Ann: Capital Raising, page-16

"Norwood additionally continues with its aggressive cost control exercise"

Weird.

30th June, 2017 Costs = $1,236,000

30th September, 2017 Costs = $1,186,000

31st December, 2017 Costs = $1,338,000

30th March, 2018 Costs = $1,133,000

30th June, 2018 Costs = $1,146,000

Doesn't really feel like aggressive cost control... Difference between this years June quarter and last years June quarter is $90,000. They can't even make $90,000 in revenue...

If $90,000 is aggressive cost control, it makes you wonder what aggressive really means here:

"“Norwood is continuing with its aggressive pushtowards executing material revenue-generating contracts"

If aggressive cost control means paying the CEO $280,000 a year, what does aggressive sales really look like? According to the Q&A last year, Bank deals were close. According to announcements last year, revenue was supposed to pick up, and deals were progressing. And yet we're here at a CR @ $0.005 per share. Hands out to the burnt shareholders.

31st July, 2017:
"22% increase in cash receipts from customers with strong growth excepted in September quarterfollowing signing and ramp up of material contracts" 

They actually made $1,000 less in the September quarter than in June, 2017. So their strong growth, much like their aggressive cost control, was simply an illusion.