remembering of course that most of what Wave paid for SFND was in the form of WAVX shares, and while at that particular point in time the market gave those shares a certain valuation, those shares since underwent a reverse 1:4 (5.2m shares becoming 1.3m shares) which the market currently values at $1.3m and which represents about 3% of the company, and even within the lockout period (as I recall) the shares had already lost a good bit of market determined (on paper) value. Point is, what Wave paid for Safend was shares, and the the last placement was in shares as will be the next one ... so the question is how many fewer shares has Wave printed as a result of Safend, breakeven being the point where they print 1.2m fewer shares than they otherwise would have (adjusted for losses prior to segment profitability).
It never was a money deal, while accounting requires the assignment of dollars to it, those dollars never were (to be lost, made or broke even). what happened was the company was diluted by a factor, and breakeven is when that dilution becomes accretive, which in the case of Wave (an equity fueled entity) is measured in equity.
Additionally, had it been an all cash transaction it is difficult to imagine it would not have been for much less, although with SKS et al who knows.
The above content is my opinion.
