If you start to capitalize the income stream, you should also capitalize the ongoing annual loss from operations (which have been very significant) as a liability
If the expenses and resulting loss were related to the income stream, i.e., were a cost of producing that stream, I would agree. But here the income stream is a royalty stream with no associated costs. Instead, the losses are associated with development of new products. However, I agree that you can’t assume the liquidation value will be realized, an investor needs to believe that the cash and other assets will be successfully invested.
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