Yes and when you run the numbers it is not hard to see why this offering increased book value. They have $8,814,000 of intangible assets on the book, their total assets is $14,641,000 as of 12/31/17. So that was $5,827,000 of tangible assets and $9,199,000 of total liabilities. This is basic math.
At that previous offering you had $17,905,000 in tangible assets with $17,752,000 in total liabilities.