Is it true that if $A$ is a commutative ring, then the module of fractions $S^{-1}M$ of a flat $A$-module $M$ is a flat $S^{-1}A$-module?
This is certainly true for localizations at primes, but I'm unsure if this holds in general. I suspect that there is a simple counterexample, though I'm having trouble coming up with one. Can someone point towards a proof/counterexample?