Frustrating ....

For over a month I have been working out on an almost daily basis. In fact I believe that in that time I have only not worked out on two occasions. Each of my workouts totals 60-70 minutes in length. During this period of time I walk between 3-4 miles at a 5-7% incline. The total calories I burn registers around 500 calories according to my treadmill. I have also cut back my calories during this time. Do you think I have lost weight? No, no I have not lost a pound. One would think that I would feel more toned at the very least. I notice no change in anything about my body except that I am exhausted. I really wish I were seeing more results for my effort. It makes it very hard to keep motivated but I have to believe that at some time I will begin to see some results for all this effort.