This Co. appears to be majorly undervalued, but touting their high amount of cash is very misleading, since they owe $48 million or so in current liab. I look at them as having over 2 million in cash. I think some investors are buying in thinking they are buying a cash rich Co., which is not the case. Still a bargain.
You are mixing and matching balance sheet terms willy-nilly. MAXF has a ton of cash; like any other company, it has a range of assets and liabilities.
If you want to offset assets and liabilites, the key number is the bottom line Stockholders Equity of $34.4m on 12/31/01. Add the warrant money and you get about $37m.
So book value is just under $5. What's the quality of that book value? Look at the asset line and you DON'T see anything intangible like goodwill, capitalized expenses or interest, etc. The assets are cash, receivables, securities and property.
MAXF has a TANGIBLE book value just under $5 to go with their considerable income stream. They also have $50m in cash. They are apples and oranges unless you want to mix them in a fruit salad.
Read more on company analysis and you will find that no one here is doing anything unusual or deceptive with the numbers. And the beauty of SEC numbers is everyone can go look for themselves.