without having time to investigate further - i'm not paid for this nor do i work for NNLX nor do i make a living from accounting though i have, inter alia, a full accounting degree summa and have looked at literally 1000's of these pennies financials-

i gave the possibilities that immediately came to mind re the receivables and revenue -thats all i can do without insider knowledge until i have more time

the big IF as you pointed out is at what rate the revenue is growing- if it is growing fast enough the co can sell discounted stock without much of a discount because of an expected revenue and pps turnaround

ca 600k cash outlay /year is about right- though they always have the option of reducing that temporarily just as many commodity co's have severely reduced capex etc during a difficult cycle

despite the ceo loan the co still raised ca 136k in that last reported qtr if i remember from stock issuance -just from memory so dont jail me if i'm off a bit

ceo loan must/ve been because didnt want to depress pps further by selling more stock on the market but thats still an option-especially if they want to spend 1250 or so now to upgrade to current otc plus cost of management analysis so they have a larger pool of investors and less reporting etc restrictions

many pennies issue stock all the way to .0001 to raise funds- NNLX has been very conservative in issuing stock on the open market -only ca 129 million O/S and ca only 7 million shares issued in last reported year

look at other pennies in this situation and u will see what i mean by conservative