I calculate book value as nearly $1. IMO, the $12 million on the balance sheet shouldn't be included, as it is in a class of assets alongside goodwill. Using your link, LAND FOR DEVELOPMENT, which is given $12 million value, is described as follows:
NOTE 2 - LAND HELD FOR DEVELOPMENT
On March 30, 1990, the Company purchased 486 acres of undeveloped
land from Karl Stucki and the Stucki Family Trust for $3,004,356,
and on July 31, 1990, the Company purchased 130 acres from
Dynamic American Company for $610,000 which makes up the Red Hawk
real estate development. On December 28, 1992, this real estate
development, together with Cotton Manor/Cotton Acres was
transferred to Golf Ventures, Inc. (GVI) in exchange for
3,273,728 shares of GVI common stock. The Red Hawk land (616
acres) is undeveloped, and in order for GVI to realize its
investment, adequate financing will need to be obtained.
For the years ended March 31, 1997, the Company capitalized
$1,093,468 in construction period interest costs. The cost of the
land is less than the estimated net realizable value of the land.
AMERICAN RESOURCES AND DEVELOPMENT COMPANY
Notes to the Consolidated Financial Statements
June 30, 1997 and 1996
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