	78,067
COST OF SALES	5,140	1,565	239,934	1,565
GROSS PROFIT	(5,066)	4,114	405,633	76,502
OPERATING EXPENSES
Advertising	529		33,596
Amortization and depreciation	39,483	43,161	126,339	129,483
Marketing	925	5,475	6,569	15,474
Professional services	18,526	16,132	76,570	64,714
Salaries and wages	72,877	86,578	251,219	417,251
Research and development	6,964	6,505	77,804	56,083
Rent	4,808	5,313	10,809	11,355
General and administration	11,583	8,295	78,975	34,020
Foreign Exchange Gains ( losses )	(10,229)	9,471	2,012	42,798
Total Operating Expenses	145,465	180,929	663,895	771,178
LOSS FROM OPERATIONS	(150,531)	(176,815)	(258,260)	(694,676)
OTHER INCOME (EXPENSE)
Gain on settlement of debt	637		8,518
Gain on sale of asset	0	186	0	6,967
Total Other Income (Expense)	637	186	0	6,967
LOSS BEFORE INCOME TAXES	(149,894)	(176,629)	(249,744)	(687,710)
NET LOSS	(149,894)	(176,629)	(249,744)	(687,710)
COMPREHENSIVE NET LOSS	$ (149,894)	$ (176,629)	$ (249,744)	$ (687,710)
BASIC AND DILUTED (in Shares)	199,952,195	199,952,195	199,952,195	199,952,195

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (249,744)	$ (687,710)
Depreciation and amortization	126,339	129,483
Stock and options issued for services and compensation	63,400	126,800
Gain on sale of asset		(6,967)
Adjustments to reconcile net loss to net cash
Decrease (increase) in accounts receivable	(1,376)	24,323
Decrease (increase) in sales tax refunds	14,167	1,570
Decrease (increase) in inventory	(151,082)	(10,943)
Decrease (increase) in prepaid expenses	(3,455)	(91)
Increase (decrease) in customer deposits held	(84,146)	113,702
Increase (decrease) in accounts payable & accrued expenses	205,915	30,239
Increase (decrease) in salaries payable to related parties	85,000	235,000
Net cash provided (used) by operating activities	5,018	(44,595)
CASH FLOWS FROM INVESTING ACTIVITIES
Disposal (purchase) of equipment	(10,842)
Proceeds from sale of fixed assets		9,376
Net cash provided (used) in investing activities	(10,842)	9,376
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payment on capital leases	(9,192)	(6,189)
Loans from related parties	7,151	48,534
Net cash used by financing activities	(2,041)	42,345
NET INCREASE (DECREASE) IN CASH	(7,866)	7,126
CASH - Beginning of period	7,866	3,274
CASH - End of period	$ 0	$ 10,400

Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Jun. 30, 2011
CURRENT ASSETS
Cash		$ 7,866
Accounts receivable, net of allowance	1,376
Sales tax refunds	2,484	16,651
Prepaid expenses	4,547	1,092
Inventory	402,654	251,572
TOTAL CURRENT ASSETS	411,061	277,181
PROPERTY AND EQUIPMENT
Property and equipment	272,357	261,515
Less: accumulated depreciation	(223,757)	(205,264)
TOTAL PROPERTY AND EQUIPMENT	48,600	56,252
OTHER ASSETS
Technology rights and Patents, net of amortization	61,007	169,894
TOTAL OTHER ASSETS	61,007	169,894
TOTAL ASSETS	520,668	503,327
CURRENT LIABILITIES
Accounts payable and accrued expenses	652,126	446,210
Current portion of wages payable - related parties	1,480,000	1,395,000
Current portion of Capital Lease obligation	10,018	10,018
Loans payable to related parties	225,308	219,200
Deposits on Future Sales	298,978	383,124
TOTAL CURRENT LIABILITIES	2,666,430	2,453,552
LONG-TERM LIABILITIES
Capital lease Obligations	1,441	10,633
TOTAL LONG-TERM LIABILITIES	1,441	10,633
TOTAL LIABILITIES	2,667,870	2,464,185
Common stock - $.001 par value,
199,952,195 shares issued and outstanding, respectively	199,952	199,952
Stock Options	697,400	634,000
Additional paid-in capital	13,255,636	13,255,636
Accumulated deficit	(16,300,190)	(16,050,447)
TOTAL STOCKHOLDERS' EQUITY(DEFICIT)	(2,147,202)	(1,960,859)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIT)	$ 520,668	$ 503,327