Golfyeti -

I agree - the companies are following generally accepted accounting principles and reporting requirements on both sides. My point is that RVX has decreased its net book value by $90MM usd for an obligation to Zenith, however, as you said,  Zenith is not required to record the receivable. If Zenith did record the receivable I presume they would have to record an offsetting liability to the RPS shareholders for most of the receivable. 

My second point is that the 1/31/19 F/S may have a higher probablity of marketablity as well as a reduction of the discount rate due to time value of money factor which will baloon the Royalty Preferred Shares much higher -  depressing the NBV in RVX shares - an artificial lid on the price until top line read out and revenue recognition for the very reasons you noted in your reply.

Chicagoest