cash requirements

Date Report Cash AR Forecasted Cash Needs ($) Forecasted Through  
03/16/06 10K 2,006,022  334,659      Cash & Equiv Balance 4Q05
02/16/06 424B5 4,287,840        Net Proceeds
    6,293,862        Running Balance
        12,000,000  12/31/06 10K: We estimate, based upon our current forecasts, that we will need to generate approximately $12,000,000, in addition to the $4,247,840 in proceeds referred to above, from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve months ended December 31, 2005.
        18,293,862  12/31/06 Total Net Cash (less receipts) Forecast Through 12/31/06
05/10/06 10Q (4,565,974)       1Q 10Q: Net Cash used in Operations
05/10/06 10Q 1,638,538  410,194      Cash & Equiv Balance 1Q06
05/04/06 424B5 4,588,500        Net Proceeds
05/08/06 10Q 600,000        Exercise of 276,620 post-split warrants
    6,827,038        Running Balance
        11,900,000  03/31/07 10Q: We estimate, based upon our current forecasts, that we will need to generate approximately $11,900,000, in addition to the $5,148,500 in proceeds referred to above, from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve months ending March 31, 2007.
        18,727,038  03/31/07 Total Net Cash (less receipts) Forecast Through 03/31/07
        12,500,000  05/04/07 424B5, Financing; We may be unable to raise the $12,500,000 of additional cash flow, which is necessary to continue as a going concern for the next twelve months.
        19,327,038  05/04/07 Total Net Cash (less receipts) Forecast Through 05/04/07
08/09/06 10Q (4,931,496)       2Q 10Q: Net Cash used in Operations
08/09/06 10Q 1,891,166  881,223      Cash & Equiv Balance 2Q06
08/08/06 424B5 4,550,825        Net Proceeds
    6,441,991        Running Balance
        10,600,000  06/30/07 10Q: Considering our current cash balance, including the additional capital raised on August 4, 2006, we project that we have enough liquid assets to continue operating into November 2006. We estimate we will need a minimum of approximately $10.6 million of additional cash, over and above the funds received from the August 4, 2006 financing, from a combination of revenue growth and additional financings, to fund operating expenses and capital expenditures for the twelve months ending June 30, 2007.
        17,041,991  06/30/07 Total Net Cash (less receipts) Forecast Through 06/30/07
        10,600,000  08/08/07 424B5: We estimate, based upon our current forecast, that we will need to generate approximately $10,600,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the next twelve months.
        17,041,991  08/08/07 Total Net Cash (less receipts) Forecast Through 08/08/07
11/09/06 10Q (3,226,419)       3Q 10Q: Net Cash used in Operations
11/09/06 10Q 3,128,673  672,837      Cash & Equiv Balance 3Q06
10/31/06 424B5 9,121,936        Net Proceeds
    12,250,609        Running Balance
        5,600,000  09/30/07 10Q: Given the available cash currently on hand and our expenditure forecast for the next twelve months ending September 30, 2007, we estimate that we will need to generate at least $5,600,000, over and above the proceeds from the October 30, 2006 financing, from a combination of revenue growth and additional financing activities, in order to continue as a going concern for the next twelve months ending September 30, 2007.
        17,850,609  09/30/07 Total Net Cash (less receipts) Forecast Through 09/30/07
        5,600,000  10/31/07 424B5: We estimate, based upon our current forecast, that we will need to generate approximately $5,600,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the next twelve months.
        17,850,609  10/31/07 Total Net Cash (less receipts) Forecast Through 10/31/07
03/16/07 10K (4,302,834)       4Q 10K: Net Cash used in Operations
03/16/07 10K 7,965,994  635,852      Cash & Equiv Balance 4Q06
        11,500,000  12/31/07 10K: We estimate, based upon our current forecasts, we will need to generate a minimum of $11.5 million from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve months ended December 31, 2007.
        19,465,994  12/31/07 Total Net Cash (less receipts) Forecast Through 12/31/07
05/10/07 10Q (5,287,499)       1Q 10Q: Net Cash used in Operations
05/10/07 10K 2,530,755  1,138,929      Cash & Equiv Balance 1Q07
        15,600,000  03/31/08 10Q: We estimate, based upon current forecasts, we will need to generate approximately $15,600,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending March 31, 2008.
        18,130,755  03/31/08 Total Net Cash (less receipts) Forecast Through 03/31/08
05/25/07 424B5 14,250,000        Net Proceeds
    16,780,755        Running Balance
        3,800,000  05/25/08 424B5: We estimate, based upon our current forecasts, we will need to generate a minimum of $3,800,00 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the next twelve months.
        20,580,755  05/25/08 Total Net Cash (less receipts) Forecast Through 05/25/08
08/09/07 10Q (4,346,465)       2Q 10Q: Net Cash used in Operations
08/09/07 10Q 12,504,656  897,902      Cash & Equiv Balance 2Q07
        2,700,000  06/30/08 10Q: We estimate, based upon current forecasts, we will need to generate approximately $2,700,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending June 30, 2008.
        15,204,656  06/30/08 Total Net Cash (less receipts) Forecast Through 06/30/08
11/09/07 10Q (4,556,403)       3Q 10Q: Net Cash used in Operations
11/09/07 10Q 7,754,204  1,353,069      Cash & Equiv Balance 3Q07
        4,700,000  09/30/08 10Q: We estimate, based upon current forecasts, we will need to generate approximately $4,700,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending September 30, 2008.
        12,454,204  09/30/08 Total Net Cash (less receipts) Forecast Through 09/30/08
03/17/08 10K (4,000,447)       4Q 10K: Net Cash used in Operations
03/17/08 10K 3,714,030  1,165,385      Cash & Equiv Balance 4Q07
03/03/08 8K 3,490,850        Net Proceeds
    7,204,880        Running total
        12,700,000  12/31/08 10K: Considering our current cash balance (including the net proceeds from our February 29, 2008 financing described above) and Wave's projected operating cash requirements, we anticipate that we will need a minimum of approximately $12.7 million of additional cash to satisfy our current forecasted cash flow requirements for the year ending December 31, 2008.
        19,904,880  12/31/08 Total Cash Forecast (less receipts) Forecast Through 12/31/08
05/12/08 10Q (5,728,547)       1Q 10Q: Net Cash used in Operations
05/12/08 10Q 1,476,333  1,426,989      Cash & Equiv Balance 1Q08
        8,100,000  03/31/09 10Q: Given the available cash currently on hand and our expenditure forecast for the twelve-months ending March 31, 2009, we estimate that we will need to generate at least $8,100,000 from a combination of revenue growth and additional financing activities, in order to continue as a going concern for the twelve-months ending March 31, 2009.
        9,576,333  03/31/09 Total Cash Forecast for next 12 months - a decrease of $4.6 million from the 3/17/08 projection. which happens to equal the $3.5m February Placement with its associated $1.1m in warrants, and an extension of 3 months. Net cash used quarterly the past 4 quarters was $18.2 million. This is an unaccounted for decrease in cash needed from 3/17/08 of approximately $8.6 million.
05/23/08 424B5 1,617,740        Net Proceeds
    3,094,073        Running Total
        6,500,000  05/31/09 424B5: Based upon our current expense forecast, assuming current revenue levels, we estimate that our current available capital (including capital raised in this offering) is sufficient to fund Wave into July 2008. ... We estimate, based upon our current forecasts, we will need to generate approximately $6,500,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending May 31, 2009.
        9,594,073  05/31/09 Total Cash Forecast (net receipts) Through 5/31/09
08/11/08 10Q (3,085,468)       2Q 10Q: Net Cash used in Operations
06/30/08 10Q 146,058 940,324     Cash & Equiv Balance 2Q08
07/01/08 424B5 1,472,519       Net Proceeds
    1,618,577       Running Total
        5,300,000 06/30/09 424B5: We estimate, based upon our current forecasts, we will need to generate no less than $5,300,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending June 30, 2009.
        6,918,577 06/30/09 Total Cash Forecast (net receipts) Through 06/30/09
08/12/08 8K 786,000       Net Proceeds
    2,404,577       Running Total
        7,900,000 06/30/09 10Q: Wave estimates that it will need a minimum of approximately $7,900,000 of additional cash from a combination of revenue growth and additional financings, to fund operating expenses and capital expenditures for the twelve-months ending June 30, 2009.
        10,304,577 06/30/09 Total Cash Forecast (net receipts) Through 06/30/09
09/11/08 8K 681,392       Net Proceeds
    3,085,969       Running Total
        7,200,000 06/30/09 424B5: We estimate, based upon our current forecasts, we will need to generate no less than $7,200,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending June 30, 2009.
        10,285,969 06/30/09 Total Cash Forecast (net receipts) Through 06/30/09
09/30/08 8K 181,200       Net Proceeds
    3,267,169       Running Total
        7,000,000 06/30/09 424B5: We estimate, based upon our current forecasts, we will need to generate no less than $7,000,000 from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending June 30, 2009.
        10,267,169 06/30/09 Total Cash Forecast (net receipts) Through 06/30/09
11/11/08 10Q (2,393,843)       3Q 10Q: Net Cash used in Operations
09/30/08 10Q 696,847 933,389     Cash & Equiv Balance 3Q08
        6,400,000 09/30/09 10Q: Wave estimates that it will need a minimum of approximately $6,400,000 of additional cash from a combination of revenue growth and additional financings, to fund operating expenses and capital expenditures for the twelve-months ending September 30, 2009.
        7,096,847 09/30/09 Total Cash Forecast (net receipts) Through 09/30/09
10/31/08 424B5 678,210       Net Proceeds
    1,375,057       Running Total
        6,400,000 06/30/09 424B5: We estimate, based upon our current forecasts, we will need to realize no less than $6,400,000 from a combination of revenue growth, expense reductions, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending June 30, 2009.
        7,775,057 06/30/09 Total Cash Forecast (net receipts) Through 06/30/09
12/26/08 8K 1,170,192       Net Proceeds
    2,545,249       Running Total
        5,100,000 09/30/09 424B5: We estimate, based upon our current forecasts, we will need to realize no less than $5,100,000 from a combination of revenue growth, expense reductions, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending September 30, 2009.
        7,645,249 09/30/09 Total Cash Forecast (net receipts) Through 09/30/09
03/16/09 424B5 405,845       Net Proceeds
    2,951,094       Running Total
        4,600,000 12/31/09 424B5: We estimate, based upon our current forecasts, we will need to realize no less than $4,600,000 from a combination of revenue growth, expense reductions, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending December 31, 2009.
        7,551,094 12/31/09 Total Cash Forecast (net receipts) Through 12/31/09
03/16/09 10K (1,999,531)       4Q 10K: Net Cash used in Operations
12/31/08 10K 951,563 1,701,829     Cash & Equiv Balance 4Q08
        4.600,000 12/31/09 10K: We estimate, based upon our current forecasts, we will need to realize no less than $4,600,000 from a combination of revenue growth, expense reductions, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending December 31, 2009.
        5,551,563 12/31/09 Total Cash Forecast (net receipts) Through 12/31/09
04/09/09 424B5 972,547       Net Proceeds
    1,924,110       Running Total
        3,600,000 12/31/09 424B5: We estimate, based upon our current forecasts, we will need to realize no less than $3,600,000 from a combination of revenue growth, expense reductions, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve-months ending December 31, 2009.
        5,524,110 12/31/09 Total Cash Forecast (net receipts) Through 12/31/09
05/11/09 10Q (1,648,794)       1Q 10Q: Net Cash used in Operations
03/31/09 10Q 275,316 1,452,734     Cash & Equiv Balance 1Q09
        3.600,000 03/31/10 10Q: We estimate, based upon our current forecasts, we will need to generate a minimum of $3.6 million from a combination of revenue growth, commercial or strategic transactions and/or additional financings, to continue as a going concern for the twelve months ended March 31, 2010.
        3,875,316 03/31/10 Total Cash Forecast (net receipts) Through 03/31/10