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Problems can always surface again. I'm kind of getting used to it. But you are right, $50M is available in Hong Kong out of a total of some $104M, the remainder being wired to the US.
Initially the expense was supposed to be 100M x $0.25 = $25M. But the expense for one quarter will only be close to $8M because we have only 76M tokens outstanding instead of 100M and some of the bigger shareholders don't want to get paid in cash. So these two planned dividends will hardly make a dent in our budget going forward.
I understand your position, there has been delay upon delay. Personally remaining bullish. The previous problems that you mentioned have been explained. Right now, the cash is actually there. The remaining step is setting up the bank details in Hong Kong, which needs to be done in person. This will be done within a week, as I understand it. Once that is done, finally wire the money to the shareholders. There shouldn't be any more room left for hitherto unknown problems.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174129750
This man is fooling us since long time , he was supposed to pay dividend on 22nd December, same he will come up with some other excuses on 10 april and postpone date again I am sure
Invisible burger will be served
Good night
Nobody ever said April 7 or 8. I said we are looking at April 9 or 10. You are deliberately confusing matters.
I am 99% sure that on April 7,8 &15- 2024, ITUP shareholders will not see any dividends and you will find new reasons for postponing or not paying
Lots of fake news circulating on investorhub
We will see again invisible burger again in coming weeks
RD Thanks for the update! I interpret your information to mean that Laxmi has achieved the sort of relationship he wanted to establish with certain European banks.
I don't know if they are all rich, but they are non-resident Indians living in the US. A bit above 41k now due to natural growth on gold.
But the focus has changed. We are now doing Regulation S offerings which is for non-US investors. And we get major support from several European banks on this. I can't talk much about it. But this will make it a lot easier to fund certain projects/verticals.
We were always going to expand beyond the SDIRA accounts. But it has happened a lot sooner than originally planned.
RD In the past there has been some focus on about 40,000 rich Indian investors in the USA and their role in the activities of Laxmi. Do you have any information as to what the current situation is?
Thank you! 🙏
Hi everyone,
Wanted to confirm, should we only see RISO tokens issued so far on investor.mydhan.io and in our wallet?
What was that penny??
I remember my first post
Mission 101 is on roll still
Agreed! We certainly wouldn't want to associate with a company that manages to dates! 🫣😁
Yes, of course. But I am not mentioning any dates 😄
You already own the tokens. They are just not in your wallet yet.
RD, are we to see the other tokens issued as well?
Thanks
K
Yes, we don't need that money now. Also, the value of the tokens is much higher now than last year.
Snow, I don't think that one is applicable anymore. Because of this issue, Laxmi decided to sell assets in India. The money from that asset sale is what is now being remitted to Hong Kong and USA.
RD "That money was transferred but put on hold and investigated." Do you have any idea how long that investigation will take? It suggests that some more money will be available later.
Thanks for stepping up and informing of the 8th scheduled date for the initial dividend and the date for the second dividend.
Still looking forward after five years. Also looking forward to the next informing vision and update, hopefully made valuable by a sequence of our first tangible deliverables.
K
Of course, that is perfectly fine. And kudos to Laxmi for doing that!
It is just difficult to see this from the outside, and a target window (e.g. quarters or half/full year goals) helps the investor keep their nerves. Personally, I'm not worried (having you hands-on inside the company helps a lot for my personal mental health related to this investment), but there seems to be some anxiety elsewhere. I'm confident this will be resolved soon. It seems so close now. The money is finally in accounts outside of India. Hopefully there's just the formalities in Hong Kong left.
Originally, we were supposed to get funding from a big investor last year which would have taken care of the december dividend. That money was transferred but put on hold and investigated. So then we initiated plan B which is comprised of 2 asset sales in India. This has taken its time most of which we don't control. Even the wire now into the US is being delayed by tax documents that need to be filed.
Yes, we should have used targets instead of suggesting fixed dates.
At least the 2nd dividend is planned for April 17 so we will catch up on lost time.
It sucks that it keeps getting delayed. In the future, I hope Laxmi will set less firm target dates.
If he had said from the beginning, that he's aiming to pay a first cash grant during Q1, at the very latest early Q2. No one would be disappointed if the company already paid in mid January, or February, even March, or as now, the latest target, Early to mid May. I wonder if he does it just to put pressure on himself.
We are close to 76M RISO tokens issued and we should be done. Some more will be sold to ITUP at a later stage.
Laxmi has been working on a number of real estate deals, taking this vertical forward.
We are adding a 6th project in Nigeria which will be for cocoa plantations.
For the Aqua team and 200,000 ton RAS project we now have 5 consultancy contracts signed and the team is performing preliminary work.
That is all I have.
Apparently Laxmi isn't updating so I will do the best I can.
Laxmi had to stay in California due to some tax documents that had to be filed earlier this week with regard to the $2.59M (+$50M) that is being wired into the US. The 2nd reason why he won't be traveling to Hong Kong until this weekend is due to the holidays when banks are closed.
So, we are now looking at banking being set up in HK between April 2-9 and the first dividend to be paid on april 9 or 10. And the second dividend by April 17.
Dear Laxmi/KD. We're within 24 hours of the 7th date adjustment for the initial payout. We're within 3 weeks of the second date for the second payout. Respectfully, it would be good to receive confirmation/intent.
Thank you,
K
Material, we shall see. Two days away from another due date. 🤐
K
Three days out. Looking forward to it.
K
Million, Snow 😄
RD "after they file the tax document that will free up the $2.59 being transferred into the US account." Free up 2 dollars????
Already asked Laxmi to give an update. He said he will do it soon, after they file the tax document that will free up the $2.59 being transferred into the US account.
Dear Laxmi/RD. Is all confirmed for the payouts on March 28, 2024, and April 17, 2024?
K
Get real, Karlacorn. There was no reason for Laxmi to travel to Hong Kong sooner because the money wasn't available until recently. It was a lenghty process, from asset sale, to getting it approved and transferred out of the country. It is a bureaucratic nightmare, most of which we cannot control. But the money (most of it) is in Hong Kong now coming out of Escrow soon.
I'm not criticizing. I'm stating facts in observation. And you're absolutely right, it is "as SIMPLE as that"... yet not executed. It's very disappointing to hear that such basic logistics are not completed three days before the most recent of many promised dates, and three months since the initial promised date.
Especially in a start-up (which I have launched 3), efficient execution of basic business practice and communication are essential.
I hear the retort of hard work and sweat. Yet despite so many promises going back to Lavasa, Airlines, ect, I don't see bankable results.
Waiting with a bit of frustration,
K
He has to set up banking (authorize certain individuals) in Hong Kong. Simple as that.
It's easy to criticize the company. But all startup companies struggle big time. There are no exceptions. However, you won't find a single one that sold off assets, repatriated the money, and paid dividends from it. Like we are doing.
Another date change after multiple confirmations. How may changes now, dating back to December??
I've never heard of a transaction needing to have its initiation point follow the geographical movement of an individual. I, as have many, have been in business for years. Never have I seen such (the operational occurrences here are no were near business norms)...
We continue to "cheer" the promises, and pin hope on failed deliveries (an undisputable fact).
Somehow remaining hopeful receive my money back,
K
Rgr that, thanks for the update.
In his latest update, Laxmi has informed us that he has to stay in California for a couple of days to take care of some things.
He is flying to Hong Kong on friday to set up banking there.
The dividend payout is now planned for March 28/29, out of Hong Kong.
👍️Thanks. This will be a significant milestone.
K
Yes. Planning to pay it out of Hong Kong as that is where currently most of the money is, in Escrow, for doubling and dollar matching. There is 0% withholding tax in Hong Kong.
Dear Laxmi/RD. Is everything on track and assured for the most recent scheduled (March 22, 2024) dividend distribution and receipts?
K
You haven't missed his response, K. Because there wasn't any.
Dear Laxmi, I may have missed your response to the question?
K
Dear Laxmi,
Thanks a lot for all this detailed information. The gist for me as an investor is that profitability should be very good. Margins are expected to be so good that they would be good evgren if margins were significantly narrowed. A crucial point is that with good profitability growth should be very fast since much of the profits will be reinvested in rice. It is also very nice to see that two of the verticals advance the progress of each other. My bottom line is as it were: I AM VERY IMPRESSED.
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