Ann: Shipment of the IGES Module Technology to Amsterdam, page-15

 Why? There is no requirement to maintain a positive equity balance on the balance sheet if they can ensure that they can convince their accountants that they can still trade as a going concern. Ie. they have available cash to pay for costs as they become due, which I believe that they can.

You seem to be trying to value a startup like a trading company, even in those cases, share prices rarely follow net equity positions on the balance sheet.