Another item occurs to me based on:

"My objective is to close our first M&A transaction before calendar year-end."

Were's the money going to come from to support this? Okay, maybe they're looking at little, tiny, non-productive companies. But that's not what's implied in the part of the Letter addressing "the Blueprint", especially the "last category" - their focus.

Unless the licensing rate picks up beyond what we experienced last quarter, it seems the only way they could pull this off would be to sell off authorized shares. Seems a stretch.... I should say more of a stretch than the thought that they KNOW some serious money will be coming. It could certainly be "either way" though.

JMHO,

SGE