Wave Systems Corp. (fka WAVXQ)

[cpa]

djtherex,

Once again, the timeline has been extended.

Steven writes..."As I stated we have
volumes in the tens of thousands per month today and we have clear indications that taker that to hundreds of thousands by mid year 2004" Hundreds of thousands, WOW!!! At 50cents per untit and assuming 950,000 units per month, thats $475,000 in revenue per month, times 3 months, thats $1,425,000 per quarter. With a burn rate of 5.5 million per quarter, doesn't look like breakeven by mid 2004 to me. Remember, he has said in the past, breakeven by mid 2004.

Then we have this..."potentially to
millions by the end of next year. This could potentially drive use to cashflow breakeven on the current burn rate."...Yeah, we could all "potentially" be hit by a bus today leaving work.

Doesn't this Company have great "potential" with Steven at the helm!!!

CPA