BF, thanks for digging up those quotes.
"So we're starting to see progress. And as I mentioned before based on that timing and the sales cycle it'll be, you know, the second half of this year before we begin to see that stuff bear fruit. And, you know, that remains – it was true when I said it on previous calls; it remains true now that the good news is we're closer, you know, to what the end of that should be.
It's very possible imo that the second half of 2014 has borne fruit. It hasn't so far manifested in large orders, however as you know there's a growing perception that Wave has a number of large enterprises who have been doing solutions evaluations notably VSC 2.0 and are serious enough about procuring it to pass it along to their financial people for further evaluation and approval. We got an implied indication of that in the Q3 CC.
We legitimately thought that we had a couple deals that were going to close before the end of Q3 that didn’t, and you asked a question of why you thought they didn’t, and I would tell you that there’s a couple things. One is one of the advantages of being a small company is that we’re agile and can react quickly and can do things like you know, churn out a new product like virtual smart card 2.0 in a very small amount of time compared to the amount of time it takes for a large company to pivot to a new product.
One of the disadvantages is that big companies which - and big companies need our stuff, big organizations need our solutions - look at Wave and there’s a disadvantage to being a small company with small revenues, and so several times we’ve had opportunities that have been slowed down a bit that required us to go and talk to the potential customer and explain where Wave stands financially and what our roadmap is going forward and to give them the confidence that we’re a good partner to invest in.
And I would tell you that after those conversations we haven’t had anybody pull out of it, but as large companies do when they do their risk management, you know, they do ask those questions and it requires us to mitigate the downside by partnering with larger companies and as you throw those factors in, it has slowed down the discussions on a number of the opportunities. So I think I addressed the fact that like I’m frustrated that it didn’t occur when we thought it did.
I still can't find any claim put forth by Solms that Wave would be CFBE by the end of 2014. As I indicated, the 6/17/14 $9.9m capital raise put obvious time constraints on management to increase billings by year's end.
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