Book values are near meaningless - many years ago when RHT got their first FDA approval and started producing real income (at to time it was a bit under a million a year, I think) I enquired why it did not show as an asset in the accounts and was told it had been written to zero over several years and could not be reintroduced unless the company was bought out and had a demonstrable value to use. The beauty of accounting principles.
Sub-10c Club, page-55
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