Ann: Half Yearly Report and Accounts, page-8

Hmmm. Negative net assets. Not sure I've ever seen that in a listed company balance sheet before. Creditors were increased which was the only way Norwood could have managed to trade through. You'd need to add in another $2-300k as of now as cash reserves are expended and I doubt very much creditors have decreased.

That really means that the first half million of any capital raised just goes to meeting the current creditors. i.e. not even working capital moving forward, retiring debts already incurred.

The other thing I notice is that sales of $270k created cost of goods sold of $160k which is a gross margin of 40%. That puts a break even, given an approximate cost of $4m, of $10m a year in sales.

I don't see this will affect the SP, but it's so good to finally see some details.