American Scientific Resources, Inc. filed a motion with the US Bankruptcy Court seeking the conversion of its Chapter 7 petition to Chapter 11 petition on November 21, 2012. The debtor submits that it has negotiated financing under valid bankruptcy codes and will be filing a motion seeking approval of the financing upon approval of the desired conversion. Moreover, the debtor believes that conversion of the case will be in the best interest of all related parties because it would mean that the debtor would continue to exist as a profitable company.