In short: A negative-enterprise-value micro-cap: "Baso Corp, which could be deep value long, small, 40 million market cap with 38 million of net cash. They've unwound a money losing IT business and they sold [NetWolves] for 14 million. So it has a negative enterprise value. And they have basically 30 cents of net cash with 12 cents of biz value. So the business value plus the cash value could be worth more than where the stock trades today."
Baso Corp has a $40 million stock-market value and $38 million of cash with no meaningful debt. Subtract the cash from the market value and the operating business is being valued at nearly nothing — a "negative enterprise value," which technically means you are buying a dollar of cash for less than a dollar and getting the business thrown in.
Two things make it more than an accounting curiosity: management has already shut down the money-losing IT division that was burning the cash, and sold another unit for $14 million. Singh puts it at roughly 30 cents a share of net cash plus 12 cents of business value — so cash and operations together should be worth more than the current price. The catch, always, with these: cash only helps shareholders if the company stops spending it or gives it back.
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