Agree. The asset values come from the imagination of Harry Schoell, just like the engine performance figures.
"Inventory" is parts for engines that don't work. Development was trial-and-error of custom made, very expensive parts. Harry once posted on the steam car club board that he tried 20 different piston designs. If each one only cost $1000 to have custom made, that's $20K of the inventory for pistons proven to have not worked.
"Leasehold Improvements" is money put into Harry's building, so it's gone.
"Patents" is the cost of getting all those patents, most of which went in legal fees. The patents provide zero revenue, so there's little value in them.
"Equipment" I tried to follow once, and got a big jump when the GG Mom speedboat was built, and a bigger jump when the land speed record car was built. They are about 80% of the equipment value, but who wants a boat or speed record car that requires an engine of a unique shape that you can't buy? The other equipment is dominated by a manual mill and manual lathe. On a good day you could sell them for $5K.
The pretend mock-up engines might go for something as souvenirs. People who believed Harry and Frankie and lost their shirts could at least say they got something for all that money they lost.
It's too bad the IRS won't let you sell business losses as tax write-offs. Now that would be worth something.
AI
