Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

tkc, with your assumed billings of $1.0m:


Q2-ending cash: $2.79m

minus Q3 op ex $5.15m

plus Q3 billings (cash in the door) $1.0m

plus net bridge loan (cash in the door) $.46m>>>>>>>>>>>>>>>

$2.79m - $5.15m + $1.0m + $.46m= Q3-ending cash of -$900k


Actual Q3-ending cash= $334k

Using the above numbers (Q2-ending cash/Q3 op ex/Q3 billings/bridge loan) requires $2.23m billings (not $1.0m) to arrive at actual Q3-ending cash of $334k.

My $2.23m billings equates to a Q3 burn of $2.92m...not exactly pretty so I acknowledge your point that the company did not have a great picture to show as far as billings, but still your billings estimate does not reconcile with the Q3-ending cash whereas mine more closely does.