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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">U.S. SECURITIES AND EXCHANGE
COMMISSION</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">WASHINGTON, D.C.
20549</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM 8-K</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">________________________________________________________________________</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CURRENT REPORT</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of Earliest Event Reported):&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> August
12, 2008</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">AMERICAN SECURITY RESOURCES
CORPORATION</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Formerly
Kahuna Network Security Inc.)</font></div>
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Computer Automation Systems, Inc.)</font></div>
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Name of Registrant as Specified in Charter)</font></div>
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              <td align="left" valign="bottom" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">9601 Katy Freeway, Suite
220</font></font></div>
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77024</font></font></div>
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of principal executive offices including zip code)</font></div>
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telephone number, including area code)</font></div>
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name or former address, if changed since last report: Not
Applicable</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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      communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
      230.425)</font></div>
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      material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td align="left" valign="bottom" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17
      CFR 240.14d-2(b))</font></div>
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              <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="bottom" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <td align="left" valign="top" width="3%">
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="bottom" width="84%">
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      communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17
      CFR 240.13e-4(c))</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item
4.02 Non-Reliance on Previously Completed Interim Review</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 9.1pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal">On
August 12, 2008, the officers of American Security Resources Corp. (the
&#8220;Company&#8221;) concluded that the financial statements included in the Form 10-K for
the period ended December 31, 2007 should not be relied upon because of a
failure to recognize an agreement dated December 18, 2007 with a distributor for
a warrant to purchase 40,000,000 shares of the Company&#8217;s common stock, which is
exercisable at the lower of $0.03 or the lowest closing price at any time prior
to the exercise and expires on December 18, 2008 (the
&#8220;Warrant&#8221;).&#160;&#160;</font></font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">On
August 8, 2008, the Company was informed of the error regarding the Warrant from
its independent accountant in preparation for filing the Form 10-Q for the
period ended June 30, 2008.&#160;&#160;Officers and Directors of the Company
have discussed this issue with the independent accountant and came to the
conclusion on August 12, 2008, that the financial statements included in the
Form 10-K for the period ended December 31, 2007 should no longer be relied
upon.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">As
the result of this error, we are restating our financial statements included in
the Form 10-K for the period ended December 31, 2007 and the in the Form 10-Q
for the period ended March 31, 2008 and associated disclosures to include the
cost associated with the Warrant.&#160;&#160;The error resulted in the
understatement of non-cash expenses and a corresponding understatement of net
loss by $719,022, for the year ending December 31, 2007 and for the Period of
Re-Entering the Development Stage to December 31, 2007. &#160;The restatement
impacted certain line items within cash flows from operations, but had no effect
on total cash flows from operations and did not impact cash flows from financing
or investing activities. &#160;This restatement had no impact on the balance
sheets, statements of operations or the net decrease in cash and cash
equivalents reported in the statements of cash flows for any periods reported
prior to October 1, 2007.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">We have requested our </font><a name="jump_exp_1"><font style="FONT-WEIGHT: normal">independent </font></a><a name="jump_exp_2"><font style="FONT-WEIGHT: normal">accountant to furnish us as
promptly as possible a letter addressed to the Commission stating whether the
</font></a><a name="jump_exp_3"><font style="FONT-WEIGHT: normal">independent
</font></a><a name="jump_exp_4"><font style="FONT-WEIGHT: normal">accountant
agrees with the statements made in this Form 8-K in response to this Item 4.02
and, if not, to &#160;state the respects in which it does not agree.&#160; We
will file an amended Form 8-K to include our </font></a><a name="jump_exp_5"><font style="FONT-WEIGHT: normal">independent </font></a><a name="jump_exp_6"><font style="FONT-WEIGHT: normal">accountant&#8217;s letter as an exhibit to this filed Form
8-K no later than two business days after we receive their response
letter.</font></a></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">An
amendment to the Annual Report on Form 10-K for the period ended December 31,
2007 correcting the error, will be filed in the near future.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item
8.01&#160;&#160;&#160;&#160;Other Events</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-WEIGHT: normal"><font style="FONT-WEIGHT: normal">On August 14, 2008, the United States District Court
for the District Court of Oregon ordered the dismissal of Relion, Inc.&#8217;s lawsuit
against our subsidiary Hydra Fuel Cell Corporation, which alleged patent
infringement issues, with prejudice and ordered Relion, Inc. to pay Hydra Fuel
Cell Corporation costs in the amount $11,517.49.&#160;&#160;In addition, Relion,
Inc. was ordered to refund $7,396 in sanctions previously assessed against Hydra
Fuel Cell Corporation</font>.</font></font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SIGNATURES</font></font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
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                <td align="left" valign="top" width="44%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="33%">&#160;</td>
                <td align="left" valign="top" width="44%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">AMERICAN SECURITY RESOURCES
      CORPORATION</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </td>
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                <td align="left" valign="top" width="33%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:
      August 19, 2008</font></div>
                </td>
                <td align="left" valign="top" width="44%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
      <font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/&#160;Robert
      Farr&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;</font></div>
                </td>
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                <td align="left" valign="top" width="44%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;
      Robert Farr, President</font></div>
                </td>
              </tr>
          </table>
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    <div>&#160;</div>
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form8k.htm
U.S. SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of
Report (Date of Earliest Event Reported):
August
12, 2008
AMERICAN SECURITY RESOURCES
CORPORATION
(Formerly
Kahuna Network Security Inc.)
(Formerly
Computer Automation Systems, Inc.)
(Exact
Name of Registrant as Specified in Charter)
Nevada
000-27419
90-0179050
(State
      of organization)
(Commission
      File Number)
(IRS
      Employer Identification No.)
9601 Katy Freeway, Suite
220
Houston, Texas,
77024
(Address
of principal executive offices including zip code)
713-465-1001
(Registrant's
telephone number, including area code)
Former
name or former address, if changed since last report: Not
Applicable
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a- 12)
o
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17
      CFR 240.14d-2(b))
o
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17
      CFR 240.13e-4(c))
Item
4.02 Non-Reliance on Previously Completed Interim Review
On
August 12, 2008, the officers of American Security Resources Corp. (the
"Company") concluded that the financial statements included in the Form 10-K for
the period ended December 31, 2007 should not be relied upon because of a
failure to recognize an agreement dated December 18, 2007 with a distributor for
a warrant to purchase 40,000,000 shares of the Company's common stock, which is
exercisable at the lower of $0.03 or the lowest closing price at any time prior
to the exercise and expires on December 18, 2008 (the
"Warrant").
On
August 8, 2008, the Company was informed of the error regarding the Warrant from
its independent accountant in preparation for filing the Form 10-Q for the
period ended June 30, 2008.  Officers and Directors of the Company
have discussed this issue with the independent accountant and came to the
conclusion on August 12, 2008, that the financial statements included in the
Form 10-K for the period ended December 31, 2007 should no longer be relied
upon.
As
the result of this error, we are restating our financial statements included in
the Form 10-K for the period ended December 31, 2007 and the in the Form 10-Q
for the period ended March 31, 2008 and associated disclosures to include the
cost associated with the Warrant.  The error resulted in the
understatement of non-cash expenses and a corresponding understatement of net
loss by $719,022, for the year ending December 31, 2007 and for the Period of
Re-Entering the Development Stage to December 31, 2007.  The restatement
impacted certain line items within cash flows from operations, but had no effect
on total cash flows from operations and did not impact cash flows from financing
or investing activities.  This restatement had no impact on the balance
sheets, statements of operations or the net decrease in cash and cash
equivalents reported in the statements of cash flows for any periods reported
prior to October 1, 2007.
We have requested our
independent
accountant to furnish us as
promptly as possible a letter addressed to the Commission stating whether the
independent
accountant
agrees with the statements made in this Form 8-K in response to this Item 4.02
and, if not, to  state the respects in which it does not agree.  We
will file an amended Form 8-K to include our
independent
accountant's letter as an exhibit to this filed Form
8-K no later than two business days after we receive their response
letter.
An
amendment to the Annual Report on Form 10-K for the period ended December 31,
2007 correcting the error, will be filed in the near future.
Item
8.01    Other Events
On August 14, 2008, the United States District Court
for the District Court of Oregon ordered the dismissal of Relion, Inc.'s lawsuit
against our subsidiary Hydra Fuel Cell Corporation, which alleged patent
infringement issues, with prejudice and ordered Relion, Inc. to pay Hydra Fuel
Cell Corporation costs in the amount $11,517.49.  In addition, Relion,
Inc. was ordered to refund $7,396 in sanctions previously assessed against Hydra
Fuel Cell Corporation
.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
AMERICAN SECURITY RESOURCES
      CORPORATION
Date:
      August 19, 2008
By:
/s/ Robert
      Farr
Robert Farr, President