Wave Systems Corp. (fka WAVXQ)

[rachelelise]

CSLEWIS

These are normally purchased through payroll deduction and funded with Treasury shares. The price is determined at the end of the purchasing period so it feels like the cash withteld might be a deferred liability until it is used to buy the stock. That may mean that is is technically available to be used for other expenses but I do not believe we are talking about any meaningful deferral. My guess is that the end of funds day was an approximate number into July but possibly very early August remebering that all bills can be deferred and that with the shelf available and a plan in place, they just feel they can wait till the last minute, possibly extended by cash receipts and also awaiting some news.