Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

I see your point and checking the 10-Q it does describe the larger than 5000 license orders as taking the revenue for all components (licensing and maintenance) ratably over the performance period, however I couldn't locate the performance period for the $2.3m sale. I could have sworn GM and the other large orders were ratably taken over a four q period but I either wasn't clear on that or something changed.

So if deferred decreased $675k in Q2 (you don't think that was from the $2.3m transaction?) and allowing for that, Q2 billings matched up with Q2 revenues, what would be your estimate for the change in deferred in Q3?

As I've outlined, I don't see that money in the door Q3 was much under $2m, therefore if revenues were $2.6m it would seem around $600k of that was deferred.