Ann: Half Yearly Report and Accounts, page-11

Proceeds from borrowings: $147k
Finance costs: $30k

No wonder NOR prefers to tap SH's for cash.

I agree with @DoubleDown! NOR margins and COGS have always been, imo, interesting.

Non-discretionary items attributed to Sales & Marketing for example. In this report there is IT Infrastructure Costs of $232k when revenue is $271k and COGS of $162k.

The increase in IT Infrastructure Costs is almost equal to the increase in Revenue. However, the revenue incurs a big chunk of upfront payment. That is, services are yet to be rendered.

Red. Flag.

All imo.