No. I mean perhaps the doughnut has no hole. It's a whole doughnut.
With $6.4m in the bank (give or take other net asset changes) at the end of Q4, 11, ex the Safend gobble, they may just make it to the end of Q2, 12 without needing to access additional operational finances.
And by then, I think the DoD will have kicked in.
A bunch of what I was presuming was the net cash outflow actually takes the form of a net stock outflow (ie the compensation of employees at a rate of $5m per annum). And stock is not a scarce resource from Wave's viewpoint.
So their cash needs are less than I supposed and they are starting from a stronger position than I was expecting when figuring out the numbers.
And I am fairly confident in my numbers as far as they go. It's just accounting sudoku to derive them.
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