Ann: $200,000 Convertible Note, page-141

The cash burn quoted by DD of -273k was from the last Q and INCLUDED all receipts and government handouts.

The Government handouts in the Q were the lowest received this FY because Covid payments are being wound down and NOR has already received the R&D grant.

So what to expect in this next Q?
1. Government handouts will be minimal.
2. There will not be an R&D grant, although the loan may be extended. NOR flagged using $120k of extended financing to be received in Mar Q. It was not received. Now NOR intends receiving $170k in June Q via extended facility. Why wasn't the money received in March? Are there issues? NOR certainly needed the cash based on $15k cash at bank.
3. Customer receipts have been steady at about $197k, the past 2 Q's.

$200k from PO and $170k in extended R&D facility would see NOR with about $100k cash as at end of June, assuming Customer Receipts remain steady and $90-100k is received in Covid handouts.