As of 6/30/12 Wave had negative working capital of $7M and $14-M left in the ATM. They'd borrowed $853K against $1+M in A/R. The 8/8/12 PP provided $1.66M cash. They're burning thru $500K/week. We're 6 weeks into Q3. What's it gonna be: new business, pink slips, more financing via ATM/PP or a combination? More financing (dilution) for sure. I see lower SP just over the horizon, so I suspect PP w/ warrants and more borrowings against A/R (if that hasn't already been done). They have dug themselves quite a hole. My hope is pink slips..
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