GAC - You are pretty much correct across the board. It is accumulated deficit which is the opposite of Retained Earnings. The shareholders are not responsible for this and if the company was dissolved, it would just be a liability that doesn't get paid and shareholders lose what they invested. You mentioned shareholder deficit of $194 million. That is actually from a line called "Total shareholder deficit" which is the shareholder deficit of $533 million minus share capital of $294 million minus a couple of other smaller entries. This isn't debt in the common thought we have (no interest, etc.) of it but it is listed as a liability and maybe most of all sticks out to prospective buyers and institutional investors that over the last almost 20 years, the company hasn't been able to exercise its game plan. I am not coming down on RVX but reality is that we are not on Plan A,B or C but many iterations farther down the line from what I was pitched way back when there were 35 million shares outstanding. We have been in crisis solving mode and finding a new approach over and over.

You are correct that these are equity liabilities which cancel some normal liabilities but my point was just that these are numbers that matter to experienced people looking at the financials. Even if you ignore these and just stick to normal liablilities which have a Royalty Preferred Share liability but remove that one, you still end up with $70 million Current liabilities compared to $20million, not current but total assets.