ASI TECHNOLOGY CORP Files SEC form 8-K, Termination of a Material Definitive Agreement, Completion of Acquisition or

Item 1.02. Termination of a Material Definitive Agreement. Effective on September 29, 2009 the Company's wholly owned subsidiary, ASI Capital Corporation ("Subsidiary") cancelled an uncollectible unsecured 12% note payable due from DAVCAP, LLC, a Nevada Limited Liability Company ("DAVCAP") for the principal amount of $1,000,000 due September 29, 2009 (the "Unsecured Note"). The cancelled note was received by the Subsidiary effective September 29, 2008 in exchange for a $1,000,000 undivided interest in a note and related deed of trust (the "Original Note") payable by an unaffiliated borrower as more fully described in the Company's current report on Form 8-K dated October 3, 2008. The Original Note was past due, in nonaccrual status and classified as impaired at the time of the exchange for the Unsecured Note. The Company's President and Director, Jerry E. Polis and the unaffiliated mortgage broker originating the Original Note, in an effort to recover on the Original Note or through other activities with the mortgage broker, formed DAVCAP in September 2008. DAVCAP was 50% owned by Davric Corporation, a company controlled by Jerry E. Polis. The Original Note was terminated in December 2008 through foreclosure by unaffiliated senior lenders. The parties to DAVCAP were not successful in obtaining recovery from the Original Note prior to such foreclosure nor have they been successful in obtaining any significant recovery from any other activities. However the Subsidiary has been paid cash of $122,123 related to the Unsecured Note by DAVCAP through September 30, 2009 primarily from capital contributions made by the owners of DAVCAP. DAVCAP made no other distributions or payments to its owners or any affiliate. The Company, commencing on September 30, 2008 and at each subsequent reporting period, consolidated DAVCAP as a variable interest entity. Due to a full allowance for note loss on the Original Note, no value has been reported for the Origi...
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ASI TECHNOLOGY CORP Financials

PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue381  15  47  157  Cost of Revenue -   -   -   -  Gross Profit381  15  47  157  Operating ExpensesResearch Development -  8  10  14  Selling General and Administrative100  134  159  39  Non Recurring -   -   -   -  Others20   -   -  2,948  Total Operating Expenses -   -   -   -  Operating Income or Loss260  (127)(121)(2,844)Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes260  (127)(121)(2,844)Interest Expense -   -   -  10  Income Before Tax260  (127)(121)(2,854)Income Tax Expense -   -   -  7  Minority Interest30  30  30   -  Net Income From Continuing Ops290  (97)(91)(2,861)Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   -   - ...
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ASI TECHNOLOGY CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview We are a specialty finance and investment company that provides financing for commercial, residential and venture capital loans. Our other activity has not been significant recently and has been focused on the development of plasma technology for sterilization and decontamination. The objective of our specialty finance activities is to generate current income and cash flow from high-interest notes to commercial, residential and corporate borrowers. Our business strategy is to grow our business from internally generated funds and, from time to time, sales of equity or debt securities. To date we have not employed participating investor note financing or other institutional financing. Our operating income depends largely upon net interest income, which is the interest income from notes and investments less interest expense, if any. Our net interest income is affected by the performance of our note portfolio and may be affected by general economic conditions, policies of regulatory authorities, competition and other factors, many beyond our control. None of the notes in our current portfolio are producing current income. The mortgage banking environment has been experiencing considerable strain from rising delinquencies and liquidity pressures. The current environment appears to be affecting real estate values and the volume of real estate activities. Merchant builders are the typical purchasers of raw land zoned and likely intended for residential development near existing infrastructure and similar parcels under development like those that collateralize some of our notes receivable. Many merchant builders are not currently in the market for such land parcels or are willing to pay only prices significantly reduced from prior years. Sellers have not been willing to accept significantly reduced prices, and management expects this trend to continue until there is a balanc...
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ASI TECHNOLOGY CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview We are a specialty finance and investment company that provides financing for commercial, residential and venture capital loans. Our other activity has not been significant recently and has been focused on the development of plasma technology for sterilization and decontamination. The objective of our specialty finance activities is to generate current income and cash flow from high-interest notes to commercial, residential and corporate borrowers. Our business strategy is to grow our business from internally generated funds and, from time to time, sales of equity or debt securities. To date we have not employed participating investor note financing or other institutional financing. Our operating income depends largely upon net interest income, which is the interest income from notes and investments less interest expense, if any. Our net interest income is affected by the performance of our note portfolio and may be affected by general economic conditions, policies of regulatory authorities, competition and other factors, many beyond our control. None of the notes in our current portfolio are producing current income. The mortgage banking environment has been experiencing considerable strain from rising delinquencies and liquidity pressures. The current environment appears to be affecting real estate values and the volume of real estate activities. Merchant builders are the typical purchasers of raw land zoned and likely intended for residential development near existing infrastructure and similar parcels under development like those that collateralize some of our notes receivable. Many merchant builders are not currently in the market for such land parcels or are willing to pay only prices significantly reduced from prior years. Sellers have not been willing to accept significantly reduced prices, and management expects this trend to continue until there is a balan...
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ASI TECHNOLOGY CORP Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis or Plan of Operation. Overview We are a specialty finance and investment company that provides financing for commercial, residential and venture capital loans. Our other activity has not been significant recently and has been focused on the development of plasma technology for sterilization and decontamination. The objective of our specialty finance activities is to generate current income and cash flow from high-interest notes to commercial, residential and corporate borrowers. Our business strategy is to grow our business from internally generated funds and, from time to time, sales of equity or debt securities. To date we have not employed participating investor note financing or other institutional financing. Our operating income depends largely upon net interest income, which is the interest income from notes and investments less interest expense, if any. Our net interest income is affected by the performance of our note portfolio and may be affected by general economic conditions, policies of regulatory authorities, competition and other factors, many beyond our control. The mortgage banking environment has been experiencing considerable strain from rising delinquencies and liquidity pressures. The current environment appears to be affecting real estate values and the volume of real estate activities. Merchant builders are the typical purchasers of raw land zoned and likely intended for residential development near existing infrastructure and similar parcels under development like those that collateralize some of our notes receivable. Many merchant builders are not currently in the market for such land parcels or are willing to pay only prices significantly reduced from prior years. Sellers have not been willing to accept significantly reduced prices, and management expects this trend to continue until there is a balance in the supply and demand for single-family new and resale homes. We believe this imbalance to be a temporar...
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ASI TECHNOLOGY CORP Files SEC form 10-K, Annual Report

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Except for the historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks described in the section entitled Risk Factors and elsewhere in this Annual Report. Overview We are a specialty finance and investment company that provides financing for commercial, residential and venture capital loans. Our other activity has not been significant recently and has been focused on the development of plasma technology for sterilization and decontamination. The objective of our specialty finance activities is to generate current income and cash flow from high-interest notes to commercial, residential and corporate borrowers. Our strategy is to grow our business from internally generated funds and, from time to time, sales of equity or debt securities. To date we have not employed participating investor note financing or other institutional financing. Our operating income depends largely upon net interest income, which is the difference between interest income from notes and investments and interest expense on notes payable. Our net interest income is affected by the performance of our note portfolio and may be affected by general economic conditions, policies of regulatory authorities, competition and other factors many beyond our control. The mortgage banking environment has been experiencing considerable strain from rising delinquencies and liquidity pressures. The current environment appears to be affecting real estate values and the volume of real estate activities. Merchant builders are the typical purchasers of raw land zoned and likely intended for residential development near existing infrastructure and similar parcels under development like those that collateralize so...
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