perhaps the sharp decline in Dell bundling revs that began in Q4 2011 is beginning to reverse if there are increased shipments of SEDs from Dell as while the base TPM package went down in royalties, the SED royalty increased, perhaps to the point of recovering some of that lost OEM revs and that (as opposed to increased SMB sales per se) is what is holding off equity funding.
If they make it to val's day without equity funding then the annual report simply must provide an explanation (drastic cost-cutting, significant increases in SMB sales, significant increase in OEM (Dell) revs).
As memory serves the TPM bundle royalty was reduced by a quarter, the SED royalty was increased by a third, but the SED was starting from a much higher price point such that one SED pays for the loss on 10 TPMs (or something like that). As we are talking $1-2m, it is some 25-50k SEDs to close the gap ... to get back to Q3 2011.
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