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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">December
13, 2007</font></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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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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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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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      </font></td>
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      communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
      230.425)</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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      </font></td>
              <td align="left" valign="bottom" width="84%">
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      material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
      240.14a- 12)</font></div>
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            <tr>
              <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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            <tr>
              <td align="left" valign="top" width="3%">
                <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: wingdings">o</font></div>
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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%">
                <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">Pre-commencement
      communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17
      CFR 240.14d-2(b))</font></div>
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            <tr>
              <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <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>
            </tr>
            <tr>
              <td align="left" valign="top" width="3%">
                <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: wingdings">o</font></div>
              </td>
              <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%">
                <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">Pre-commencement
      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; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 72pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      1.01</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Entry
      into a Material Definitive
Agreement.</font></div>
                </td>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Golden
      Gate</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
December 13, 2007, American Security Resources Corporation (the &#8220;Company&#8221;)
entered into a Securities Purchase Agreement with Golden Gate Investors Inc.
(&#8220;Golden Gate&#8221;) which provided for the issuance and sale by the Company of up to
$6 million of 7.25% convertible debentures, with the initial issuance of a $1.5
million debenture by the Company and the payment of cash by Golden Gate of
$250,000 and issuance by Golden Gate to the Company of a $1,250,000 promissory
note (&#8220;Golden Gate Financing&#8221;). The Golden Gate purchase agreement provides
Golden Gate with the right to lend, in three separate $1.5 million fundings, an
additional $4.5 million to the Company through advancing cash of $200,000 and
issuing a $1.3 million note per financing, such note similar to the $1,250,000
promissory note.&#160;&#160;To date, no additional funding have
occurred.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
debenture is unsecured and bears interest at the annual rate of 7.25%, payable
monthly, with the principal amount due on December 12, 2010. The debenture is
convertible at a per share equal to the lesser of $.25 or 80% of the average of
the five lowest volume weighted average prices during the twenty trading days
prior to Golden Gate&#8217;s election to convert, subject to a 4.99% ownership
cap.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The note
is secured and bears interest at the annual rate of&#160;7.75%, payable monthly,
with the principal amount due on February 1, 2011. Golden Gate has the option to
prepay this note, subject to the satisfaction of certain
conditions.&#160;&#160;In addition, Golden Gate was issued a warrant to purchase
up to 50,000,000 shares of common stock at $0.01 per share.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">St.
George</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
February 2008, the Company entered into a Securities Purchase Agreement with St.
George Investments, LLC. (&#8220;St. George&#8221;) which provided for the issuance and sale
by the Company of $515,000 of a 7.75% convertible debenture, with the
&#160;payment of cash by St. George of $415,000 and issuance by St. George to
the Company of a $100,000 promissory note (&#8220;St. George Financing&#8221;).
Additionally, the Company issued St. George a seven year warrant to purchase
15,000,000 shares of common stock at an exercise price of $0.033 per
share.&#160;&#160;The St. George purchase agreement provides St. George with the
right to lend, in additional $515,000 increments, additional fundings of cash
and notes, which notes would be similar to the $100,000 note.&#160;&#160;Upon
each additional funding the Company is obligated to issue St. George a seven
year warrant to purchase 15,000,000 shares of common stock.&#160;&#160;To date,
no additional findings have occurred.&#160;&#160;The debenture is secured by
substantially all of the assets of the Company, and Messrs. Neukomm and Farr
have guaranteed the debenture and pledged certain Company shares of common stock
as further collateral.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
debenture bears interest at the annual rate of 7.75%, payable upon the earlier
of each conversion date and the maturity date, with the principal amount due in
February 2012. The debenture is convertible at a per share equal to volume
weighted average price of the common stock for the three trading days selected
by the holder (which need not be consecutive) from twenty trading days ending on
the trading day immediately before the conversion date, multiplied by 80%,
subject to a beneficial ownership limitation of holder not to exceed 4.99%. The
note is secured and bears interest at the annual rate of&#160;7.5%, payable
monthly, with the principal amount due on February 2012.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
2.03.&#160;&#160;&#160;Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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>As more fully described above, the
Company entered into financing arrangements with St. George and Golden
Gate.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
2.04.&#160;&#160;Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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>On May 28, 2008, Golden Gate sent us a
letter stating the Company was in default on the Golden Gate Financing in the
following matters: (i) failure to pay interest payments; (ii) failing to timely
file a Form 8-K describing the Golding Gate Financing; and (iii) failure to
maintain sufficient authorized shares to satisfy conversion of the
note.&#160;&#160;In connection with the alleged default, Golden Gate has
demanded repayment of 150% of the outstanding principal of the debenture,
together with all accrued and unpaid interest.&#160;&#160;The Company is in
preliminary discussions with Golden Gate to address these matters.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
a default under the Golden Gate Financing, triggers a default under the St.
George Financing.&#160;&#160;Upon an event of default under the St. George
Financing, the Company may be (i) required to pay a default rate equal to one
and one-half percent per month, and (ii) required to redeem all or any part of
the outstanding portion of the debenture.&#160;&#160;As of the date hereof, St.
George has not requested the default rate or sent a redemption
notice.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.02 Unregistered Sales of Equity Securities</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Between
January 2008 and May 2008, the Company issued 32,696,403 shares of common stock
were issued to our consultants and officers for services rendered at stock
prices between $0.01 to $0.02.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In May
2008, the Company issued 4,000,000 shares of common stock (2,000,000 each) were
issued to Mr. Neukomm and Mr. Farr in lieu of compensation for the year ended
December 31, 2007, at an stock price of $0.03 per share.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In May
2008, the Company issued 666,667 shares of common stock were issued to
distributors of Hydra Fuels Cells at a stock price of $0.03.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In May
2008, the Company issued 5,000,000 shares of common stock issued upon partial
exercise of the warrant issued in connection with the Golden Gate
Financing.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The above
transactions (other than the issuances discussed in paragraph (1) were completed
pursuant to Section 4(2) of the Securities Act. With respect to issuances made
pursuant to Section 4(2) of the Securities Act, the transactions did not involve
any public offering and were sold to a limited group of persons. Each investor
either received adequate information about the Company or had access to such
information. The Company determined that each investor had such knowledge and
experience in financial and business matters that they were able to evaluate the
merits and risks of an investment in the Company.&#160;&#160;See Section 8.01
for a discussion of the issuances in paragraph 1.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.03.&#160;&#160;Amendments to Articles of Incorporation or Bylaws; Change in
Fiscal Year.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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>On June 11, 2008, the board of
directors amended and restated our bylaws, specifically amending section 2.11 to
allow shareholder approval by written consent of the shareholders holding at
least a majority of the voting power, except that if a different portion of
voting power is required for such an action at a meeting, than that proportion
of the written consent is required.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01.&#160;&#160;&#160;&#160;&#160;Financial Statements and
Exhibits</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
      Statements of Business Acquired.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 72pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inapplicable.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pro
      Forma Financial Information.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 72pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inapplicable.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="60%">
                <tr>
                  <td valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      Number</font></div>
                  </td>
                  <td align="left" valign="top" width="81%" style="BORDER-BOTTOM: black 2px solid">
                    <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">Exhibit
      Description</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.01</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">Amended
      and Restated Bylaws</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.01</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">Securities
      Purchase Agreement with Golden Gate</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.02</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">7.25%
      Convertible Debenture in favor of Golden Gate</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.03</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">Secured
      Promissory Note in favor of Golden Gate</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.04</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">Warrant
      issued to Golden Gate</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.05</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">Securities
      Purchase Agreement with St. George</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.06</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">7.75%
      Convertible Debenture in favor of St. George</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.07</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">Form
      of Promissory Note in favor of St. George</font></div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="19%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.08</font></div>
                  </td>
                  <td align="left" valign="top" width="81%">
                    <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">Form
      of Warrant issued to St.
George</font></div>
                  </td>
                </tr>
            </table>
          </div>
        </div><br>
        <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>
                <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">&#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>
              </tr>
              <tr>
                <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:
      June 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;Bob&#160;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>
              </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">&#160;&#160;&#160;&#160;&#160;&#160;
      Bob Farr, Chairman of the
Board</font></div>
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[{"type": "8-K", "sequence": "1", "filename": "form8k.htm", "description": "AMERICAN SECURITY RESOURCES CORPORATION FORM 8K", "secsgml_size_bytes": 48357}]
{"company-data": {"conformed-name": "American Security Resources Corp.", "cik": "0001085069", "assigned-sic": "3621", "irs-number": "752749166", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27419", "film-number": "08908483"}, "business-address": {"street1": "9601 KATY FREEWAY, SUITE 220", "city": "HOUSTON", "state": "TX", "zip": "77027", "phone": "713-465-1001"}, "mail-address": {"street1": "9601 KATY FREEWAY, SUITE 220", "city": "HOUSTON", "state": "TX", "zip": "77024"}, "former-company": [{"former-conformed-name": "Kahuna Network Security, Inc.", "date-changed": "20040823"}, {"former-conformed-name": "COMPUTER AUTOMATION SYSTEMS INC", "date-changed": "19990922"}]}
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):
December
13, 2007
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
75-2749166
(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
      1.01
Entry
      into a Material Definitive
Agreement.
Golden
      Gate
Effective
December 13, 2007, American Security Resources Corporation (the "Company")
entered into a Securities Purchase Agreement with Golden Gate Investors Inc.
("Golden Gate") which provided for the issuance and sale by the Company of up to
$6 million of 7.25% convertible debentures, with the initial issuance of a $1.5
million debenture by the Company and the payment of cash by Golden Gate of
$250,000 and issuance by Golden Gate to the Company of a $1,250,000 promissory
note ("Golden Gate Financing"). The Golden Gate purchase agreement provides
Golden Gate with the right to lend, in three separate $1.5 million fundings, an
additional $4.5 million to the Company through advancing cash of $200,000 and
issuing a $1.3 million note per financing, such note similar to the $1,250,000
promissory note.  To date, no additional funding have
occurred.
The
debenture is unsecured and bears interest at the annual rate of 7.25%, payable
monthly, with the principal amount due on December 12, 2010. The debenture is
convertible at a per share equal to the lesser of $.25 or 80% of the average of
the five lowest volume weighted average prices during the twenty trading days
prior to Golden Gate's election to convert, subject to a 4.99% ownership
cap.
The note
is secured and bears interest at the annual rate of 7.75%, payable monthly,
with the principal amount due on February 1, 2011. Golden Gate has the option to
prepay this note, subject to the satisfaction of certain
conditions.  In addition, Golden Gate was issued a warrant to purchase
up to 50,000,000 shares of common stock at $0.01 per share.
St.
George
Effective
February 2008, the Company entered into a Securities Purchase Agreement with St.
George Investments, LLC. ("St. George") which provided for the issuance and sale
by the Company of $515,000 of a 7.75% convertible debenture, with the
 payment of cash by St. George of $415,000 and issuance by St. George to
the Company of a $100,000 promissory note ("St. George Financing").
Additionally, the Company issued St. George a seven year warrant to purchase
15,000,000 shares of common stock at an exercise price of $0.033 per
share.  The St. George purchase agreement provides St. George with the
right to lend, in additional $515,000 increments, additional fundings of cash
and notes, which notes would be similar to the $100,000 note.  Upon
each additional funding the Company is obligated to issue St. George a seven
year warrant to purchase 15,000,000 shares of common stock.  To date,
no additional findings have occurred.  The debenture is secured by
substantially all of the assets of the Company, and Messrs. Neukomm and Farr
have guaranteed the debenture and pledged certain Company shares of common stock
as further collateral.
The
debenture bears interest at the annual rate of 7.75%, payable upon the earlier
of each conversion date and the maturity date, with the principal amount due in
February 2012. The debenture is convertible at a per share equal to volume
weighted average price of the common stock for the three trading days selected
by the holder (which need not be consecutive) from twenty trading days ending on
the trading day immediately before the conversion date, multiplied by 80%,
subject to a beneficial ownership limitation of holder not to exceed 4.99%. The
note is secured and bears interest at the annual rate of 7.5%, payable
monthly, with the principal amount due on February 2012.
Item
2.03.   Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As more fully described above, the
Company entered into financing arrangements with St. George and Golden
Gate.
Item
2.04.  Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement.
On May 28, 2008, Golden Gate sent us a
letter stating the Company was in default on the Golden Gate Financing in the
following matters: (i) failure to pay interest payments; (ii) failing to timely
file a Form 8-K describing the Golding Gate Financing; and (iii) failure to
maintain sufficient authorized shares to satisfy conversion of the
note.  In connection with the alleged default, Golden Gate has
demanded repayment of 150% of the outstanding principal of the debenture,
together with all accrued and unpaid interest.  The Company is in
preliminary discussions with Golden Gate to address these matters.
Additionally,
a default under the Golden Gate Financing, triggers a default under the St.
George Financing.  Upon an event of default under the St. George
Financing, the Company may be (i) required to pay a default rate equal to one
and one-half percent per month, and (ii) required to redeem all or any part of
the outstanding portion of the debenture.  As of the date hereof, St.
George has not requested the default rate or sent a redemption
notice.
Item
3.02 Unregistered Sales of Equity Securities
Between
January 2008 and May 2008, the Company issued 32,696,403 shares of common stock
were issued to our consultants and officers for services rendered at stock
prices between $0.01 to $0.02.
In May
2008, the Company issued 4,000,000 shares of common stock (2,000,000 each) were
issued to Mr. Neukomm and Mr. Farr in lieu of compensation for the year ended
December 31, 2007, at an stock price of $0.03 per share.
In May
2008, the Company issued 666,667 shares of common stock were issued to
distributors of Hydra Fuels Cells at a stock price of $0.03.
In May
2008, the Company issued 5,000,000 shares of common stock issued upon partial
exercise of the warrant issued in connection with the Golden Gate
Financing.
The above
transactions (other than the issuances discussed in paragraph (1) were completed
pursuant to Section 4(2) of the Securities Act. With respect to issuances made
pursuant to Section 4(2) of the Securities Act, the transactions did not involve
any public offering and were sold to a limited group of persons. Each investor
either received adequate information about the Company or had access to such
information. The Company determined that each investor had such knowledge and
experience in financial and business matters that they were able to evaluate the
merits and risks of an investment in the Company.  See Section 8.01
for a discussion of the issuances in paragraph 1.
Item
5.03.  Amendments to Articles of Incorporation or Bylaws; Change in
Fiscal Year.
On June 11, 2008, the board of
directors amended and restated our bylaws, specifically amending section 2.11 to
allow shareholder approval by written consent of the shareholders holding at
least a majority of the voting power, except that if a different portion of
voting power is required for such an action at a meeting, than that proportion
of the written consent is required.
Item
9.01.     Financial Statements and
Exhibits
(a)
Financial
      Statements of Business Acquired.
Inapplicable.
(b)
Pro
      Forma Financial Information.
Inapplicable.
(c)
Exhibits
Exhibit
      Number
Exhibit
      Description
3.01
Amended
      and Restated Bylaws
10.01
Securities
      Purchase Agreement with Golden Gate
10.02
7.25%
      Convertible Debenture in favor of Golden Gate
10.03
Secured
      Promissory Note in favor of Golden Gate
10.04
Warrant
      issued to Golden Gate
10.05
Securities
      Purchase Agreement with St. George
10.06
7.75%
      Convertible Debenture in favor of St. George
10.07
Form
      of Promissory Note in favor of St. George
10.08
Form
      of Warrant issued to St.
George
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:
      June 19, 2008
By:
/s/ Bob Farr
Bob Farr, Chairman of the
Board