Taking into account the following: 1. NOR cash as at 31/12/23:...

Taking into account the following:
1. NOR cash as at 31/12/23: $758k, representing <1 Q cash burn
2. Lack of materials deals in Mar Q and the added marketing expense of the Barca junket aka MWC
3. NOR will receive the R&D refund of which most will go to extinguish the loan. But it is important to note NOR will use the R&D rebate as an increase in operating cash in Section 8 of the 4C. However, they are not required to show the rebate off-setting the loan. An odd quirk or loophole which has been used by NOR before. As such, NOR will seemingly have greater cash on hand despite 2 above.
4. No CR in Mar Q. NOR has had a CR in 16 of the last 21 Q's and has never gone 2 Q's in succession without a CR in the last 5+ years.

Which comes first and when:
1. Material deal with a new telco
2. CR

Nearest to the pin. Winner receives bragging rights which are highly cherished on these threads... particularly when falsely claimed.

My guess:
CR. May.

All imo