Purchased today at $1.45/share. The thesis is very simple: the current market cap is roughly $4.2m while the company has listed a piece of property for $2.7m (almost 2/3 of the current market cap). This one property represents only one quarter of the total owned real estate. Additionally, there is no debt and $1m in cash on the balance sheet while book value is $2.40/share (0.6x TBV). Fundamentals are not good however. Sales have been declining at a double-digit rate (though this has slowed in the most recent quarter) and cash burn has been ~$0.5m per year.
This should be a reasonable trade to a 50% move once the sale is finalized and proceeds are announced.
UPDATE: I sold this on 2/17/17 for $1.70 per share (17% return). I had not anticipated the “pump and dump” nature of trading in this stock. There had been no announcement on the progress of selling real estate and fundamentals continued to deteriorate (sales down 13.6% in Q2 and 6.8% in Q1).