Update: I tried a different power source and now the unit seems to work just fine and is now updating its firmware.
Perhaps power supply boxes fail from time to time. The green light was on, but I noticed it would dim in sync with the clicking sound from the ASIair when I turned on the ASIair. I was using a Ledmo 12V/5A that I bought a pair of at Amazon. The unused Ledmo power supply works fine with the ASIair. Let's call this issue resolved!