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I didn't give you a balance sheet. This is just feasibility. Everyone understands that capex hasn't been spent yet. It will take years to construct the projects. It will take 4 or 5 years just for the palm trees to grow. (We are financing everything. All expenses. As you probably know)
But the good part is, it don't matter to us. Because all of the token sales will happen this year. And we will get 10% sweat equity. The partners in Nigeria as well, for all the work they are doing. Because they will have to run everything, from construction to operations to sales.
Add another 10% currency fluctuation contingency, and this will give you the total project cost (=Capital Investment in the overview).
These projects have been on hold for 6 months. Because we needed funding to pay consultants (partners) in Nigeria and also for the trip to Anambra as we will discuss these developments with the Governor.
What you see is the result of extensive analysis and feasibilty. We still need to do a tiny bit of work on Coconut and Oil palm. For that I need the help of our partners in Nigeria. Mostly on pricing. RAS Aqua I completed myself. I didn't feel like waiting.
We recently introduced the first 3 projects to the banking group. And also the feasibility for RAS Aqua. We will finance 25% from our SDIRA accounts and the banking group will finance > 50%, when we get final approval from them. Shouldn't be a problem.
So when we have basic funding (the $2.59M) then Mike our COO will immediately start planning a trip to Anambra in Nigeria. This will be very exciting. I don't think Nigeria (or Africa) has ever seen such huge investments before. Such commitment. And although we have been delayed by 6 months, we do have the support of several European banks now. Which is crucial. So we can get this going pretty quick. And as you can see, 1 palm token will cost you $100 = exactly 1 tree. So you will own one palm tree for $100.
We plan to get financing done (all of the token sales) during the 2nd half of 2024. For the first 3 projects. Ras, oil palm and coconut.
For the shareholders here, this is what I have been working on the past year. Huge potential in Nigeria. We wanted to start with 100,000 hectares per year but the banking group wants us to start slower with 40,000 hectares until things stabilize. Also, we have to revise the numbers for coconut because prices have been going through the roof the past 6 months. All of this is looking really good. Also, RAS Aquaculture being the most profitable of all our projects, for now.
Yes, that should work.
Initially the gold tokens were valued close to $27. This was based on expected yield, cycle rate etc.
But according to EU regulations, 40% of the token has to be covered by real assets. The banking group wants this to be a bit higher even, at 60%. Which is why the tokens are now valued close to $9 based on 1 grain real asset. Which is roughly 60%.
But with the cycle rate < 15 days, and the high margins we are generating, I believe the tokens are way too cheap now. So why sell them to the public? Why not keep them or sell them to Cow internally? Similar to a stock repurchase program. This way we will get all of the profits instead of only partial profits.
That was my thinking, anyway.
For this we would need money. Perhaps $10M.
Mostly guesses. But lets see what the boss has to say about it 😃
It's like I hear myself talking. But no, this won't interfere with the cash grants. Laxmi is probably thinking the same way already. Let's see what he has to say about this.
We can do both. It's a simple matter of selling some more assets in India (faster). Besides, you will generate more cash for dividends my way.
Gold tokens are too cheap at $9. Why wouldn't you sell all the tokens to MyCow and generate 100% of profits. You probably only need $10M or less for this.
I don't have one. Laxmi mentioned 10% owned by ITUP and another 10% by IREEM. Total 20%. But nothing is set in stone, I suppose.
Vertical cash grants.
It's complicated for the ITUP shareholders. They were entitled to vertical shares 1:1 if..., they were willing to pay $0.01 for the vertical shares. If they didn't, then there will be no cash grants for them. But ITUP is still acquiring a stake in the vertical companies. I believe it is 10%.
Token sales are just starting. SPAC's are just starting. And it gets worse (from a liquidity perspective) because the faster you grow, the more money you need. And this company is growing FAST. Much faster than Nvidia.
The company does have roughly $500M in assets. But it is all in India. And you can see how hard it is to get that money out.
Things are changing quickly though. A year ago the tokens were worth $0.01. Now, some of them are worth close to $27. Value that was literally created out of thin air. But we still don't have any sales. We are still a startup company.
And I could see it coming, Snow. Because I have seen other companies struggle before. They all do... startup companies. But there is nothing more I could have done. I practically got fired 8 times before as I was bordering on what comments are acceptable. All the time...
July, yes. I also tend to mix up April and July. But it is July now.
Nope. I have been living on reserves and loans since April 2023. But as Laxmi stated, I own a crapload of tokens instead.
I guess I was cheering too soon in February of 2023. Always happens, right.
There is no contradiction. They have been paying me systematically, and on time, between september 2022 and march 2023.
I'm not involved with dividends directly. That said, it has always been a high priority for me. I even told Laxmi in early 2023 that if the planned cash dividends are not paid by the end of 2023 (as promised) then I would resign. Because I know how important it is for the shareholders. Laxmi told me at the time, that is fair.
And the reason why I didn't resign is.... force majeure. We cannot pay what we do not have. We have been selling off assets in India since mid 2023. And we are still waiting for clearance and remittance. Specifically, the $50M we are wiring to Hong Kong. Laxmi is very much determined to pay dividends. So those will definitely come. We will even pay them monthly at some point. We have a lot more assets we can sell in India (and we will) and we will generate a lot of cash from sales as well. So it is just a matter of when, not if. And, it will be substantial.
I have been pushing the company on this in the past. But not since mid 2023. There is no point. All we can do is wait.
On internal financing and paying wages, that is a different matter. Because we only need $2M near term. And I have been pushing them hard for the past 15 months.
Now I have a question for you. You indicated somewhere that you are a shareholder. Is it just ITUP or also IREEM and MyCow ?
Yes. I think so. I guess it wasn't so careful
Haha.. I think I was testing him.
I think this is him. He posted this on Nov 3, 2021. One day after the article was published,
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166618675
Don't believe everything you read. The guy that posted that article is an old business partner that didn't work out. I believe he reads and posts on this forum as well.
Most people don't know what we do or how it works. Especially SWIM is hard to understand.
Birdman has been investing in the China space for like 20 years. Although I doubt that he bought any Chinese stocks in the last 10 years or so. Being skeptical is good. Being too skeptical is the reason why he missed the boat with ITUP/MyCow.
He was the one who tipped BDCO. I usually don't follow his recommendations but this one was a slam dunk.
Well, he can still invest his profits in rice, or gold or aero. And make some good money. Or the African projects I have been working on but that would be a long term investment.
I'm working again for the company. It was just a minor glitch. lol. Well, my 2-year contract will end on September 1.
They should reply. But nothing yet.
I think we are talking about the same thing here. Lol.
Uncertainty can be annoying.
I am still a shareholder. But I will enter a quiet period until things settle.
As for the RAS project, we have 5 professionals in Nigeria leading that project now. That was a requirement from the beginning otherwise I wouldn't have wasted my time with such a huge project. They shouldn't be needing me going forward. The same applies to the other projects in Nigeria (oil palm, coconut, sugar, cocoa and rice).
I already said I'm not going to answer any questions.
I'm no longer working for the company. So please don't ask me any work-related questions. Because I will not answer. Thanks.
Be careful. This company doesn't pay its employees.
That money belongs to ITUP. ITUP (and IREEM) will acquire a 10% stake in Cow Group. So most of that money will go to Cow Group.
Yes, the first time is the hardest. The rest should be much easier. Although it will take up to 12 months to sell all of our stock. It will be a gradual process. Nothing wrong with that.
Gentlemen, this isn't hard to figure out.
We are waiting for the the $2.59M to clear in the US. At the same time the $50M in Hong Kong will be cleared. We still expect this to happen before the end of the month (well, hopefully) as there are no further inquiries from the regulators.
The plan is to double that $50M in escrow to $100M. Which needs 10 days. We also need to set up banking in Hong Kong, which could also take 10 days. I would simply use 2 weeks from the time we receive the money. And that is simply it. We can't do it any quicker.
There are perhaps one or two more options as we are beginning to book sales and sign deals with the banking group. But I would just stick to those 2 extra weeks from the time we receive the money. And then we will be able to pay 2 cash grants, probably followed by a third one.
That $52.59M is coming from asset sales in India. Mostly stock. It is our own money. We have a lot more, to the amount of some $400M+. Roughly. We plan to sell all of it. You can never have enough cash. We will use it for dividends, investments in Nigeria, acquisitions, inventory etc.
You mean the soccer games? It's not that far from where I live, I guess. But I don't like crowds. I don't even like people