Wave Systems Corp. (fka WAVXQ)

[aleajactaest]

hi player,

if you include dilution you don't get a measure of net operating cash flow.

this quarter, $5m or so was received via share sales. but that isn't an operating cash inflow (unless you say that wave's business is paper sales!) and it isn't useful in projecting a burn rate.

in my view, the fairest estimate of wave's outflows is around $4m/quarter.