Ann: Placement, page-24

I really don't see how you can rule out a 'proper raise'. You seem in constant denial and then disbelief at the need for a raise then the raise itself.

Oracle and metaswitch, in the unlikely event these deals materialise, will not contain revenues.

$200k is one month of expenditure.

There will be another raise early next year. Norwood is no where near cash flow positive, expecting a flurry of cash up front deals or some $10 or $20m deals with cash up front that could potentially stave off a raise is just not a practical expectation.

Need to see the 3B and get further info on whether there are options attached and who the placement has gone to to shed light on things.

I'm disappointed but not surprised you were assured of no need for a raise this year only to have this fall on you. Though technically they would say that their statement was that they were cashed up until next year, not that they weren't seeking a raise. Tigers don't change their stripes, management up to their same old word games.