https://litecointalk.org/index.php?topic=3126.msg244791#msg244791Hi everyone,
I apologize for the lack of updates, and am working to start providing more updates frequently this year.
Dividends are set tomorrow for approximately 1.68 BTC initially (1/15), and an additional 1.00 BTC on or about 1/20 - this is due to the huge loss in BTC/USD today, as I'm working on purchasing more BTC from company funds to increase volume. Additionally, it should be noted that the listing fee for Havelock (the monthly fee we have to pay to list) reduced dividends by 1.82 BTC for the month (the initial dividend was targeted at 3.5 BTC).
I am working on a fully fleshed out P&L statement that should be available on or around 1/20 to disclose company activity in Q4/2014, and will try to also have something for Q3/2014. For the quarter, we did not profit any funds due to overhead, so the funds in the dividend are coming out of reserve accounts as opposed to a 30% cut from profits.
What's Ahead for 2015
The end of 2014 was somewhat rocky for the company as sales dropped in September through November. Due to rising difficulty and decreasing BTC profitability, we struggled to move new hardware from RockMiner, and (also) had to sell most of it at a slight loss.
Because of the nature of new hardware becoming increasingly restrictive, we've worked on new systems to increase profitability and generate revenues. Primarily, we've noticed that many sizable farms have gone under, or are liquidating old hardware in favor of either exiting the market, or upgrading to newer, more efficient systems. This has allowed us to make purchases of old hardware (such as AntMiner S1's, S3's U2s, as well as some ASICMiner and Gridseed equipment) at very cheap rates, refurbishing the units, and re-selling to markets that have new users that are not seeking tangible ROI, but simply want to mine. This has led to a recovery of sales volume in December and in January of this year so far.
Additionally, we're working very hard on negotiations on acquiring the building we targeted last year - 2150 N Court Street. The owners are preparing to either work with us on a lease or land contract which would allow us to move operations for minimal cost.
The primary goal of 2015 is higher dividends for shareholders. My goal is to reduce overhead required to operate BuyAHash to as little as possible, (preferably close to $0 for lease/utilities and staff payments). A sizable amount of funds have to go into overhead (utilities, lease, staff), which is resulting in little additional capital becoming available to grow the company or release dividends to shareholders. Once we move into the new building, we are going to work to sub-lease a sizable portion of non-essential space to offset and remove any overhead costs for BuyAHash. My goal in the 1st half of the year is to try to ensure that little if any money has to go to overhead for the company. We still have a sizable amount of inventory at our company ($15,000-$30,000 depending on market rates), so there is considerable revenue to be generated - as long as its not being eaten by overhead. Once I've worked to ensure that overhead is not eating at profits, I will then work as diligently as possible to put 100% of profits back into growing stock levels, as well as dividends for the shareholders, to hopefully improve share price, and make your investment more and more viable.
I also apologize for a lack of communication for the past 2 months. I've been working a lot to secure this deal at the facility among other company projects. I am, and will continue to be, fully committed to this project for as long as the future can hold it. I am working on new pictures of the facility to give everyone an idea of what space we'll be using for BuyAHash, and what projects we'll likely incorporate to the space we have at the facility.
Thanks for reading!
https://litecointalk.org/index.php?topic=3126.msg246615#msg246615Quote from: floatyfish1 on January 17, 2015, 11:17:01 PM
Got mine as well.
Benny, is it possible to give us a timetable as to when you expect to finalize the move to the new building?
I am waiting on paperwork from the owners. They are either going to sell it to me via land contract, or are selling it to someone I am working with that will (then) lease it to me at an agreed rate. Its taking longer than anticipated which is maddening.. We're ready to move/relocate the moment that the paperwork is signed, but I do not want to move until that is done. Internet has already been run at the new facility, and we just need to put up walls to get it running.
As for the Litecoininvest passthrough - I do not run that. Unless I am forgetting (as its been a few months since I talked to the PT owner), he should be getting divs paid through Havelock which are then turned in to LitecoinInvest. We have another div coming up soon, so that may be why it hasn't been released quite yet.
Looks like Benny didn't win the auction for the property that he once claimed to purchasing outright. I still recall a nonrefundable deposit of thirty grand. I guess that's gone in the wind.
