Yes, you are correct in that.
I guess I overly simplified it by just saying "negative income". I used to be able to say that "Line 41" had to be negative to have an NOL, but the IRS changed all of the numbers on the tax forms so I need to learn how to re-phrase things. 🙂 We come across many people on this forum that think a business loss is a "NOL", when they have plenty of other income on the tax return, so I just wanted to make sure that you actually had a NOL.
