F.DERP September 2014 Statement

Saturday, 04 October, Year 6 d.Tr. | Author: Mircea Popescu
F.DERP incoming and outgoing
Incoming Outgoing
Description Value Description Value
Stock sales 5.11869940 --
Total 5.11869940 Total 0
    F.DERP assets
    Account 01.09.2014 Net change 30.09.2014
    Cash 7`431.77251298 5.11869940 7`436.89121238
    Tangibles 0 0 0
    Intangibles and goodwill 0 0 0
    Total assets 7`431.77251298
    F.DERP liabilities
    Account 01.09.2014 Net change 30.09.2014
    Coverage 50.94249743 5.11869940 56.06119683
    Shareholder equity 7`380.83001555 0 7`380.83001555
    Total liabilities 7`431.77251298

      F.DERP realised no operating revenue this period. The P/E implied value per share is thus 0 BTC. It is faintly expected to realise operating revenue next period, on the vague hope that who knows, maybe the alleged investors in these things actually exist, and maybe even operate within some sort of a rational, market-driven environment. Perhaps.


      I've managed to create the ambiguity mess of all time with the shares in this thing. Specifically, the June statement says

      On or about July 10th 2014, F.DERP will issue a total of 100`000`000 shares, each with a nominal value of 32499 satoshi, for a total of 3`249.90000000 BTC.

      whereas the July-August statement says

      F.DERP issued a further 12`710`945 shares, each with a nominal value of 32499 satoshi, for a total of 4`130.93001555 BTC, bringing the total shares outstanding to 22`710`945.

      whereas the actual contract says


      (a) Mircea Popescu will deposit with F.DERP's MPEx account the sum of 4`657.83 BTC. On the basis of this deposit, MPEX will allow F.DERP to issue blocks of shares adding up to 1% of the total market value of each of the following : D.BPAY, D.BTGO, D.BSTP, D.CBSE, D.CIFI, D.OKCO and D.XAPO - representing respectively BitPay, BitGO, BitStamp, Coinbase, Circle Financial, OKCoin and Xapo. In exchange for this deposit, 100`000`000 shares in F.DERP will be issued and delivered to Mircea Popescu's MPEx account.

      The facts retained to resolve the mess are that a) F.DERP issued 100`000`000 shares originally ; that b) I've added a further 4`130.93001555 BTC in capital. Furthermore, the June statement is factually wrong (that product does not yield that result) and the July-August statement is contractually wrong (the contract calls for 100`000`000 shares issued).

      Therefore : the total shares issued so far will be readjusted to 227`452`389, and the nominal value to 3245 satoshi each.i Fortunately no shares were sold so far and thus other than this statement fully fixes the issue.

      1. 4`130.93001555 + 3`249.9 = 7`380.83001555,
        7`380.83001555 / 3`245 * 100`000`000 = 227`452`389 []
      Category: F.DERP
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      2 Responses

      1. Peter Lambert`s avatar
        Peter Lambert 
        Monday, 6 October 2014

        so ... the current high bid is approximately 10x the nominal value of these shares?

        Do you plan on ever selling any to the public?

        shouldn't it be 3250 satoshi each (3249.9 rounded)?

      2. Mircea Popescu`s avatar
        Mircea Popescu 
        Monday, 6 October 2014

        The current bids are indeed the wrong, I'm pretty sure.

        I do intend to sell at least a little this year, yes.

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