Wave Systems Corp. (fka WAVXQ)

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tkc, it is the first time new management has made something resembling a forward looking statement. I suspect some of the severance on AP will start being paid providing some drag to cleaning up the balance sheet.

Regarding Samsung, from Q1'13 report:

"During November 2011, we entered into an agreement to provide Samsung Electronics with engineering services, consulting, validation and a customized version of our local management software for Samsung’s Trusted Platform Module (TPM) security chips designed for OEM distribution. This work was completed during March 2013 and as a result, approximately $960,000 will be recognized as revenue ratably through the end of March 2014 for the customization work performed for Samsung. We anticipate additional revenue from an existing distribution arrangement with Samsung during the third quarter of 2013."

It seems this will be the last qtr to recognize the 0.96m (presumably as ca. .24m in services). The forward looking component indicated anticipation of Samsung revs Q3'13, but we know the follow-up PR did not surface until Q1'14:

http://finance.yahoo.com/news/wave-systems-begins-shipping-management-132900048.html

So it seems reasonable to presume that some increment of bundling revenue from Samsung may start to trickle in (the release was Feb 24), that it is unlikely to be measurable in Q1, but that one might anticipate bundling revs from Samsung in Q2. As the 10% single customer reporting threshold for Wave is in the area of 0.6m/qtr, it will be rather noteworthy should Samsung revs show up as a line item in a 10-Q this year.