Finjan Holdings Inc (FNJN)

[Ecomike]

The accumulated deficit means that common shareholders have negative equity (negative book value) in the company, and that some sort of excess debt is being used to pay bills, and or they have more debt remaining that stock holder equity.

If they write off the BS book value they have on the books for the Terra purchase valuation (which has zero new sales now for almost 12 months), the equity is far worse than reported.

I see in today's PR they say:

Income generated in the quarter ended June 30, 2011 is attributable to gains on debt and equity transactions.

So that is not real income, but some kind of cooking the books trick, like a change in derivative value of existing stock warrants because of the huge price drop of the stock. Not a real profit, so beware!

Edit:
In fact this confirms it:

Profits in the second quarter were attributable to gains on debt and equity transactions related to share price fluctuations,