it looks weird? who can explain?, page-20

Intangible liabilities?? Not sure what they could be. I'll leave that to the accountants to answer.

I think the point that Nic was making was that it is this very balance sheet weakness that has made investors wary and dropped the SP to <$0.20 in less than 6 months. At $2/share, net tangible assets were only about 1.5% of the market cap.

On the plus side, they have indicated that debt is likely to be reduced by $150M over the year. If that is the case, my reading of the balance sheet is that net tangible assets rise from 3 cents to 13 cents per share.