Wave Systems Corp. (fka WAVXQ)

[Dory]

Chance, kudos on a thoughtful analysis.

One more point to consider regarding the last PP: Wave was in layoff mode to reduce its burn rate. While layoffs ultimately can help the bottom line, in the short term they are expensive. You have to pay the departing employees their accrued vacation time within 30 days of their last paycheck. So, in the months following layoffs a company's payroll burden can actually increase. And it's not a debt that can be pushed out. In short, it can take a full quarter to begin to see the positive results of reduced head count.

Cheers,

Dory