General Comments, page-1580

" explain how Paul "kept the lights on" beyond October?"

Easy explanation but you will not find it in the top holder lists or the buy/sell depths or the flowery prose aka the Monthly Activities report.

So what is the answer a picture tells a thousand words. To help everyone out I even highlighted the key bits.



https://cdn-api.markitdigital.com/a...access_token=83ff96335c2d45a094df02a206a39ff4

Previously, the R&D Refund was received in December Q. NOR was then able to use the new 4C Format to create the illusion it was near cash flow neutral and yet, without this annual one-off payment, NOR would have burned $415k for operating activities.

And no, the narrative that NOR paid the loan back early because they did not need the cash is 100% wrong. Why? Because the loan was secured by the rebate. Receive the rebate, discharge the loan. You know like if you sell your house and there is a mortgage, the mortgage needs to be discharged.

The question is: Will there be a new loan facility secured against the R&D Refund? Probably.