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I can't find it in the email what description you should use. Perhaps try this?
"For subscription in IBANK tokens : xxxx tokens at $0.01"
Perhaps the bank will accept that quicker. Just a tip.
Be sure to mention a valid reason for the wire. You know what I mean, the note. I don't know what it is called in English. It's somewhere in the email what you should write.
We have 3 things going currently.
Plan A is the $2.59M wire expected in the US. We learned earlier this week that the IRS is checking with the Indian authorities to see if taxes have been paid. Ugh. Not expecting money any time soon now although we could receive it at any time.
Not much we can do about it. Which is why the focus is on Plan B. We are (re)selling 1.2M gold tokens to the banking clients. The company will gain $3.95 per token resold. So that should be more than enough to cover near term expenses. Expecting to receive that money some time next week.
Plan C is Hong Kong. $50M is available in Hong Kong but Laxmi has to travel there first and set up banking. He could wait for the cash in the US as that will give him access to another $9M token sale to Iowa physicians, before travelling to Hong Kong.
To summarize, payouts to employees and consultants expected next week. Cash grants somewhat later.
Nobody cares what the fk you do.
You keep going on and on.... and on....... and on........ about it. And wasting all of our valuable time. Because the situation has been explained to you.
Verstee, it should be obvious by now that the banks (BofA particularly) don't have a clue what they are doing. They have been misinforming us for many months. It is almost asif this $2.59M repatriation is the first money that has ever been sent back to the US.
Nothing we can do about it. The important thing though, we do have a plan B and C this time. Because none of this is a surprise to me, really.
Yeah, yeah. I was already working on it
I managed to open a Schwab account. One important step completed.
We are very close. I should be fully paid + dividend next 2-3 weeks.
Not getting into the details here.
We should be getting close now.
I was trying to open an account with Schwab Int. just now but there was an error on the website.
I called and they sent me a form by email.
So that should work if the website doesn't work tomorrow.
I think we should just wait for the presentation and Private Placement Memorandum and study those. And also wait for the company results. We know enough for now.
Every vertical is a separate company. We have Cow Capital (Previously Masala Capital) that acts as registered investment adviser. Other than that, all the verticals operate independently as far as I can tell.
For Gold we have My Gold Grams Inc.
We own it, through our tokens. 56%
Another 20% goes to ITUP and CCAC
And the banking group also owns 20%
The remaining 4% is also owned by the banking group (Reserve Now Pay Later).
That is why I asked Laxmi to explain.
I think you will still get only $4.90 for the token. And the difference ($3.60) goes to the company profits.
Depending on the time you sell, you will have generated grains.
The later you sell, the more grains you will own.
I assume these will be sold and credited to your account.
Laxmi ?
We get 25% share of profit if cycle rate = 5-10 days. Only 20% if cycle rate = 12-15 days.
Not sure what happens if cycle rate = 11 days
It is very complicated indeed. We will have to address certain questions one step at a time.
The "Fair Value" he is referring to is the $252 you called price expectation in the worksheet. Assuming a cycle rate of 3 days.
Fair Value = Intrinsic Value = EPS x P/E = 9.35 x 27 = $252.
Has nothing to do with the purchase price or selling price.
1 grain generates 36 grains in 12 months time if cycle rate is 3 days. The investor gets 2/3rds and we get 1/3rd.
These grains are reinvested in Y2.
It will result in exponential growth year after year if...... the market is big enough.
Hence, the substantial P/E of 27 we used, indicating decent growth expectations.
As for tokens being backed by gold, we start with 1000 kg = 15,432,358 grains. or 15,432,358 / 0.6 = 25.7M tokens are potentially covered 60% by gold.
Which also means that the 76M SIRI that we own are NOT covered by 60% gold.
Laxmi said about this, and I quote...
We are all still learning, including myself. While I can answer some questions, I think it is best if Laxmi answers them.
It is complicated even for me, Snow. I don't think anyone will benefit if I post a complicated worksheet here.
The important thing to keep in mind is that we are trading 1,000 kg of gold. The more we trade, the higher the profits, the higher the value per SIRI token. 1,000 kg is a lot. That is like $75M in inventory. We didn't have that money that is why we were planning to start with 100 kg a year ago. But now with the help of the banks (financing most of it) apparently we are doing 1,000 kg. This is news to me too.
And the gain is also dependent on the cycle rate. You know this too. Laxmi just posted what the value is for certain cycle rates. At the end of the first year. That is the important stuff.
By price expectation, you mean fair value? The price will still be close to $8.70 right?
Coming from you, it should be.
Well you can see now why gold at $8.90 could be a good investment. Based on the calculations, based on the assumptions, based on the sales expectations, one has to be careful making statements lol, the gold tokens could be worth $250 (fair value).
And there will be some available. Probably 5-10% of the 76M SIRI currently outstanding will be sold anyways. Heck, I think there are some available already.
Gold will stay that way. And as I understand it, Digishares (and other token platforms) have to send account info of all users to the tax agency. Same as for brokerage firms. It will be mandatory as of Jan 1, 2025. And you will also have the overview of your account and what the assets are worth. So keep an eye on it as Digishares should use the proper sell price, not the purchase price, for gold.
It's simple debt financing, LVerstee. So the company can pay its expenses and pay the employees. And weather a storm should it happen.
Same for me. But the value of the gold token for tax purposes is only 55% of $8.70 or close to $4.80. Because that is what you can get for it in the marketplace if you sell. And that is what you should use to determine taxes due.
We are usually very conservative though. Only problem is (anything) can go wrong. Well, can it? We simply won't know for sure for a while. But the estimates themselves usually are very conservative.
What cycle rate did you use for gold in these calculations?
Based on these assumptions, fair value for the gold tokens = 2.5 / 10.8 x 108 B / 100 M = $250 per token.
Point being, be careful when selling gold tokens for close to $4.90
Laxmi, there is an ignore feature available. I suggest you use it. The world does not revolve around all the irrelevant stuff that one "LVerstee" continues to post.
What on earth is the issue with the budget? I have already seen and reviewed several. It's just that this one is for 6 months. No big deal at all.
Laxmi, nobody cares about the lawsuits. Every company has them. Bigger companies have a whole list of them. It is not of interest to anyone.
Unless you give it a lot of attention, feel the need to reply to everything, defend every detail and turn this forum into a bloody courtroom!
I told you not to waste your time. Most of us shareholders told you. Get back to work or better, get some sleep. And simply ignore the irrelevant stuff from some posters on this insignificant message board. Or you will make matters a lot worse for yourself and everyone else.