Enough cash flow to continue operations for the ne

Enough cash flow to continue operations for the next year at least and no dilution. I'll take that as a positive.

TelVue had negative cash flow from operating activities of $3,494,676 for the nine months ended September 30, 2012 , compared to $1,497,660 for the nine months ended September 30, 2011 . The decrease in cash flow compared to 2011 was primarily due to a higher net loss for the nine months ended September 30, 2012 when compared to the nine months ended September 30, 2011 . Additionally, there were higher expenses paid related to increased development activities and higher legal fees related to the debt conversion transaction during the nine months ended September 30, 2012 , when compared to the same period of 2011. TelVue had a cash balance of $1,413,060 as of September 30, 2012 , compared to a balance of $86,097 as of September 30, 2011 , primarily due to the $5,000,000 investment received from Mr. Lenfest in connection with the 2012 Note, which was subsequently converted to TelVue Series A Convertible Preferred Stock. TelVue believes that this cash balance is adequate to satisfy it working capital needs for at least the next twelve months as it grows its business. In September 2012 , TelVue lowered operating expenses through a reduction in staffing of positions not deemed essential to its operations. The reductions will eliminate in excess of $500,000 annually from operating costs. The Company has identified further expense reductions of approximately $300,000 - $400,000 annually which it does not believe would impact the key functional areas of product development or sales and marketing, and will be finalizing decisions on the adoption these expense reductions prior to December 31, 2012 . In addition to expense controls, TelVue expects to reduce its accounts receivable balance by $100,000 - $120,000 over the next four months through tighter controls and the adoption of sales terms with late payment penalties, which have not been a standard part of its terms of business to-date. The Company is actively looking for bank funding of working capital. Prior to January 1, 2013 , TelVue expects to have a revolving line of credit in place which it expects will provide up to approximately $250,000 in funds. TelVue believes that the above steps, in conjunction with continued sales growth from cloud services, will provide it with sufficient funds to operate for the next 12 months. However, there can be no assurance that the Company will be able to obtain this line of credit on feasible terms. In this event, if anticipated sales growth from new products and services is not achieved, the consequence for the Company's liquidity and its ability to operate would be adverse