Quote from: Bambifan101 on January 09, 2014, 04:58:13 AM

Ken never provided anything resembling detailed financials, that's why you are using words like "If" and guessing at conversion rates. You are guessing and hoping -- that's not the way finance works. You don't even know if the orders were paid for, much less converted into BTC.

Further, it's not Ken's job to play trader. If he converted the USD into BTC, and BTC tanked, he would not be able to refund the money. The customers would be pissed -- rightly so. You would be pissed -- rightly so.

Fair enough, I'm only speculating here and I'm no financial expert. But if you look at the balance sheet from September 30th (http://axs.net/VMC/Balance_Sheet.pdf), under Liabilities there is an entry Pre-order Sales conv BTC 351,487.06. Back then, the price of BTC would be what? - $150ish? At current prices, these would be worth about $2.2m.

Assuming all refunds would be paid in US dollars, why couldn't Ken cash in some of these now to cover the the $351K, which would free up the rest?

Don't get me wrong, I'm invested in ActiveMining for the long term and have been from the initial IPO, but some regular dividends from reserves would go a long way towards restoring confidence for both the shareholders and prospective customers.

soundhead

Posts

Merits