It looks like ABIO is going to liquidate the company. From the recently filed Form 10-K:
freeedgar.com
"The Company ceased its ongoing business operations in August of 2000 because the Company determined it would be unable to complete the development of its primary product, the Basis System, for market and sale. The Company's Chief Executive Officer resigned and all other employees were terminated. The Company has wound down its business operations, eliminated expenses and negotiated the termination or satisfaction of all of its remaining obligations. Currently, the Company's management and accounting functions are performed through Manchester.
"The Company adopted liquidation basis accounting as of September 1, 2000. This basis of accounting is considered appropriate when liquidation of a company appears imminent and the net realizable value of its assets are reasonably determinable. Under this basis of accounting, assets and liabilities are stated at their net realizable value and estimated costs through the liquidation date are provided to the extent reasonably determinable."
As of December 31, 2000, the company had 5,883,404 shares outstanding and net assets, calculated in conformity with liquidation based accounting, or $732,527. That works out to approximately $.125 per share. |
