NOM is insolvent
NOM's revenues decreased from $3.5 million to $2.6 million. That is less relevant than the lack of working capital.During the year they made substantial cuts in compensation. This includes Brian S. Brown whose compensation decreased from $230K to $165K (poor baby). Overall they reduced expenses $1.5 million. In spite of the decrease in expenses they are left with an enormous $655 thousand in accounts payable which only decreased $30 thousand over the year (meaning that the payables are not turning over). At the end of the year working capital was a negative $620 thousand. Fund balances are negative $1.2 million. The absence of the working capital puts them in serious jeopardy yet they made it through another year ⸺ somehow. Along with their cash a couple of board members have also departed.
Once again, NOM can do nothing without a fuck-up. Payroll taxes do not tie out properly. Other items may become apparent when they release the other return.
Three contributors provided about 40% of the take. The top two contributors keep the lights on for as long as their largess continues.
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