Financial reports on Flipstarter funding for my projects

Funding, achievements, and financial reports for below Flipstarter funding

https://archive.fo/5nDCt

7 months ego, I was entrusted with Flipstarter funding for some proposed projects that I tendered to achieve in my community which were meant to promotes life, heathy living and to bring about other positive exposures in rural areas such as mine.

Some questions that you may find answers to from this article.

• What are the proposed projects?

• How much BCH was funded for these projects?

• Financial reports

• Has the deliverables achieved?

• What are the status of the projects?

• Why is the financial report coming after 7 months and not earlier?

What are the proposed projects

In my proposed plan, I had two major projects that has subs in them; building of farm powered by BCH, and building of BCH house/hub in my community for adoption and training purposes.

The subsidiaries of these two major projects made up the numbers which includes;

1: Buying and fencing of additional hectare of land to build BCH multipurpose farm

2: Building a BCH house + Minimart that accepts Bitcoin Cash.

3: Building of apartments for casual workers, staff, security personnel and storage rooms

4: Building of piggery farm

5: Building of poultry farm

6: Planting of assorted economic seedlings, livestock, birds, feeds and drugs.

7: Powering the farm with gasoline generator

8: Paying workers in the farm for up to 7 months until the farm is fully sustainable

9: Stipends to administrative and technical team during the time of construction 🏗

Other projects covered from Flipstarterd funding

10: Sustainable water project inside the farm

11: Repairing of falling old walls in the farm

The table above has the status of the projects and the percentages (%) covered

How many BCH were raised for these projects

In our financial report, We’re going to break it down for understanding purposes; each phase of the projects, the estimated BCH/USD amount and actual amount spent on each project.

We have in these financial reports:

• Cash account Ledger

• Project Ledger Report

• Balance-sheet as August 31 2022

• General ledger trial balance as at August 31 2022

Cash account general ledger reports

The cash account ledger reports has informations of when and how 248 BCH Flipstarter fund were converted, and what rates. The report has dates of conversations, the rate, the transaction IDs and at the end, the total of USD fiat generated.

It also states how the money was spent, not in details but according to dates of usage + the amount used.

Out of 248 BCH from Flipstarter, we used around 30 BCH directly to settle for bills and payments from people we accepts BCH as payment, while the remaining 218 was converted to Naira (fiat money) for vendors and businesses that are yet to adopt BCH for payment.

Project ledger reports

In this reports section, we arranged the projects in tables with estimated amount, and the actual amount spent on each project

Financial report on BCH house + Minimart

The table above has the details of expenditures on Bitcoin Cash house. The figures are in USD for easier and general understanding.

Looking at the table, we have 8 columns:

From left side:

• Job ID or name of the project

• GL (General Ledger) account ID

• Transaction date

• Item description (purpose for expenditure)

• Debit amount (money spent)

• Credit amount (income made if any)

• Total debit and credit amount

• Estimated amount for the project

Same applies to all projects and their associated financial reports.

In Flipstarter, we budgeted 44 BCH ($13,200) as at March 2022 for Bitcoin Cash house, but we’ve spent $15,848.40. we’ve achieved 80% of the BCH House project.

You may also like to take a look on the building progression as captured on each level

The purpose of setting up these BCH house and it’s associated Minimart is to help BCH adoption and usage simply among the local dwellers. Yes, people are using BCH for payment currently, for example, the community knows that they can buy water from me directly with BCH which some of them tried last dry season.

It’s now my job to continue building enabling ground to grow the usage 

The purpose of having Bitcoin Cash house and Minimart is to create an excellent environment that would enable people to buy things directly with BCH.

It’ll definitely going to continue small (people using BCH directly) but it’ll grow eventually with all the establishments we’re putting in that supports BCH

By the time our Minimart starts functioning, We’ll be publishing articles that shows exactly how people uses Bitcoin Cash directly for payment, and maybe some frequent reports on sales made directly with BCH will be appreciated then.

More plans on BCH Minimart

Minimart is a small shop attached to Bitcoin Cash house. It’ll display items that the community members often shops for, and it’ll allow the community to buy with BCH

The minimart will target items that often needed by the community; from household items to foodstuffs. And the minimart being run by us (Bitcoin Cash pioneers) will make buying directly with Bitcoin Cash very friendly for the community dwellers.

The minimart will be generating reports on how community dwellers transacts directly with Bitcoin Cash without exchanging to fiat first.

Maybe other shops may see what we’re doing and join in accepting Bitcoin Cash

Financial reports on water project at the farm

BCH powered irrigation system in the farm is number 10 of in the list of projects that we’ve covered from the flipstarter fund. It wasn’t in the initial plan but water became necessary for everything in the farm; starting from the construction of the farm. The above table explains how money were spent on the water project.

When water became very necessary for our farm activities, we took 30 BCH (about $10,000) meant for other projects to execute water project, and was able to finish it with $8,859.10. This irrigation system is 100% done, functional, and highly sustainable. But then, the decision of taking out some money for water scheme also affected the completion of other projects.

You may want to see the irrigation accomplishment pictures

This water project is currently the biggest and only sustainable water source in my community and it’s surroundings. It has the capacity of supplying water to farmers, and to local dwellers. With our BCH water tanker available, the problem of taking water to local dwellers is now permanently solved.

Financial report on leasing and fencing of additional hectare of farm land for agribusinesses

In my Flipstarter campaign, I proposed for an additional hectare of land that can be merged with what I was working with. It may interest you to know that this particular project is 100% achieved. The above table contains the records of funds spent on achieving that. We estimated 64 BCH (at $19,200 rate as at March 2022) for this project but it took around $21,000 to be completed.

You may be also interested in looking at some pictures of this particular accomplishments

Financial reports on the construction 🏗 of Building apartment in the farm

I budgeted the building at 25 BCH ($7,500 at the time of campaign) but due to inflations, we’ve spent $8,763.48 which has only taking the building to 75% of accomplishment.

Here is a collage with pictures of building processes for Farm staff, security, store, convenient rooms etc.

Financial report on Seedlings and other economic crops in the farm

Planting of seedlings in some part of the farm was an excellent experience for me and others, we budgeted for 500 + hybrid coconut trees 🌴 and 1000 hybrid dwarf pawpaws, which supposed to cost around 41 BCH (12,300 as at March 2022). Currently, we’re able to take this project to 90%. And we’ve spent $9,516.95 on seedlings, and hopefully we’ll continue as soon as We’re able to raise more fund; adopting livestock, birds, buying feeds and drugs etc.

We’re able to plant other vegetables and economic trees. We also planted corn, yam, Africa walnuts, groundnut, tomatoes, bananas, pineapples etc.

Please take a look at some pictures from seedling plantation

This seedlings is a climbing type and will climb and occupy the fence round about; making sure that even the fence contributes to the farm’s success

Financial report on Piggery farm section

We budgeted piggery section for 30 BCH ($9,000) but we ended up spending $4,097.05 so far which has taken the projects to just 30%. We hope to conclude this section soon

We’ve started working on piggery and poultry section, two of them, we currently need additional funds to be able to continue with construction of poultry and piggery farm.

Meanwhile, we also have the financial report that narrates how much thar we’ve invested on poultry house as well. Please check below.

We budgeted the poultry farm for 17 BCH ($5,000) as at March 2022. Currently, we’ve covered just 30% of overall construction. Some building materials are ready while others are still needed for continuation.

Financial report on power (electricity) at max’s BCH powered multipurpose farm

We budgeted 5 BCH at $1500 for a 5kva gasoline generator to serve the electricity purposes for now pending when we’re able to connect from national electric power authority.

We have purchased the generator which is already functional. It helps in pumping water for the farm and other electric power needs. Currently we’ve spent $1,041.70 on both purchasing of generator and fueling.

You may also like to see pictures of our generator.

Other financial reports that we have are on money spent on hired some casual laborers and some consultants that are into retainership with us.

We also cover the stipends given to administrative team that comprises of max, his foreman and others.

We budgeted 14 BCH ($4,200) which supposed to take care of payment for workers for a period of 7 months. So far, we’ve spent $2,281.98

My community has really been impacted by your generosity and willingness to help heal our world through human empowerment.

Local dwellers in my community, especially the vulnerable and the poor has found some measures of ease and sustainable means of making money and putting food on their table by you supporting my projects.

Financial update on stipends to me and my administrative team

We set aside 5 BCH ($2,400) as at March 2022 as stipend for max and his administrative team. Currently $3,320.55 has been given to the administrative team as tips and enumeration.

At this juncture, we arrived at $75,913.31 of total expenditure from Flipstarter campaign and other support from community members after the Flipstarter.

We’re grateful for this marvelous help from Bitcoin Cash community which has transformed my community, my family and I.

Lets summarize by taking you to our financial statements for more simplified accounting 🧾

The above and below reports demonstrated completely how we sourced out capital for our projects which are: from Flipstarter, from other community members and supporters. The above and below report also shows where the money is invested, and figures respectively involved.

Has this projects and farm activities started yielding income?

No income has been made from the farm yet, otherwise the balance sheet would have stated it.

Reason is that some projects are yet to be finished; like piggery, poultry, fishery etc

Fish ponds under construction

Seedlings like pawpaw and coconuts are categorized as ‘capitalized’ crops; meaning that they takes several months and years before yielding income.

The only farm crops that we are currently harvesting are groundnuts, we’re not yet selling as the harvest is still going on. We’re not expecting huge sum from the groundnuts because we planted on little space between coconut and pawpaw. The income that we may likely generate from the groundnuts will not be sufficient to carry the remaining percentages of projects

We estimate income from groundnut sales to the appropriate of $300

We’re expecting more incomes from the farming activities that has started but such incomes may not come in a sufficient bulk to handle constructions for the remaining parts, if we wait to source out funds gradually from already working project section alone like vegetables, water supply, yam sales etc, it means that it’ll take us years to really come to a point where the multipurpose farm becomes fully sustainable.

We’re working on two major projects that has phases or sections, (BCH powered multipurpose farm and BCH House) though people may see the associated phases as if we’re working on numerous projects at the same time without trying to finish one at a time. But in actual sense, we’re only building two things many internal phases that will enable them to work.

The truth is that we had a plan and a sketch on how the farm should run efficiently; all these sections and projects phases that seems as if we’re doing numerous things at a time really needs one another to function efficiently and effectively at the end of the day.

Take for example, the farm will consume a lot of money as cost of production assuming we’re to buy water elsewhere for the crops and livestock, but now we have established our permanent water system which is a huge plus.

The livestock will need food from the seedlings planted inside the farm, and in return, the seedlings will need wastes from livestock, poultry and fishery to do well. All these are ways to establish a sustainable farming system.

The farm in general may become highly endangered if we didn’t protect it first with fence and other security amenities. Remember, we took up every phases in the projects squarely thinking that the Flipstarter fund will complete them, but along the line, we met some necessary miscellaneous projects that need urgent attention.

Yes, we had good intentions to see our farm functioning appropriately and sustainably, and this will happen if we’re able to finalize the constructions and thereby enabling full functionality of the farm as it was in the plan.

Some hard decisions I made includes:

1: Handling of some maintenance in the farm such as rebuilding of fallen parts of our fence affected by typhoon 🌀. It’s was a hard decision because I considered the security of the farm and all the equipments and investments done inside it, and saw it necessary to rebuild the fallen walls from the fund supposed for other projects.

The collapsed wall is not part of the wall that I built from Flipstarter fund, rather it is part of old sections of the farm which were already fenced before we acquired the farm land. The fence that we built is fully fortified and was built by qualified architect and civil engineers

Insecurity is a huge challenge in the part of the world that I operates from, when we’re challenged by boisterous wind that pulled some parts of the former fenced area of the farm, our farm became highly vulnerable for cows to penetrate and cause some collateral damages, and it became a loopholes for criminals and bandits to have easy access to our investments. Therefore we considered it very necessary to rebuild the walls immediately.

 2: Building of sustainable water source inside the farm that will supplies good water for fishery, piggery, poultry,seedlings, humans, farmers etc. it was a tough decision because it wasn’t in the initial plan, but seeing it’s huge impact and impotence to the whole projects, I decided to stop some other projects to get it fully completed. It’s currently serving as source of water for other projects.

Thanks so much for taking your time to go through this financial and project updates. I hope I’ve been able to give answers to some questions necessary for my projects and funds given for them by BCH community.

I want to also use this opportunity to thank everyone that has been part of huge success and life impacted projects.

I still solicit to BCH community for additional funding that may help us to complete some of these projects as inflation and other factors explained here has also affected our initial arrangement and thereby affected the completion of some projects.

Why is the financial reports coming after 7 months after funding and not earlier?

I’ll like to use this medium to tender my apologies for not feeding the BCH community with financial reports and the status of the projects often. Reason was because of too many engagements that I’ve been involved in within this space of 7 months. I’ve been far from my Pcs due to many urgent things that needs to be done.

I hope that my apologies will be accepted.