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Author Topic: Closing  (Read 14331 times)
smickles
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April 17, 2012, 02:43:21 AM
 #41

April Financial Report

Feel free to ask any questions.

(Best viewed as plain text, fixed width font)

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S²CM - GLBSE:SS
April 16, 2012 (Period: March 27, 2012 - April 15, 2012)

Monthly report which provides a comprehensive overview of the company for the past month.

To the Shareholders of S²CM:

I have completed S²CM's financial statements for the month ending APRIL 15, 2012. In my opinion the flowing statements accurately and fairly present the financial position of S²CM.

S²CM
INCOME STATEMENT
FOR THE MONTH ENDED APRIL 15, 2012

Revenue:
    Interest Income.........................                32.64
Expenses:
    Share Payment Expense...................110.0
    Trade Fee Expense.......................  2.5
    Miscellaneous Expense...................  8.0
        Total Expenses......................               120.5
Net Income..................................               (87.86)

Basic Earnings per common share.............                 0.14403279
Diluted Earnings per common share...........                 0.14403279
Dividends declared per common share.........                 0.053508197

S²CM
RETAINED EARNINGS STATEMENT
FOR THE MONTH ENDED APRIL 15, 2012

Retained earnings, March 27, 2012...........                 0.0
Net Income for the Month....................(87.86)
Less Dividends..............................  0.0
Decrease in Retained Earnings...............                87.86
Retained Earnings, APRIL 15, 2012...........            (87.86)

S²CM
BALANCE SHEET
APRIL 15, 2012

ASSETS
Current Assets:
    Cash.................................... 32.641
Investments:
    Deposit Investments....................500.0
Total Assets................................               532.641

LIABILITIES
Current Liabilities:
    Accounts Payable........................ 10.501
Total Liabilities...........................                10.501

STOCKHOLDERS' EQUITY
Common Stock................................610
Retained Earnings...........................(87.86)
Total Stockholders' Equity..................               522.14
Total Liabilities and Stockholders' Equity..               532.641

S²CM
STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED APRIL 15, 2012

Cash flows from operating activities:
    Cash received as interest...............                32.64
Cash flows from investing activities:
    Cash payments for deposit investments...               500.0
Cash flows from financing activities:
    Cash received from issuing stock........ 500.0
    Cash received as interest free loan.....  10.501
    Deduct Exchange Fees....................  10.5
        Net cash flow from financing
            activities......................               500.001
Net cash flow and APRIL 15, 2012 cash
    balance.................................                32.641


Notes:

As this was the first financial period, and S²CM began operations part way through it's first period, and the initial -and singular- financing fees fall on this period, the stockholders are advised that this period should not be taken as a representative sample of future operations.

Dividend Declaration:

S²CM will pay a cash dividend in the amount of 32.64 BTC on April 17, 2012. This amounts to approximately 0.053508197 BTC per common share.

Signed,
Michael Carver
also known as
smickles

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I have reviewed this financial report and believe it to properly and wholly represent the financial status of S² Capital Management.

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smickles
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April 17, 2012, 06:28:40 PM
 #42

The dividend has been paid. Forward earnings report to follow.

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April 20, 2012, 05:59:26 AM
 #43

S²CM Update:
As of April 19, Banco de Kluge is no longer a borrower of S²CM assets.  Kluge citied reasons related to changes in his operations as to why he cancelled our deposit.  The money that was invested with BDK is already being reinvested as of this writing.  I will update this post when all the funds have been invested in new places.
Another thing to note: this will delay our forward earnings report understandably due to the shuffling of funds.  Expect to see the earnings report in about a week once all the interest payments have normalized.

S² Capital Management | #bitcoin-otc ratings | 1M5j2g4iz4mSwkngrYkqtcmKNGmyDAQzk2
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April 24, 2012, 02:49:23 AM
 #44

S²CM Forward Earnings Report for the April-May Financial Period

Looking ahead, we expect May revenue to be 96.3 BTC. This amounts to diluted earnings per share of 0.15786885 BTC.

This is a forward-looking statement including, without limitation, those about S²CM's estimated revenue and earnings per share. This statement involves risk and uncertainties, and actual results may differ. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and S²CM’s reaction to those factors.

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Looking ahead, we expect May revenue to be 96.3 BTC. This amounts to diluted earnings per share of 0.15786885 BTC.

This is a forward-looking statement including, without limitation, those about S²CM's estimated revenue and earnings per share. This statement involves risk and uncertainties, and actual results may differ. Risks and uncertainties include, without limitation, the effect of competitive and economic factors, and S²CM’s reaction to those factors.
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S² Capital Management | #bitcoin-otc ratings | 1M5j2g4iz4mSwkngrYkqtcmKNGmyDAQzk2
smickles
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May 17, 2012, 02:50:50 AM
 #45

Code:
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S²CM - GLBSE:SS
May 16, 2012 (Period: April 16, 2012 - May 15, 2012)

Monthly report which provides a comprehensive overview of the company for the past month.

To the Shareholders of S²CM:

I have completed S²CM's financial statements for the month ending May 15, 2012. In my opinion the following statements accurately and fairly present the financial position of S²CM.

S²CM
INCOME STATEMENT
FOR THE MONTH ENDED MAY 15, 2012

Revenue:
    Interest Income.........................                93.05
Expenses:
    Total Expenses..........................                 0.0
Net Income..................................                93.05

Basic Earnings per common share.............                 0.152540984
Diluted Earnings per common share...........                 0.152540984
Dividends declared per common share.........                 0.152540984

S²CM
RETAINED EARNINGS STATEMENT
FOR THE MONTH ENDED MAY 15, 2012

Retained earnings, April 16, 2012...........               (87.86)
Net Income for the Month.................... 93.05
Less Dividends.............................. 32.64
Increase in Retained Earnings...............                60.41
Retained Earnings, May 15, 2012.............               (27.45)

S²CM
BALANCE SHEET
MAY 15, 2012

ASSETS
Current Assets:
    Cash.................................... 93.051
Investments:
    Deposit Investments.....................500.0
Total Assets................................               593.051

LIABILITIES
Current Liabilities:
    Accounts Payable........................ 10.501
Total Liabilities...........................                10.501

STOCKHOLDERS' EQUITY
Common Stock................................610
Retained Earnings...........................(27.45)
Total Stockholders' Equity..................               582.55
Total Liabilities and Stockholders' Equity..               593.051

S²CM
STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED MAY 15, 2012

Cash flows from operating activities:
    Cash received as interest...............                93.05
    Cash received as deposit buyback........               100.0
Cash flows from investing activities:
    Cash payments for deposit investments...               100.0
Cash flows from financing activities:
    Cash payment of dividends...............                32.64
Cash at the beginning of the month..........                32.641
Net cash flow and APRIL 15, 2012 cash
    balance.................................                93.051
Supplemental disclosure of cash flow
    information:
Dividends declared and not paid.............                93.05

Notes:

Change in the name of a held asset
    FPS&T is now know as BS&T

Changes in held Assets
    During the course of this month, Banko del Kludge exercised their option to buy back our deposited funds. These funds were then redistributed to bolster the amounts deposited on our other deposit investments.

Accounts Payable
    The entirety of S²CM's debt is owned by Michael Carver and Zachary Snow and includes only the organizational expenses of the fund. This debt imparts no expense to the fund.

Common Stock
    The number of issued, outstanding and authorized stock is 610 shares. These shares have limited voting rights which are outlined in the shareholder contract (https://bitcointalk.org/index.php?topic=74216.0). A dividend yeild is not yet calculable as S²CM has been in operation for less than one year.

Signed,
Michael Carver
also known as
smickles
Financial Officer

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May 17, 2012, 04:26:56 AM
 #46

S²CM Special Announcement

After much careful consideration, both Smickles and I believe it is in the best interest of S²CM, our shareholders, and future investors, to expand the fund in terms of capital.  We have decided that on May 27 of this year, we will issue 305 additional shares of S²CM.  250 shares will be auctioned publicly and will be sold at a price not less than 2 BTC per share.  55 shares will be distributed to the officers of the fund. 10/61 of the total value of the shares issued will be added to the reserve, as per the terms of the S²CM shareholder contract.  All proceeds will be invested along side the rest of the fund's capital.


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After much careful consideration, both Smickles and I believe it is in the best interest of S²CM, our shareholders, and future investors, to expand the fund in terms of capital.  We have decided that on May 27 of this year, we will issue 305 additional shares of S²CM.  250 shares will be auctioned publicly and will be sold at a price not less than 2 BTC per share.  55 shares will be distributed to the officers of the fund. 10/61 of the total value of the shares issued will be added to the reserve, as per the terms of the S²CM shareholder contract.  All proceeds will be invested along side the rest of the fund's capital.
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S² Capital Management | #bitcoin-otc ratings | 1M5j2g4iz4mSwkngrYkqtcmKNGmyDAQzk2
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May 17, 2012, 06:08:36 AM
 #47

I just looked at your recent results and you are providing some decent income. Well done! I looked into to buying some shares. However, I calculated your NAV per share and see that you are trading around 2 times asset value. Shocked After the new issue, you'll come down to a 69% premium. People obviously think these super interest rates are around to stay to be paying such a premium. I'd be interested more at around a 15% max. premium to net assets. All the best!

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May 17, 2012, 06:14:27 PM
 #48

I just looked at your recent results and you are providing some decent income. Well done! I looked into to buying some shares. However, I calculated your NAV per share and see that you are trading around 2 times asset value. Shocked After the new issue, you'll come down to a 69% premium. People obviously think these super interest rates are around to stay to be paying such a premium. I'd be interested more at around a 15% max. premium to net assets. All the best!
Thank you for your encouragement and for taking the time to make thorough attempt at valuing S²CM stock. I'm sorry to hear that you will not be interest in buying S²CM stock at the coming issuance. Although it is unlikely that the current "super interest rates" will continue forever, it is, to my knowledge, the goal of our CFO  to take advantage of them in as safe a manner as is practical for as long as it is practical. I believe that our shareholders recognize and value this in addition to our asset value, superior financial reporting when compared to our peers, and other considerations.

I'd like to finally thank you for posting this publicly. I do enjoy public discussion of valuation of "Bitcoin Securities" (as this forum has classified them) and I can see nothing but benefit to the community coming from such discussion.

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May 18, 2012, 12:24:20 AM
 #49

The dividend has been paid.

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May 27, 2012, 11:06:10 PM
 #50

The second issuance of shares for S²CM has ended.  All 250 shares we sold at 2 BTC each, bought all at once by Azelphur, who was kind enough to make a meme regarding his purchase.

S² Capital Management | #bitcoin-otc ratings | 1M5j2g4iz4mSwkngrYkqtcmKNGmyDAQzk2
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May 28, 2012, 03:45:48 AM
 #51

The second issuance of shares for S²CM has ended.  All 250 shares we sold at 2 BTC each, bought all at once by Azelphur, who was kind enough to make a meme regarding his purchase.

lol.

IOU has some competition in the underwriting business.

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June 07, 2012, 09:12:17 PM
 #52

does this impact this asset? Leaving Bitcoin https://bitcointalk.org/index.php?topic=86110.0
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June 07, 2012, 09:15:16 PM
 #53

does this impact this asset? Leaving Bitcoin https://bitcointalk.org/index.php?topic=86110.0
We'll still be continuing operation. There will be some internal transition and part of that will be taking on a new CIO.

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June 07, 2012, 10:52:28 PM
 #54

A shareholder wishes to raise a dissolution motion.

This motion is said to be raised in light of the fact that splatster will be leaving his position as CIO.

Should the motion pass, S²CM will convert all its assets to BTC distribute the BTC to the shareholders and cease operation.

Should the motion fail, S²CM will continue operation as usual.

This topic is now up for public discussion and voting on the motion via GLBSE https://glbse.com/vote/view/37
If you wish to vote, you must cast your vote before the expiration which is set for 7 days from today.

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June 07, 2012, 11:04:25 PM
 #55

A shareholder wishes to raise a dissolution motion.

This motion is said to be raised in light of the fact that splatster will be leaving his position as CIO.

Should the motion pass, S²CM will convert all its assets to BTC distribute the BTC to the shareholders and cease operation.

Should the motion fail, S²CM will continue operation as usual.

This topic is now up for public discussion and voting on the motion via GLBSE https://glbse.com/vote/view/37
If you wish to vote, you must cast your vote before the expiration which is set for 7 days from today.
It should be known that in the event the motion fails, I will be interim CIO and S²CM will hire a new CIO when we've found a suitable replacement.

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June 07, 2012, 11:14:50 PM
 #56

As the CFO and soon to be interim CIO, it is my considered opinion that it is in the best interest of the shareholders to vote against the motion.
My reason for this opinion is that S²CM's net asset value is well below the current and average share price. I believe that we can maintain a greater share price than net asset value even after splatster has left us.

I mean this to in no way be negative comment on splatster or his performance for S²CM. Clearly he has done us well.

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June 09, 2012, 06:06:06 PM
 #57


-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

A few days ago, Splatster announced he was leaving bitcoin.  Much like everyone else, I was caught by surprise.  My thoughts then proceeded to what do I do about EIEIO?  S² Capital Management had invested a sum of coins with EIEIO and if S² Capital Management is to be dissolved, they're obviously going to need their coins back so they can pay their shareholders.  EIEIO isn't a Pirate Passthrough and only keeps a limited number of coins liquid with everything else being applied to operations, so I made some arrangements to make sure I had enough coins readily liquid and then reached out to Splatster to inquire about the future direction of S² Capital Management.

His response, however, caught me slightly off guard.

In short, I have been invited to be the next CIO of S² Capital Management.  Two things immediately came to mind:

1) What happens with EIEIO?  Isn't it a conflict of interest?

In short, since the arrangements were already negotiated some time ago and there's no current plan to change them, things will operate 'as is'.  If, in the future, there comes a time where  something comes up, then smickles will be deferred to to make the final decision.  EIEIO and S² Capital Management are largely non-competing entities, which greatly reduces the opportunity for conflict.  Everything will be done above board and full disclosure given when warranted.  smickles handles the reporting and dividend payouts, so there is a degree of checks and balances.


2) What happens with S² Capital Management?

In talking with both Splatster and smickles, their largest shareholders have expressed an interest in things continuing 'as is'.  Currently, the majority/all of the investible funds are already invested so as long as payments continue how they are supposed to, S² Capital Management will be exactly as is.

The way forward

I have paid splatster his original escrow money so I now have a large investment in S² Capital Management's future.

Splatster and smickles will work with me to get me caught up on different investment opportunities that S² Capital Management is involved with.

I will speak with any of the known shareholders and answer any questions they might have.

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Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
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June 09, 2012, 06:09:05 PM
 #58

Congrats on the new position. You seem to be the perfect person to take it over.
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June 09, 2012, 06:15:02 PM
 #59

Congratulations imsaguy  Grin

Good luck with S²CM.
Still sad to see splatster leave  Sad


Greetz
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June 12, 2012, 03:00:38 AM
 #60

In the interest of reducing the exposure between my other ventures and S² Capital Management, I've made my first investment decision.  S² Capital Management has invested in the Bitcoin Investment Bank (BIB).  Its on a 1 month contract with the possibility for extension. Hopefully this helps to alleviate any concerns about conflict of interest.

Expect a few more smaller deals to be announced to fully close out my non-management positions with S² Capital Management.  As always, I can be found here on the forums, on IRC, or on Skype if you have any questions or concerns.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
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