<PAGE> 1

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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                        Washington, DC 20549

                             FORM 10QSB

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the
     Securities  Exchange Act of 1934
     FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2000

     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 0-27094

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

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


                        409 Granville Street
                             Suite 1003
                Vancouver, British Columbia V6C 1V5
              (Address of principal executive offices)

                          (604) 681-8656
        (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 [ ]

Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of December 31, 2000: 115,518,018

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<PAGE> 2

ITEM 1.   FINANCIAL STATEMENTS

Board of Directors
First American Scientific Corp.
Vancouver, BC


                     ACCOUNTANT'S REVIEW REPORT

We have reviewed the accompanying consolidated balance sheet of First
American Scientific Corp., as of December 31, 2000 and the related
consolidated statements of operations, stockholders' equity and cash
flows for the three months ended December 31, 2000 and for the six
months ended December 31, 2000.  These financial statements are the
responsibility of the Company's management.

We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants.  A review of
interim financial information consists principally of applying
analytical procedures to financial data and making inquiries of
persons responsible for financial and accounting matters.  It is
substantially less in scope than an audit in accordance with auditing
standards generally accepted in the United States of America, the
objective of which is the expression of an opinion regarding the
financial statements taken as a whole.  Accordingly, we do not
express such an opinion.

Based on our review, we are not aware of any material modifications
that should be made to the accompanying financial statements in order
for them to be in conformity with generally accepted accounting
principles generally accepted in the United States of America.

The financial statements for the year ended June 30, 2000 were
audited by us and we expressed an unqualified opinion on them in our
report dated September 27, 2000, but we have not performed any
auditing procedures since that date.

The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplates
continuation of the Company as a going concern.  As discussed in Note
2, realization of a major portion of the assets is dependent upon the
Company's ability to meet its future financing requirements, and the
success of future operations.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.
Management's plans regarding those matters also are described in Note
2.  The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

/s/ Williams & Webster, P.S.
Williams & Webster, P.S.
Certified Public Accountants
Spokane, Washington
February 7, 2001
                                F-1
<PAGE> 3
FIRST AMERICAN SCIENTIFIC CORP.
CONSOLIDATED BALANCE SHEETS
                                   December 31, 2000   June 30, 2000
ASSETS(Unaudited)
CURRENT ASSETS
 Cash                                   $      4,116   $      42,420
 Trust account                                47,653          59,642
 Inventory-KDS machines                       90,000             -
 Inventory-videos                             36,000             -
 Prepaid expenses                             55,000          34,000
                                        ------------   -------------
     TOTAL CURRENT ASSETS                    232,769         136,062
                                        ------------   -------------
PROPERTY AND EQUIPMENT
 Property and equipment                    1,722,235       1,693,261
 Less:  Accumulated depreciation            (622,795)       (524,292)
                                        ------------   -------------
     TOTAL PROPERTY AND EQUIPMENT          1,099,440       1,168,969
                                        ------------   -------------
OTHER ASSETS
 Technology rights - net of amortization   1,438,752       1,502,774
 Patents and manufacturing rights -
  net of amortization                        193,196         201,596
 VideoMovieHouse technology assets           273,375         248,380
 Deposits                                      1,430           1,430
                                        ------------   -------------
     TOTAL OTHER ASSETS                    1,906,753       1,954,180
                                        ------------   -------------
TOTAL ASSETS                            $  3,238,962   $   3,259,211
                                        ============   =============
LIABILITIES AND STOCKHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts payable and accrued expenses  $    226,334   $     196,196
                                        ------------   -------------
     TOTAL CURRENT LIABILITIES               226,334         196,196
                                        ------------   -------------
COMMITMENTS AND CONTINGENCIES                    -               -
                                        ------------   -------------
STOCKHOLDERS' EQUITY
 Common stock - $.001 par value,
  200,000,000 shares authorized; 115,518,018
  and 100,821,018 shares issued and outstanding,
  respectively                               115,518         100,821
 Additional paid-in capital                8,270,713       7,495,604
 Stock options                               176,160             -
 Accumulated deficit                      (5,547,206)     (4,533,197)
 Accumulated other comprehensive income       (2,557)           (213)
                                        ------------   -------------
     TOTAL STOCKHOLDERS' EQUITY            3,012,628       3,063,015
                                        ------------   -------------
TOTAL LIABILITIES AND STOCKHOLDERS'
 EQUITY                                 $  3,238,962   $   3,259,211
                                        ============   =============
       See accompanying notes and accountant's review report.
                                F-2

<PAGE> 4


FIRST AMERICAN SCIENTIFIC CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

                    Three Months  Three Months  Six Months  Six Months
                    Ended         Ended         Ended       Ended
                    12-31-00      12-31-99      12-31-00    12-31-99
                   (unaudited)   (unaudited)   (unaudited) (unaudited)


REVENUES            $        -    $        -    $       -    $       -

COST OF SALES                -             -            -            -
                    ------------  ------------  -----------  -----------
GROSS PROFIT                 -             -            -            -

Operating Expenses       255,348        61,435    1,014,009      113,670
                    ------------  ------------  -----------  -----------
Loss Before Income
 Taxes                  (255,348)      (61,435)  (1,014,009)    (113,670)

Income Taxes                 -             -            -            -
                    ------------  ------------  -----------  -----------
NET LOSS                (255,348)      (61,435)  (1,014,009)    (113,670)

Other Comprehensive Loss
 Foreign currency
 translation loss         (1,393)          -         (2,344)      (2,419)
                    ------------  ------------  -----------  -----------

Comprehensive Net
 Loss               $   (256,741) $    (61,435) $(1,016,353) $  (116,089)
                    ============  ============  ===========  ===========

Basic and diluted
 net loss per common
 share              $        nil  $        nil  $     (0.01) $       nil
                    ============  ============  ===========  ===========

Weighted average number
 of basic and diluted
 common stock shares
 outstanding         114,249,308    55,879,015  110,233,233   76,760,393
                    ============  ============  ===========  ===========







       See accompanying notes an accountant's review report.

                                F-3
<PAGE> 5

FIRST AMERICAN SCIENTIFIC CORP.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

                                                        Additional
                                Common Stock            Paid-in     Stock
                                Shares        Amount    Capital     Options
Balance, June 30, 1999          66,146,018   $  66,146 $ 6,399,030 $    -

Issuance of options for
 consulting services                   -           -           -      4,500
Exercise of stock options for
 cash at an average of $0.03
 per share                      10,600,000      10,600     319,400   (4,500)
Issuance of stock for cash at
 an average of $0.03 per share   7,500,000       7,500     217,500      -
Common stock issued from
 options for equipment at $0.05
 per share                       2,000,000       2,000      98,000      -
Common stock issued from options
 for services at $0.02
 per share                       9,075,000       9,075     147,674      -
Common stock issued from options
 for accounts payable at $0.02   1,000,000       1,000      16,500      -
Common stock issued from options
 for payment of long-term debt
 at $0.05 per share              4,500,000       4,500     297,500      -
Net loss for year ended
 June 30, 2000                         -           -           -        -
Foreign currency translation
 gain (loss)                           -           -           -        -
                              ------------   --------- ----------- --------
Balance, June 30, 2000         100,821,018     100,821   7,495,604      -
Issuance of options for compensation
 and consulting services               -           -           -    327,657
Common stock issued for cash, compensation
 and services at an average of
 $0.05 per share                 8,007,000       8,007     481,754 (103,847)
Common stock issued for cash
 at an average of $0.02 per
 share                           2,950,000       2,950      41,100      -
Common stock issued for cash
 at an average of $0.05 per
 share                           2,000,000       2,000     103,000      -
Common stock issued for equipment
 inventory at $0.10 per share      900,000         900      89,100      -
Common stock issued for website
 development  and video inventory
 at an average of $0.07 per
 share                             840,000         840      60,155  (47,650)
Net loss for the six months ended
 December 31, 2000                     -           -           -        -
Foreign currency translation
 gain (loss)                           -           -           -        -
                              ------------   --------- ----------- --------
Balance, 12-31-00 (Unaudited)  115,518,018   $ 115,518 $ 8,270,713 $176,160
                              ============   ========= =========== ========
         See accompanying notes and accountant's review report.
                                  F-4a
<PAGE> 6

FIRST AMERICAN SCIENTIFIC CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)

                                               Accumulated
                                               Other           Total
                                   Accumulated Comprehensive   Stockholders'
                                   Deficit     Income (loss)   Equity

Balance, June 30, 1999          $ (2,923,212)  $       2,954   $  3,544,918
Issuance of options for
 consulting services                     -               -            4,500
Exercise of stock options for
 cash at an average of $0.03
 per share                               -               -          325,500
Issuance of stock for cash at
 an average of $0.03 per share           -               -          225,000
Common stock issued from options for
 equipment at $0.05 per share            -               -          100,000
Common stock issued from options for
 services at $0.02 per share             -               -          156,749
Common stock issued from options for
 accounts payable at $0.02               -               -           17,500
Common stock issued from options
 for payment of long-term debt
 at $0.05 per share                      -               -          302,000
Net loss for year ended
 June 30, 2000                    (1,609,985)            -       (1,609,985)
Foreign currency translation
 gain (loss)                             -            (3,167)        (3,167)
                                ------------   -------------   ------------
Balance, June 30, 2000            (4,533,197)           (213)     3,063,015

Issuance of options for compensation
 and consulting services                 -               -          327,657
Common stock issued for cash,
 compensation and services at
 an average of $0.05 per share           -               -          385,914
Common stock issued for cash at an
 average of $0.02 per share              -               -           44,050
Common stock issued for cash at
 an average of $0.05 per share           -               -          105,000
Common stock issued for equipment
 inventory at $0.10 per share            -               -           90,000
Common stock issued for website
development  and video inventory at
 an average of $0.07 per share           -               -           13,345
Net loss for the six months
 ended December 31, 2000          (1,014,009)            -       (1,014,009)
Foreign currency translation
 gain (loss)                             -            (2,344)        (2,344)
                                ------------   -------------   ------------
Balance, December 31, 2000
 (Unaudited)                    $ (5,547,206)  $      (2,557)  $  3,012,628
                                ============   =============   ============

         See accompanying notes and accountant's review report.

                                  F-4b

<PAGE> 7

FIRST AMERICAN SCIENTIFIC CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS


                                             Six Months     Six Months
                                             Ended          Ended
                                             12-31-00       12-31-99
                                             (Unaudited)    (Unaudited)
CASH FLOWS USED BY OPERATING ACTIVITIES
 Net loss                                    $  (1,014,009)  $    (113,670)
 Depreciation and amortization                     170,927             -
 Options issued for services and compensation      327,657             -
 Adjustments to reconcile net loss to net cash
 used by operations:
 Services paid by issuance of stock                324,547          11,360
 Increase (decrease) in accounts payable            30,140          (3,057)
 Increase in prepaid expenses                      (21,000)            -
                                             -------------   -------------
Net cash used in operating activities             (181,738)       (105,367)
                                             -------------   -------------
CASH FLOWS USED BY INVESTING ACTIVITIES
 Purchase of equipment                              (3,300)            -
 Investment in technology                           (1,622)            -
                                             -------------   -------------
Net cash used in investing activities               (4,922)            -
                                             -------------   -------------
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
 Payments on borrowings                                -               -
 Proceeds from sales of stock                      150,700             -
                                             -------------   -------------
Net cash provided by financing activities          150,700             -
                                             -------------   -------------
NET DECREASE IN CASH                               (35,960)       (105,367)
Other comprehensive loss                            (2,344)            -
                                             -------------   -------------
CASH - Beginning of period                          42,420             -
                                             -------------   -------------
CASH - End of period                         $       4,116   $    (105,367)
                                             =============   =============
SUPPLEMENTAL CASHFLOW DISCLOSURES
 Interest expense paid                       $         -     $         -
                                             =============   =============
 Income taxes paid                           $         -     $         -
                                             =============   =============
NON-CASH TRANSACTIONS
 Common stock issued for services rendered   $     324,547   $      11,360
 Options issued for services                 $     327,657   $         -
 Stock issued for equipment inventory        $      90,000   $         -
 Stock issued for website development        $      24,995   $         -
 Stock issued for video inventory            $      36,000   $         -




         See accompanying notes and accountant's review report.

                                   F-5

<PAGE> 8
               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

First American Scientific Corp., (hereinafter "the Company"), was
incorporated in April 1995 under the laws of the State of Nevada
primarily for the purpose of manufacturing and operating equipment
referred to as the KDS Micronex System.  This patented process has the
capability of reducing industrial material such as limestone, gypsum,
zeolite, wood chips, bio-waste, rubber and ore containing precious
metals to a fine talcum-like powder.  The process can significantly
increase the end value of the host material.  The Company maintains an
office in Vancouver, British Columbia, Canada.

The Company, through its wholly owned subsidiary, VHM, is developing an
internet sales site to be known as VideoMovieHouse.com.  The site,
which is designed to sell videos, CDs and books, and as technology
advancements permit, become a virtual video rental store, is expected
to be ready for launch by March 31, 2001.

In September 1999, the Company entered into an agreement with Video
Movie House.com Inc., ("VMH") a British Columbia company whereby the
Company acquired 100% of the common shares of VMH in return for a cash
consideration of $250,000. (See Note 6).  The sum of $125,000 was paid
to VMH and the balance was paid in November 1999.  VMH possesses domain
names, a web page, and technology for the sale of videos, DVD's, and
CD's through the internet.

The Company formed 521345 BC Ltd., a wholly owned subsidiary, in 1998
in order to provide research and development services exclusively to
First American Scientific Corp. that are eligible for Canadian research
and development credits, and when feasible, operate a profitable
production facility in Canada.

The Company's year-end is June 30th.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of First American
Scientific Corp. is presented to assist in understanding the Company's
financial statements.  The financial statements and notes are
representations of the Company's management which is responsible for
their integrity and objectivity.  These accounting policies conform to
generally accepted accounting principles and have been consistently
applied in the preparation of the financial statements.

Going Concern
The accompanying financial statements have been prepared in conformity
with generally accepted accounting principles, which contemplate
continuation of the Company as a going concern.  However, the Company
has sustained substantial operating losses.

                                 F-6
<PAGE> 9
               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Going Concern (continued)
In view of these matters, realization of major portion of the assets in
the accompanying balance sheet is dependent upon continued operations
of the Company, which in turn is dependent upon the Company's ability
to meet its financing requirements, and the success of its future
operations.  Management plans include actions presently being taken to
revise the Company's operating and financial requirements.  Management
expects these actions will provide the opportunity for the Company to
continue as a going concern.

Accounting Method
The Company's financial statements are prepared using the accrual
method of accounting.

Loss Per Share
In June 1999, the Company adopted Statement of Financial Accounting
Standards Statement (SFAS) No. 128, Earnings Per Share.  Basic earnings
(loss) per share is computed using the weighted average number of
common shares outstanding.  Diluted net loss per share is the same as
basic net loss per share as the inclusion of common stock equivalents
would be antidilutive.

Derivative Instruments
In June 1998 the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 133, "Accounting for
Derivative Instruments and Hedging Activities."  This standard
establishes accounting and reporting standards for derivative
instruments, including certain derivative instruments embedded in other
contracts, and for hedging activities.  It requires that an entity
recognize all derivatives as either assets or liabilities in the
consolidated balance sheet and measure those instruments at fair value.

At December 31, 2000 the Company has not engaged in any transactions
that would be considered derivative instruments or hedging activities.

Principles of Consolidation
The consolidated financial statements include the accounts of the
Company and its subsidiaries.  All significant inter-company
transactions and balances have been eliminated in consolidation.

Cash and Cash Equivalents
For purposes of the Statement of Cash Flows, the Company considers all
short-term debt securities purchased with a maturity of three months or
less to be cash equivalents.

Fair Value of Financial Instruments
The carrying amounts for cash, the trust account, accounts payable, and
accrued liabilities approximate their fair value.
                                 F-7
<PAGE> 10

               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Concentration of Risk
The Company maintains its cash accounts in primarily one commercial
bank in Vancouver, British Columbia, Canada.  The Company's cash
account, which is not insured, is a business checking account in United
States dollars.

Reclassification
Certain amounts from prior periods have been reclassified to conform
with the current period presentation.  This reclassification has
resulted in no changes to the Company's accumulated deficit or net
losses presented.

Interim Financial Statements
The interim financial statements for the period ended December 31, 2000
included herein have not been audited at the request of the Company.
They do reflect all adjustments, which are, in the opinion of
management, necessary to present fairly the results of operations for
the period.  All such adjustments are normal recurring adjustments.
The results of operations for the period presented is not necessarily
indicative of the results to be expected for the full fiscal year.

Foreign Currency Translation
Assets and liabilities of the Company's foreign operations are
translated into U.S. dollars at the period-end exchange rates, and
revenue and expenses are translated at the average exchange rates
during the period.  Exchange differences arising on translation are
disclosed as a separate component of shareholders' equity. Realized
gains and losses from foreign currency transactions are reflected in
the results of operations.

Provision for Taxes
At December 31, 2000, the Company had accumulated net operating losses
of approximately $5,500,000.  No provision for taxes or tax benefit has
been reported in the financial statements, as there is not a measurable
means of assessing future profits or losses.

Use of Estimates
The process of preparing financial statements in conformity with
generally accepted accounting principles requires the use of estimates
and assumptions regarding certain types of assets, liabilities,
revenues, and expenses.  Such estimates primarily relate to unsettled
transactions and events as of the date of the financial statements.
Accordingly, upon settlement, actual results may differ from estimated
amounts.

Impairment of Long-lived Assets
The Company evaluates the recoverability of long-lived assets when
events and circumstances indicate that such assets might be impaired.
The Company determines impairment by comparing the undiscounted future
cash flows estimated to be generated by these assets to their
respective carrying amounts.
                                 F-8
<PAGE> 11
                 FIRST AMERICAN SCIENTIFIC CORPORATION
             Notes to the Consolidated Financial Statements
                            December 31, 2000
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Compensated Absences
Employees of the Company are entitled to paid vacation, paid sick days and
personal days off, depending on job classification, length of service, and
other factors.  The Company's policy is to recognize the costs of compensated
absences when actually paid to employees, however, the Company has no
employees and utilizes consultants only at this time.

Segment Reporting
The Company adopted SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information," in the fiscal year ended June 30, 2000.
SFAS No. 131 requires disclosures about products and services, geographic
areas and major customers.  The adoption of SFAS No. 131 did not affect the
Company's results of operations or financial position.  The Company's
Bakersfield plant was not engaged in any business activity.  Both VHM, and
521345 BC Ltd; the Company's subsidiaries, are non-operational as of December
31, 2000. (See Note 9).  The Company has no segments engaged in business
activities at December 31, 2000 and, therefore, no segment reporting is
required.

Revenue and Cost Recognition
Revenues are recognized when products are delivered.

Costs include all direct material and labor costs and those indirect costs
related to the products.  Changes in job performance, job conditions, and
estimated profitability may result in revisions to costs and income and are
recognized in the period in which the revisions are determined.

Inventory
Inventory consists of two KDS Micronex System machines valued at $45,000 each
and video tapes for resale through the VideoMovieHouse website.  Inventory is
carried at the lower of cost or net realizable value.

NOTE 3 - PROPERTY AND EQUIPMENT

Property and equipment are stated at cost.  Depreciation is provided using
the straight-line method over the estimated useful lives of the assets.  The
useful lives of property, plant and equipment for purposes of computing
depreciation are five to forty years. The following is a summary of property,
equipment, and accumulated depreciation:
                                   December 31,   June 30,
                                   2000           2000
Kinetic disintegration equipment   $  992,920     $  972,246
Plant assets and equipment            691,181        687,881
Office equipment                       32,658         27,658
Leasehold improvements                  5,476          5,476
                                   ----------     ----------
Total assets                        1,722,235      1,693,261
Less accumulated depreciation        (622,795)      (524,292)
                                   ----------     ----------
                                   $1,099,440     $1,168,969
                                   ==========     ==========


                                   F-9
<PAGE> 12

               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 3 - PROPERTY AND EQUIPMENT (continued)

Depreciation and amortization expense for the six months ended December
31, 2000 were $170,927.  The Company evaluates the recoverability of
property and equipment when events and circumstances indicate that such
assets might be impaired.  The Company determines impairment by
comparing the undiscounted future cash flows estimated to be generated
by these assets to their respective carrying amounts.  In 1999, the
Company suspended operations at its Bakersfield location and recorded a
loss of $629,118 on impairment of plant assets. Maintenance and repairs
are expensed as incurred.  Replacements and betterments are
capitalized.  The cost and related reserves of assets sold or retired
are removed from the accounts, and any resulting gain or loss is
reflected in results of operations.

Technology Patent
On June 22, 1995, the Company entered into a license agreement with
Spectrasonic Corp. (hereinafter "Spectrasonic"), a related party, for
the worldwide license to its unpatented Kinetic Disintegration
Equipment (KDS) for use in rubber and glass recycling and disposal, for
a period of ninety-nine years.  The purchase price of this license and
one SDM machine was $550,000, with license rights valued at $250,000.
Since this initial agreement, modifications have been made to the first
KDS machine, bringing its total cost to $440,740.

On February 22, 1996, the Company entered into an additional license
agreement with Spectrasonic for the worldwide license to its unpatented
Ultrasound Equipment for exclusive use in gypsum disintegration,
disposal, recycling, remanufacturing or manufacturing of used or new
raw materials.  The purchase price of this license and one KDS machine
for gypsum-related use was $775,000, with the parties agreeing that the
technology license is valued at $425,000 and the gypsum KDS machine is
valued at $350,000.

On May 17, 1996, the Company executed another agreement with
Spectrasonic for the worldwide licenses to equipment (as yet
unpatented) developed by Spectrasonic for use in disintegration,
disposal, recycling, remanufacturing or manufacturing "any and all
kinds of materials" for a period of ninety-nine years.  The purchase
price of this license was $1,230,000, which the Company paid by issuing
to Spectrasonic 5,500,000 shares of First American common stock (with
an aggregate deemed value of $802,000) and paid $168,000 in varying
installment amounts between June 30, 1996 and January 2, 1997.  The
Company recognized $77,000 in forgiveness of debt, which has been
recorded as additional paid-in capital.

On July 2, 1997, the Company finalized negotiations with Spectrasonic
for all patents to be issued or pending, including all data pertaining
to the patent process with respect to the Kinetic Disintegration
                                F-10
<PAGE> 13

               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 3 - PROPERTY AND EQUIPMENT (continued)

Machine (KDS Machine) whose worldwide rights had been previously
acquired by the Company.  In the negotiations, the Company acquired all
manufacturing rights applicable to the KDS machine technology.  The
Company has sole right and responsibility for manufacturing the
machinery.

Technology licenses, patents and manufacturing rights are stated at
cost.  See Note 7. Amortization is provided using the straight-line
method over the estimated useful lives of the assets, which is fifteen
years.

The following is a summary of technology licenses, patents and
manufacturing rights and accumulated amortization:

                                   December 31,   June 30,
                                   2000           2000

VideoHouseMovie technology assets  $   273,375    $   248,380
Technology license and rights        1,905,000      1,905,000
Patents and manufacturing rights       250,000        250,000
                                   -----------    -----------
                                     2,428,376      2,403,380
Less accumulated amortization         (523,052)      (450,630)
                                   -----------    -----------
                                   $ 1,905,323    $ 1,952,750
                                   ===========    ===========
NOTE 4 - COMMON STOCK

By June 30, 2000, the Company had issued 1,000,000 shares of common
stock in settlement of accounts payable of $17,500; 4,500,000 common
stock shares in a settlement agreement of the balance due on the
technology licenses for $225,000 (see Note 7); 2,000,000 common stock
shares for the purchase of two KDS machines valued at $100,000; and
9,075,000 common stock shares for services and expenses of $156,750, of
which $34,000 was considered prepaid.

During the year ended June 30, 2000, the Company issued 18,100,000
common stock shares for cash totaling  $550,500.

On June 4, 1998, the Board of Directors increased the number of
authorized shares of common stock from 50,000,000 to 100,000,000
authorized shares.

In June 2000, an amendment to the Company's articles of incorporation
was approved, which increased the Company's authorized capital to
200,000,000 shares of common stock at a par value of $0.001 per share.

                                F-11
<PAGE> 14
               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000
NOTE 4 - COMMON STOCK (continued)

During 1999, the Company issued 8,010,000 shares of common stock for
consulting, advertising and other services.  The Company valued these
services at $33,240.  The Company issued 3,160,000 shares of common
stock for repayment of loans from related parties totaling $99,666 and
another 1,000,000 shares of common stock were issued, valued at
$50,000, for partial payment of license agreements.  The Company issued
4,650,000 shares of common stock for cash at $0.04 per share, thereby
raising $205,575.

Stock subscriptions and options receivable of $45,500 at June 30, 1998
was paid during 1999.

During the six months ended December 31, 2000, the Company issued
8,007,000 shares of common stock valued at $385,914 for services,
compensation and cash; 4,950,000 shares of common stock for cash of
$149,050, and 900,000 shares of common stock were issued for equipment
inventory valued at $90,000.  An additional 840,000 shares of common
stock were issued for website development valued at $24,995 and video
tapes for resale valued at $36,000.

NOTE 5 - STOCK OPTIONS

On June 8, 2000, the Company's board of directors approved the First
American Scientific Corp. 2000 non-qualifying Stock Option Plan.  This
plan allows the Company to distribute up to 30,000,000 shares of common
stock at $0.20 per share to persons employed or associated with the
Company.

In September 1998, the Company adopted the First American Scientific
Corp. 1998 Directors and Officers Stock Option Plan, a non-qualified
plan.  This plan allows the Company to distribute up to 15,000,000
shares of common stock to officers, directors, employees and
consultants through the authorization of the Company's Board of
Directors.

In the year ending June 30, 1999, the Company issued 3,300,000 common
stock shares for the services of consultants.  The Company valued these
services at $3,300.

The fair value of each option granted during 1999 was estimated on the
grant date using the Black-Scholes Option Price Calculation.  The
following assumptions were made in estimating fair value: risk-free
interest rate is 5%, volatility is 30% and expected life is 5 years.
During the year ending June 30, 1999, the Company issued 9,750,000
common stock options which were exercised before year-end at an average
price of $.019 per share.  The strike price of these options exceeds
the options' minimum value calculated using the Black-Scholes model.
Accordingly, no compensation costs have been recognized pursuant to
Financial Accounting Standard No. 123.
                                F-12
<PAGE> 15

               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 5 - STOCK OPTIONS (continued)

The following is a summary of stock option activity:

                                                       Weighted
                                                       Average
                                             Number of Exercise
                                             Shares    Price

Outstanding at July 1, 1999                 1,200,000  $  0.019
Granted                                    29,275,000     0.032
Exercised                                 (27,175,000)    0.033
                                        -------------  --------
Outstanding at June 30, 2000                3,300,000  $  0.027
                                        =============  ========
Options exercisable at
 June 30, 2000                              3,300,000  $  0.027
                                        =============  ========
Weighted average fair value of
options granted during year ended
 June 30, 2000                          $       0.032
                                        =============
Options outstanding at July 1, 2000         3,300,000  $  0.027
Granted                                    19,847,000     0.065
Exercised                                 (13,247,000)    0.042
                                        -------------  --------
Options outstanding at December 31, 2000    9,900,000  $  0.089
                                        -------------  --------
Options exercisable at December 31, 2000    9,900,000  $  0.089
                                        =============  ========
Weighted average fair value of options
 granted during the six months ended
 December 31, 2000                      $       0.065
                                        =============

During the six months ended December 31, 2000, the Company granted
19,847,000 options of which 17,347,000 were issued for services,
compensation and website development.  2,500,000 were issued for cash.

The fair value of each option granted during 2000 was estimated on the
grant date using the Black-Scholes Option Price Calculation.  The
following assumptions were made in estimating fair value; risk-free
interest is 5%, volatility is 30% and expected life is 1 to 5 years.
The value of these options in the amount of $327,657 is included in
operating expense in the accompanying financial statements.




                                F-13

<PAGE> 16

               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 6 - RELATED PARTIES

During the year ended June 30, 2000, the Company's officers, directors and
board members were issued 3,225,000 common stock options, of which
1,725,000 were issued for services valued at $58,650 and 1,500,000 were
issued for $37,500 in cash.  All options were exercised.  During the six
months ended December 31, 2000, the president was granted 6,342,000
options, which have been recorded as compensation expense.  See Note 5.

Certain consultants who received common stock in 1999 under the Company's
non-qualified stock option plan were Company directors and stockholders.
Of the 3,300,000 shares issued to consultants, 2,000,000 shares were
issued to members of the board of directors who provided services to the
Company.

The president of the Company was the former sole shareholder of Video
Movie House.com Inc., a firm which was purchased for $250,000 in 2000 and
is now the wholly owned subsidiary of First American Scientific Corp.  See
Note 9.

During the year ended June 30, 2000, the Company purchased 100,000 share
of Lynx Express, Ltd. common stock for $1,000.  This investment was made
in order to satisfy a debt of the Company owed to its former president
during 2000.  The excess of the debt over the book value of the
investment, in the amount of $5,220 was recorded in the financial
statements as a portion of the forgiveness of debt.  See Note 8.

At June 30, 2000, the Company's president was the sole director of the
Company's board of directors.  On August 1, 2000 another board member was
appointed.  The new board member was also appointed secretary of the
Company and granted 450,000 options.

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Lease Commitments
The Company owns no real property.  On August 1, 1998, the Company
negotiated a three-year commercial lease for 740 square feet in Vancouver,
British Columbia, at a monthly rental of $1,000.

In May 1996, the Company signed a lease to rent facilities in Bakersfield,
California for the industrial processing of gypsum, limestone and
specialty products.  The lease, expired on April 14, 1998.  Negotiations
with a proposed joint venture partner to operate this facility have ended
in dispute between the parties and operations of the plant has ceased.
It appears that the legal issues which relate to control and possession
of the property and equipment are near resolution.  At the present time,
the Company is utilizing the facility for storage of equipment.  No rental
payments have been made since the expiration of this lease.

                                F-14

<PAGE> 17

               FIRST AMERICAN SCIENTIFIC CORPORATION
           Notes to the Consolidated Financial Statements
                         December 31, 2000

NOTE 7 - COMMITMENTS AND CONTINGENCIES (continued)

Trust Account
The Company has $47,653 on deposit with an attorney in California.
This amount was set aside to pay actual and prospective negotiated
settlements with vendors and suppliers.  See Note 8.

NOTE 8 - EXTRAORDINARY GAIN

Forgiveness of Debt
During the year ended June 30, 2000, the Company negotiated debt
settlement agreements with various suppliers and vendors whereby the terms
of the original agreements were amended.  These transactions resulted in
an extraordinary gain of $73,486.  See Note 7 for information on
forgiveness of debt recorded as additional paid-in capital.

NOTE 9 - SUBSEQUENT EVENT

During January 2001, 2,525,000 options were exercised for cash in the
amount of $137,250.  The Company's cash on hand was $89,082 at January 31,
2001.




























                                F-15
<PAGE> 18

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL AND RESULTS
          OF OPERATIONS.

Year ending June 30, 2000

LIQUIDITY AND CAPITAL RESOURCES

     First American Scientific  (the Company) was incorporated April
12, 1995 as a development stage company. From May 1997 until June 1998
it operated a pilot project in Bakersfield, which confirmed that, the
technology worked for industrial minerals, primarily gypsum. A joint
venture to operate the plant ended in dispute between the parties and
operation of the plant ceased. Steps are now nearing conclusion to
resolve the legal issues surrounding the matter and to regain control
of the property, or in the alternative, seize the equipment. There are
two fully operational KDS machines and complete material handling
systems and bagging equipment belonging to FASC on the site.

     The Company irrevocably acquired all patent rights to the KDS
technology in December 1999, free and clear of all encumbrances or
royalty obligations.  This break through has allowed the company to
move forward in developing its plans for future exploitation of the
technology.

     In June 2000, the company reclaimed one of its KDS systems and
relocated to Vancouver, BC, where it is now being used for sales
demonstrations and for testing of improvements to the technology. City
permits were received on February 5, 2001 and, the equipment will be
moved to a permanent home where it will participate in a joint venture
revenue generating operation as soon as building construction is
complete.

     In August 2000, the Company signed an agreement in principle with
Beau Pre Explorations Ltd. To bench test the processing of ore taken
from its mineral claims located on Vancouver Island. The initial tests
have proven that the KDS technology will very efficiently extract
precious metal (gold) from the Beau Pre ore and negotiations are
underway to finalize a joint venture agreement.

     Research and development of the KDS system continues at the
company's research facility in Ireland. The center is 100 % funded by
our Joint Venture partner in conjunction with the Irish government
under their Radian Award program. The primary focus of the research is
de-watering and processing of bio-waste and sludge. The process has
proven successful processing low volumes of material. Research
continues with a view to increasing through put up to commercially
viable levels. The cost of this research has no impact on the Companies
financial position, and if proven successful, will create significant
financial opportunity for the company.

     Development of the Internet site VideoMovieHouse.com  is
continuing, it is expected to launch before March 31, 2001.  The site
will initially offer catalogue merchandise for sale over the


<PAGE> 19

Internet, and develop into a full-scale sales and rental operation as
advancement in technology permits. The project is expected to produce
modest positive cash flow in its first year of operation.

     The Company continues to focus on strengthening its balance sheet
with current assets increased to $232,739 and current liabilities to $
226,334 providing for a positive working capital  ratio of 1.0 to  1.
Marketing efforts are now underway with the hiring of a new sales
manager February 5, 2001.

     As of January 31, 2001 the company has $ 89,082 which is deemed
sufficient to maintain its operations in the short term. . It will.
however, continue to have a need to raise capital to advance its
projects and plans to actively pursue fund raising activities, either
by way of loans, sale of stock or a combination of both.

     On March 7, 2000, the Board of Directors passed a resolution to
increase its authorized capital from 100 million to 200 million common
shares which was subsequently ratified by a clear majority of all
shareholders.

RESULTS OF OPERATIONS - QUARTER ENDED December 31, 2000

     The company generated no new revenue during the quarter, but
continues to focus on strengthening its balance sheet, resolving
outstanding legal issues, developing its marketing strategy and
business plan, and refining operating parameters for its KDS equipment.
The Company is conscious of its operating expenses and is carefully
managing its resources.

     Phase II of the research and development funded by the "Radian
Award Program " in Ireland continues to explore ways of reducing
moisture content while processing human and animal waste.

     The KDS machine located in Vancouver has been completely
retrofitted and is being used to test various types of products.
Several design changes to the KDS equipment have been made including
the increase in power to a 300 hp motor, a new cyclone design and
testing numerous different chain types.  As a result of this research,
the Company has found solutions to many operational hurdles posed by
different material. It has developed a method for cryogenically
freezing and pulverizing waste rubber into a fine powder, developed a
method of efficiently extracting precious metals from mineral rock
without using chemicals, and proven a process for killing bacteria and
pathogens in bio-waste and animal waste sufficient to earn an EPA
rating as a pesticide device. Two new method patents are currently
being prepared for filing to protect the Company's inventions.

     The proposed joint venture agreement planned with an investment
group in the Czech Republic has not crystallized, as conditions
precedent stipulated in the agreement were not met.




<PAGE> 20

     The contracts for investor relations services with G & D
Management Ltd and Novak Capital expire in the first quarter of 2001
and will not be renewed.  The Company is considering new options in
this area.

INFLATION

     Inflation has not been a factor effecting current operations, and
is not expected to have any material effect on operations in the near
future.

FOREIGN OPERATIONS

     The company rents office space in Vancouver, BC, Canada which
serve as the corporate and administrative offices. The Vancouver
demonstration site and sales office in Cloverdale is currently under
construction and should be operational in March 2001.






































<PAGE> 21

                             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 thereunto duly authorized on this 14th day of
February, 2001

                              FIRST AMERICAN SCIENTIFIC CORP.
                              (Registrant)

                              By:  /s/ C. Kantonen
                                   C. Kantonen, President, Chief
                                   Financial Officer and Chairman of
                                   the Board of Directors