I just spoke with Dave a short while ago.  The conversation was an hour long as we had a lot to talk about.

We ran a lot of numbers and spoke about the aspects of such a large set of orders.  These orders will carry quite a few benefits to the company, one of which is a live viewing of a working 400GH/s unit.  We will be committing to a date for his visit with this prototype to me over the next few days.  He will have a lot more information about the specifics of the deal he can arrange for me, as to be fair to other purchasers, and provide the best deal for LabRatMining and each of it's investors.

He will be confirming that I am in contact with him regularly and the fact that the numbers I will be presenting over the weekend are accurate.  These numbers show the specifics of the previously announced "minimum of 100MH/s per bond" that was in place to avoid any issues in the event of BTC price dropping or any other unexpected expenses.  This number was a very conservative estimate due to the risk factors involved.  The numbers I will be presenting, likely tomorrow, are accurate as of current BTC/USD exchange rates.

Expect a lot of big things to happen over the course of the next week as I remain in contact with Dave as well as other individuals with August ship-date BitFury orders and June/July 2012 MR orders with BFL.

Dave and I agreed that putting all of your funds toward a single manufacturer is not a smart move, but BitFury may secure a significantly larger purchase from LabRatMining as it has greater benefits to the company and it's investors.

As a feature of security, BitFury has agreed to "lock-in" my place in line without delivering funds until a working prototype is presented.  This is to ensure that no funds are allocated irresponsibly.

I apologize. I thought I answered your question clear enough. I will be making a statement within 24-48 hours that will without a doubt clear it up completely. I will likely compensate myself very little at the beginning as to allow for further expansion and the fact that I can live without it. I would like to have $20,000 set aside at all times (possibly more as the company expands) in case of an emergency. I will give full disclosure on the allocation of funds as discussed. I'm taking far less than the 20% discussed initially to provide earlier orders, but a maximum of 20% should be allowed for expansion in terms of racks and hosting.

Edit:  I have numbers drafted, I'm just making them presentable.

The 20% in start-up expenses include but are not limited to, warehouse rent and renovation (I've begun this already with my own personal funds), lawyer and accounting fees, management fees, and leaving a minimum surplus for unknown or unrecognized expenses as the company moves along.

Pertaining to your questions regarding management fees, I have put between 250 and 300 hours into this company over the last couple weeks, as well as many hours before that.  I will of course be compensating myself for those hours spent.

I would like to share initial estimations of the allocation of funds.  I will be updating the website in the next 24 to 48 hours with this information so that all potential or current investors may analyze the data.

This was in my business plan, but I did not make it public.  I am working on some documents and spreadsheets, as suggested, that I will be publishing.  I have no problem including these in the contract as they are/were my plans from the beginning.  I wanted to promise a minimum and shoot for higher.

I know MrTeal quite well and like his project. The only thing that separates him from BitFury is that BitFury's chips are more power efficient. If he gets his chips in and gear assembled before BitFury starts delivering it may be worth it though.

Thank you for taking all factors into consideration as I have done the same. I would like to correct you on one point though. Its not 60% of coins mined that goes to the customers. Its 100% of coins mined with hardware purchased using 60% of bond funds. Some of the company's mining dividends will go toward raising the total Hashrate though so some of the money reserved is still working for investors.  You mentioned that the numbers become much more appealing with the use of BitFury's numbers. Although BitFury's numbers are nice I dont believe anyone should put their trust in a single manufacturer at this point. So please consider a combination of BitFury and Butterfly Labs at this time. On top of my contact with BitFury I have also begun securing June and July 2012 MR orders and some August ship date BitFury equipment from individuals in the community I trust. I appear to have 3-5 TH lined up as of this moment that will likely be delivered soon to those original purchasers. I will be going out to pick up this equipment and purchase it in person.

I understand that the sooner dividends are paid the better for everyone and I'm taking that very seriously.

I have my own personal documents, let me work on something I can release to the public in the coming days.  I will not be including BTC/USD speculation as that is impossible to speculate on from hour to hour.  I will however include many scenarios of difficulty, as well as different quantities of bonds sold.

The website is a work in progress and will have more readily available forms of delivering information as time goes on.

I was meeting with the individual who is managing the install of proper AC and electricity to the warehouse.  This will be done and dealt with before any hardware is received.  I will be speaking with Dave again today to see how things are progressing and get some insight into when I should be expecting some good news from Bitfury.  

For those of you who are questioning my ability to run the business I would like to state that I am very technical and good with numbers.  That does not make someone capable of running a business and intelligent people will admit what they can and can't do.  This is why I have taken my own personal money and invested it up front in securing a lawyer and accountant to help manage the business and funds accordingly.  I have an electrical engineer available, that will be inspecting the warehouse after all work is completed and before the hardware arrives.  In order to get the hardware up and running immediately upon arrival, all of this work will be completed and ready to go.

I have been working on it and I am hiring grnbrg to do this for me.  He offered to do it for free, but I find that unfair.  He has already begun setting up alternate forms of delivering information to investors as well.

I have been available in at least one place for close to 16 hours a day (some days 20 hours) the past 3-4 weeks, but it will now likely be much easier to get all the required information out.  I have also stated at least 20-30 times across the internet that the best way to get ahold of me, just in case I am away from the computer, is to email me directly. labrat@labratmining.com

I didn't mean to appear to have an attitude toward the potential investors.  I have no problem with those asking questions, but with the people assuming and blaring false information, I don't appreciate it.  There is a fine line between criticism and trolling when it comes to the internet as interpreting the context of a statement may be a challenge. I hope you can understand this much.

I'm not avoiding questions, you could answer them yourself if you read.

1. Do bondholders own the equipment they are paying for?
2. Will there be any transparency for purchase prices? Proof of purchases?
3. Does the company have any assets or experience to justify such a large fundraising effort?
4. What pool will you mine on to prove your work?
5. Why on earth would anyone want to buy into stale BFL orders? Why order from any company that has not demonstrated reliable delivery?
6. When does mining start?
7. What's in it for Lab Rat?

1. No, just the hashrate.
2. Yes (this one I haven't actually answered) I won't be giving out exact info, but Josh and Dave will likely confirm that I have the orders in place.
3. How does one prepare for a large scale mining operation? I have some datacenter experience and know quite a lot about mining.  Is that the kind of answer you're looking for?
4. I will be mining on a private pool to provide security against attackers.  Someone DDoSing pools to mess with the company is not an option, but if you'd like to check my numbers of what I'm paying out you can average a few weeks pay and run a calculator yourself.
5. I will be making purchases with other companies other than BFL.  But I would like to know which company has demonstrated reliable delivery... None of them have delivered consistently or reliably.
6. Mining will hopefully start within 2-4 weeks, but to be conservative I'll say 3-6.  I have a few people with June/July 2012 BFL orders expecting gear soon looking to trade HW for bonds.
7. I will be purchasing an amount of hardware on the side to pay hosting and electrical costs as well as some profit.  If you don't believe I should make a profit for putting together such a company then you may be the one that is unreasonable.

I am trying to be transparent and I'm not ignoring questions... I'm human. I went out for dinner to celebrate my IPO.  Is that such a bad thing? I apologize and will try to be readily available on 6 or 7 forms of internet communication 24/7 from now on.

I have decided to give the bondholders a nice juicy bonus due to such a wonderful opening sale. For every 20k bonds sold I will guarantee a minimum of a 10MH/s per bond increase.

20k sold 110MH/s
40k sold 120MH/s
60k sold 130MH/s
80k sold 140MH/s
100k sold 150MH/s

Those are minimum hashrates and will likely increase once I get to meet Dave. As if LabRatMining wasn't being competitive enough in the market, just had to make the deal that much better.

Please explain to me where having a 4.3BTC share in Asicminer will pay for itself in a reasonable amount of time? 4.3BTC / 0.025BTC per share per week = 172 weeks... Why shouldn't LabRatMining bonds be worth the same ridiculous mark-up as Asicminer?  You're missing the point that some people don't want to have to host hardware and want to enjoy the benefits of mining.  I'm not only offering you the benefits of mining, but at a 7 fold rate compared to most other bond issuers.  You have to consider the fact that mining isn't a sprint, it's a marathon.  Don't ever purchase anything looking for it to pay itself off in 2 weeks...

Those that were sold were sold through BitFunder, not privately.  A few were done privately as to prove to Ukto that there was interest in the company.  Thank you btcmonkey and bargraphics for explaining things to people who choose not to read or can't find what I've typed.

I'll take option 3, minus the derogatory terms please.  Some people were planning on running 3MRs at 1500W not 6750W and don't want to run them themselves.

I apologize for missing a few questions, I have been extremely busy.  I have orders placed going back to Sept with 3 people selling me their gear second hand as soon as they get it (June and July orders)  This total hashrate is in the 2-3TH range I believe... I'm in the process of determining the exact amount.  On top of this, I will be placing a large order with BFL and BitFury.  The size of the BitFury order is unknown as to yet, but will likely raise the hashrate per bond.

So I am following 3 paths at the same time to ensure I get the gear as soon as possible, but I can't be sure as to when either of these companies can ship... It's not a matter of exact date, but rather relative to everyone else shipping...

I hope I have answered your question, but to be honest, it is impossible to give you a date for everything at this time.

I'm sorry you feel as though it wasn't thought out, maybe I didn't like either a bond or a share scheme.  One the investors are locked in at a certain hashrate even if new tech comes out meaning their dividends are constantly shrinking.  The other, I would have to keep shares as to maintain ownership of my own company which gets messy if I want to issue new shares...

I just wanted something that could reward both parties and increase in worth over time instead of deteriorate in value.

Also thank you for being understanding of the fact that I should not run a high scale mining company and put myself in the hole while doing it.  I have already sunk hundreds of hours and thousands of dollars into this company before I took a dime from anyone.  I didn't even take money from the few individuals I let pledge initial investments to me.  They were only there to see if there would be interest in my starting up a company.

BitFunder.com : https://bitfunder.com/asset/LabRatMining

Where do you see a 15% fee included? It will be a zero fee company with all running costs covered by the company for life... As well as that, the hashrate per bond will be increasing over time.  In fact Dave from BitFury has agreed to fly out to meet me in order to present a working prototype to me.  I will likely be investing in BitFury a significant amount which will increase the hashrate per bond significantly.

I said a minimum of 100MH/s per bond, and I'm covering hosting and electrical costs for life... I think I deserve to buy the company a little hardware to pay for that, and as with every company some profit should be included for the individual(s) going through the hard work to set up such a massive operation.

Yes I am the Lab_Rat from the BFL forums, you can confirm this by viewing I made the same posts there.  To those of you who say that I am giving no detail and only investing in BFL, please actually read my posts, or don't reply.  Bitfury is a major competitor at this point and I will likely be meeting with them shortly and making an equivalent purchase with them, which will provide the earliest dividends possible to investors.

Post at BFL Forums: https://forums.butterflylabs.com/bitcoin-business-directory/3712-lab-rat-data-processing-llc-labratmining-official-announcement-3.html#post47502

The asset will likely be going live tonight, given I can get ahold of Ukto.  The bonds will not be listed tonight, but rather Wednesday 7/17/2013 at 8AM Eastern Time (UTC -05:00) in full.  This will provide the opportunity for individuals to put up buy orders to secure bonds if they do not have the option to make a purchase at that time.

Everything is now finalized and ready to go 100%.

Below you will find the details listed on the asset, <url to asset once Ukto gives the go ahead>

Summary:

Bonds:
Each 1 bond of LabRatMining represents a portion of the total hashrate owned and operated by LabRatMining.

This initial amount is guaranteed to be a minimum of 100MH/s per bond, but with future installments of the company the hashrate per bond will also increase.  Depending on the speed at which the initial offering of bonds is completed, the 100MH/s estimate could raise rather quickly.

The current estimate for hashrate following the third installment of the company is over 200MH/s per bond.

Dividends:
Dividends are to be paid out weekly on Saturdays around 12 noon (Eastern Time UTC -5:00)

Dividends are to be paid out in the full amount with 0% fees (no fees for power, hosting costs, etc.)

Voting Rights:
Bondholders in LabRatMining do not have explicit voting rights, but concerns and questions will be heard and tended to.

Bondholders Terms/Benefits:
•   These bonds are not attached to any BTC exchange in any way, shape, or form and will remain in the bondholder’s possession in the event of an exchange dissolving or LabRatMining separating from that exchange.
•   No fees will be placed upon the dividends that are to be paid out to bondholders for electricity or hosting.  100% payout of the hashrate the bonds represent will be paid in full to the bondholders.
•   In the event of new technology, making this operation obsolete, an upgrade option will be presented to bondholders in an attempt to keep them valid within the mining community.  Company funds will be used to subsidize new investments.
•   We are NOT including a forced buyback policy for shares or bonds like that of many other mining companies in an attempt to scam individuals into purchasing hardware for them.
•   LabRatMining reserves the right to adjust the price and/or quantity of bonds being offered for new sale at any point in time.

Description:

Lab Rat Data Processing, LLC
LabRatMining

Official Release
Lab Rat Data Processing, LLC, a NJ company, operating under the trade name, LabRatMining is a company that will be operating as a mid to large scale miner for Bitcoins paying out dividends/returns to bondholders.  Each bond in the company represents a portion of the overall hashrate owned and managed by LabRatMining.  LabRatMining plans to expand mining operations to maintain a presence in the mining community for years to come.

Bond Structure – It is intended 100,000 bonds will be sold during the initial offering.  These bonds represent the hashrate that these machines produce rather than the hardware itself.  This allows for control of the company without taking mining profits from investors and bondholders.  Future bond offerings of the company will be funded by intended additional sales in increments of 50,000 bonds.  These bonds will be nonrefundable and non-callable as per traditional bonds.

Public Offering – 100 000 bonds will be made available to the public.  The bonds will be tiered in value beginning at 0.15BTC/bond with each consecutive 20 000 being 0.01BTC higher.
20 000 bonds @0.19BTC
20 000 bonds @0.18BTC
20 000 bonds @0.17BTC
20 000 bonds @0.16BTC
20 000 bonds @0.15BTC

This 100 000 bond count being issued during the initial sale of bonds is slightly shortened due to a few(7) initial investors who were sold bonds before the initial offering to the public, to provide proof of interest to Ukto.  These bonds are being sold initially from the bonds being offered at 0.15BTC.

These prices are first come first serve, and the prices are not guaranteed to any individual purchaser.  By placing a buy order for a mining bond, you are agreeing to all terms and conditions contained herein.  That includes that your order will be processed based upon the order in which it's received and there is no guarantee to any individual investor that they will receive any specific purchase price listed above.  Orders will be filled based upon the lowest available price of the bonds which may necessitate a particular purchase order to be divided between bonds of different values.

Dividends/Bond Value – Each bond will receive a minimum of 100MH/s* worth of mining profit in dividends/returns (all dividends are intended as contractual returns based on investments and may simply be referred to as dividends for future purposes) on a weekly basis.  The first payout will be at the end of the second full week mining.  If the entire 100 000 bond initial offering is not sold immediately, bonds will represent an equivalent portion of the processing power included in the operation at that time.  If it occurs that multiple installments of hardware are required to fulfill the public offering’s expected hardware, the earnings of each installment will begin to be paid out in dividends on the second full week of each installment.  Dividends will be paid out on Saturdays ~12 noon Eastern Time(UTC -0500.)

*Plans for Expansion – It is intended the initial sale of bonds will result in at least 10TH/s being controlled and paid out by LabRatMining on a weekly basis.  The 10TH/s current estimate is subject to increase depending on the speed at which the public offering is completed allowing for further expansion.

The next installment will be offered up in bonds at the beginning of the week following completion of the initial offering.  This set of 50,000 bonds will be put up for sale @0.25BTC/bond or market value +-5% at the time of the bonds being issued, whichever is of greater value.  This installment will add at least 15TH/s to the companies mining operation, and with it will follow an increase in dividend payout to a minimum of 166.67MH/s per bond (this may increase depending on company expansion).  This not only gives the new investors an increase in dividend payment, but gives greater benefits to the initial and early investors.

It is intended the third installment will likely mimic the second installment thereby potentially increasing the company’s total hashrate to 40+TH/s which will in turn bump the dividend payout to 200+MH/s per share.  All the forgoing and following estimates presume a fully sold out bond/contract offering and returns for mining based on certain historical data for returns of similar operations.

It is intended installments in the operation will continue to occur which will provide more value to the company as well as more value to each individual bond as the company matures.  These expansions, if they occur, will likely grow the company and our mining capacity in size which will provide further expanded payouts in the form of dividends (or increased dividends to investors).  It is currently intended a portion of the money the company receives in revenue from bond sales and mining will be used to expand the operation which will further increase dividends per bond.  It is currently intended the company will be adding to the bondholders hashrate on a regular basis as the company expands so one should expect to receive greater dividends than those explained above.

LabRatMining is in no way attached to any hardware manufacturer at this time and has not pledged to continue to host a lone company’s hardware.  If, in due time, LabRatMining decides to become affiliated with a mining hardware producer or begin developing our own technology, we reserve that right.

Initial purchases will be, and have been, placed with Butterfly Labs, Inc.  We believe they currently have the most efficient hardware hitting the market.  However with existing and new companies continually coming out with newer, better, and more efficient hardware, our company will be dedicated to purchasing what we believe to be the best available product on the market at that time.  We reserve the right to determine at that time what we believe to be the best such available products for purchase.  At this time, in addition to current technologies available, we are investigating new technologies which have recently been announced to the public by BitFury.

Why LabRatMining?
LabRatMining is offering bonds at far less cost to bondholders than almost all, if not all bond issuers.  Some are issuing bonds at 7+BTC/GH/s whereas these bonds are being offered initially between 1 and 2BTC/GH/s.  This is three to six times as profitable as AsicMiner’s Block-Erupter USB devices already and it is intended these bonds will increase in hashrate per bond over time as an additional added bonus to the purchasers (although this is not guaranteed).  Lab Rat is providing a great service to those who either can’t host the equipment they would choose to mine with, or would rather not host.  The company and its owners are taking on substantial risk in this investment and managing these devices for an extended period of time.  The company is providing a service that will allow for ~100% up-time by having measures put in place to make sure that HVAC, electricity, Internet, a private pool, and a hosting location are always available for this operation.  The company will be tending to the hardware to keep it clean and running properly.  The company shall be responsible for dealing with hardware manufacturers regarding defective units in the event of a unit failure.

•   The bonds discussed above do not represent traditional bonds, but what are commonly known as PMB’s or Perpetual Mining Bonds.  Another commonly used term is Mining Contracts.  These bonds are not traditional bonds as offered by publicly traded companies. PMB’s are actually private contracts with anticipated returns based on investments into the company.
•   This is an announcement of the company and is not a final binding document regarding the IPO.  IPO terms will be released as the bonds become available for public trade.
•   Some initial investors have been secured, but no money has changed hands at this time or will until further notice.
•   A contract is being drafted to allow for purchase of bonds using USD, rather than BTC, which will be available at the time of release.  In order to initiate such transaction, you will have to contact me via one of the listed available methods.
•   This is a privately held, nonpublicly traded company. This company and the PMB's being offered are not regulated by any governmental entities including the SEC or any other agency or board.
•   Returns on investment are not guaranteed. All investments are speculative, subject to influences beyond the company's control and are nonrefundable unless agreed to by the company.
•   All investments are at the investor’s sole risk. You should not invest if you do not understand the investment.  By purchasing a PMB or Mining Contract you are acknowledging that you understand the investment, accept the risks inherent in any investments, and specifically the risks of this investment.

Bitcoin Disclaimer -- These bonds are being purchased in Bitcoin, and all dividends are paid in Bitcoin.  The purchaser understands what Bitcoins are and that they are not guaranteed to maintain any future value or even any value at all.  LabRatMining does not guarantee any such values, nor does it guarantee the future success or stability of Bitcoins.  These bonds are totally dependent upon the value of Bitcoins and are not otherwise secured by any asset of the company or the company itself.  In the event of any devaluation or total devaluation of Bitcoins, bonds may decrease in value, including a decrease in value to 0.00BTC or any fiat currency.  In the event of such an occurrence, bondholders have no right or claim to any assets held by LabRatMining.

Feel free to contact me via PM on BitcoinTalk or Butterfly Labs forums, by E-mail (rat.in.a.lab@gmail.com or labrat@labratmining.com ), or in any chat I am present with any questions or concerns you may have with me regarding this investment, or the company as a whole, and I will get back to you in a timely manner.