BitFlowSystems IPO

[WiseOldOwl]

BitFlow Systems Announces the IPO.

Shares Start at .01 BTC each.

Contract can be viewed here : http://dev.glbse.com/cgi-bin/asset?id=8c6af991f581d273228813d648fc8afda102838fb4a1ebd12e7e18af3a9efcd4.xml
And is 100% up to date and verified by glbse

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The only change from previous plans is we reduced the total shares issued to 100,000 from the original plan of 1M. Nothing changes just each share is worth 10 times more and there are ten times less issued.

[whirlpool]

How fast would the server farm running this be?

[WiseOldOwl]

Just to clarify, is your question what the output of the mining operation will be in G/hash's?

[whirlpool]

Yes.

[WiseOldOwl]

Well,
Lets say we sell the IPO out at 25,000 shares .01 each.
That is 250 BTC, or at the moment about $4,000 USD.

3,000 Goes to New cards, we have the hardware to run the cards already. We have had pretty good luck with used 5850/5870 xfx because we just get the lifetime xfx warranty transferred over.
Id say that this IPO Will Bring roughly 3.5 G/Hash a sec to our Setup.  For a Total of 5.4 G/hash. We have more equipment coming after 6/30, we are waiting for a shipment as I am sure many of you are.

The other 1,000 is Going towards a Website/Server Combo For Bitcoinbux.com and Betterbitcoinbureau.info

[whirlpool]

One more question: How is the profit split between you, the investors, and the company itself?

[WiseOldOwl]

Electricity/Debt gets paid first

Any profit gets put into glbse and divided amongst the shares.
currently 20,000 shares are available to the public, I own 51,000, and I have a pair of investors that hold 29,000.

My investors have decided to wait for the IPO, and have made an agreement to sell 5,000 shares giving the public a total ownership of 25% over their 24%. They want to wait for it to go up first which is understandable,
Absolute latest would be 12/31/2011, but I believe they will sell sooner because they have no interest in controlling something they don't understand (Bitcoin in general lol), but rather make a profit.

[WiseOldOwl]

Thanks to our First Investor!!

[WiseOldOwl]

A little Shameless Bumpity Bump.
Lets keep the ball rolling!!

[REF]

how often are dividends paid? Did you put in the 510BTC to pay for part of the shares or did you a lot them to your self with no backing?

[WiseOldOwl]

I issued them to myself. The backing is the equipment, money, and labor i already have invested. I also have to keep control of my company therefore I need to retain majority ownership. If your question is whether I just valued the company I want this to grow into at that much, then no. I put these shares up for a very good price IMO considering what we already have established.
Total IPO Value of the shares offered is only 200BTC, Pretty cheap for 20% profit sharing and ownership.
The dividends are paid quarterly as of now, Although there is a clause that would allow us to switch that to monthly if we all agree.

[WiseOldOwl]

We got our 2nd investor!!

[anodyne]

We got our 2nd investor!!

That must have been me putting the change left on my GLBSE balance into a whopping 16 shares when I saw your offer...

But I'll check back and see how you keep up, so maybe it will be more in the future.

[WiseOldOwl]

LOL
You officially own 1/6250 of the company.
Congratulations
Really though If we make 6250 you made a buck and have you shares to sell still lol.

[anodyne]

I guess it's not the same as owning 1/6250 of Google... but as I said, I might do a real investment if you keep things interesting.

[SgtSpike]

What is your plan for reinvestment of profits into new equipment?

[Jdumond]

Im down as soon as I get home. Stupid work.

[WiseOldOwl]

The calculator we have been using basically does this
Money Generated - Bills(Electricity/internet/Servicerelated) - 20% towards Equipment Debt/purchase = profit

So basically 20%. If we owe because we leased it then we pay the debt, if we are payed off then we buy or lease something new.

This is something that is flexible, depending on the companies various projects. If we cease to need new equipment for whatever reason, obviously we will adjust it accordingly. Example being that another project takes off more than mining, and we need to focus reinvesting resources into that.

[SgtSpike]

Another question.

You mentioned a "team" of people.  Who comprises this team, and what sort of experience do they have?  Also, how are they being compensated?

[WiseOldOwl]

If you mean the team statement from the first post, I kinda meant it was going to be everyone who joined will make a team.

But the only actual team there is now is
Myself,
Two investors with fairly limited knowledge of bitcoin,
1 PC Cafe operator who holds no ownership in this company but rather I hold 30% in his,
And A Fairly Decent Programmer.

The only ones who get compensation out of the profit are the two investors, their situation is described a few posts back.

The programmer is paid on a job by job basis, but he is vested in bitcoin, and is considered on standby or retainer for us.

We are all friends of different ages and backgrounds,
The two investors have financial backgrounds, i.e stocks, bonds, PPM, IPO, etc., futures