Thanks very much for the follow-up, Paul. This does help to clarify things, though there are a few key questions, for me, still not addressed.
In the event that Round 1 does not fully close, all Round 1 investors will receive a refund on their total investment.
In the event that Round 2 does not fully close, all Round 2 investors will receive a full refund on their investment. However, Round 1 investors will not receive a refund since this capital will have been used to pay our vendors for services rendered, hence the deeper discount from Round 2.
This is sensible enough, but the obvious question is whether Round 1 investors are locked in for the long haul or have the opportunity to offload this risk to an interested third-party at some point -- i.e., when will open trading on BLISS shares begin?
Clearly it's against your best interests to initiate open trading too soon as that would undercut the IPO market as the sole source of BLISS shares. On the other hand, without any commitment to there being an open unitholder-to-unitholder exchange for shares, the amount of risk increases substantially for every investor. Personally, I was interested in investing but will not purchase units without a written commitment concerning the start of open trading. I understand that this may classify me as something other than a "true investor" in your business model in that I'm looking for a risk mitigation strategy that doesn't tie me in long-term, but I suspect that you're not going to find nearly enough "true investors" here to pony up 1136 BTC, let alone 9318. If you honestly want to raise that kind of money through retail BTC investors, you need to create a more favorable investing environment and provide more of this detail up front.
Also, Founder shares cannot be traded or receive any dividend payments until all previous investors are paid back in full, starting with Round 1, 2, etc. These terms incentivize us to generate enough profits to fully pay back our investors before we receive any profit distributions. We are fully committed to building a long-term viable business and hence have structured the terms in such a way for us to do so.
What percentage of profits will be paid back as dividends, as opposed to reinvested in the company? This is crucial information but I cannot find it in the Prospectus or any of your posts. It's wonderful on the surface to make this statement about investor payback, but if you'll indulge the skepticism, it's not worth very much without supporting details: you could easily refrain from making any dividend payments to unitholders at all -- both investors and founder shares -- and still benefit immensely from your Founder holdings and all the revenue raised if you go ahead and just reinvest 100% of profits into the business. That is, dividends mean more to us third-party investors than they do to you, so I'm not convinced that the incentives are as aligned as you suggest.
Again, I have to express disappointment that none of this information is contained in the Prospectus and that it's taking interested and supportive (really!) parties here on a forum to try to extract it. You guys clearly have great expertise and this is an exciting venture but the scarcity of information is raising flags for me. A 9318 BTC IPO should warrant more than a PowerPoint deck framed as a Prospectus. I believe that if you were to devote more effort to rigorously documenting and sharing the business details, you'd find more success than the 33BTC you've raised in the first day of trading.
Thanks again and best regards.
