Member Info for LordSnooty

we go again.

Looking even stronger at $8.65 - almost doubled from last week, market rank now #66 from #136 last month.

$8.33 (+36.6%). Yes, I know there is not a direct correlation between the FCT token price and the company's valuation. Nevertheless, it appears that last weeks's news has spurred interest in Factom's prospects, and this cannot be anything but good news for FFWD, which owns 2%+, plus an investment of $6m which is possibly to be converted to shares at a 25% discount shortly.

I'd prefer a slow realisation of the value of our Factom holding rather than a spike; we have yet to discover what our percentage of Factom will be, post Series B. The Factom NDAs, which I'd expect to trickle into the daylight over the next few months as contracts are signed, will play a part in sustaining a rise, I hope.
But, in any event, our Board may well opt, as they did with Aphria, to take profit in the medium term rather than hold for the long term gains, if they judge the timing is right; FFWD is, after all, a fund primarily interested in start-ups.

the man!

Mr Nob's earlier link, with the headline and first couple of paragraphs:

Factom (FCT) Rides Recovery to 65% Gains as Mortgage Service Adopts Blockchain

Factom (FCT) climbed 65% from Wednesday through Saturday, as it continued to ride the recovery wave while the rest of the market stalled. The price surge comes amid news that Factom’s Harmony blockchain-as-a-service (BaaS) technology is to be used by mortgage software and marketing firm, Equator, as a way to increase efficiency.
Factom Price on the Move
The press release announcement landed on November 13th, just as the recent market dip struck which wiped $38 billion off the global market cap. The value of FCT sunk along with the rest of the market, hitting a new 20-month low of $3.81, and a market cap of just over $30 million. https://hacked.com/factom-fct-rides-recovery-to-65-gains-as-mortgage-service-adopts-blockchain/Since then, however, FCT’s fortunes turned round and the coin went on a day-on-day growth surge up to a price of $6.30 – a 65% increase. That was enough to take Factom’s market cap to over $50 million, and send it into the top hundred coins by market cap.

https://hacked.com/factom-fct-rides-recovery-to-65-gains-as-mortgage-service-adopts-blockchain/

Mr Nob.

please - both sides.

Knock a few more 'N's off those NDAs, a good Series B raise report, an FFWD conversion of $6m to FCT shares and things will really start to motor.

start!

You have a goat? I have a budgie, his name is Frank.

Next NAV report will be Interims next month, so you're probably right in that respect, but there several investees - Leap and Yooya, as well as Factom - that have the potential to make a big difference in the slightly longer term.

"The US$6 million invested under the SAFE is FastForward's biggest investment to date, and in addition, we have the right to increase the size of our investment on the same terms by 30 September 2018. We have been negotiating terms with Factom as an early investor in its proposed Series B fundraising for the last 6 months and we believe the SAFE structure - common in the US - gives FastForward real upside on the successful close of the Series B round, as well as protecting Factom and giving it the best possible chance to raise its Series B round at the highest price it can achieve. The SAFE Agreement positions FastForward as an early investor in the round - not the lead investor and ultimately, the lead investor will set the price. We look forward to updating the FastForward shareholders regarding pricing and other Series B terms later in 2018."

This, coupled with yesterday's RNS, is very explicit - FFWD has $6m invested in Factom (in addition to its 2.06%). Our directors will look at the terms of the Factom Series B funding, when they are concluded, to determine whether we will convert that $6m to shares at 25% discount to "the highest price it (Factom) can achieve". Clearly, since the first NDA has just been disclosed, and others are expected in coming months, it is in Factom's interests to draw out the Series B funding, all else being equal, because with more and more NDAs on board, Factom can command a higher price. Equally, it is in Series B investors' interests to conclude Series B funding as quickly as possible, since more disclosures presumably means a higher price paid. We are in the happy position of being able to chose when and how much of our $6m to convert.
Abony spoke in July of updating FFWD shareholders about Series B pricing and other terms later in 2018. We are about six weeks from the end of the year.

If it is not a mistake, my take is this: Series B funding is all but complete, the price already determined by the lead investor, as stated below by Abony. Hence FFWD is nominally diluted as of now. But the option to convert $6m to shares at a 25% discount has not yet been taken. When it is, our holding will revert upwards, but to what percentage, it is impossible to sy at present.

Commenting on the SAFE Agreement terms Lorne Abony, FastForward's Chief Executive Officer, noted:

"The US$6 million invested under the SAFE is FastForward's biggest investment to date, and in addition, we have the right to increase the size of our investment on the same terms by 30 September 2018. We have been negotiating terms with Factom as an early investor in its proposed Series B fundraising for the last 6 months and we believe the SAFE structure - common in the US - gives FastForward real upside on the successful close of the Series B round, as well as protecting Factom and giving it the best possible chance to raise its Series B round at the highest price it can achieve. The SAFE Agreement positions FastForward as an early investor in the round - not the lead investor and ultimately, the lead investor will set the price. We look forward to updating the FastForward shareholders regarding pricing and other Series B terms later in 2018."

SAFE Agreement with Factom, Inc.

Option to advance up to additional US$9 million on the same terms

The Board of AIM-traded FastForward Innovations Limited Company is pleased to announce that it has today executed a Simple Agreement for Future Equity ("SAFE Agreement") with investee company, Factom, Inc. ("Factom") under the terms of which the Company has advanced US$6 million (the "Initial Safe Advance") to Factom, which sum shall be converted at a future date at a 25 percent discount to the price of Factom's proposed Series B fundraising (terms yet to be announced). In addition to the Initial SAFE Advance, the Company has the right to invest up to an additional US$9 million, on the same terms, by not later than 30 September 2018.

The Initial Safe Advance will be funded from existing cash resources, as well as part of the funding available to the Company following a US$800,000 loan to the Company by Mr Lorne Abony, the Company's Chief Executive Officer. The loan from Mr Abony is a 12 month unsecured term loan at an annual interest rate of 7 per cent. (the "Abony Loan"). The Abony Loan will be repayable on the earlier of 20 July 2019 or the date the Company completes a debt or equity fundraising realising gross proceeds of greater than US$1 million. Exercise of the additional investment under the SAFE Agreement is dependent on the Company raising further funds.

The funds invested will, among other things, be used to expand Factom's US engineering team to deliver two critical processes prior to its proposed Series B fundraising: 1) build the Software-as-a-Service (SaaS) platform to be efficient and responsive to scale customer growth, and 2) accelerate the product roadmap to deliver more product features and increase revenues. In addition, Factom intends to use funds to increase the company's proprietary patent pool from 14 to 20+ US patents, build a stronger enterprise marketing and sales team, and invest in tooling needed to scale customer operations and minimize back office overhead.

"FastForward has a current equity interest in Factom of 2.06% and an investment of US$6million under a SAFE Agreement (see terms as announced on 23 July 2018)."

"At Factom we know a practical blockchain solution is needed to specifically deal with complex business data and documents," said Laurie Pyle, COO of Factom. "We look forward to working with Equator, who shares the vision of using blockchain technology to bring transparency and efficiency to the default servicing process."

Equator PRO with Harmony offers a blockchain technology solution to help address the complexities of the default mortgage process. The combination of Equator's powerful workflow technology and Factom's blockchain offers default mortgage participants the opportunity for enhanced tracking, management and collaboration within the default servicing process. In this model, each party retains their documents, files and data securely within their data centers while providing confidence in the integrity of the information being shared and accessed.

The Board of AIM-traded FastForward Innovations Limited, trading under the symbol FFWD, ("FastForward", the "Company" or "FFWD"), notes the following announcement released on 13 November concerning investee company Factom Inc. ("Factom"). FastForward has a current equity interest in Factom of 2.06% and an investment of US$6million under a SAFE Agreement (see terms as announced on 23 July 2018).

The announcement is set out below without material changes or adjustments.

LUXEMBOURG, Nov. 13, 2018 (GLOBE NEWSWIRE) - Equator, an Altisource business unit and a leading provider of residential loan default software and marketing solutions for many of the country's top servicers, real estate agents and vendors, today announced an agreement with Factom, Inc. to integrate the Factom® Harmony blockchain-as-a-service (BaaS) platform into the Equator® PRO solution.

Equator PRO is a software-as-a-service (SaaS) solution that helps servicers increase efficiency and vendor oversight across the default servicing process. Designed for all portfolio sizes, the Equator PRO product suite of loan management, loan modification, short sale/deed-in-lieu, foreclosure/bankruptcy, and real estate owned (REO) focused products, provides servicers with tools to help manage defaulted loans and REO and make more strategic and cost-efficient default servicing decisions.

Factom's Harmony BaaS platform harnesses the power of blockchain to create an immutable record of activities, data, events and decisions. Factom's blockchain solutions will provide a distributed mechanism to preserve data, files and digital records, making them verifiable and independently auditable.

"Equator is committed to delivering technology that provides transparency and compliance throughout the default process," said Patrick G. McClain, Senior Vice President of Equator and Hubzu Auction Services for Altisource. "Incorporating Factom's blockchain tools will support our customers' compliance obligations. At Equator we are regularly working to improve and advance our default servicing technology, and adding cutting-edge tools like Factom's Harmony is another example of our continued leadership."

The addition of Factom's Harmony provides Equator customers the opportunity to incorporate the recordation of data, documents and key audit events onto Factom's blockchain solution. Factom's Harmony provides options for individual loans to be tracked as individual chains of data on the blockchain. This design allows Equator PRO customers the option to embed blockchain preservation into their various workflows, allowing for an immutable and encrypted blockchain audit record to be built for each loan and each workflow step.

"At Factom we know a practical blockchain solution is needed to specifically deal with complex business data and documents," said Laurie Pyle, COO of Factom. "We look forward to working with Equator, who shares the vision of using blockchain technology to bring transparency and ef

Equator, a residential loan default software and marketing solutions provider, announced an agreement with Factom to integrate the Harmony blockchain-as-a-service platform into its Equator PRO solution.

Equator PRO is a software-as-a-service solution that seeks to increase efficiency and vendor oversight across the default servicing process. Factom’s Harmony platform utilizes blockchain technology to create an unchangeable record for various activities, data, events and decisions.

“Equator is committed to delivering technology that provides transparency and compliance throughout the default process,” said Patrick G. McClain, senior vice president of Equator and Hubzu Auction Services for parent company Altisource. “Incorporating Factom’s blockchain tools will support our customers’ compliance obligations. At Equator, we are regularly working to improve and advance our default servicing technology, and adding cutting-edge tools like Factom’s Harmony is another example of our continued leadership.”