With all the excitement of the last 48 hours, perhaps it's worth...

With all the excitement of the last 48 hours, perhaps it's worth a look at the Norwood cash situation.

Perhaps of relevance is the statement from Spark in their profit downgrade announcement: Spark is accelerating its SPK-26 Operate Programme to bring efficiency benefits online faster. Strong progress has been made on the Company’s operating model redesign, which is driving greater efficiency and rebalancing labour investment to changing growth profiles across the business. This work will continue alongside broader efficiency initiatives to mitigate the impact of softer trading conditions.

In the current quarter we simply don't know whether there is any income from Spark. The conditions of the deal have never been revealed.

We also don't know the status of the loan from Radium Capital. Norwood was expecting to drawdown another $124K in May, but we don't know how much they now owe in total. The rate payable is 15%, with a default rate of 22%.

What we do know is that Norwood borrowed $300K from a director, paying him a $9000 "facility fee" in addition to 15% interest, with a default rate of 17%.

We also know that directors were enjoying the high life in Copenhagen and Los Angeles. One would hazard a guess that they were not staying in budget B&Bs. The CEO is on a salary of $250,000 plus superannuation.

We can safely assume that there will be a fee payable to Microsoft for their assistance. The size of this is anyone's guess.

At March 31 Norwood had $213K in cash.

Someone might like to do the sums.