hi dig,
wave is in a different and more encouraging liquidity position than i had appreciated. the deferred is meaningless from a cash viewpoint. and if they are excluding dell from receivables, one can assume an additional $3 1/2m in normalised AR. so that makes a $9-10m advantage over my previous thinking.
but i think your assumption re the $1.7m is imprudent. the evidence that they borrowed against it is pretty strong.