FASC -- First American Scientific Corp.

Com ($0.001)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-QSB

[ x ]	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006
OR
[   ]	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from ________ to ________

Commission File Number: 000-27094

FIRST AMERICAN SCIENTIFIC CORP.
(Exact name of registrant as specified in its charter)

NEVADA	88-0338315
(State of other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

100 Park Royal South
Suite 811
Vancouver, British Columbia
Canada V7T 1A2
(Address of principal executive offices)

(604) 913-9035
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ x ] No [   ]

The Company is a Shell company: Yes [   ] No [ X ]

As of May 4, 2006, we have a total amount of shares issued and outstanding of: 189,843,955

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PART I.

ITEM 1.     FINANCIAL STATEMENTS

FIRST AMERICAN SCIENTIFIC CORP.
Consolidated Financial Statements

TABLE OF CONTENTS

Financial Statements
Consolidated Balance Sheets	F-1
Consolidated Statements of Operations and Comprehensive Income (Loss)	F-2
Consolidated Statements of Cash Flows	F-3
Condensed Notes to Consolidated Financial Statements	F-4

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FIRST AMERICAN SCIENTIFIC CORP.
CONSOLIDATED BALANCE SHEETS
					March 31,		June 30,
					2006		2005
ASSETS					(Unaudited)
CURRENT ASSETS
	Cash			$	7,057	$	1,020
	Accounts receivable, net of allowance				193,945		129,860
	Sales tax refunds				3,007		10,090
	Prepaid expenses				4,032		184
	Inventory				215,811		192,166
			TOTAL CURRENT ASSETS		423,852		333,320
PROPERTY AND EQUIPMENT
	Property and equipment				143,052		88,856
	Less: accumulated depreciation				(60,607)		(48,020)
			TOTAL PROPERTY AND EQUIPMENT		82,445		40,836
OTHER ASSETS
	Technology rights, net of amortization				803,492		898,742
	Patents and manufacturing rights, net of amortization				128,604		142,240
	Investments in joint ventures				263,158		333,420
			TOTAL OTHER ASSETS		1,195,254		1,374,402
TOTAL ASSETS				$	1,701,551	$	1,748,558
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts payable and accrued expenses			$	123,540	$	176,804
			TOTAL CURRENT LIABILITIES		123,540		176,804
LONG-TERM LIABILITIES
	Notes and wages payable to related parties				312,341		239,530
			TOTAL LONG-TERM LIABILITIES		312,341		239,530
COMMITMENTS AND CONTINGENCIES					-		-
STOCKHOLDERS' EQUITY
	Common stock - $.001 par value,
		200,000,000 shares authorized; 189,708,955 and
		181,443,955 shares issued and outstanding, respectively			189,709		181,444
	Stock Options				287,291		254,291
	Additional paid-in capital				12,718,440		12,412,161
	Accumulated deficit				(11,905,616)		(11,506,829)
	Accumulated other comprehensive (gain) loss				(24,154)		(8,843)
			TOTAL STOCKHOLDERS' EQUITY		1,265,670		1,332,224
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY				$	1,701,551	$	1,748,558

The accompanying notes are an integral part of these financial statements

F-1

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FIRST AMERICAN SCIENTIFIC CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2006	2005	2006	2005
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
REVENUES