----

----

| [X]                  | QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2009. |
|----------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                 |                                                                                                                                   |
| OR                   |                                                                                                                                   |
|                 |                                                                                                                                   |
| [   ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                               |

|   | Large Accelerated Filer | [   ] | Accelerated Filer         | [   ] |
|--------|-------------------------|----------------------|---------------------------|----------------------|
|   | Non-accelerated Filer   | [   ] | Smaller Reporting Company | [X]                  |

----

----

----

| ITEM 1. | FINANCIAL STATEMENTS |
|---------|----------------------|

|   | Consolidated Balance Sheets           | F-1 |
|--------|---------------------------------------|-----|
|   | Consolidated Statements of Operations | F-2 |
|   | Consolidated Statements of Cash Flows | F-3 |
|   | Notes to Financial Statements         | F-4 |

----

| FIRST AMERICAN SCIENTIFIC CORP.                     |                                                          |                                                                                                    |                                |
|-----------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|-------------------------------------|
| CONSOLIDATED BALANCE SHEETS                         |                                                          |                                                                                                    |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   | December 31, |   |   |   |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   | 2009 |   |   | June 30, |
| ASSETS                                              |                                                          |                                                                                                    |                                |   |   | (unaudited) |   |   | 2009 |
| CURRENT ASSETS                                      |                                                          |                                                                                                    |                                |   |   |   |   |
|                                                | Cash                                                          |                                                                                                    |                                |   |   | $ | 143,730 |   | $ | 33,891 |
|                                                | Accounts receivable, net of allowance                         |                                                                                                    | 78,563                              |   |   | 69,759 |
|                                                | Sales tax refunds                                             |                                                                                                    |                                |   | 15,108 |   |   | 8,115 |
|                                                | Prepaid expenses                                              |                                                                                                    |                                |   | 4,557 |   |   | 4,457 |
|                                                | Inventory                                                     |                                                                                                    |                                |   |   | - |   |   | 156,502 |
|                                                |                                                          |                                                                                                    | TOTAL CURRENT ASSETS                |   | 241,958 |   |   | 272,724 |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| PROPERTY AND EQUIPMENT                              |                                                          |                                                                                                    |                                |   |   |   |
|                                                | Property and equipment                                        |                                                                                                    |                                | 249,665 |   |   | 218,798 |
|                                                | Less: accumulated depreciation                                |                                                                                                    |                                |              (148,517) |   |   |            (159,010) |
|                                                |                                                          |                                                                                                    | TOTAL PROPERTY AND EQUIPMENT        |   |                 101,148 |   |   |                 59,788 |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| OTHER ASSETS                                        |                                                          |                                                                                                    |                                |   |   |   |   |
|                                                | Technology rights and Patents,  net of amortization |                                                                                                    | 387,666                             |   |   | 460,256 |
|                                                | Investments in joint ventures                                 |                                                                                                    |                                | - |   |   | - |
|                                                |                                                          |                                                                                                    | TOTAL OTHER ASSETS                  |   |   |                 387,666 |   |   |               460,256 |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                        |                                                          |                                                                                                    | $                                   |                 730,772 |   | $ |               792,768 |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                |                                                          |                                                                                                    |                                |   |   |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES                                 |                                                          |                                                                                                    |                                |   |   |   |   |
|                                                | Accounts payable and accrued expenses                         | $                                                                                                       | 189,386                             |   | $ | 209,804 |
|                                                | Current portion of wages payable - related parties            |                                                                                                    | 1,056,100                           |   |   | 1,027,000 |
|                                                | Current portion of Capital lease Obligation                   |                                                                                                    | 5,605                               |   |   | - |
|                                                | Loans  payable to related parties                   |                                                                                                    |                                | 90,545 |   |   | 82,053 |
|                                                | Deposits on Future Sales                                      |                                                                                                    |                                | 125,000 |   |   | 156,697 |
|                                                |                                                          |                                                                                                    | TOTAL CURRENT LIABILITIES           |   | 1,466,636 |   |   |            1,475,554 |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES                               |                                                          |                                                                                                    |                                |   |   |   |
|                                                | Capital lease Obligations                                     |                                                                                                    |                                | 16,815 |   |   | - |
|                                                |                                                          |                                                                                                    | TOTAL LONG-TERM LIABILITIES         |   |                   16,815 |   |   | - |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES                                   |                                                          |                                                                                                    |                                | 1,483,451 |   |   | 1,475,554 |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES                       |                                                          | -                                                                                                       |                                |   | - |
|                                                |                                                          |                                                                                                    |                                |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY (DEFICIT)                      |                                                          |                                                                                                    |                                |   |   |
|                                                | Common stock - $.001 par value,                               |                                                                                                    |                                |   |   |   |   |
|                                                |                                                          | 200,000,000 shares authorized; 199,952,195 and                                                          |                                |   |   |   |   |
|                                                |                                                          | 199,952,195 shares issued and outstanding, respectively                                                 |                                | 199,952 |   |   | 199,952 |
|                                                | Stock Options                                                 |                                                                                                    |                                |   |                 253,600 |   |   |               126,800 |
|                                                | Additional paid-in capital                                    |                                                                                                    |                                | 13,255,636 |   |   | 13,255,636 |
|                                                | Accumulated deficit                                           |                                                                                                    |                                |   |         (14,461,867) |   |   |       (14,265,175) |
|                                                |                                                          |                                                                                                    | TOTAL STOCKHOLDERS' EQUITY(DEFICIT) |   |              (752,679) |   |   |            (682,786) |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIT) | $                                                             |                 730,772 |                                | $ |               792,768 |

----

| FIRST AMERICAN SCIENTIFIC CORP        |
|---------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| AND COMPREHENSIVE INCOME (LOSS)       |
|                                  |   |   |   |   |   | Three months ended |   | Six months ended |
|                                  |   |   |   |   |   | December 31, |   | December 31, |
|                                  |   |   |   |   |   | 2009 |   | 2008 |   | 2009 |   | 2008 |
|                                  |   |   |   |   |   | (unaudited) |   | (unaudited) |   | (unaudited) |   | (unaudited) |
| REVENUES                              |   |   |   |   |   |   |   |   |   |
|                                  | Revenues from equipment and machine sales | $ | 580,447 | $ | 232,000 | $ | 962,815 | $ | 232,000 |
|                                  | Royalties |   |   | 54,000 |   | - |   | 54,000 |   | - |
|                                  | Expenses recovered |   | 3,700 |   | 712 |   | 3,700 |   | 712 |
|                                  |   | Total Revenue |   |   | 638,147 |   | 232,712 |   | 1,020,515 |   | 232,712 |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| COST OF SALES                         |   |   | 376,567 |   | 104,689 |   | 599,175 |   | 104,689 |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| GROSS PROFIT                          |   |   | 261,580 |   | 128,023 |   | 421,340 |   | 128,023 |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES                    |   |   |   |   |   |   |   |   |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                  | Amortization and depreciation |   | 52,234 |   | 46,572 |   | 99,843 |   | 94,785 |
|                                  | Bad debt expense |   |   | - |   | 1,152 |   | - |   | 2,296 |
|                                  | Commissions |   |   | 4,734 |   | - |   | 4,734 |   | - |
|                                  | Marketing |   |   | 3,835 |   | 2,500 |   | 4,147 |   | 7,551 |
|                                  | Professional services |   | 48,907 |   | 56,310 |   | 71,536 |   | 70,778 |
|                                  | Salaries and wages |   |   | 104,847 |   | 92,276 |   | 331,162 |   | 187,468 |
|                                  | Research and development |   | 30,761 |   | 11,642 |   | 55,116 |   | 23,091 |
|                                  | Rent |   |   |   | 2,953 |   | 1,615 |   | 4,851 |   | 5,649 |
|                                  | General and administration |   | 45,459 |   | 13,958 |   | 64,855 |   | 26,059 |
|                                  |   | Total Operating Expenses |   | 293,730 |   | 226,026 |   | 636,244 |   | 417,677 |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS FROM OPERATIONS                  |   | (32,150) |   | (98,003) |   | (214,904) |   | (289,654) |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                |   |   |   |   |   |   |   |   |
|                                  | Settlement of trade payable |   | 27,921 |   | - |   | 27,921 |   | 5,500 |
|                                  | Foreign Exchange Gains ( losses ) |   | 1,935 |   | - |   | (9,712) |   | - |
|                                  |   | Total Other Income (Expense) |   | 29,856 |   | - |   | 18,209 |   | 5,500 |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES              |   | (2,294) |   | (98,003) |   | (196,695) |   | (284,154) |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME TAXES                          |   |   | - |   | - |   | - |   | - |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS                              |   |   | (2,294) |   | (98,003) |   | (196,695) |   | (284,154) |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER COMPREHENSIVE INCOME (LOSS)     |   |   |   |   |   |   |   |   |
|                                  | Comprehensive Income (loss) |   | - |   | 13,532 |   | - |   | 16,633 |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| COMPREHENSIVE NET LOSS                | $ | (2,294) | $ | (98,003) |   | (196,695) |   | (284,154) |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                  | NET LOSS PER COMMON SHARE, |   |   |   |   |   |   |   |   |
|                                  |   | BASIC AND DILUTED | $ | nil | $ | nil | $ | nil | $ | nil |
|                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                  | WEIGHTED AVERAGE NUMBER OF |   |   |   |   |   |   |   |   |
|                                  |   | COMMON SHARES OUTSTANDING, |   |   |   |   |   |   |   |   |
|                                  |   | BASIC AND DILUTED |   | 199,952,195 |   | 199,952,195 |   | 199,952,195 |   | 199,905,195 |

----

| FIRST AMERICAN SCIENTIFIC CORP.                                |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |
|----------------------------------------------------------------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                          |                                                                                              |                                                                                                    |                                                         |                                                                           |
|                                                           |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   | Six months ended |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   | December 31 |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   | 2009 |   | 2008 |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   | (unaudited) |   | (unaudited) |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |
|                                                           | Net loss                                                                                          |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      | $ |      (196,695) |  $ |        (284,154) |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
|                                                           | Depreciation and amortization                                                                     |                                                                                                    |                                                         |                                                                           |                                                                           |          94,822                                                              |   |             94,785 |
|                                                           | Stock and options issued for services and compensation                                            |                                                                                                    |                                                         |        126,800                              |                                                                           |                     - |
|                                                           | Adjustments to reconcile net loss to net cash                                                     |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |
|                                                           |     used by operations:                                                       |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |
|                                                           |     Decrease (increase) in accounts receivable                                |                                                                                                    |                                                         |                                                                           |          (8,804)                  |                                                                                                                      |             49,796 |
|                                                           |     Decrease (increase) in sales tax refunds                                  |                                                                                                    |                                                         |                                                                           |          (6,993)                  |                                                                                                                      |             12,598 |
|                                                           |     Decrease (increase) in inventory                                          |                                                                                                    |                                                         |                                                                           |                                                                           |        156,502                                                                         |   |            (77,561) |
|                                                           |     Decrease (increase) in prepaid expenses                                   |                                                                                                    |                                                         |                                                                           |        (13,912)                             |                                                                                                                      |              (3,884) |
|                                                           |     Increase (decrease)  in customer deposits held                  |                                                                                                    |                                                         |                                                                           |        (31,696)                             |                                                                                                                      |             16,537 |
|                                                           |     Increase (decrease)  in accounts payable & accrued expenses |                                                                                                    |        (20,421)           |                                                                           |             61,690 |
|                                                           |     Increase (decrease)  in salaries payable to related parties     |                                                                                                    |          10,190 |                                                                           |         150,000                        |
| Net cash provided (used) by operating activities               |                                                                                              |                                                                                                    | $                                                            |        109,793                              |  $                                                                        |             19,807                                            |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |
|                                                           | Disposal (purchase) of equipment                                                                  |                                                                                                    |                                                         |                                                                           |                                                                           |        (30,867)                                                                        |   |                     - |
| Net cash provided (used) in investing activities               |                                                                                              |                                                                                                    | $                                                            |        (30,867)                             |  $                                                                        |                     - |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |
|                                                           | Settlement of debt                                                                                |                                                                                                    |                                                         |                                                                           |                                                                           |  -                                                                                                                   |   |               5,500 |
|                                                           | Capital Lease Obligation                                                                          |                                                                                                    |                                                         |                                                                           |                                                                           |          22,420                                                              |   |  - |
|                                                           | Loans from related parties                                                                        |                                                                                                    |                                                         |                                                                           |                                                                           |            8,493                                                   |   |             36,666 |
| Net cash used by financing activities                          |                                                                                              |                                                                                                    |                                                         | $                                                                              |          30,913                   |  $                                                                                                                   |             42,166 |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH                                |                                                                                              |                                                                                                    |                                                         |                                                                           |        109,839                              |                                                                                                                      |             61,973 |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
| Other comprehensive gain (loss) - foreign currency translation |                                                                                              |                  - |                                                         |             17,624 |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
| CASH - Beginning of period                                     |                                                                                              |                                                                                                    |                                                         |                                                                           |          33,891                   |                                                                                                                      |               6,901 |
|                                                           |                                                                                              |                                                                                                    |                                                         |                                                                           |                                                                           |                                                                                                                      |   |   |   |   |   |
| CASH - End of period                                           |                                                                                              |                                                                                                    |                                                         |                                                                           | $                                                                              |        143,730                                                                         |  $ |             86,498 |

----

----

----

----

----

----

----

----

----

----

| Year ended June 30 | Principle | Taxes  | Insurance | Interest               | Total  |
|--------------------|-----------|--------|-----------|------------------------|--------|
|               |      |   |      |                   |   |
| 2010               | $4,204    | $504   | $648      | $1885                  | $7,241 |
| 2011               | $5,605    | $672   | $864      | $2,513                 | $9,654 |
| 2012               | $5,605    | $672   | $864      | $2,513                 | $9,654 |
| 2013               | $5,605    | $672   | $864      | $2,513                 | $9,654 |
| 2014               | $1,401    | $168   | $216      | $   628 | $2,413 |

----

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

----

----

----

|                   | Payments due by period |
|------------------------|------------------------|
|                   |   Total      |   | Lessthan 1year |   |  1-3years |   |  3-5years |   | Morethan 5years |
| Contractual Obligation |                   |   |   |   |   |   |   |   |   |
| BC Capital        | $38,616                |   | $7,241 |   | $19,308 |   | $12,067 |   | nil |

----

| ITEM 3.   | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
|---------------------|-------------------------------------------------------------|

| ITEM 4.   | CONTROLS AND PROCEDURES. |
|---------------------|--------------------------|

----

| ITEM  1A.  | RISK FACTORS |
|----------------------|--------------|

| ITEM  6. | EXHIBITS. |
|---------------|-----------|

| Exhibit No. | Document Description                                                                                 |
|-------------|------------------------------------------------------------------------------------------------------|
|        |                                                                                                 |
| 31.1        | Certification of Principal Executive Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                                 |
| 31.2        | Certification of Principal Financial Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                                 |
| 32.1        | Certification of Chief Executive Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002.     |
|        |                                                                                                 |
| 32.2        | Certification of Chief Financial Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002.     |

----

|   | FIRST AMERICAN SCIENTIFIC CORP. |
|--------|---------------------------------|
|   | (Registrant)                    |
|   |                            |
|   | BY:                             | BRIAN NICHOLS |
|   |                            | J. Brian Nichols |
|   |                            | President, Principal Executive Officer and a member of the Board of Directors |
|   |                            |
|   | BY:                             | CALVIN KANTONEN |
|   |                            | Calvin L. Kantonen |
|   |                            | Principal Financial Officer, Treasurer, and Chairman of the Board Of Directors |

----

| Exhibit No. | Document Description                                                                                 |
|-------------|------------------------------------------------------------------------------------------------------|
| 31.1        | Certification of Principal Executive Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                                 |
| 31.2        | Certification of Principal Financial Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                                 |
| 32.1        | Certification of Chief Executive Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002.     |
|        |                                                                                                 |
| 32.2        | Certification of Chief Financial Officer pursuant Section 906 of the Sarbanes-Oxley Act of 2002.     |

----