we are equally indolent!! i usually skim, but this year i looked more closely than usual.
i was kinda shocked i didn't know that dell was excluded from AR. but they don't break it down, so i forgive myself.
i'm trying to move away from cash and towards liquidity. that's to say, if you think of current assets and liabilities as cash-like accounts, then wave had around $13m (including dell) of cash-like assets and around $9m of cash-like liabilities at the end of q4.
they added funds of around $1m, so i'm thinking wave had net $5m or so to play with in q1.
so what is wave's net outflow likely to be in q1?
i'd say something like $3-4m.
so it's pretty tight.
i think they are more or less bound to raise funds this quarter. feeney's estimate of a cash need of $6m assumes no major order. i think that is a sensible assumption given the history.
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