Wave Systems Corp. (fka WAVXQ)

[aleajactaest]

I have no problem with that.

But for me, it is easiest to start with the cash balance and then to add/subtract net operating inflows. $5m represents a little more than 100 days of working capital assuming a $4m operating burn rate.

AP can be stretched, but I assume Wave wishes to avoid that if possible.

So the end of Q3-beginning of Q4 is the next drop dead date for dilution, assuming no major orders.