The loan was secured by the R&D grant which came in and was used to settle the loan to stop default interest being charged from October 1. Norwood got to keep $99k of their grant - not sure if that includes the 14% interest or not.
How SparkVM fares on the Appstore is irrelevant for ongoing revenues. It only matters after a minimum download which then triggers a one off commission to Norwood for that download.
Norwood receive an active user monthly fee for the voicemail solution. Not the app. This, I assume, is what the $2m contract was awarded for and covers. Old news.
NOR Price at posting:
3.0¢ Sentiment: Sell Disclosure: Not Held
