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Some of my friends will still have to send that form IMO.
And they probably have to do it before dec 31. In the year that the dividend is paid.
But I'm on top of it
Ah, I remember now.
Yes, I know you migrated and had to send a new one.
I know you did and I was wondering earlier why you did send a W-8BEN form.
As for Guyana, it's a problem for them. But we are already out of there.
Nobody is stupid enough to invade Nigeria
One less risk factor. lol.
I know you did and I was wondering earlier why you did send a W-8BEN form. I obviously did it because I am employed.
From the looks of it, the W-8BEN form may suffice for us. But who really knows. There is always an exception somewhere.
Thank you for the answers, both Laxmi and RD. Much appreciated!
I've submitted W8BEN to the company, I'll have to look into this W9 as well then.
EDIT: Looks like the W9 is for US residents, and the W8BEN is the one that I and other non-US persons shall submit. Correct?
https://www.jpmorgan.com/content/dam/jpm/global/disclosures/us/useful-information-to-assist-in-completion-of-IRS-tax-forms.pdf
Venezuela prepares for possible invasion into Guyana.
Ugh.
https://defence-blog.com/venezuela-prepares-for-invasion-into-guyana/
Yes RD, and we have members from HGS Global who are getting trained to handle this subject.
The complex structure is needed for many reasons Material Mind --
MESS (multiple entity structuring strategy) is quite a popular corporate structuring to conserve/save/defer taxes ...
It appears complex and it will continue to become deeper as we grow...but it is structured to save every cent in the right merit...
For peoples' comfort planning is not done...planning structured way and endorsing this from the very beginning goes long term ...
I request all to leave this to our convenience... This is not everyone's subject...
Every thing pipes down to the operating verticals and shareholders will receive their cash grants / dividends through these and these verticals will look straight organized once we complete the final spac combinations... Until then you will see multiple layers getting stitched in....
But please kindly be relaxed and celebrate each inward checks/remittances into your accounts....
Laxmi Prasad
You are going to be pretty busy with this whole thing for the next 3 weeks
But I think you have a (HR) team of at least 5 people on this. So we should be ok.
We will advise on this for each shareholder depending on their w9 submission.
It depends on the w9 form -- If the form is filled with US Tax ID Number, then Gross Dividend is paid out.
There is no obligation for companies in the US to withhold taxes for cash grants or dividends it pays to US Residents.
In case of non-US persons, tax is withheld based on treaty arrangements.
Both verticals are US incorporated and we will be seeking W9 Form from shareholders that will determine whether dividends will have tax withholding or gross gets paid...
You may still have to sign a form to get that lower tax rate (based on the treaty with your country).
That one is for Laxmi, our tax specialist
It's called a withholding tax. So in this case the private company will withhold the tax. You don't have to pay them anything in the US.
I see, I was hoping it was already Cayman. That would have saved some headache. I don't really know how it works for private, non-listed companies. When it's listed and your broker handles it, you don't really have to think about it.
I guess the tax is usually handled by the broker, right? So for a private company, do you have to make direct payments to the American tax agency? I hope Laxmi can help us sort this out 😅
I think most of them are incorporated in California. It remains to be seen whether the company will relocate to Cayman Island.
US withholding tax is dependent on the tax treaty the US has with the country where you live. You can look it up. 30% should be standard. For me in The Netherlands it is 15% because we also have a wealth tax and it wouldn't be right to charge us twice.
RD, these verticals, that will be paying the dividends. Where are they incorporated?
Will there be US withholding tax on the dividends?
100 percent…concur.
I’m anxious for the 22nd of December.
Looking forward to regaining some of the invested monies in form of the first (of many) CASH dividends! 💵
I feel you... The confusion is real. I've participated in the multiple offerings, RD mentioned, and I've been confused back and forth how this all fits. It's just in the past few weeks or month that it has started falling into place.
I've got my initial heavy (for my limited pockets) investment in ITUP, from ~3 years ago.
Cow Capital, acquired in a few different offering rounds.
Some direct investment in the verticals from a while back (cannot remember exactly when).
And now the subscription into the verticals based on the shares I hold in Cow Capital and ITUP.
Then there's also direct investment in Gold, that I think are going to be issued as tokens, so it's also its own thing. An asset, that can be traded.
The convertible.
And finally, the rice investment.
Looking forward to regaining some of the invested monies in form of the first (of many) CASH dividends! 💵
Great, thank you for confirming, RD, much appreciated.
Yes, all correct IMO.
Thank you for this spreadsheet, RD.
Just to confirm, based on your chart, but using different numbers, assume I have the following:
ITUP shares
2000 ITUP shares
IREEM/Cow Capital (purchased at $90 for 1 unit/600 shares)
6 units/3600 SPAC sponsor shares
To purchase the maximum amount of tokens I'm eligible for I would need to send:
ITUP shares
2000 * 3 = 6000 (number of ITUP shares * 3 verticals)
$60 (6000 * 0.01)
ITUP shares into IREEM
2000 * 0.04 = 80 (4% of stock quantity)
80 * 6.666 = 533 (6.666 shares)
533/3 = 178 (against 3 shares)
178*2 = 356 (2 tokens)
356 * 3 = 1068 (3 verticals)
$10.68
IREEM/Cow Capital (purchased at $90 for 1 unit/600 shares)
3600/3 = 1200 (for every 3 shares)
1200*2 = 2400 (2 tokens offered)
2400 * 3 = 7200 (3 verticals)
$72 (7200 * 0.01)
Total to send:
60 + 10.68 + 72 = $142.68
Then the dividend on 12/22/2023 would be:
6000 + 1068 + 7200 = 14268 (total tokens in example above)
14268 * 2/3 = 9512 (only 2 of the verticals are paying a dividend in December of this year)
0.075 * 9512 = $713.4
Could you please confirm the above is correct?
Thank you again for all your help.
ITUP shareholders own the operations of ITUP. Including Cow Capital and the planned SPAC's. As well as Masala Capital. Masala Capital (as the registered investment advisor) will also generate revenues from the activities of the vertical companies. And ITUP will list on a senior exchange in Q4 next year or Q1 2025 (see email)
On top of that, you are being offered the opportunity to acquire a certain number of vertical shares for $0.01. As explained.
On top of that, the company has offered IREEM/Cow shares many times these past 1-2 years. I count at least 6 or so offerings where ITUP shareholders could have acquired the shares for rock bottom prices. There was even a direct offering into the vertical companies if I am not mistaken. So yeah, the people who invested in those offerings will do very well... And there are many ITUP shareholders here who invested heavily.
Laxmi mentioned $100 billion valuation in his email. Twice, even. Make no mistake about it. It's possible. If we can get financing for the first 2 projects in Nigeria (Aquaculture and Palm) then Masala Agri Corp (vertical 2) could easily be worth $10/share already. On just 2 projects. And we have 20+ of those projects planned in the next 5 years. And as I explained earlier, Masala Capital will also book revenues and profits from these developments. But you probably want to get as many vertical shares as you can for $0.01. Because you still can, before december 5.
Ok...revelation. So common ITUP shareholders who've bee vested for some years get nothing, despite the many promises of a return on ITUP.... That has not been clear for many. This I know because I just had a call with a few....
K (SMH)
The dividend is not paid by ITUP. The dividend is paid by the vertical companies. So if he doesn't acquire the vertical shares for $0.01 then he will not own any vertical shares (in principle). And there will be no dividend.
Look here. The vertical companies are separate. It's not a spin-off. It's not a stock dividend. ITUP doesn't have a stake. So they can't give the vertical shares away for free. But they can offer them for $0.01 per share to people who are "involved". Meaning, the ITUP and Cow shareholders. But only before they start generating revenues and profits. That is why the price will go up quickly to $0.50 and $1.00 early next year. You want to get them for $0.01 now though, before december 5.
So if Fedel does not pay the .01*3*30325, then his dividend on the 22nd will only be on the 25,748 original ITUP shares? ... and Fedel owns none of the "will give you 25748 vertical shares (directly)?
K
Why don't you follow the example I did for Fedel, and input your own numbers. Should be very simple.
For the people who also subscribed for IREEM/Cow shares, they know how many extra cow shares they subscribed for. And they get an additional 2 vertical shares for every 3 of those Cow shares.
The important thing is to do it quickly now, and wire the money. You don't have a lot of time.
Ok, but I can't post excel sheets on IHUB. Only pictures.
The numbers are still the same. So the one I posted will have to do.
I think the confusion is in the conflating of everything in one long body of text. I suggested several times, and you said you would create a simple interactive model that allowed shareholders to see their options/opportunities disparately, e.g. My ITUP shares held as the input. Then the output showing what I own, what I have option to purchase, etc. I'm certain you guys find this as second nature because you're creating it. There are frequently numerous questions because of the the conflation of varied options, scenarios, and definitions of ownership.
As for me, I'm still not 100% clear. I would wager that I'm not alone.
Thanks
K
I am not sure, if $0.01 is considered point of confusion but yes, that nominal amount gives the subscription or the issuance itself will be treated a bonus, which we do not wish to do...
Point of confusion. So ITUP share holders will be given/granted 1:1 vertical positions but they have to pay to own them?
K
I am emailing the revised one...
I will share an excel with RD for him to upload here for everyone's convenience...
1) 25748 ITUP shares will give you 25748 vertical shares (directly)
2) will also give you 25748 x 4% / 0.15 = 6866 Cow shares (through IREEM)
You get 2 vertical shares for every 3 Cow shares
2/3 x 6866 = 4577 vertical shares.
Total vertical shares = 25748 + 4577 = 30325 vertical shares (of every vertical company)
You have to pay before december 4, for vertical 1+2+3 (gold, rice, food carts)
30325 x $0.01 x 3 = $909.75
You have to pay before jan 16, for vertical 4+5 (plane seats, whiskey)
30325 x $0.01 x 2 = $606.50
Vertical 6-9 is due some time next year.
If you subscribed for IREEM/Cow shares independently, you have to add those vertical shares as well.
Check the numbers yourself, using the company email that was sent yesterday. I am not responsible if I provide the wrong information.
As I said before, you have to send an email to IR@mydhan.io and ask, then they will send you wire instructions.
Do it today, to be safe. There is a lot of money at stake.
Good afternoon. Please tell me. I own 25,748 ITUP shares. What is the amount of my contribution and where should I transfer the funds? Because there is a lot of information and I’m just confused in all of this! Thank you in advance!
Yes RD, and I will ...
You have to send an email to IR@mydhan.io and ask for the wiring details. I think they are using a different bank now.
Dear Laxmi,
I will after all try to transfer the money involved this week after having sold some Norwegian shares, since I think my Norwegian bank has registered the relevant information so that I will just have to provide a new sum of money and some information about the purpose of the transfer.
Thanks Laxmi,
It is too complicated for me to do it so fast, but I think I will do it before the end of February even if it somewhat expensive when it comes to the reduction of the first cash dividend. After all I look forward with excitement to the first cash dividend.
Yes, Snow -- You are entitled for 6,024 additional shares in each vertical - For this you would have to pay $60.24 per vertical (6024x $0.01) additionally before the 4th of December 2023.
Dear Laxmi,
When I reread your post I notice one piece of information I did not pay attention to in my post: "For every 3 shares in Cow 2 shares are granted in each of the Gold, Rice and Food Cart (My Indian Meals) verticals." Since I will own 100,000 shares in Cow I will be granted 67,000 tokens/shares in each of the verticals, assuming I have paid 1 cent for each of those tokens/shares. I have already paid for 70,000 tokens/shares in each of the 9 verticals.
But I am also entitled to some tokens/shares in the verticals on the strength of my 7945 shares in ITUP. When this is taken into consideration I guess I would be entitled to a bit more than 70,000 tokens/shares in each of the verticals if I transferred a little more money. Part of my previous post may be irrelevant if the above is correctly understood.
Dear Snow,
Will sure put the notes later today...
Laxmi Prasad
Dear Laxmi,
This seems quite complicated to me. 1 b (i) and (ii) are what I expected. I have paid up for less in the verticals than I could have done. I paid 7,000 dollars but own almost 8,000 shares in ITUP and 100,000 shares in IREEM. Therefore I assume I could have paid about 11,000 dollars for stakes/tokens in the verticals on the basis of the above.
But there are to be 9 verticals but it is only possible to subscribe for tokens in 5 of these before the end of January. One possibility is that I may get get an allotment of about 65% in all of the 9 verticals or of roughly 100% in the 5 first verticals if I transfer no more money than the 7,000 dollars I have already transferred and no stakes in the remaining 4 verticals. My impression is that the first alternative applies. But I also get the impression that I will have the opportunity pay the roughly 4,000 dollars I have not paid so far before the end of February next year, and get the full allotment of tokens in all the verticals that I am entitled to on the basis of my stakes in ITUP and IREEM. But the cash dividend to be paid on December 22 will only be based on the 7,000 dollars I have already transferred. I hope it will be useful for other shareholders as well if you clarifiy this.
Dear All,
I am happy to share -- the festive season is beginning with a very happy note for all our group stakeholders.
1. Grant of Equity into the Verticals
2. Dividend Payout to the Equity Holders of Gold & Rice Verticals.
1. Grant of Equity ---
(a) ITUP Shareholders will have 1 security token for 1 share of ITUP, in each of the 9 verticals that the Group is launching (of which 3 are active now and 2 to become active before Jan 16, 2024 and the rest in the remaining period of 2024).
(b) (i) ITUP shareholders are given 4% equity into IREEM LLC and each unit of IREEM in turn is granted with 6.67 shares of Cow Capital.
(b) (ii) We have accepted some direct equity into IREEM for allocation of shares in COW -- They are given 1 unit of IREEM for every $90 investment and each unit in turn granted with 600 shares of Cow Capital -- Effectively, this means, every dollar of investment into IREEM received 6.67 shares of Cow Capital.
Summing up (b) (i) & (ii) in Cow capital -- For every 3 shares in Cow 2 shares are granted in each of the Gold, Rice and Food Cart (My Indian Meals) verticals. The same ratio will be extended on all other verticals against 3 spac sponsorships, the first one to take place now in this coming 3 months period.
2. Subscription Price
These SECURITY TOKENS in each of the verticals are offered at a nominal value of $0.01 per TOKEN granted against ITUP and Cow Capital shareholding. This means, for every 100 tokens granted, stakeholders have to pay $1.00 in subscription amount (100 x $0.01 = $1.00).
We have received this subscription amount from some of the shareholders but some are yet to send this subscription amount.
We have to receive any pending subscription amount on or before the 4th of December 2023.
We will be adjusting Staff subscription dues out of their compensation receivables from the company.
Stakeholders may, for now, opt to subscribe for tokens (each @$0.01) they are eligible for in My Gold Grams, Masala Agri Corp (RICE) and Food Carts (My Indian Meal). They may subscribe for Sura (Whiskey) and Fractional Plane Seat Tokens (AERO) later on or before Jan 16, 2024. Those who already paid may ignore this message.
What if someone chooses not to pay token subscription amount(s) before the 4th of December 2023 --
(a) Their TOKEN allocation will be kept in abeyance until Feb 29, 2024 (this means they will have time until 3 months to subscribe)
(b) The subscription price per share will no more be @ $0.01 but $0.50 effective 12/5/23 through 1/15/24 and at $1 thereafter until 2/29
(c) Failure to subscribe, the company shall forfeit the stock grant and transfer the stock into treasury and it will be at its freedom to sell or dispose off these stocks to other willing investors at the rate it desires to sell such stock.
(d) No cash grant/dividends shall be paid by the company on any such unsubscribed shares
stakeholders may request for respective subscription wiring details at the following address: IR@mydhan.io
Subscription amount will be received on or before 5pm on the 4th of December 2023. 5th We will close the books.
3. Cash Grant / Dividend Payout on the 22nd of December 2024
Each of the Two Verticals -- MY Gold Grams and Masala Agri Corp shall pay $0.075 per token as cash grant/dividend payout.
This means a token holder on records as of the 4th of December 2023 with 10,000 tokens in My Gold Grams & Masala Agri will be paid out $750 + $750 =>$1,500 in Cash Grant.
4. Token Issuance against certain monies raised by ITUP / LP for other means or previous companies, that were not straight borrowings but also not equity investments: We are planning to close all these obligations by issuing tokens. All original amounts will have 8% pa Return on Investment and the investment value as of November 30, 2023 will be taken as the base for issuance of tokens. Assessed Amount / 90 * 600 * 2/3 shall be the total number of tokens the financier will have from all the verticals combined. This means, if someone supported LP / the company with $90,000 he/she will have 90,000 / 90 * 600 * 2/3 => 400,000 tokens in the 4 verticals combined -- -100,000 each in Gold, Rice, Whiskey and Fractional Plane Seats. Financiers will be able to trade and sell their token holdings, as they like but subject to SEC guidelines, at the then prevailing Net Asset Values, which to my confidence levels will substantially be higher than the valuations at which these tokens are issued to them to convert the borrowings. There is no minimum holding period for non-US persons as these tokens will be treated for them as issued under Regulation S of the Securities Act. Tokens are freely tradable and saleable outside of the US Jurisdiction until the minimum holding period and thereafter following rule 144 they can sell within the United States subject to completion of certain formalities which we shall support the person in exiting. Issuance of tokens helps the investor retain, sell or sell partially any portion of their tokenholding as a rewarding benefit granted by MyDhan / LP in favor of the supporting financier(s). If they retain they will qualify for dividends from each of the verticals. Alternatively, in lieu of Security tokens, one may seek to have utility tokens that are not characterized as security tokens but against delivery of performance / obligation. If the supporting member opts for Utility Tokens vs Security Tokens we will simply issue a 120 day pronote and redeem and burn the tokens off....It is at the choice of the person that we will either issue security / Utility Tokens for the value assessed which is Principle + 8% pa ROI
6. Option for payroll/compensation conversion into Stocks --- All or any portion of the outstanding amounts payable to the staff, whether permanent or independent, staff has the option to convert them into Vertical tokens for $0.15 cents per token. This means for every $1,500 that the company owes as compensation to a staff member, he/she may choose to convert the due amount into 10,000 tokens. Total tokens will be equally split between MyGold and Masala Agri Corp and if the staff member chooses to convert his/her outstanding amount prior to the book closure date, ie., the 4th of December 2024, these shares will also turn eligible for cash grant/dividend payouts. Technically, this helps the staff recover 50% of their compensation in just one Cash Grant/Payout and hence offers the best opportunity for them to capitalize their earnings into stock grants. Equally good for the company as it helps it conserve cash and multiply revenues. There is no obligation for the staff member to exercise this option but if they are betting long-term with increased cash grant frequency from the company, this will be their best choice. Please follow prudence and take your best judgement and decision. No compulsions but will be glad to see the staff improving their stock holdings. One restriction --- No grant is permissible if the staff's overall holding in each vertical is crossing 4% of the total paid up / issued capital of the company. This means, a member cannot exercise conversion that will exceed his overall ownership in the company beyond 4%. Lastly, the option to convert at $0.15 per token is available to the staff only until this 4th of December. Exercise value changes to $0.50 effective the 5th of December and $1.00
5. Further Updates
As you all know we have launched www.MyDhan.io, myGold.myDhan.io and www.Dhanrice.com
We have recently launched www.MyIndianMeal.io to initiate Food Carts Tokenization.
We are renting Cloud kitchens across the US, UAE, UK and Indian states/Provinces. We have signed up with Akshaya Patra in India to have meals prepared in 67 locations. We will be introducing state of the art technology and artificial intelligence and some of the western kitchens will get equipped with Robotic arms, automated processing plants and Drone Delivery Distribution that will help us prepare and distribute meals 24x7x 365 days in mass numbers.
In aggregate, we are targeting 1,000,000 meal packets per day. Towards this, We are importing 300 Tons Basmati Rice (1121 Golden Sella Basmati Rice Pesticides Residue Free Certified) from the Largest Basmati Rice Exporter in India. of this 150 Tons wll land into US, 50 Tons into UK and UAE and 50 Tons will land in Hyderabad and Mumbai to exclusively focus on ready to eat fast food trucks. We have also signed up for 192,000 65g instant noodle packets that will fill in some noodle lovers.
Gold -- We made arrangements to buy Gold bars directly from Edelmetall Germany, Valcambi Switzerland and Emirates, UAE.
MYgold.MyDhan.io will initially focus on US, Middle Eastern & India Markets.
Happy to announce, we are heavily targeting Qualified Retirement Asset Accounts (SD IRA and SD 401 K) and Education Savings Account to offer gold, rice and Indian meal inventory sourcing investments. These SWIM (Systematic Wealth and Income Multipliers) will not just help the investor own the asset (and its growth) but also help them have share in the trading margins we earn in retailing gold tokens.
Whiskey Sourcing -- We have sourced 16,000 casks of New Make Kentucky Bourbon (3,200,000 Liters) from some traditionally reputed Distilleries and are planning to close another 6,000 barrels of Mature Whiskey (saleable) before Jan 16, 2024. While the new make brings up asset growth, mature whiskey helps us engage into trading action that in turn gives current revenues. Our Aim is to achieve 12 million liters of trade (60,000 Casks) in 3 years time. This year alone we have sourced 16,000 fresh bourbon and in the process of closing 6,000 casks mature whisky 3-4 years aged, ready to be traded. In these 3 years, we will establish or acquire a bottling plant. Azmat Shaikh is heading the whiskey operations.
Fractional Plane Seats -- We are in final terms to own and lease the first 18 planes and we will close on this in the first quarter of 2024.
Footprint in Nigeria -- We are working with one Nigerian Company to liaise with Anambra State, Nigeria for establishing 40,000 to 100,000 Hectares of Rice, Palm, Sugar Cane Cultivation and developing Shrimp, Fish and Crab Farms. Mike, Fredrik and Andy will be flying out to Anambra in Jan 2024 to have the state visit and MOU sign up.
FIRST SPAC --we are seriously working towards acquiring our 1st SPAC -- We will complete this in Late December/Mid January 2024...
But we need this First SPAC to kick our valuations to wheel and deal....
Our aim is to make this a $100 Billion Group by 2025 May 31, 2025 and with the way things are progressing I am damn confident we will surpass this target easily.
DATAMATICS & HGS Global -- We have outsourced 192 sales and customer support staff and they will be adding 192 members each month for 9 months until we reach 1,728 sales and support staff numbers. The staff will support the group 24x7 365 days. In addition Datamatics is supporting us in identifying about 72 management graduates from top of the top institutions to handle Knowledge Management.
Launching Legal Support & Advanced Tax Planning -- Dec 10 we are launching My Tula with my daughter lekha as the confounding member (she recently completed her LLB with Honors from the University of Exeter and pursuing her LLM) -- a legal support cell for NRIs (living outside of India) in association with HGS Global and Datamatics appointing 144 practicing attorneys from 12 offices across India and 576 paralegal support staff to handle various legal subject matters - Corporate & Family (Personal), Alternate Dispute Resolutions, FEMA and RBI issues, Sale of Immovable Property and Repatriation of Money, establishment of Public & Private Foundations and miscellaneous other case representations. In the US, we have launched IREEM Global Tax Advisers and are aggressively planning to expand our SDIRA Client base and further merit practicing Advanced Tax Planning over ESOPs, RSPs, Foreign Income and Sale / Disposal of Assets, Investment Homes & Like-Kind Exchanges, Capital Gains & Investment Trading, Public and Private Foundations. Our aim is to achieve 150,000 client numbers by April 2025.
Last Quarter of 2024 / First Quarter of 2025 we will plan listing ITUP directly.
Let us enjoy Christmas big time with dividends wired into our accounts on 12/22 and 2024 will stand out as the most memorable year in our group's history...
We will surely progress to become a multi-billion dollar enterprise with 9 verticals in operations .... 2025 May 31, our goal is to see this group as $108+ Billion market valuation. Very aggressive road map but we will be achieving this given the progress we steered so far...
Sincerely,
Laxmi Prasad
Excellent. Good to hear. Looking forward to this milestone!
K
Dear Karlacorn,
Yes, it is confirmed -- There is no change!
In fact tonight I am circulating a message to the shareholders and I will place that circulation copy on this thread in morning hours,
Laxmi Prasad
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