Re: [LTC-GLOBAL] - ART - building a open art studio [week 32]

[EskimoBob]

Good news.
50K shares are all sold, before the open bidding even got started. 

Thank you to all of you who participated.

[EskimoBob]

Time to publish January reports

Updated January rapports are here: http://tinyurl.com/art-stats  

(Next time I'll use PDF)
 

[usagi]

Time to publish January reports

Updated January rapports are here: http://tinyurl.com/art-stats  

(Next time I'll use PDF)
 

There's a couple of serious problems with your statement. For one, you list "office supplies" as 458 and petty cash at zero. Anyone who has been in an office for any length of time can tell you this sounds off. Can you provide a breakdown of the office equipment please? I'm basically looking for the coffee cups.

Second, you appear to be denominating BTC holdings in litecoins, while also denominating your kiln in litecoins as well, yet you have not stabilized the value of these assets by providing an exchange rate. This makes it impossible to value your security. Please peg an exchange rate for this sheet for bitcoins, litecoins, and the currencies you used to buy the kiln.

Thirdly I am worried about your bank balances being stated at zero. How on earth did you pay for a kiln, and why do you even bother listing a bank account, if you have no money in it? This doesn't make any sense to me. I would have thought, that if you've paid for insurance, and bought office supplies, you would have had to had petty cash or cash in a bank account. I don't think you walked into the equivalent of home depot and swiped your litecoin wallet into the credit card reader ;-) I'm just saying these statements look, well, ok I'll say it, they don't look real.

You said, and I quote the OP, "Our conservative estimates show that in average, 5% ROI per month is achievable. This is at conservative 55% utilisation on average. We like to take the utilisation up to 75% in 3 months or less. At this rate, equipment is paid for before 70% of the manufacturers warranty is up."

Can you please tell us if you're on track for this, and the consequences of your apparent failure? It seems to me, if you are unable to live up to your promises and the manufacturer's warranty expires before the equipment is paid for, this will be a very expensive mistake for the people who trusted you with their money. Hmm. Actually I have a suggestion for you. I've hired an accountant to go over my company's books to make sure we don't publish any misleading or inaccurate information. Would you be open to having your books audited by someone impartial (smickles immediately springs to mind)? You said you would "follow typical bookkeeping rules" and this is a somewhat serious divergence from your contractual obligation.

Fifth. You paid dividends on litecoinglobal.com. Twice. And these figures do not appear in your statement. It almost appears as if the dividends were paid out of the capital you raised. Please confirm this. Will next dividends be the same per-share or half as much? Thanks.

[EskimoBob]

Time to publish January reports

Updated January rapports are here: http://tinyurl.com/art-stats 

(Next time I'll use PDF)
 

There's a couple of serious problems with your statement. For one, you list "office supplies" as 458 and petty cash at zero. Anyone who has been in an office for any length of time can tell you this sounds off. Can you provide a breakdown of the office equipment please? I'm basically looking for the coffee cups.

Calling it "serious problem" is rather hysterical but you are correct, this is a bad account name for small expendable stuff, used around the work shop (washing liquids, scraping/cleaning tools etc). I'll rename it to something more appropriate.

Second, you appear to be denominating BTC holdings in litecoins, while also denominating your kiln in litecoins as well, yet you have not stabilized the value of these assets by providing an exchange rate. This makes it impossible to value your security. Please peg an exchange rate for this sheet for bitcoins, litecoins, and the currencies you used to buy the kiln.

I had LTC set as base currency for the report. I am actually using EUR as base currency. Some accounts are in LTC or BTC.

Exchange rate for the report is is calculated form the closing price of BTC:EUR and LTC:BTC as of 01.31.  I'll add those too.

Here is the same stuff, without converting it to LTC:

Code:

Current Assets (EUR)        0.00
  BankAccount - EUR (EUR)   0.00
  Bitcoins (BTC)          171.20
  Litecoins              5705.82
  Petty Cash (EUR)          0.00
Fixed_Assets (EUR)          0.00
  Kiln 01 60S (EUR)      2310.00
  001 Depr (EUR)            0.00

As you can see, it can not calculate a total, if multiple currencies are used.

Thirdly I am worried about your bank balances being stated at zero. How on earth did you pay for a kiln, and why do you even bother listing a bank account, if you have no money in it? This doesn't make any sense to me. I would have thought, that if you've paid for insurance, and bought office supplies, you would have had to had petty cash or cash in a bank account. I don't think you walked into the equivalent of home depot and swiped your litecoin wallet into the credit card reader ;-) I'm just saying these statements look, well, ok I'll say it, they don't look real.

Bank balances will start showing more activity when we are staring to receive money for cervices.

You said, and I quote the OP, "Our conservative estimates show that in average, 5% ROI per month is achievable. This is at conservative 55% utilisation on average. We like to take the utilisation up to 75% in 3 months or less. At this rate, equipment is paid for before 70% of the manufacturers warranty is up."

Can you please tell us if you're on track for this, and the consequences of your apparent failure? It seems to me, if you are unable to live up to your promises and the manufacturer's warranty expires before the equipment is paid for, this will be a very expensive mistake for the people who trusted you with their money. Hmm. Actually I have a suggestion for you. I've hired an accountant to go over my company's books to make sure we don't publish any misleading or inaccurate information. Would you be open to having your books audited by someone impartial (smickles immediately springs to mind)? You said you would "follow typical bookkeeping rules" and this is a somewhat serious divergence from your contractual obligation.

Fifth. You paid dividends on litecoinglobal.com. Twice. And these figures do not appear in your statement. It almost appears as if the dividends were paid out of the capital you raised. Please confirm this. Will next dividends be the same per-share or half as much? Thanks.

Gratuity (not dividends) was paid our from my own pocket as a donation I made to ART. It was in the last statement. I will not call those payments dividends because divs are paid out from profit.

I am also in the middle of ordering more equipment. Orders are hopefully confirmed by Tuesday and then I'll publish this stuff here too.

The end of the February is going to be lots of fun. By the week 8,  I need have the shop all set up and ready to go because the equipment will arrive and it's time to start generating income.

I am sure, soon I have to give up on KmyMoney. For now, its really simple stuff so no problems.

[usagi]

Gratuity (not dividends) was paid our from my own pocket as a donation I made to ART. It was in the last statement. I will not call those payments dividends because divs are paid out from profit.

I am also in the middle of ordering more equipment. Orders are hopefully confirmed by Tuesday and then I'll publish this stuff here too.

The end of the February is going to be lots of fun. By the week 8,  I need have the shop all set up and ready to go because the equipment will arrive and it's time to start generating income.

I am sure, soon I have to give up on KmyMoney. For now, its really simple stuff so no problems.

Sorry to hear about KmyMoney. But it's certainly nice to know you are on top of things. It seems most investors agree, last I checked ART was up over 10%.

[usagi]

It was me, and I changed my vote to yes because you published the financial statement. I am also a shareholder.

You are trusting money to the person which participated in the campaign to destroy your business. I did not know I was arguing in favor of an idiot. Please, next time you are false accused, do not ask for my opinion.

As I recall I didn't ask for your opinion, but I did thank you for it. Yes, it's true that EskimoBob participated in an organized campaign to defame me. But that is water under the bridge now. EskimoBob is receiving regular scheduled distributions on his investment along with all my other former shareholders. Further, I own some shares of ART. In short, EskimoBob works for me now, Augustocroppo, and in my books that's the way it should be. I have no qualms about what EskimoBob did so long as he pays for it, one way or another. And a 10% return in a little over a month is fine with me. I've evaluated his business plan and I rather like the little setup he has going. It works like this. Either he makes me rich, or he turns out to be a scammer and I get the last laugh. I could care less either way.

I'm sorry you feel I am an idiot Augustocroppo, but if I failed to take advantage of the opportunity EskimoBob presented, I would be a piss-poor investor. As a result I would cordially propose that in the end I turned out to be the better man, and leave it at that.

[EskimoBob]

Why don't you two delete your unrelated posts. Move those to another thread, if you have to.

Thank you.

[EskimoBob]

Just a quick update:

We are in week 07 now and all the ordered equipment is still in transit.
We are on schedule.

[EskimoBob]

Kiln has arrived. My goal now is to get it set up as fast as possible. First, I have to get the room ready. Waiting for the landlord to get her ass in gear etc. and then it's electricians turn.
Do not worry, I am not sitting around and picking my nose I am constantly looking for potential clients, etc.

[Atruk]

Kiln has arrived. My goal now is to get it set up as fast as possible. First, I have to get the room ready. Waiting for the landlord to get her ass in gear etc. and then it's electricians turn.
Do not worry, I am not sitting around and picking my nose I am constantly looking for potential clients, etc.

For people who might be interested in renting kiln time with cryptocoins, where roughly might this studio be located?

[EskimoBob]

Kiln has arrived. My goal now is to get it set up as fast as possible. First, I have to get the room ready. Waiting for the landlord to get her ass in gear etc. and then it's electricians turn.
Do not worry, I am not sitting around and picking my nose I am constantly looking for potential clients, etc.

For people who might be interested in renting kiln time with cryptocoins, where roughly might this studio be located?

Promoting litecoin and bitcoin as a value transfer system is on my list.

[MPOE-PR]

We are on schedule.

Oh look, Bob lives! BFL's next rep!

[EskimoBob]

worth

We are on schedule.

Oh look, Bob lives! BFL's next rep!

Oh look, the village idiot MPOE-PRBS is still trolling the forums!
Lets not forget you are paid troll. Every post you make in this forum, is pure spam.

[MPOE-PR]

worth

We are on schedule.

Oh look, Bob lives! BFL's next rep!

Oh look, the village idiot MPOE-PRBS is still trolling the forums!
Lets not forget you are paid troll. Every post you make in this forum, is pure spam.

Getting back to the irrelevant point at hand, when's your hardware getting delivered exactly, Josh?

[usagi]

worth

We are on schedule.

Oh look, Bob lives! BFL's next rep!

Oh look, the village idiot MPOE-PRBS is still trolling the forums!
Lets not forget you are paid troll. Every post you make in this forum, is pure spam.

Getting back to the irrelevant point at hand, when's your hardware getting delivered exactly, Josh?

I'm more interested to know how EskimoBob managed to lose almost 300 bitcoins of his investor's money. The largest bid under .851 is now .5 litecoins, and this is despite the price of litecoins being half what it was when he started. There aren't even 2000 shares on the bid. There is zero buying interest in ART.

When you look at those figures in US dollars, it's even worse; EskimoBob lost over $10k of his investor's money. Weird.

[🏰 TradeFortress 🏰]

worth

We are on schedule.

Oh look, Bob lives! BFL's next rep!

Oh look, the village idiot MPOE-PRBS is still trolling the forums!
Lets not forget you are paid troll. Every post you make in this forum, is pure spam.

Getting back to the irrelevant point at hand, when's your hardware getting delivered exactly, Josh?

I'm more interested to know how EskimoBob managed to lose almost 300 bitcoins of his investor's money. The largest bid under .851 is now .5 litecoins, and this is despite the price of litecoins being half what it was when he started. There aren't even 2000 shares on the bid. There is zero buying interest in ART.

When you look at those figures in US dollars, it's even worse; EskimoBob lost over $10k of his investor's money. Weird.

Umm, are you really saying that? 

[usagi]

Umm, are you really saying that?  

Well, it's difficult to peg an exact number of how much money he lost so far, but $10,000 is probably an upper limit considering deprecation on the kiln that hasn't been baked into the cake yet, and stuff like office supplies which will be coming out of the company kitty every month from now on (and, keep in mind, there are no profits because there is no equipment the equipment only recently arrived). Also keep in mind, that once he spends money on stuff like a kiln it disappears; if the company fails he will not be able to sell the equipment for anything near what he paid for it (if at all). He has to turn a profit, and reliably. This company will not be valued at it's assets. It will be valued at a multiple of earnings because the assets have little to no intrinsic value. I suspect this is why the bid is around .5 -- they might be lucky to get 50% on used kilns, etc. were the business to fail and they are forced to liquidate.

How much did he lose so far? Difficult to say; he IPO'd 105,000 shares, at 1 LTC/share, and 0.005/LTC/BTC and $25/BTC that's $13,000. So let's take a look at the liquidation value:

1. BTC rose to $35,
2. but LTC fell to 0.0022,
3. so at 0.5 LTC/share, if you denominate things in US dollars, ART lost very close to $9,000 in real terms.

Actually I can't remember the BTC price he IPO'd at. If it was $20, then he only lost $6,000. But it's some huge number like that. His share price is already down to 0.85 best-case; he's going to have to sell a lot of mugs to make up for the loss.

If we try and be nice and say 0.0025/LTC/BTC and 0.85 share price, then ART lost 30% ($4,000). You have to denominate it in USD, or other fiat, because they're buying real world stuff to work with. They don't hold assets in LTC or BTC. So this is pretty much a fact. I think the main reason is because the equipment was late and investors are probably starting to realize that EskimoBob has changed his story a couple of times away from his "four artist friends" towards "I can't wait to set up the kiln and find customers", etc. So this is probably a buying opportunity if there ever was one. Now is the time to pick up cheap shares of ART. If you like EskimoBob's security you can get in now at a deep discount while other investors panic.

I'm hoping his kiln arrives soon. He can probably pull himself out of this hole if he sells enough mugs. Please note I may be wrong; EskimoBob is due to release his February Financial report any day now, and we will be able to see how his company has been doing then.

[EskimoBob]

Umm, are you really saying that?  

Well, it's difficult to peg an exact number of how much money he lost so far, but $10,000 is probably an upper limit considering deprecation on the kiln that hasn't been baked into the cake yet, and stuff like office supplies which will be coming out of the company kitty every month from now on (and, keep in mind, there are no profits because there is no equipment the equipment only recently arrived). Also keep in mind, that once he spends money on stuff like a kiln it disappears; if the company fails he will not be able to sell the equipment for anything near what he paid for it (if at all). He has to turn a profit, and reliably. This company will not be valued at it's assets. It will be valued at a multiple of earnings because the assets have little to no intrinsic value. I suspect this is why the bid is around .5 -- they might be lucky to get 50% on used kilns, etc. were the business to fail and they are forced to liquidate.

How much did he lose so far? Difficult to say; he IPO'd 105,000 shares, at 1 LTC/share, and 0.005/LTC/BTC and $25/BTC that's $13,000. So let's take a look at the liquidation value:

1. BTC rose to $35,
2. but LTC fell to 0.0022,
3. so at 0.5 LTC/share, if you denominate things in US dollars, ART lost very close to $9,000 in real terms.

Actually I can't remember the BTC price he IPO'd at. If it was $20, then he only lost $6,000. But it's some huge number like that. His share price is already down to 0.85 best-case; he's going to have to sell a lot of mugs to make up for the loss.

If we try and be nice and say 0.0025/LTC/BTC and 0.85 share price, then ART lost 30% ($4,000). You have to denominate it in USD, or other fiat, because they're buying real world stuff to work with. They don't hold assets in LTC or BTC. So this is pretty much a fact. I think the main reason is because the equipment was late and investors are probably starting to realize that EskimoBob has changed his story a couple of times away from his "four artist friends" towards "I can't wait to set up the kiln and find customers", etc. So this is probably a buying opportunity if there ever was one. Now is the time to pick up cheap shares of ART. If you like EskimoBob's security you can get in now at a deep discount while other investors panic.

I'm hoping his kiln arrives soon. He can probably pull himself out of this hole if he sells enough mugs. Please note I may be wrong; EskimoBob is due to release his February Financial report any day now, and we will be able to see how his company has been doing then.

I am going to preserve that fine piece of analysis for the future generations

PS! I really love that "real world stuff". BTW, it IS! better than imaginary stuff...

[usagi]

I am going to preserve that fine piece of analysis for the future generations

PS! I really love that "real world stuff". BTW, it IS! better than imaginary stuff...

Go right ahead. Also make sure you tell them the guy sitting on your bid is me. I'm your biggest fan, EB, but reality is reality and your stock is losing money.

Where are February's financials? :0)

[EskimoBob]

I am going to preserve that fine piece of analysis for the future generations

PS! I really love that "real world stuff". BTW, it IS! better than imaginary stuff...

Go right ahead. Also make sure you tell them the guy sitting on your bid is me. I'm your biggest fan, EB, but reality is reality and your stock is losing money.

Where are February's financials? :0)

Is that you at 970 shares? Cool