Africahead Ipparts (AFA) over the counter ICO (Terms are subject to change until the first sale takes place)
Africahead started an over the counter Initial Coin Offering (ICO) of AFA on 14 August 2018. To date (10 October 2018) no AFA has been sold. The positive side to no sales is, the White Paper can be improved and changed, because the ICO agreement in the White Paper will only take effect after the first sale.
The idea used for Africahead Ipparts (AFA) is a new idea as far as i know. The idea relates partly to philosophy behind cryptocurrency. My philosophy called Intequinism explains partly why cryptocurrencies came into being. Intequinism is partly about "gods" and "goddesses", which are words, best used in inverted commas, to show the historical nature of the words. Socrates said "gods" and "goddesses" have good ideas. His philosophy influenced utilitarian Abrahamic religions and utilitarian philosophy a lot. The Eucharist, for example is understood in context of Socrates's views. Hence, the relevance of philosophy when Altcoins, like AFA, represent Intellectual Property. Currently internally generated Intellectual Property may not be capitalized on balance sheets, unless it was bought. A logical way thus to get the assets capitalized, is to sell it in the form of Altcoins.
Attributes of AFA tokens and the ICO:
Token Type: Ethereum Erc20
Name of Tokens: Africahead Ipparts
Abbreviation: AFA
Authorised Number of Tokens: 480'000.00
Total Indivisible Units: 48'000'000 ipparts
Decimals: 2
Time of ICO: The ICO started on 14 August 2018 and will close when "the event" occurs. Refer to the explanation.
AFA Contract Address: 0xfB48E0DEa837f9438309a7e9F0cFe7EE3353A84e
ICO webpage:
https://www.africahead.co.za/Africahead/RaisingCapital.htmlHighlights of the ICO:
Capital to raise: 500'000 USD.
Tokens to issue: 25'000 AFA = 2'500'000 ipparts.
Price per token: 25 USD/AFA = 0.25 USD per ippart.
Planned use of capital raised:
(1) Repay around 615'000 ZAR, founding capital to founder.
(2) Salaries to form a team.
(3) Developing a decentralized Ipparts Exchange on the Ethereum network, using the economic theory of Intequinism, to help raise capital for startup businesses, in a similar way AFA is used currently to raise capital for Africahead.
(4) Improving the websites of Africahead. africahead.co.za, fonetones.co.za, sastrust.org.
(5) Marketing Africahead and its products, especially the philosophy Intequinism.
(6) Financing Divided Party (DiP) for the 2019 general elections in South Africa with the amount of 1'000'000 ZAR for marketing, and the election deposit for at least one candidate on the national ballot paper.
Explanation and objectives:
The ICO is an over the counter procedure, partly because different currencies can be used to buy AFA and because of a low budget. The bulk of the funding will probably be raised in ETH because offering AFA happens on decentralised Exchange Counters, dealing in Erc20 tokens. The only necessary requirement to own AFA is an Ethereum address, where AFA can be sent to. Transactions however can be concluded in any fiat currency, BTC and ETH, by negotiating via email, telephone or meeting face to face. Payments can also be done with Paypal.
AFA is an asset backed token. It is backed by 48% of the Africahead brand. The Africahead brand consists of primarily goodwill and copyrights. The brand value may not be capitalized on the balance sheet, unless it is sold, because International Accounting Standards prohibit the capitalization of internally generated Intellectual Property, unless it is bought. Usually only purchased "Intellectual" Property appears on balance sheets. That is partly the reason of large differences between market capitalization of companies listed on stock exchanges and net asset values on their balance sheets. The copyrights consist primarily of copyrights on the Africahead transacting mark and Intequinism. The mark consists of the map image of Africa and the word Africahead. Intequinism consists of published books and other writings not published. The deal is, all copyrights I can claim, will be ceded to Moiom Close Corporation t/a Africahead when the first AFA ippart is sold, because then a third party is relevant.
25'000.00 AFA is available for the ICO. 5'000 AFA may be used for paying expenses. No other significant amount of another currency is available to pay for expenses. Therefore the ICO can be called low budget. Low budget ICOs could be good value-for-money, when logic "all"-in-one is relevant. The ICO has partly the purpose of financing a future team, because i cannot on my own make the business succeed. When 25'000.00 AFA will have been issued or 500'000 USD value will have been raised, whichever happens first (the event) the ICO will close, and 48% of the brand will back the issued AFA. Unissued AFA, which is currently all the authorised AFA, is held in trust in Africahead accounts and Exchange Counter accounts. During future issues of AFA, current holders at the time will have first option to buy AFA.
Value:
The brand was valued arbitrarily on about 1 million USD. That means, 48% of the uncapitalized brand, which is being sold with the ICO, is valued at around 500'000 USD. The ICO should therefore raise about 500'000 USD. At Africahead, the quantity theory of money and the supply and demand theory are regarded to value AFA. Supply and demand theory is temporary and quantity theory longterm. Using quantity theory, the USD/AFA exchange rate, should be `48% X Africahead brand value in USD / 25'000 AFA`.
Other matters:
The White Paper also refers to a private placing of equity:intequity, which will decrease my equity holding. This explanation is not complete. Any person interested in the offer should read the White Paper and the webpage where the ICO is hosted.
From the time the first AFA is sold, about 25'000 AFA (2'500'000 ipparts) will represent 48% of the Africahead brand, and the 48% will "never" be for sale again in another form than AFA.
Sincerely
Marquard Dirk Pienaar, B.Acc (Hon), MPhil (Philosophy).
Founder and current owner of Africahead
