Ann: Quarterly Activities and Cashflow Report, page-112

I continue to follow NOR as it fascinates me. Its one of the best case studies in small cap psychology, capital raising and how the market at this end works.

From the moment it listed, their premise and pitch. I was bemused. As per my posts at the time, it made little sense. The position was vindicated, when the company a year or so later confirmed, roaming was dyeing and their product not needed. Since then, they have pivoted every which way.

What is interesting, is how quickly the old promises are forgotten and the new ones latched onto.

This is nothing unique to NOR in specland, I would contend though that the register is a bit more unique in that many seem to have averaged down with the ship moreso than some other specs.

The talk of CR's throughout this time by "downrampers" isn't a negative, its a reality. With any pre-revenue company. The problem which so many seem to miss is the huge dilution impact.

In reality, there is quite a chance this pumps all the way past 1c at some point if the raise comes off. But who's that good for except the sophs who came in there? Anyone else holding for 6 months or more is back to break even, at which point the market cap has doubled to almost $20m . The CEO's free 60m options will be in the money, something everyone had to pay for - not be paid to take.

And then the cycle repeats. However given the response to the prior CR, even if this one is pulled off, sometimes, things have to change. Because thus far, the story keeps repeating.

There is no doubt lots of people are watching from the sidelines and would buy if there was big contracts, big revenue and a positive margin. But that so far, regardless of the predictions otherwise has simply never happened. Ever product pitch reset the learning curve, costs more money and starts the sales cycle again.

Same story here, this company builds some nice products in my opinion. Just seem to be products looking for a solution and so far, very few people seem interesting in paying for any of them.