Ann: Business Update, page-20

Shareholder equity 2021 $358. 2020 $298. 2019 $285

In 2021 the intangible is $122. Good will is $178. Total is $300. This means only $58 shareholder equity from accumulated operating profits in bwx's entire life.

End of 2021 the total liability is $137

For 2022 the intangible is gone as well as a good part of the good will. Let us assume $100 left.

Assume bwx did not borrow more money we are still $37 short. Assume operation is breakeven there is no shareholder equity left. So we have been whipped out.

There is a good chance bwx will be placed in va. There is a small chance the company and its management might be rescured. Regardless there is nothing left for us.

I should have checked the numbers before I bought in early august. This is the lesson learnt.