Ann: Half Yearly Report and Accounts, page-12

This is a standard disclaimer in at least the last three Norwood annual/ half year reports. When a company has no revenue and no money in the bank but expenses of $1.2m/qtr the auditors worry things might go belly up.

The other thing I noticed about the report is there are at least $150k of trade creditors in excess of debtors. In effect this lowers the bank balance by that amount and puts a CR into rather urgent territory. You'd be very nervous undertaking work for Norwood on anything other than COD terms.

Come on Paul and Steve, start signing deals, this is getting very ugly.