Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

Escrow56, besides enterprise sales traction, we can also consider the increase in the current OEM revenue (Dell royalty rate increased to .90/unit on new models). Even the Q4 version of this (and Q4 was at only a partial of the .90 rate volume) is what was largely responsible for the Q4 revenue increase over Q3.

Indeed, enterprise licensing volume accelerating will be a possible bonus for how Q1 is shaping up, but bear in mind that the OEM revenue alone is driving the company to CFBE or close to it...now. By "now" I mean money coming in the door this month of March from OEM revenue repesents a SIGNIFICANT portion of the monthly burn. This is a first.

Remember, royalties payments are received monthly.

Wave may or may not have an issue with a backlog of payables accrued from previous months when cash in the door was not what it now is, but I believe the current monthly cash in the door is close to covering or covers the normal monthly expense run.