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Cash is only an asset while it is still in the bank. If the business is burning cash then it could very well be worth negative dollars particularly if Directors/Management are acting in their own interests rather than shareholders.

However your post highlights an interesting point that should be further explored, ie tech wrecks selling for less than cash value but without a cash burn rate. These companies will be prime takeover candidates in the not too distant future (eg Chaos Music)

Cheers
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