can anyone explain the recent statement that the NTA is 46c but...

can anyone explain the recent statement that the NTA is 46c but then they may write off capitalized costs and possibly reduce the NTA by some 26c ? l mean this defies the definition of Net Tangible Assets. If the capitalized expenses are not tangible then they should not be included in the NTA. l find this misleading and deceptive. its clear that if they do liquidate shareholders will get back maybe 20c, nothing like the 46c which they supposedly are worth. Once again the market price is correct. cant trust those dodgy figures.