Interups Inc (ITUP)

[karlacorn3]

Bullish, but we should know....
I'd dare say that most people who purchased into the 3 verticals did so because it was not a speculative transaction, but rather a direct offer of X amount of tokens, for X amount of dollars, yielding a definitive cash payout by X date (repeating on a quarterly basis), as long as you purchased the verticals on or before the cutoff date. The only variable that has been timely executed was the cutoff date to purchase into the verticals. Unfortunately after more than two months the token transactions haven't completed (not understood).

While I color myself bullish, I do not feel good that all we know is there is a lot we don't know. This was to be a straightforward direct purchase and dividend transaction, wherein we now face a question regarding the second dividend. Base on the current timing, are there to be two dividends paid out at the same time? The offer and agreement timeline would suggest so.

Still hoping to count both chickens....

K

[RealDutch]

Monday is Presidents' Day. That is why we should receive the money on tuesday the 20th. But I agree with you. Don't light that cigar just yet.

[MaterialMind]

I guess we will not know until Monday... Even if we get some sort of confirmation on the 16th, I will not trust it until the cash is in the US account. I do not trust regulators to act swiftly. Even if they do release the money on the 16th, who says it won't be held at the receiving end for a few days? It is a lot of money after all. Remaining bullish overall of course! Just don't count the chickens just yet...

[karlacorn3]

Another date stated as a key date is approaching; February 16th. Are there any issues relative to this date/milestone? With the token in "leu of" fall back established are we still expecting to see the cash dividend and releasing the yet to be allocated tokens?
Thank you.
K

[RealDutch]

Yes. Or you can send an email to [e-mail] and ask her there.

[_lance]

Yes, I am. I see a Likki Palaypu in the group. Should I reach out to her?

Thanks for your help!

[RealDutch]

You should ask Likhitha this. You are in the telegram group, right?

[_lance]

Does anyone know if the address (boxed in screenshot) is supposed to be the one I whitelisted in my wallet, or a MyCow address or the RISO contract address?

The address doesn't seem to match the one I whitelisted.

[RealDutch]

Yes, they are issuing the rice (RISO) tokens now to the shareholders. The other verticals are next.

You should all keep checking you email spam inbox for mail from MyCow support.

[snow]

RD I notice that the number of rice token holders has quadrupled in a few days and the stake of the biggest token holder, which I expect is one of the verticals, is down by about 4 percent in the meantime. This looks promising.

[_lance]

Great to hear - thanks for the update, aandt!

[aandt]

They are working on it, I have my account and have started to see tokens. I am guessing more to come this week.

[LVerstee]

Another nothing burger being served.

[LVerstee]

.....

[karlacorn3]

Laxmi. Sounds great. Thanks for the info!
K

[palaypu0406]

Fixing tons of issues Karlacorm but progressing...

Each client account creation is consuming time because of background check process.
However we requested if we could automate this procedure and bulk transfer ...
Developer team is working to organize this for us...
May be this initial transfer, we will have to undergo this tedious procedure ...
But, We will ready the platform for automated clearance by the time we have the banking partner coming in for retail distribution of tokens.

On transfers, From Monday, we will see increase in the number of per day transfer of tokens...

Laxmi Prasad

[karlacorn3]

So looking at the link, there have been only 5 transfers this month. That's a bit perplexing, no? "Just trying to understand the direction of the boat" 😊.
K

[snow]

RD It looks as if trading of rice is picking up a bit but few trades have happened this year. By checking a few pages I understand why you compared this to trading stocks. I get the impression that Etherscan which seems to be part of Etherneum, which is the second biggest trader of crypto currencies after Bitcoin, is the chosen vehicle for trading the tokens. I had got the impression that it was a Danish firm.

[palaypu0406]

Work is in progress --

[RealDutch]

I don't know. There could be.

[_lance]

I signed up on 1/31 and haven't heard back yet. Do you know if there's a backlog in setting up the accounts? Thanks for all the updates!

[karlacorn3]

Ok. I think I did miss something.
Thanks.
K

[RealDutch]

You can't receive the tokens unless you have a wallet. They have started that proces now, setting up accounts for people. You can see here that they have started transferring RISO tokens, the security rice tokens.

https://etherscan.io/token/0xb87CF5b60111A7145ddfcFcBD2D809088085E056

[karlacorn3]

RD, I just looked back. So with vertical tokens purchased in early December, shouldn't investors have received their tokens then, or certainly by now? I ask because most digital purchases are instant. Excuse me if I have missed something?

K

[karlacorn3]

RD, thanks for the reply.
K

[RealDutch]

No inquiries. Laxmi expects the bank to wire the money on Feb 16.

[karlacorn3]

Another one of our dates was February 1st. Did anything happen?

K

[Punchinello]

I received the Registration As Part of an Entity email yesterday. It says "You have been registered as part of an entity of (my name) with the role of owner. Signatory permissions granted.

You can find out more about your identity in you dashboard here.

I clicked on "here" and it took me to the login page where you enter your user name and password.

I am not sure of the next step. I am registered but that implies I already have a user ID and password. Or do I create my own login and profile and once I am logged on, I will become a member of (my name) in the next step?

[palaypu0406]

Dear Fedel,
you will need to have Wallet Address - if you are unable to create one, we will try to help you out --
Tokens are issued into this wallet securing the cash grant payout -- On or before March 19 if we pay cash these tokens will be burnt off --
If you not you will be to able to redeem these tokens with gold grams that could be liquidated or sold out or partially kept and partially sold out....

[RealDutch]

You need a wallet either way, for your security tokens (=shares you own of the verticals)

Plan is to pay the dividend in cash. But they will also issue utility tokens for these and put them in your wallet.

Best to contact [e-mail] and ask them to help you set up an account/wallet. If you don't have one yet.

[Fedel]

Good afternoon everyone! Sorry for the question. I still don’t understand whether I need to provide the crypto wallet address? Or are we waiting for a cash grant in our bank account? Thanks for the answer!

[snow]

Very encouraging news Laxmi!

[palaypu0406]

Where are you located if I can ask please ...

[MaterialMind]

Cash payout delayed until 19th of March then. I will opt for cash in hand.

I cannot find it now, but I think there was a list of countries to which it is possible to get the gold delivered, and my country was not on that list. If it was, I'd feel more at ease taking tokens. But until the trading platform is in place, and performs well, I will take cash. 💵

[palaypu0406]

Dear All, No queries as of today - Keeping fingers crossed — this means we will have remittance sent out on the 16th and we should receive money between the 19-23, Feb. This will help us gain an additional $8.5 Million from IA & IL based physicians group of which we will set aside money for operational expenses, outsourced staffing compensation plus dgital & social media branding Costs. By March 12 we will gain dollar for dollar match from one Boutique Private Equity with whom we have $600 Million Equity Line arrangement. Names kept confidential. Given this we will set March 19 as the Cash Grant Payout Date unless people choice for absorbing Gold Grains/Grams/Ounces (some people are wanting to retain gold instead of Cash). In this time period, we will also set the platform for trading these tokens... Towards this, we are already working with our Tokenization Platform Service Provider.

Laxmi Prasad

[snow]

RD Then I have misunderstood. I got the impression that it was the only alternative from reading the text. If I receive the cash I can spend it on a potential tax charge. Thanks for removing my wrong interpretation!

[RealDutch]

Snow, converting the cash grant (dividend or utility token) into gold grams and grains by March 15 if the dividend hasn't been paid in cash by then is optional. That is what was missing in the explanation. The utility tokens are issued as an extra layer of comfort.

As for getting your own account for tokens c.q. wallets, it is not a lot different from a brokerage account. And you know all about brokerage accounts so you will get used to it. This shouldn't be a problem.

[snow]

Dear Laxmi It is not important for me to get a quick reply. What is important that I have a valid basis for my actions. For instance I sold some high-risk American shares very recently and bought shares that are less risky for about 30,000 dollars in case I have to pay a big wealth tax this summer. I could not risk that this value had evaporated before summer. This was my real motivation.

[palaypu0406]

Dear Snow,
I just woke up -- The whole of yesterday I was working on things and slept early hours @ 4 am after placing this circulation.
Nothing has changed from our previous understand to what we are doing now.
Will explain in sometime,

[snow]

RD I rceived the e-mail without a problem. It raises some issues that I think should be addressed in a public place since I may not be the only person who is very disappointed. A hope now is that only three verticals have tokens that were supposed to have a commercial value of 10 dollars each at the turn of the year.

[snow]

Dear Laxmi,

I am extremely disappointed to learn that there will be no cash remittance as promised. RD stated not long ago that there would be such a remittance and I had the impression that it would happen by the middle of March at least. To me it is hell to envisage dealing with tokens. I therefore have one question for you. Can you find somebody that is willing to buy the tokens that replace the cash rtemittance for at least half the amount of money I had been promised and that you will remit that sum of money to me? 50% would be about 10,000 dollars to be remitted to me. If you cannot it suggests that the tokens are worth a lot less than the sum of money that was supposed to be remitted.

If you stick to the idea that the tokens in 3 verticals are worth 10 dollars each I may have to pay a wealth tax a of a bit less than 25,000 dollars. If that value goes for more than 3 verticals the sum will accrease accordingly. I have altogether staked about 50,000 dollars in your companies. The return the way you run your business be another 25,000 dollars in a wealth tax which would seem to be based on undocumented value and no cash remittance and tokens that are of no value to me since I can't handle them.

[RealDutch]

Also check your spam inbox. The email was sent using the new mycow.io domain name.

[palaypu0406]

Dear All

Sub: Issuance of Tokens (Security/Utility) into your Digital Wallets - Regarding!

We will be starting to work on token transfers from Feb 1 and hence writing this mail.

As emailed before -- We will be releasing,
(a) Security Tokens into your wallet fulfilling the vertical shareholding you hold in each of the qualifying verticals
(b) Utility Tokens in lieu of Cash Grant Amount payable @US $0.0835 per token in each of the 3 verticals (45 days Redemption: Or or before 3/15/2024)
(c) Utility Tokens in exchange for Investment Support extended to the Group Companies and/or its Founder Laxmi Prasad or against Securities held in ITUP or IREEM but the holder of these shares/securities has not opted to subscribe to verticals (90 Days Redemption Date: On or before 4/30/2024)
(d) Utility Tokens against Compensation payable to the staff whether US or non-US and whether permanent or independent contractors (45 Days Redemption Date: On or before 3.15.2024)

Please note, Utility Tokens are performance obligated like any other Negotiable Instruments and the US UCC turns enforceable.

Upon Redemption, we will issue Gold Granules/Grams in equivalence at the market rate prevailing at that time (spot ask + 1% melt to make + $1.25 per Granule Brokerage) -- Recipient may fully or partially exit out of the Gold in possession at then prevailing Spot minus brokerage. One may note, Granules/Grams are instantly salable in any market.

To issue these Securities / Utility Tokens, we need your blockchain wallet address. Please kindly send this to us as urgently as possible.
If you do not have a wallet address or investor account online with us OR if you do not know how to initiate or proceed with opening an account or receiving these tokens, we will proceed to set up your account with tokens issued into your wallet (that we will be creating for you) and send you those credentials. Thereon, you can request for support by chat from our agents during business hours (9-5pm PST) at https://support.mycow.io/ or email us at [e-mail]. You may also email us at: [e-mail]

Sincerely,

Laxmi Prasad CPA, ACA (India)
Chairman & CEO
My Cow Group of Companies

[_lance]

Great insight, thank you for those details, RD!

[RealDutch]

Some things are confidential. And/or not suitable for the public domain. The company usually doesn't discuss in detail how it finances its operations.

Perhaps you remember, last year we had a big investor from India and we were waiting for that money. The money was wired but put on hold and investigated by the authorities. So that was unexpected and caused some troubles. I don't know the status of that currently.

We were also supposed to ramp up sales, but again, without that big investor, it didn't go as planned.

So then we initiated what you can call plan B or plan C around september. Two asset sales in India totalling $52M. So we are no longer dependent on third parties. That process has been ongoing since september and we should be close now. It's the right approach IMO. We are all waiting for that money. Employees, shareholders, management and some of our business partners. As for the timeline on that, we have been and are dependent on the information we get from the lawyers in India.

[karlacorn3]

RD, Respectfully…I guess what I don’t understand is how/why there were only guarantees regarding the dividend timeline when the deadline for the vertical purchases was established. Everything was simple, buy in to the verticals by date “x” and receive the subsequent dividend by date “y”. I’m unclear as to why all the issues (realized and potential) were not disclosed? People are making strategic financial decisions and the info provided currently is delivered as “matter of fact” which means prior knowledge.

Baffled.
K

[snow]

Thanks for useful information RD!

[RealDutch]

The dividend is $25M. And in a recent update, Laxmi said we will double the $54M coming from India to $108M. Which means the dividend can't be paid right away when we receive the money.

However, nothing is set in stone. Because we have more transfers planned.

[MaterialMind]

Wasn't Laxmi saying they'd escrow everything except whatever amount needed to cover salaries/dividends/other spending? Maybe that also depends on the actual release date. I mean, if you actually do get the money around February 16th, then why not escrow it all?

[RealDutch]

Karlacorn, the final step in the process (getting FEMA approval in India) can take up to 90 days. We are well past 30 days now. Probably half-way. However, if we don't get any inquiries from the central bank by tomorrow then it was said by our lawyers in India that the money will be released on February 16. We should have that update in a few days. Even then, I think we need 2-3 weeks in escrow in order to double that money from $54M to $108M with help of a financial partner (dollar for dollar match).

So we are probably looking at March when the dividend will be paid. I don't see how it can happen in February. The important thing is to get the first cross-border transaction done. Then subsequent transfers, which we are also planning, will be a lot quicker.