are accounts receivables used as collateral to secure a loan. Wave's balance sheet of 6/30/12 shows $1M+ of pledged receivables. Thus as of that date they had received a cash loan( probably ~$800K) for the pledge. But Wave still needs to collect the A/R and repay the loan. That's an absolute desperate need for cash. It's akin to loan sharking. Also at 6/30/12 they only had $1.57M in cash while they burn through $500K per week. The recent PP provided some help but they are reeling on the edge in dire need of closing a serious deal.
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