Ann: Half Yearly Report and Accounts, page-26

A few things spring to my attention here:
1. WP revenue of $105k is less than Travel & Entertainment Expenses of $139k. Can we all get an invite to this party?
2. Norwood does not break down Cost of Sales and Sales & Marketing Expenses like they did in the Annual Report 2016. But hey, it has a positive margin right? How do I know this? They told me. So it must be true. Although less transparency on the figures. Draw your own conclusions on that. My conclusion, and imo: The magic of accounting.
3. Ariadne Capital [Amit Pau is a Director] was paid $91k for "marketing and strategic advice to the Company". This is in addition to Pau's Director/Chairmanship fees. Imo, the money put in Norwood pre/post listing by Ariadne, would be a fraction of the money they have pulled out.
4. Not only is Paul paid a decent salary, benefits and a % of WP income, it seems Norwood are loaning Ocean Broadband money [Paul is beneficiary]. "The loan is non-interest bearing and has no set date of repayment." Who'd have thought Norwood was a cash cow?
5. How has Norwood preserved cash? In part, they simply are very late at paying. DPO is 500+ days! This is about a 50% increase on the same period the year before. To give perspective to those without a finance background. If you were to be a supplier to Norwood, it would take you about 1.5 years to get paid, on average, after putting in your invoice.

All the above are absolute shockers, imo.

If there are any miscalculations, then please let me know.