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Author Topic: Closing  (Read 14330 times)
smickles
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August 17, 2012, 01:31:56 AM
 #81

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

S²CM - GLBSE:SS
August 16, 2012 (Period: July 16, 2012 - August 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 August
15, 2012. In my opinion the following statements accurately and fairly
present the financial position of S²CM.

S²CM
INCOME STATEMENT
FOR THE MONTH ENDED AUGUST 15, 2012

Revenue:
    Interest Income.........................153.9
    Unrealized Gain in Insurance Benefit....  0.0
    Miscellaneous Income....................  0.0               
    Total Income............................               153.9       
Expenses:
    Share Payment Expense...................  0.0
    Trade Fee Expense.......................  0.0     
    Miscellaneous Expense...................  0.0 
    Total Expenses..........................                 0.0       
Net Income..................................               153.9     

Basic Earnings per common share.............                 0.16819672
Diluted Earnings per common share...........                 0.16819672
Dividends declared per common share.........                 0.16819672

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

Retained earnings, June 16, 2012.............               79.9999937
Net Income for the Month....................153.9
Less Dividends..............................153.9
Increase in Retained Earnings...............                0.0
Retained Earnings, AUGUST 15, 2012..........                79.9999937

S²CM
BALANCE SHEET
AUGUST 15, 2012

ASSETS
Current Assets:
    Cash....................................132.49999410
Investments:
    Deposit Investments....................1000.0
Insurance:
    Guarantee...............................200.0
    Investment Insurance....................100.0
Total Assets................................              1432.49999410

LIABILITIES
Current Liabilities:
    Dividends Payable.......................               132.50000040

STOCKHOLDERS' EQUITY
Common Stock...............................1220.0
Retained Earnings........................... 79.99999370
Total Stockholders' Equity..................              1299.99999370
Total Liabilities and Stockholders' Equity..              1432.49999410

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

Cash flows from operating activities:
    Cash received as interest...............                153.9
    Cash received as return of investment...                 0.0
    Cash received as miscellaneous income...                 0.0     
    Deduct cash payments of creditors and
    expenses................................                 0.0     
Cash flows from investing activities:
    Cash payments for deposit investments...                 0.0
Cash flows from financing activities:
    Cash received from issuing shares.......                 0.0
    Cash payment of dividends...............               129.40000455
Cash at the beginning of the month..........               107.99999865
Net cash flow and June 15, 2012 cash
    balance.................................               132.4999941
Supplemental disclosure of cash flow
    information:
Dividends declared and not paid.............               132.5000004

Notes:

Previous Dividend
    The previous dividend was overpaid by 21.3999996 BTC. As this
    financial report indicates, this will naturally correct itself by
    this coming dividend payment being lower than this month's net
    income by the amount of overpayment.

Common Stock
    The number of issued, outstanding and authorized stock is 915
    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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SaintFlow
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August 28, 2012, 03:32:00 PM
 #82

Is a major price correction coming to SS because of pirate exposure?

account resurrected
the lurking ends
smickles
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August 28, 2012, 04:15:36 PM
 #83

Is a major price correction coming to SS because of pirate exposure?
Should pirate fail to return the BTC that he owes. S²CM  stands to lose 450 btc.

400 of this is insured.

Assuming this occurs, the incidental cash flow will be -50 BTC.

As our share price has traditionally traded well above our NAV, I do not anticipate a significant price correction.

(Edited for wording.)

smickles
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August 28, 2012, 04:25:25 PM
 #84

I have received demand for a stock split.

Some people have been wanting to buy shares in S²CM but have not been able to as the current price per share does not allow them to purchase in the required portions to maintain their desired balance of assets.

As a split does not harm the value held by shareholders, and, due to this demand, would seem to increase the market value, unless there are any objections,

I will arrange a 100-for-1 split to occur on September 4th.

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August 28, 2012, 07:41:27 PM
 #85

I have received demand for a stock split.

Some people have been wanting to buy shares in S²CM but have not been able to as the current price per share does not allow them to purchase in the required portions to maintain their desired balance of assets.

As a split does not harm the value held by shareholders, and, due to this demand, would seem to increase the market value, unless there are any objections,

I will arrange a 100-for-1 split to occur on September 4th.

How do you plan to do it?
Does GLBSE has any provision for it?
If not, how do you identify the shareholders?
And if you transfer extra shares to everybody then there are fees.

Sorry, just curious.
Pajka
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August 28, 2012, 08:05:39 PM
 #86

I have received demand for a stock split.

Some people have been wanting to buy shares in S²CM but have not been able to as the current price per share does not allow them to purchase in the required portions to maintain their desired balance of assets.

As a split does not harm the value held by shareholders, and, due to this demand, would seem to increase the market value, unless there are any objections,

I will arrange a 100-for-1 split to occur on September 4th.

How do you plan to do it?
Does GLBSE has any provision for it?
If not, how do you identify the shareholders?
And if you transfer extra shares to everybody then there are fees.

Sorry, just curious.
Pajka
I plan to arrange the split with nefario personally.

GLBSE does not (to my knowledge) offer a split functionality within their UI.

I very much doubt that we would need to go through some kind of rigmarole where we issue more shares and identify shareholders.

I don't anticipate any fees to be associated with this action.

heh, no need to be sorry, curiosity is good Smiley

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August 29, 2012, 06:21:41 AM
 #87

I have received demand for a stock split.

Some people have been wanting to buy shares in S²CM but have not been able to as the current price per share does not allow them to purchase in the required portions to maintain their desired balance of assets.

As a split does not harm the value held by shareholders, and, due to this demand, would seem to increase the market value, unless there are any objections,

I will arrange a 100-for-1 split to occur on September 4th.

I am very much interested in this ^  Smiley
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September 05, 2012, 12:11:34 AM
 #88

I have arranged with nefario for the split to happen in 12 hours.

All bids and asks will be canceled at that time, so be prepared to re-bid/ask.

Again, this will be a 100 for 1 split.
*If you have 5 shares now, you will have 500 after.
*if the price is 1.6 now, it will be .016 after.

smickles
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September 06, 2012, 04:03:00 AM
 #89

I have arranged with nefario for the split to happen in 12 hours.

All bids and asks will be canceled at that time, so be prepared to re-bid/ask.

Again, this will be a 100 for 1 split.
*If you have 5 shares now, you will have 500 after.
*if the price is 1.6 now, it will be .016 after.
The split seems to have not occurred yet.

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September 06, 2012, 06:37:04 PM
 #90

100 for 1 split has taken place, sorry for the delay.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
smickles
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September 17, 2012, 01:57:56 AM
 #91

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

S²CM - GLBSE:SS
September 16, 2012 (Period: August 16, 2012 - September 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 September
15, 2012. In my opinion the following statements accurately and fairly
present the financial position of S²CM.

S²CM
INCOME STATEMENT
FOR THE MONTH ENDED September 15, 2012

Revenue:
    Interest Income......................... 53.862625
    Unrealized Gain in Insurance Benefit....  0.0
    Miscellaneous Income....................100.0               
    Total Income............................               153.862625       
Expenses:
    Share Payment Expense...................  0.0
    Trade Fee Expense.......................  0.0
    Bad Debt Expense........................450.0     
    Miscellaneous Expense...................  0.0 
    Total Expenses..........................               450.0       
Net Income..................................              (296.137375)     

Basic Earnings per common share.............                (0.00323647)
Diluted Earnings per common share...........                (0.00323647)
Dividends declared per common share.........                 0.00058757

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

Retained earnings, August 16, 2012...........               79.9999937
Net Income for the Month....................(296.137375)
Less Dividends............................... 53.762625
Decrease in Retained Earnings................              349.9
Retained Earnings, SEPTEMBER 15, 2012........             (269.9000063)

S²CM
BALANCE SHEET
SEPTEMBER 15, 2012

ASSETS
Current Assets:
    Cash....................................403.862622

Investments:
    Deposit Investments.....................600.0
Insurance:
    Guarantee...............................  0.0
    Investment Insurance....................  0.0
Total Assets................................              1003.862622

LIABILITIES
Current Liabilities:
    Dividends Payable.......................                53.7626283

STOCKHOLDERS' EQUITY
Common Stock...............................1220.0
Retained Earnings..........................(269.9000063)
Total Stockholders' Equity..................               950.0999937
Total Liabilities and Stockholders' Equity..              1003.862622

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

Cash flows from operating activities:
    Cash received as interest...............                53.862625
    Cash received as return of investment...               150.0
    Cash received as miscellaneous income...               100.0     
    Deduct cash payments of creditors and
    expenses................................                 0.0     
Cash flows from investing activities:
    Cash payments for deposit investments...               200.0
Cash flows from financing activities:
    Cash received from issuing shares.......                 0.0
    Cash payment of dividends...............               132.4999971
Cash at the beginning of the month..........               132.4999941
Net cash flow and September 15, 2012 cash
    balance.................................               103.862622
Supplemental disclosure of cash flow
    information:
Dividends declared and not paid.............                53.7626283

Notes:

Units
    In all reports, the unit of numbers is BTC.

Stock Split
    On September 4th the fund underwent a 100 for 1 split.

Common Stock
    The number of issued, outstanding and authorized stock is 91500
    shares. These shares have limited voting rights which are outlined
    in the shareholder contract
    (https://bitcointalk.org/index.php?topic=74216.0). A dividend yield
    is not yet calculable as S²CM has been in operation for less than
    one year.

Credit Events
    This month saw one of our investments default on their obligations to
    us to such a degree that we do not expect repayment of the principle.
    One other investment which had strong ties to the same debtor. This
    other investment of ours was, however, insured to the extent that we
    did not lose the principle amount in this credit event.

Guarantee
   The full amount of the guarantee has been exhausted by the credit events
   of this month.

Return of Investment
   In order to remove a conflict of interest one investment placement has
   been returned in the amount of 150 BTC.

Signed,
Michael Carver
also known as
smickles
Financial Officer
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imsaguy
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September 17, 2012, 02:06:39 AM
 #92

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

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


- -----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
 
S²CM - GLBSE:SS
September 16, 2012 (Period: August 16, 2012 - September 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 September
15, 2012. In my opinion the following statements accurately and fairly
present the financial position of S²CM.
 
S²CM
INCOME STATEMENT
FOR THE MONTH ENDED September 15, 2012
 
Revenue:
    Interest Income......................... 53.862625
    Unrealized Gain in Insurance Benefit....  0.0
    Miscellaneous Income....................100.0               
    Total Income............................               153.862625       
Expenses:
    Share Payment Expense...................  0.0
    Trade Fee Expense.......................  0.0
    Bad Debt Expense........................450.0     
    Miscellaneous Expense...................  0.0 
    Total Expenses..........................               450.0       
Net Income..................................              (296.137375)     
 
Basic Earnings per common share.............                (0.0026679)
Diluted Earnings per common share...........                (0.0026679)
Dividends declared per common share.........                 0.00048434
 
S²CM
RETAINED EARNINGS STATEMENT
FOR THE MONTH ENDED SEPTEMBER 15, 2012
 
Retained earnings, August 16, 2012...........               79.9999937
Net Income for the Month....................(296.137375)
Less Dividends............................... 53.762625
Decrease in Retained Earnings................              349.9
Retained Earnings, SEPTEMBER 15, 2012........             (269.9000063)
 
S²CM
BALANCE SHEET
SEPTEMBER 15, 2012
 
ASSETS
Current Assets:
    Cash....................................403.862622
 
Investments:
    Deposit Investments.....................600.0
Insurance:
    Guarantee...............................  0.0
    Investment Insurance....................  0.0
Total Assets................................              1003.862622
 
LIABILITIES
Current Liabilities:
    Dividends Payable.......................                53.7626283
 
STOCKHOLDERS' EQUITY
Common Stock...............................1220.0
Retained Earnings..........................(269.9000063)
Total Stockholders' Equity..................               950.0999937
Total Liabilities and Stockholders' Equity..              1003.862622
 
S²CM
STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED SEPTEMBER 15, 2012
 
Cash flows from operating activities:
    Cash received as interest...............                53.862625
    Cash received as return of investment...               150.0
    Cash received as miscellaneous income...               100.0     
    Deduct cash payments of creditors and
    expenses................................                 0.0     
Cash flows from investing activities:
    Cash payments for deposit investments...               200.0
Cash flows from financing activities:
    Cash received from issuing shares.......                 0.0
    Cash payment of dividends...............               132.4999971
Cash at the beginning of the month..........               132.4999941
Net cash flow and September 15, 2012 cash
    balance.................................               103.862622
Supplemental disclosure of cash flow
    information:
Dividends declared and not paid.............                53.7626283
 
Notes:
 
Units
    In all reports, the unit of numbers is BTC.
 
Stock Split
    On September 4th the fund underwent a 100 for 1 split.
 
Common Stock
    The number of issued, outstanding and authorized stock is 91500
    shares. These shares have limited voting rights which are outlined
    in the shareholder contract
    (https://bitcointalk.org/index.php?topic=74216.0). A dividend yield
    is not yet calculable as S²CM has been in operation for less than
    one year.
 
Credit Events
    This month saw one of our investments default on their obligations to
    us to such a degree that we do not expect repayment of the principle.
    One other investment which had strong ties to the same debtor. This
    other investment of ours was, however, insured to the extent that we
    did not lose the principle amount in this credit event.
 
Guarantee
   The full amount of the guarantee has been exhausted by the credit events
   of this month.
 
Return of Investment
   In order to remove a conflict of interest one investment placement has
   been returned in the amount of 150 BTC.
 
Signed,
Michael Carver
also known as
smickles
Financial Officer
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Signed,
imsaguy
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Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

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aura.flux
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September 30, 2012, 10:47:04 PM
 #93

Absolute crap...
guruvan
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October 01, 2012, 05:18:59 AM
 #94

Absolute crap...

 Huh This has been one of the more successful funds on GLBSE, and has some of the best financial reporting.

What's crap?

It'd be awesome if the fund would change some to meet the market changes, and it would be super cool if it was listed on MPEx. I'd keep the shares that I'm currently selling on GLBSE.

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
Bitcoin Oz
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October 01, 2012, 07:18:02 AM
 #95

Absolute crap...

 Huh This has been one of the more successful funds on GLBSE, and has some of the best financial reporting.

What's crap?

It'd be awesome if the fund would change some to meet the market changes, and it would be super cool if it was listed on MPEx. I'd keep the shares that I'm currently selling on GLBSE.

Banco de Kluge
First Pirate Savings and Trust
Hashking's Lending and Deposits
Imsaguy
Starfish BCB

These have all either defaulted or closed. So where does this fund deposit coins when the entire bitcoin deposit market has dissapeared  Huh

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October 01, 2012, 01:51:51 PM
 #96

Absolute crap...

 Huh This has been one of the more successful funds on GLBSE, and has some of the best financial reporting.

What's crap?

It'd be awesome if the fund would change some to meet the market changes, and it would be super cool if it was listed on MPEx. I'd keep the shares that I'm currently selling on GLBSE.

Banco de Kluge
First Pirate Savings and Trust
Hashking's Lending and Deposits
Imsaguy
Starfish BCB

These have all either defaulted or closed. So where does this fund deposit coins when the entire bitcoin deposit market has dissapeared  Huh
Those were just the initial placements. Yes, some defaulted to the point that we wrote off the bad debt, we anticipated this posibility and set up what we referred to as "THE RESERVE". Otheres were 'insured' placements which actually paid the insurance when it was called for. But for the most part, those were short term placements and that BTC is no longer in those places.

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October 04, 2012, 12:56:00 PM
 #97

Absolute crap...

 Huh This has been one of the more successful funds on GLBSE, and has some of the best financial reporting.

What's crap?

It'd be awesome if the fund would change some to meet the market changes, and it would be super cool if it was listed on MPEx. I'd keep the shares that I'm currently selling on GLBSE.

Banco de Kluge
First Pirate Savings and Trust
Hashking's Lending and Deposits
Imsaguy
Starfish BCB

These have all either defaulted or closed. So where does this fund deposit coins when the entire bitcoin deposit market has dissapeared  Huh

GLBSE isn't the only place to invest funds. In fact, it seems it's the worst place to invest funds (but who knew before the end of piracy?). Also,  "fixed income security" doesn't have to mean "publicly traded fixed income security" - there are private investment opportunities available. In fact, the best businesses to invest bitcoin in are not publicly traded.

My main issue is that with SS still listed on GLBSE, it seems unlikely to ever get my original investment back out. Even if SS didn't hold a bunch of distressed assets, there's no one left to buy into my asks........
* guruvan sighs

If it weren't for the GLBSE issue, I'd be perfectly happy to hold out and wait for S2CM to put the reserve to work, and get the portfolio back in shape.

I'd love to hear from you guys how you're going to handle this.

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
memvola
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October 04, 2012, 02:29:42 PM
 #98

there's no one left to buy into my asks........

Unfortunately this is true, but I think it's likely to get better. On the other hand, as long as an asset is listed on GLBSE, the issuer can manually transfer shareholders' assets upon their request to another stock exchange.
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October 04, 2012, 05:51:59 PM
 #99

Unfortunately this is true, but I think it's likely to get better.

Nominated for the "Last Words" award.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
memvola
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October 04, 2012, 07:51:29 PM
 #100

Unfortunately this is true, but I think it's likely to get better.

Nominated for the "Last Words" award.

LOL, so true...
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