Takeoff Media Ltd (Pay It Now NZ)
By Craig Duffield
NZ $362,353 pledged
153 people pledged
Closed
NZ $200,000 minimum target
This campaign was successful and closed on 30/09/2022 at 5:00 PM.
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Takeoff Media Ltd (Pay It Now NZ)
A Note From The Founders
Pay It Now (PIN) was founded on a friendship between two former aviation colleagues. When Covid struck the world in 2019, we were made redundant from large International airlines. With both of us having a background in Cryptocurrency trading and mining, we discussed starting a business together.
We realised there was a gap in the market for simple and secure cryptocurrency payments for store and website owners. We set out to fix some of the current issues in the cryptocurrency sectors; we saw that crypto was slow and expensive to use, making small purchases like buying a coffee unaffordable.
To fix these problems, we created our own Layer 2 solution to allow our customers to complete transactions in less than a second without any expensive transaction fees, and the PIN Network was created.
From there, additional products like PIN Payments, PIN Rewards, PIN-FT, and PIN Data have been gradually added to the PIN Network, which has allowed PIN to become one of New Zealand's leading blockchains companies. Now it is time to raise capital through PledgeMe to expand our products to the global markets and introduce PIN to the world.
We are excited to have you on as a potential investor and part of the pioneering Pay It Now team.
Company Overview
Takeoff Media Limited is the ultimate holding company, and 100% shareholder of its subsidiary: Pay It Now NZ.
Our product Pay It Now (PIN) is a payment, reward and data storage system that utilises blockchain technology to achieve instantaneous transactions with low fees and secure data storage that provides an alternative to traditional cloud storage.
Our Mission
To incorporate cryptocurrency services into the daily activities of businesses and customers by providing innovative, simple, secure, and rewarding services that increase the mass adoption of cryptocurrency through PIN’s unique payment, reward, and data solutions.
Our Vision
To increase accessibility and usability of blockchain for all age demographics on a global scale by being the go-to solution for payments, rewards, and data.
Why Choose PIN, And Why Invest In Us?
We believe PIN is novel because:
Company Timeline
Our Key Products & Services
Coming Soon...
Sustainability
During our research, we found several articles relating to the energy consumption of Bitcoin being very high globally, but compared to the other sources listed in the chart, the figures speak for themselves.
Pay It Now has further reduced energy consumption compared to Bitcoin. The PIN network system uses significantly less energy due to our proof of history consensus. Our servers use the equivalent power of a high-end gaming PC, which is around 1400 kWh per year*.
*McCook, H. (2021, May 4). A Comparison Of Bitcoin’s Environmental Impact With That Of Gold And Banking. Nasdaq.
*Hayden, L. (2021, November 15). How Much Power Does a Gaming Computer Use? (Updated!). The WiredShopper.
Competitor Analysis
PIN Payment is a blockchain-based payment gateway that uses numerous digital currencies and could be compared to PayPal, Stripe, or Worldpay of cryptocurrency.
PIN Payment will attract shops by only charging 0.5% per transaction, which is significantly lower than PayPal at 3.5% + 30c per transaction, Stripe at 2.9% + 30c per transaction, and Worldpay at $38 for regular services and $92 for advanced services per month, for transactions. These alternative payment channels are expensive for merchants. Businesses will enjoy PIN Payments at much lower transaction fees when compared to the payment mentioned above channels.
Current forum, website and instore reward systems do not allow owners to compensate loyal members for providing content and engaging in their community. For example, Fly Buys and Air Points, well-known in New Zealand, provide a choice of items and services in exchange for being loyal customers at hundreds of retail stores countrywide but do not allow those rewards to be cashed out. Other reward systems do not help consumers since they involve too much spending or don't provide enough items to spend reward points on.
Presently, no incentive system delivers users cryptocurrency along with the other benefits of lower merchant fees, no gas fees, reflections, and rewards utility, leaving a market gap for PIN Rewards. PIN tokens may be exchanged for cash, cryptocurrencies, or products or services in establishments that have accepted the PIN network, making the PIN rewards system more than a loyalty programme. By letting consumers select between products, services, and fiat, businesses implementing the PIN ecosystem could gain devoted customers. The table below gives a breakdown comparison.
Proposed Strategic Growth Plan
Share Classes
Shares issued through this crowdfunding will be non-voting investor shares, ranking equally with all other existing non-voting investor shares and carrying the rights listed below. Takeoff Media Limited is what this share offer pertains to. Takeoff Media Limited is a holding company of Pay It Now NZ Limited. The shareholders have:
- the right to an equal share in dividends and other distributions* made by Takeoff Media Limited (subject to the rights of any other class of share).
Please refer to the company constitution and shareholders agreement for more information.\
Returns
Our capital allocation strategy is to reinvest into value-creating projects, thus dividends and other distributions are unlikely to be a part of our cash flow allocation strategy for the first 3 years.
Proposed Use Of Funds
Share Offer - Summary
The shares offered are in Takeoff Media Ltd, an ultimate holding company of Pay It Now NZ Ltd.
This offer equates to a total stake of between 1.5% and 13.3% of the business at a pre-money valuation of NZD$13,000,000.
Takeoff Media could potentially capital raise again within the next 3-5 years which could lead to dilution. Please consult the company constitution and shareholders agreement for further information.
Capitalisation Tables
Pre-Raise Takeoff Media Ltd
|
Person |
No. of Shares | % Ownership |
| Jitendra Maharaj | 5,200,000 | 40% |
| Anna Duffield | 5,200,000 | 40% |
| Employment Shares Scheme | 2,600,000 | 20% |
| Total | 13,000,000 | 100% |
Post-Raise Takeoff Media Ltd
If Minimum $200,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,870,000 | 36.9% |
| Anna Duffield | 4,870,000 | 36.9% |
| Trenton Stanley | 660,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 19.7% |
| New Investors | 200,000 | 1.5% |
| Total | 13,200,000 | 100% |
If Maximum $2,000,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,825,000 | 32.2% |
| Anna Duffield | 4,825,000 | 32.2% |
| Trenton Stanley | 750,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 17.3% |
|
New Investors |
2,000,000 | 13.3% |
| Total | 15,000,000 | 100% |
Valuation
Valuation method
Our company valuation came as a result of a deep quantitative and qualitative analysis. We aimed to take a conservative approach, preferring to undervalue rather than overvalue the company.
Qualitative analysis
Information was researched and formed after consulting with several New Zealand Government entities to get a better understanding on how to valuate a company.
Comparative research was also undertaken to understand the valuation entry points of competing companies.
Quantitative analysis
To perform a quantitive valuation of our company, we used a Discounted Cash Flow model (DCF).
- We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
- Forecasted Unlevered Free Cash Flow for years 2023-2027.
- The discount rate used was the Weighted Average Cost of Capital (WACC)-WACC used was 17%
- The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (3.0x) for both total Enterprise Value and total Equity Value.
The average was taken of all final values to give us our final valuation of approx. NZD$13m.
Pay It Now Team
Risks and Mitigations for Pay It Now
Blockchain technology is becoming more widely adopted globally, however, there is a lot of speculation when the topic turns to cryptocurrency.
Cryptocurrencies are volatile assets that can rapidly change prices due to doubt caused by large organisations such as governments. While many cryptocurrencies add to the doubt about blockchain, many more have the potential to improve human life altogether.
In order to reduce the doubt about cryptocurrency and any adverse effects that follow, PIN has become an official financial service provider. This gives potential onboarded businesses more confidence in the payment gateway. PIN has analysed the following risks as the most crucial:
|
Risk |
Mitigation |
|
Free crypto affecting price and liquidity: Rewards will be distributed in PIN tokens, resulting in tokens being sold for profit, affecting the liquidity pool and price.
|
Although this will be a daily occurrence, retailers will be staking tokens, increasing prices and decreasing supply. PIN will also be allocating part of the PIN Data subscription fee to the token's liquidity. In addition, an unbridging fee will be collected before the tokens are moved off layer-2, thus increasing PIN price by regular buybacks and rejuvenating the PIN Rewards network.
|
|
Volatility of the crypto market: Prices change rapidly daily and may hinder some businesses from adopting PIN payment.
|
To stop companies from selling goods below the price they wish, retailers will be able to cash out a digital version of the local currency. In the future, PIN aims to create a stablecoin that will further protect businesses in times of market volatility.
|
|
Dilution risk: Dilution may occur if Pay It Now decides to raise additional capital in the future, issue new shares to investors and give the option of grants to employees.
|
Takeoff Media will position the company to minimise future capital raising by minimising expenditure, overheads and debt. while maximising revenue. |
|
Government Regulation of Cryptocurrency: Increased government regulations come with increased financial costs as a risk to the company.
|
Current regulations for the cryptocurrency market are aimed at AML/CFT compliance, for which we are compliant. Takeoff Media plans to stay proactive in staying up-to-date with any upcoming regulation changes and reacting early to stay compliant. |
|
Loss of Key Personnel: For Takeoff Media, our source code is highly secure with minimal staff access, to reduce cyber security threats. This creates a risk if there is a sudden loss of key personnel.
|
Takeoff Media has implemented several safety measures to allow for two forms of back up of the source code to mitigate this risk. |
Warning Statement
This document has been prepared by Takeoff Media Limited. The purpose of this document is for information in relation to the Takeoff Media Limited share offer on PledgeMe. All efforts have been made to ensure the accuracy and reliability of the content as of the date of this document.
PledgeMe is licensed and regulated by the Financial Markets Authority, and the share offer made by Takeoff Media Limited will only be available for acceptance through the PledgeMe website.
Equity crowdfunding is risky. Issuers using this facility include new or rapidly growing ventures. Investment in these types of businesses is very speculative and carries high risks. You may lose your entire investment and must be in a position to bear this risk without undue hardship. New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.
Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.
A note from PledgeMe
We have completed IQ Connect checks on Takeoff Media Ltd, and their Directors, as well as Google and Insolvency checks. There were no adverse findings.
Updates 10
You need to pledge to see this update.
An update from PledgeMe - Pay It Now
07/10/2022 at 10:14 AM
Kia ora koutou!
We are working to verify all new shareholders of Pay It Now and collect funds.
We have completed approximately 75% of this work.
Thanks again, for supporting the things that Kiwis care about.
Ngā mihi,
The PledgeMe team
An update from PledgeMe - Pay It Now
03/10/2022 at 12:03 PM
Kia ora koutou!
We are working to verify all new shareholders of Takeoff Media, trading as Pay It Now, and collect funds.
We have completed approximately 45% of this work.
Thanks again, for supporting the things that Kiwis care about.
Ngā mihi,
The PledgeMe team
24 HOURS TO GO!
29/09/2022 at 10:20 AM
Hi Team,
Pay It Now's Pledge Me crowdfunding campaign is nearing its end.
A lot has happened over the last two months as PIN has grown with dozens of new businesses that have come on board and our PIN User base growing side by side. PIN has just now signed the entire New Zealand KESS Hair and Beauty Salon brand stores, which has 26 stores throughout New Zealand, joining as PIN Partners. They are officially the first big brand franchise organisation that has joined the PIN Network.
We have been hard at work trying to grow our business in all areas to bring our revolutionary Pay It Now cryptocurrency payment system and its other services to New Zealand and the world. PIN USA and PIN AUSTRALIA are being set up as we speak and are not far from officially being established and operational in their respective countries. Global expansion, here we come!
If you want to be an invested part of our growth and journey, now is your last chance to invest in PIN's Pledge Me Campaign, which has just over 24 hours left to close.
The campaign ends on the 30th of September at 17:00 NZST (Friday)
We thank all who have invested so far and ask all our supporters not to miss out on a great opportunity and share our campaign offer via your networks.
Ka Kite
The Pay It Now Team.
Nearly there peeps!
19/09/2022 at 12:10 PM
Hi Team,
Our campaign is at the 85% mark! We are so close to achieving our goal. We want to thank all our investors, supporters, and everyone who believes in mainstream cryptocurrency payments, with Pay It Now leading the way into the future.
Since our last post, we want to update everyone and welcome all the new PIN partners who have joined the PIN Network.
KESS Hair and Beauty
The Bottle-O Selwyn street
Burger Bonanza
The Black Horse Tavern
Oak n Ferry
The Pedal Pusher
Black Thorn Studio
Buzz Bike
To check out all our PIN Partners, please visit the link below:
We would like to thank all our supporters, pledgers and believers again. Please share the word about our campaign through your networks and help us get over the line to keep bringing you amazing PIN products and services.
Please visit our website for further information or join the Pay It Now system and be part of the PIN revolution!
Kind regards,
The Pay It Now Team
Woohoo! Our campaign has crossed the halfway mark!
02/09/2022 at 11:53 AM
Hi,
Wow! Pay It Now's crowdfunding campaign has crossed the halfway mark. We want to thank all our pledgers who have believed in our company and have now taken the step to become invested partners.
PIN is closer than ever to achieving its goal and is more than ready to launch our business further and its amazing products to New Zealand and the world. Our team has been working tirelessly to get more and more business partners signed onto the Pay It Now network and this week we acquired our first medium-scale grocery supermarket as a PIN Merchant.
We welcome to the PIN revolution - Global Fresh Limited-Ethnic Food Supermarket (Christchurch, New Zealand)
Along with Global Fresh, we have over 100 PIN Merchant Partners growing weekly. We are also noticing businesses and people who have started approaching Pay It Now to sign on to our network. The Good Home Gastropubs in Christchurch signed onto the PIN Network this week, and we couldn't be happier to have such a known and big brand join PIN and have another great business for our PIN users to enjoy.
To find our PIN Partners, please check out our: PIN Partners Map
We would like to thank all our supporters, pledgers and believers again. Please share the word about our campaign through your networks and help us get over the line to keep bringing you amazing PIN products and services.
Kind regards,
The Pay It Now Team
New Tech Has Just Dropped
26/08/2022 at 3:19 PM
Hi Team,
This is a quick update on a few new services we have just released: PIN Swap and PIN Click!
PIN Swap is now live! Our newest service offers a secure trading protocol with a wallet-less connection, meaning you can trade cryptocurrency securely without the chance of your wallet being drained and your funds being lost. For more information about PIN Swap, please visit pinswap.io
PIN Click is now available! Another new service by Pay It Now, PIN Click! allows businesses that want to accept cryptocurrency payments via their website, processed through our PIN-hosted payment gateway both on our PIN Network layer 2 solution and by using your traditional layer 1 blockchain wallets eg Trust Wallet, or Metamask.
We believe PIN Click! is a perfect and effortless option, best suited for service businesses to start accepting cryptocurrency to generate more income by adding a new form of accepting payment to your business.
We thank all our supporters and pledges for believing and investing in Takeoff Media Ltd (Pay It Now). Please spread the word about our crowdfunding campaign via your networks and help us get to our minimum, so we can keep creating revolutionary crypto services.
Ka Kite
The Pay It Now Team.
Pay It Now is Growing!
18/08/2022 at 11:26 AM
It's been a busy couple of weeks!
We are growing daily as new PIN Merchants sign on and transact through our PIN Network. Over the last two weeks, the team have been flat-out bringing in new PIN Partners, finalising the PIN Marketplace and PIN Swap, and working towards our expansion to set up Pay It Now USA (Yes, you read that right). PIN USA is in the process of being set up and will be operational very soon.
Our PIN Marketplace will is very close to going live and available to the world. As a refresher, the PIN Marketplace is our online platform that offers PIN Merchants a medium to sell their products and services while customers pay with cryptocurrency. We are working on having the PIN Marketplace accept fiat currency and cryptocurrency in the future.
One of our recent PIN Merchants Partners is Mag & Turbo (New Lynn), who approached us to sign on to accept cryptocurrency payments.
Here are some of our established PIN Merchant Partners:
The Aussie Butcher (Auckland)
Shubh Indian Takeaways (Auckland)
Peter Timbs Butchery (Christchurch)
Ashby Cafe (Auckland)
Express Mart (Auckland)
The Portland Public House (Auckland)
Thirsty Liquor (Auckland)
Jax Burger Shack (Auckland)
Urban Mart (Christchurch)
Hukka (Christchurch)
We have over 85 PIN Partners, with more signing on every day. Our dedicated and passionate team are doing a fantastic job, along with all our supporters in getting Pay It Now established as a mainstream player in the payment provider market.
In other news, PIN Swap is close to being launched, our revolutionary crypto swap system without wallet connect.
We know it's been a while since our last update, but as you can now see, we've been busy, but we will endeavour to keep our supporters updated with any and all of our exciting upcoming ventures.
We ask all our supporters, our pledgers and even our fans to spread the word about our Pledge Me campaign and share it with your friends and whanau, and anyone you feel would not want to miss an opportunity to invest in Pay It Now.
Thank you once again
Ka Kite
The Pay It Now Team
Over a Quarter of the way there!
09/08/2022 at 4:10 PM
Woohoo, 25%!
We would like to take this opportunity to thank all our pledgers who have helped us get over the 25% mark of our minimum investment required! We are glad to have you be part of our Pay It Now journey.
We still have a wee way to go, so it would be fantastic and helpful if all our supporters could share our campaign with all your friends and networks to help us reach our goal and beyond.
An article on Pay It Now and our Pledge Me campaign has been published today in New Zealand Entrepreneur. Please check it out in the link below and share it around!
Once again, we thank you for your pledges, unending support, and Aroha.
Ka Kite
The Pay It Now Team.
Off to a good start!
03/08/2022 at 7:10 PM
Our Pledge Me campaign is off to a good start!
We thank our first investors and everyone who supports who we are and what we do at Pay It Now.
The road ahead is our journey, and our first investors have gotten us to nearly 20% of our minimum raise.
We need your help to spread the word around and share our campaign with anyone you know who would not want to miss out on an opportunity to invest in Pay It Now.
With your help and support, I know we can get to our minimum and beyond and help Pay It Now achieve its goals.
Thank you once again, and all the best!
The Pay It Now Team
P.S. An article about our Pay It Now crowdfunding campaign will be featured in the NZ Entrepreneur newsletter next week! Details to follow in the next update....
Details
Offer Details
| Current Valuation | 13,000,000 |
| Raise Minimum | 200,000 |
| Raise Maximum | 2,000,000 |
| Share Price | 1.00 |
| Minimum Pledge | 250.00 |
| Maximum Shares Offered | 2,000,000 |
Explanation of valuation:
We used a Discounted Cash Flow model (DCF) to value our company.
We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
We forecasted Unlevered Free Cash Flow for the years 2023-2027.
Used 5yr forecasted Unlevered Free Cash Flow to build Discounted Cash Flow (DCF) model.
The discount rate used was the Weighted Average Cost of Capital (WACC)
- WACC used was 17%
The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (4.0x) for both total Enterprise Value and total Equity Value.
The average of all final values was taken to give us our final valuation of approximately NZD$13M.
The Financial Summary
The Financial Summary assumes a capital raise of $2,000,000 NZD, allowing rapid global expansion. The global expansion rate is reduced proportionally if the total amount is not raised, reducing operational cost and loss/profit estimates.
PIN Partner Growth Rate
Assumes we achieve our goal growth rate of 50+ PIN Partners per month.
% Crypto transactions
Assumes a consistent average monthly turnover of PIN Partners
Increase in crypto transaction volume of 0.125% MOM.
AUS/UK/US expansion date assumptions
Enter Aus market Sep 2022
Enter USA & UK market Jan 2023
PIN Data, PIN Swap, and PIN-FT are not included in the forecast.
Financial Summary
| Prev Year | Current Year | Est. FY 2025 | Est. FY 2026 | |
|---|---|---|---|---|
| Revenue | NZ $30,039 | -NZ $282,255 | NZ $2,711,725 | NZ $7,799,349 |
| Operating Expenses | NZ $204,242 | NZ $1,963,554 | NZ $4,110,730 | NZ $5,722,754 |
| EBITDA | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
| Net Profit | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
Company Details
Company Name: Takeoff Media Limited
Company Number: 9429050716579
Company Documents
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Craig Duffield | Director | https://www.linkedin.com/in/craig-d-b675651b7/http:// | ✔ |
| Jitendra Maharaj | Director | https://www.linkedin.com/in/jitendra-maharaj-4049a2ab/ | ✔ |
Questions 12
Your raise details and documentation state an intention to be operating in Australia this year and USA early next year. However, a raise amount of NZ$300,000 would barely cover the legal expenses to incorporate in the US. Where do you expect the funds for regulatory licenses, staffing, and marketing in those geographies to come from?
Posted on 29-09-2022 by PaulHi Paul
Thank you for your question; our plans have changed somewhat due to massive demand in the Australian and American markets to offer Pay It Now services.
So, the team has taken action behind the scenes to make this happen sooner. In the past week, we have incorporated Pay It Now Aus PTY LTD (ACN: 662 643 496), and we are now working with our American base lawyers to incorporate Pay It Now USA; at the moment and is expected to launch very soon.
I mean no disrespect when I say this, but your cost estimates to set up a business in America are off by a significant amount. This may be because we are using our dedicated community members' resources and contacts in America and Australia to set up both companies at a fraction of the price you suggest.
I would be more than happy to discuss this over a phone call if you would like to find out more; if so, please email me at [email protected] to set a time for a call tomorrow morning.
Kind regards
Craig
Answered on 29-09-2022 by Craig Duffield
How many staff do you currently have? Which staff can access the staff share pool? What are there KPIs for and conditions for being awarded these shares?
Posted on 19-08-2022 by Jacob BoyesWe have 12 staff on our team (please see pages 25 and 26 of our IM). We have three staff members with share options available; the remaining shares are yet to be allocated. The KPIs and conditions for awarding these shares are to be determined for each employee and are at the company's sole discretion, per our shareholder's agreement and employment incentive share plan.
Answered on 19-08-2022 by Craig Duffield
Your forecasting expenditure of over $2m in the current year. How much have spent so far and is it in line with your forecast? Your equity is almost entirely tied up in crypto how are you paying these bills? Will it all be funded from the pledge me equity inflows? What is the primary expense? Also how what assumptions have you made around your projections of profitability in 2 years with $7m revenue in 3 years? Have you performed sensitivity analysis?
Posted on 19-08-2022 by Jacob BoyesThe forecasting expenditure of $2m is the estimate based on projections for global expansion into the American and Australian markets this financial year.
We have spent approximately $310,000 from our initial ICO and introduced shared capital which is well below the forecast because we have not started global expansion yet.
We started with the Initial Coin Offering of $261,953, which was our initial round of investment for PIN Token; after that, the Co-founders injected capital, and that's how we have been paying expenditure to date.
The cryptocurrency tied up is separated from the company's day-to-day expenses, and our primary expense is staff wages (Sales and Marketing).
The assumptions made around our projections are listed on the right of the P&L on page 23 of the IM.
We have listed the use of crowdfunding capital raised on page 19 of our IM
Projections assumptions are on page 23 of our IM.
Our financial models have allowed for conservative growth with regard to our revenue streams.
Answered on 19-08-2022 by Craig Duffield
What tokens are held in your wallet? How are they valued. How much have you personally invested in the venture? Is the Financial position audited? Do you have a p&l. How much is your annual salaries/bonus/share options?
Posted on 19-08-2022 by Jacob BoyesYou can bridge over the following Coin/Tokens onto the PIN Wallet:
AVAX, BNB, BTC, CAKE, ETH, ORE, PIN, QUICK, SHIB, UNI
Our valuation methods are listed on our IM Page 22
PIN Tokens are valued according to the market prices at decentralised exchanges; all of our cryptocurrencies are pulled from Market Rates.
We have personally invested approximately $70,000 in the company.
Our financial position is reviewed by our accountant, at this stage, the company is pre-funding, so there is no need for an external financial audit.
Yes, our P&L is on page 23 of our IM; we have an expanded financial P&L forecast available for investors; if these are required, we can arrange a video call after signing an NDA.
At this stage, no one in our company has received a bonus, and no promised bonuses are in place for any staff members. However, share options are available through our employee incentive plan as per the shareholder's agreement available on the detail page of PledgeMe. In addition, we are more than happy to disclose the Co-founder's salaries during a video call, and after signing an NDA, I hope you understand that this is a privacy issue.
Answered on 19-08-2022 by Craig Duffield
You state you will achieve critical mass in NZ next month which is 500 partners. How many partners do you have now. How did you determine this is critical mass. What is your definition of a partner. Have you acheived a. Single transaction with any of these partners?
Posted on 19-08-2022 by Jacob BoyesOn our IM on page 17, we state, 'Expect critical mass point in NZ to be 500 PIN Partner.' We calculated this assumption basic on the number of businesses applying to be PIN Partners versus the number of PIN Partners we have at the time. We then based this on how many PIN Partners we want to onboard per month.
We have now obtained 100 PIN Partners and are averaging one PIN Partner per day approaching us without our sales team approaching them. In addition, we are averaging two new PIN Partners a day for the last month, mainly obtained from B2B sales.
A PIN Partner is a merchant who has signed up with us and accepts PIN Payments through their business.
The PIN Network is seeing multiple transactions daily and is rapidly increasing as we bring more and more PIN Partners onboard.
Answered on 19-08-2022 by Craig Duffield
How many pin tokens do you guys own. How are you exchanging between crypto to pin to make the payment? What is the fee on this? Is that included in the 0.5% fees? Or will is that the fee in pin only excluding any crypto to pin exchange fees?
Posted on 19-08-2022 by Jacob BoyesHi Jacob,
Thank you for your questions; sorry about the delay; it has been a busy day.
The Developers / Co-Founders received 2 million PIN Tokens when the token was minted. Both wallets remain untouched and can be viewed on BSC Scan; please see the wallet addresses before.
Dev Wallet 1 - 0x70fdaf04c7dc2f3a653e08bb98a277a85ccab2a5
Dev Wallet 2 - 0x22ef5dd40ad9c21c21d066fde69af67de428fe32
We exchange other Cryptocurrencies to PIN by analysing price differences between various centralised and decentralised exchanges and determine which has the best rates to withdraw or to stake to receive the biggest APR. If we withdraw to our bank account, we use P2P trading through a centralised exchange. The fees required to change crypto to other crypto or fiat depend on the network congestion and what facility we utilise, but are in most cases less than 1%. We typically bunch withdraws together to offset any gas fees or exchange fees when withdrawing to fiat.
We also have stop losses to minimise downward movement and losses during a downturn in crypto prices. At the same time, we try to measure if there is profit to be made by holding these cryptocurrencies before they are traded at a centralised exchange.
Our merchants are charged a 0.5% + GST fee for every cryptocurrency transaction through their POS system using the PIN Network. The customer uses their cryptocurrency, and the merchant receives a local digital currency that is then cashed out to their bank account or into cryptocurrency if they choose this option. Our merchant fees are taken out at the time of transaction.
Answered on 19-08-2022 by Craig Duffield
You obviously don’t know about the bitcoin lightning network.
Posted on 10-08-2022 by JamesHi James
Thank you for your question. Yes, we are fully aware of the Lightning Network.
We encourage you to research our PIN Network to see how we differ, in our view for better, from the Lightning Network.
The most significant point of difference is Pay It Now (PIN) removes the volatility of the cryptocurrency market from the merchant to protect the price of the sale by instantly converting the transactions into local currency, which is then directly deposited in the merchant's bank account. This means the customer can use their cryptocurrency, and the merchant has the option to receive local currency or change their sales into a cryptocurrency of their choice.
We created this system after extensive and thorough market research and scoping our potential customers. We found that most businesses are hesitant to accept cryptocurrency due to the volatility of the cryptocurrency market, lack of knowledge, and tax implications due to losses and gains. However, when we discussed receiving money directly into their bank account and how our system would create a new generation of customers for their stores, the majority had their concerns eased and they signed on to the PIN Network. Being the first business from New Zealand and in New Zealand gives our customers and clients added confidence in their decision to join our network, amongst other reasons such as gaining a whole new generation and range of paying customers.
There are several other differences between the PIN Network and the Lightning Network, and you can find all this information at www.payitnow.io
If you have any further questions, please do not hesitate to contact us.
The Pay It Now Team
Answered on 10-08-2022 by Craig Duffield
Do you anticipate paying dividends? and if so when do you estimate starting paying dividends to shareholders?
Posted on 09-08-2022 by CamiaHi Camia,
Thank you for your question, we are currently in the growth phase of the business and are forecasted to turn profitable from FY2025. We estimate to be paying out dividends from FY2025 to our shareholders.
If you'd like anymore information, please feel free to contact us via our website.
Regards,
The Pay It Now Team.
Answered on 09-08-2022 by Craig Duffield
A question from a layman: In the longterm, do you think that your platform can be merged with existing infrastructure such as credit cards etc and then leverage off eftpos machines and the likes? The app and tech are great but requiring a different infrastructure is a barrier for now. In the long run I'd love a passive way to pay with my crypto which would make it feel much more familiar (ie no phones, just tap and go on a credit card) or will this tech be forever based on live market values of crypto and the app is essential to establishing what things cost as you want to make purchases. Thanks
Posted on 06-08-2022 by BrianHi Brain
What great questions these are, and thank you for asking them, as it promotes additional information sharing for aspects we have not talked about in our IM.
Pay It Now (PIN) has integrated with two point of sales software providers (Pos Perfect and Salespoint) and is now in talks with two more. The integration was a relatively straightforward task for these providers because, apart from the UI design, their software only needs to hit our APIs. Their software systems talk with our PIN Network to generate a QR code for the user to scan to complete the transaction. Check out this link to see this in action https://fb.watch/eJCjFO2DJl/
We are currently in talks with two EFTPOS providers in New Zealand about integration with their systems, which is an easy process to implement.
Another piece of tech that has just been started at PIN is a Progressive Web App, so merchants can download our POS system on any computer allowing merchants to use the PIN system on their existing counter computer till system.
We are looking at two options to create PIN NFC cards and a New Zealand-based credit card option. The only issue we see with credit cards is the additional fees because one of the PIN Network's points of difference is our super cheap merchant fees of 0.5%. Existing cryptocurrency credit cards charge around 2.9% and scalp the users with exchange fees.
We also have POS PDA devices to lease to a merchant or purchase. This week we took delivery of an ATM which we are testing to see if we can implement the PIN Network.
So as you can see, we plan to continue developing our tech to make it easier for merchants and users to use cryptocurrency in stores or online.
Answered on 06-08-2022 by Craig Duffield
Craig Duffield is one of the two company founders but he is not a shareholder. Why is that?
Posted on 05-08-2022 by CristianHi Cristian, my wife Anna Duffield is one of the major shareholders of the company.
Regards
Craig Duffield
Answered on 05-08-2022 by Craig Duffield
What does a customer need to do to make their first purchase using PIN?
Posted on 05-08-2022 by Terry WoodsHi Terry, Great question!
The customer would need to download the PIN Network App and sign up as a PIN Personal User. If they have existing cryptocurrency in other wallets they can bridge them over to their PIN wallet or buy cryptocurrency from within the PIN App. The acceptable cryptocurrencies are listed on the PIN app and website. After the customer is set up, they are ready to make a payment from the "Payments" option, which allows them to scan the QR code generated on the Merchants device and the funds are instantly transferred from the User wallet to the Merchant wallet in local currency value, which would be NZD in NZ. The whole sign up process take just a few minutes for the user.
The app can be downloaded from www.payitnow.network
I hope this answers your query. Please feel free to contact us from our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
Can you provide a simple description of what's involved to start accepting payments using PIN? eg install app, configure, etc. Are there sign up fees or monthly fees, or is it just a % transaction fee?
Posted on 05-08-2022 by Terry WoodsHI Terry,
To sign up as a PIN business account user you can visit the website www.payitnow.network and click on the "Business" link. From there you can click "Apply now" which takes you to the business application online form. Once the details are filled in, we receive a notification and the staff set you up with a PIN Partner account on our network. We then immediately email you your Business ID and User Name. The business user then downloads the App and logs in the "Business" option with the ID and User name provided. They can set up their own password after the first login. Thats it! The business owner is now set up to transact on the PIN Network. They can now enter in a new transaction and generate a QR code for a PIN customer to scan and pay instantly.
There are no sign up fees or monthly fees. a 0.5% per transaction fee is all the PIN Business user pays!
I hope this answers your query. Please feel free to contact us via our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
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Followers of Takeoff Media Ltd (Pay It Now NZ)
Takeoff Media Ltd (Pay It Now NZ)
A Note From The Founders
Pay It Now (PIN) was founded on a friendship between two former aviation colleagues. When Covid struck the world in 2019, we were made redundant from large International airlines. With both of us having a background in Cryptocurrency trading and mining, we discussed starting a business together.
We realised there was a gap in the market for simple and secure cryptocurrency payments for store and website owners. We set out to fix some of the current issues in the cryptocurrency sectors; we saw that crypto was slow and expensive to use, making small purchases like buying a coffee unaffordable.
To fix these problems, we created our own Layer 2 solution to allow our customers to complete transactions in less than a second without any expensive transaction fees, and the PIN Network was created.
From there, additional products like PIN Payments, PIN Rewards, PIN-FT, and PIN Data have been gradually added to the PIN Network, which has allowed PIN to become one of New Zealand's leading blockchains companies. Now it is time to raise capital through PledgeMe to expand our products to the global markets and introduce PIN to the world.
We are excited to have you on as a potential investor and part of the pioneering Pay It Now team.
Company Overview
Takeoff Media Limited is the ultimate holding company, and 100% shareholder of its subsidiary: Pay It Now NZ.
Our product Pay It Now (PIN) is a payment, reward and data storage system that utilises blockchain technology to achieve instantaneous transactions with low fees and secure data storage that provides an alternative to traditional cloud storage.
Our Mission
To incorporate cryptocurrency services into the daily activities of businesses and customers by providing innovative, simple, secure, and rewarding services that increase the mass adoption of cryptocurrency through PIN’s unique payment, reward, and data solutions.
Our Vision
To increase accessibility and usability of blockchain for all age demographics on a global scale by being the go-to solution for payments, rewards, and data.
Why Choose PIN, And Why Invest In Us?
We believe PIN is novel because:
Company Timeline
Our Key Products & Services
Coming Soon...
Sustainability
During our research, we found several articles relating to the energy consumption of Bitcoin being very high globally, but compared to the other sources listed in the chart, the figures speak for themselves.
Pay It Now has further reduced energy consumption compared to Bitcoin. The PIN network system uses significantly less energy due to our proof of history consensus. Our servers use the equivalent power of a high-end gaming PC, which is around 1400 kWh per year*.
*McCook, H. (2021, May 4). A Comparison Of Bitcoin’s Environmental Impact With That Of Gold And Banking. Nasdaq.
*Hayden, L. (2021, November 15). How Much Power Does a Gaming Computer Use? (Updated!). The WiredShopper.
Competitor Analysis
PIN Payment is a blockchain-based payment gateway that uses numerous digital currencies and could be compared to PayPal, Stripe, or Worldpay of cryptocurrency.
PIN Payment will attract shops by only charging 0.5% per transaction, which is significantly lower than PayPal at 3.5% + 30c per transaction, Stripe at 2.9% + 30c per transaction, and Worldpay at $38 for regular services and $92 for advanced services per month, for transactions. These alternative payment channels are expensive for merchants. Businesses will enjoy PIN Payments at much lower transaction fees when compared to the payment mentioned above channels.
Current forum, website and instore reward systems do not allow owners to compensate loyal members for providing content and engaging in their community. For example, Fly Buys and Air Points, well-known in New Zealand, provide a choice of items and services in exchange for being loyal customers at hundreds of retail stores countrywide but do not allow those rewards to be cashed out. Other reward systems do not help consumers since they involve too much spending or don't provide enough items to spend reward points on.
Presently, no incentive system delivers users cryptocurrency along with the other benefits of lower merchant fees, no gas fees, reflections, and rewards utility, leaving a market gap for PIN Rewards. PIN tokens may be exchanged for cash, cryptocurrencies, or products or services in establishments that have accepted the PIN network, making the PIN rewards system more than a loyalty programme. By letting consumers select between products, services, and fiat, businesses implementing the PIN ecosystem could gain devoted customers. The table below gives a breakdown comparison.
Proposed Strategic Growth Plan
Share Classes
Shares issued through this crowdfunding will be non-voting investor shares, ranking equally with all other existing non-voting investor shares and carrying the rights listed below. Takeoff Media Limited is what this share offer pertains to. Takeoff Media Limited is a holding company of Pay It Now NZ Limited. The shareholders have:
- the right to an equal share in dividends and other distributions* made by Takeoff Media Limited (subject to the rights of any other class of share).
Please refer to the company constitution and shareholders agreement for more information.\
Returns
Our capital allocation strategy is to reinvest into value-creating projects, thus dividends and other distributions are unlikely to be a part of our cash flow allocation strategy for the first 3 years.
Proposed Use Of Funds
Share Offer - Summary
The shares offered are in Takeoff Media Ltd, an ultimate holding company of Pay It Now NZ Ltd.
This offer equates to a total stake of between 1.5% and 13.3% of the business at a pre-money valuation of NZD$13,000,000.
Takeoff Media could potentially capital raise again within the next 3-5 years which could lead to dilution. Please consult the company constitution and shareholders agreement for further information.
Capitalisation Tables
Pre-Raise Takeoff Media Ltd
|
Person |
No. of Shares | % Ownership |
| Jitendra Maharaj | 5,200,000 | 40% |
| Anna Duffield | 5,200,000 | 40% |
| Employment Shares Scheme | 2,600,000 | 20% |
| Total | 13,000,000 | 100% |
Post-Raise Takeoff Media Ltd
If Minimum $200,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,870,000 | 36.9% |
| Anna Duffield | 4,870,000 | 36.9% |
| Trenton Stanley | 660,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 19.7% |
| New Investors | 200,000 | 1.5% |
| Total | 13,200,000 | 100% |
If Maximum $2,000,000 is Raised
| Person | No. of Shares | % Ownership |
| Jitendra Maharaj | 4,825,000 | 32.2% |
| Anna Duffield | 4,825,000 | 32.2% |
| Trenton Stanley | 750,000 | 5.0% |
| Employment Shares Scheme | 2,600,000 | 17.3% |
|
New Investors |
2,000,000 | 13.3% |
| Total | 15,000,000 | 100% |
Valuation
Valuation method
Our company valuation came as a result of a deep quantitative and qualitative analysis. We aimed to take a conservative approach, preferring to undervalue rather than overvalue the company.
Qualitative analysis
Information was researched and formed after consulting with several New Zealand Government entities to get a better understanding on how to valuate a company.
Comparative research was also undertaken to understand the valuation entry points of competing companies.
Quantitative analysis
To perform a quantitive valuation of our company, we used a Discounted Cash Flow model (DCF).
- We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
- Forecasted Unlevered Free Cash Flow for years 2023-2027.
- The discount rate used was the Weighted Average Cost of Capital (WACC)-WACC used was 17%
- The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (3.0x) for both total Enterprise Value and total Equity Value.
The average was taken of all final values to give us our final valuation of approx. NZD$13m.
Pay It Now Team
Risks and Mitigations for Pay It Now
Blockchain technology is becoming more widely adopted globally, however, there is a lot of speculation when the topic turns to cryptocurrency.
Cryptocurrencies are volatile assets that can rapidly change prices due to doubt caused by large organisations such as governments. While many cryptocurrencies add to the doubt about blockchain, many more have the potential to improve human life altogether.
In order to reduce the doubt about cryptocurrency and any adverse effects that follow, PIN has become an official financial service provider. This gives potential onboarded businesses more confidence in the payment gateway. PIN has analysed the following risks as the most crucial:
|
Risk |
Mitigation |
|
Free crypto affecting price and liquidity: Rewards will be distributed in PIN tokens, resulting in tokens being sold for profit, affecting the liquidity pool and price.
|
Although this will be a daily occurrence, retailers will be staking tokens, increasing prices and decreasing supply. PIN will also be allocating part of the PIN Data subscription fee to the token's liquidity. In addition, an unbridging fee will be collected before the tokens are moved off layer-2, thus increasing PIN price by regular buybacks and rejuvenating the PIN Rewards network.
|
|
Volatility of the crypto market: Prices change rapidly daily and may hinder some businesses from adopting PIN payment.
|
To stop companies from selling goods below the price they wish, retailers will be able to cash out a digital version of the local currency. In the future, PIN aims to create a stablecoin that will further protect businesses in times of market volatility.
|
|
Dilution risk: Dilution may occur if Pay It Now decides to raise additional capital in the future, issue new shares to investors and give the option of grants to employees.
|
Takeoff Media will position the company to minimise future capital raising by minimising expenditure, overheads and debt. while maximising revenue. |
|
Government Regulation of Cryptocurrency: Increased government regulations come with increased financial costs as a risk to the company.
|
Current regulations for the cryptocurrency market are aimed at AML/CFT compliance, for which we are compliant. Takeoff Media plans to stay proactive in staying up-to-date with any upcoming regulation changes and reacting early to stay compliant. |
|
Loss of Key Personnel: For Takeoff Media, our source code is highly secure with minimal staff access, to reduce cyber security threats. This creates a risk if there is a sudden loss of key personnel.
|
Takeoff Media has implemented several safety measures to allow for two forms of back up of the source code to mitigate this risk. |
Warning Statement
This document has been prepared by Takeoff Media Limited. The purpose of this document is for information in relation to the Takeoff Media Limited share offer on PledgeMe. All efforts have been made to ensure the accuracy and reliability of the content as of the date of this document.
PledgeMe is licensed and regulated by the Financial Markets Authority, and the share offer made by Takeoff Media Limited will only be available for acceptance through the PledgeMe website.
Equity crowdfunding is risky. Issuers using this facility include new or rapidly growing ventures. Investment in these types of businesses is very speculative and carries high risks. You may lose your entire investment and must be in a position to bear this risk without undue hardship. New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.
Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.
A note from PledgeMe
We have completed IQ Connect checks on Takeoff Media Ltd, and their Directors, as well as Google and Insolvency checks. There were no adverse findings.
You need to pledge to see this update.
An update from PledgeMe - Pay It Now
07/10/2022 at 10:14 AM
Kia ora koutou!
We are working to verify all new shareholders of Pay It Now and collect funds.
We have completed approximately 75% of this work.
Thanks again, for supporting the things that Kiwis care about.
Ngā mihi,
The PledgeMe team
An update from PledgeMe - Pay It Now
03/10/2022 at 12:03 PM
Kia ora koutou!
We are working to verify all new shareholders of Takeoff Media, trading as Pay It Now, and collect funds.
We have completed approximately 45% of this work.
Thanks again, for supporting the things that Kiwis care about.
Ngā mihi,
The PledgeMe team
24 HOURS TO GO!
29/09/2022 at 10:20 AM
Hi Team,
Pay It Now's Pledge Me crowdfunding campaign is nearing its end.
A lot has happened over the last two months as PIN has grown with dozens of new businesses that have come on board and our PIN User base growing side by side. PIN has just now signed the entire New Zealand KESS Hair and Beauty Salon brand stores, which has 26 stores throughout New Zealand, joining as PIN Partners. They are officially the first big brand franchise organisation that has joined the PIN Network.
We have been hard at work trying to grow our business in all areas to bring our revolutionary Pay It Now cryptocurrency payment system and its other services to New Zealand and the world. PIN USA and PIN AUSTRALIA are being set up as we speak and are not far from officially being established and operational in their respective countries. Global expansion, here we come!
If you want to be an invested part of our growth and journey, now is your last chance to invest in PIN's Pledge Me Campaign, which has just over 24 hours left to close.
The campaign ends on the 30th of September at 17:00 NZST (Friday)
We thank all who have invested so far and ask all our supporters not to miss out on a great opportunity and share our campaign offer via your networks.
Ka Kite
The Pay It Now Team.
Nearly there peeps!
19/09/2022 at 12:10 PM
Hi Team,
Our campaign is at the 85% mark! We are so close to achieving our goal. We want to thank all our investors, supporters, and everyone who believes in mainstream cryptocurrency payments, with Pay It Now leading the way into the future.
Since our last post, we want to update everyone and welcome all the new PIN partners who have joined the PIN Network.
KESS Hair and Beauty
The Bottle-O Selwyn street
Burger Bonanza
The Black Horse Tavern
Oak n Ferry
The Pedal Pusher
Black Thorn Studio
Buzz Bike
To check out all our PIN Partners, please visit the link below:
We would like to thank all our supporters, pledgers and believers again. Please share the word about our campaign through your networks and help us get over the line to keep bringing you amazing PIN products and services.
Please visit our website for further information or join the Pay It Now system and be part of the PIN revolution!
Kind regards,
The Pay It Now Team
Woohoo! Our campaign has crossed the halfway mark!
02/09/2022 at 11:53 AM
Hi,
Wow! Pay It Now's crowdfunding campaign has crossed the halfway mark. We want to thank all our pledgers who have believed in our company and have now taken the step to become invested partners.
PIN is closer than ever to achieving its goal and is more than ready to launch our business further and its amazing products to New Zealand and the world. Our team has been working tirelessly to get more and more business partners signed onto the Pay It Now network and this week we acquired our first medium-scale grocery supermarket as a PIN Merchant.
We welcome to the PIN revolution - Global Fresh Limited-Ethnic Food Supermarket (Christchurch, New Zealand)
Along with Global Fresh, we have over 100 PIN Merchant Partners growing weekly. We are also noticing businesses and people who have started approaching Pay It Now to sign on to our network. The Good Home Gastropubs in Christchurch signed onto the PIN Network this week, and we couldn't be happier to have such a known and big brand join PIN and have another great business for our PIN users to enjoy.
To find our PIN Partners, please check out our: PIN Partners Map
We would like to thank all our supporters, pledgers and believers again. Please share the word about our campaign through your networks and help us get over the line to keep bringing you amazing PIN products and services.
Kind regards,
The Pay It Now Team
New Tech Has Just Dropped
26/08/2022 at 3:19 PM
Hi Team,
This is a quick update on a few new services we have just released: PIN Swap and PIN Click!
PIN Swap is now live! Our newest service offers a secure trading protocol with a wallet-less connection, meaning you can trade cryptocurrency securely without the chance of your wallet being drained and your funds being lost. For more information about PIN Swap, please visit pinswap.io
PIN Click is now available! Another new service by Pay It Now, PIN Click! allows businesses that want to accept cryptocurrency payments via their website, processed through our PIN-hosted payment gateway both on our PIN Network layer 2 solution and by using your traditional layer 1 blockchain wallets eg Trust Wallet, or Metamask.
We believe PIN Click! is a perfect and effortless option, best suited for service businesses to start accepting cryptocurrency to generate more income by adding a new form of accepting payment to your business.
We thank all our supporters and pledges for believing and investing in Takeoff Media Ltd (Pay It Now). Please spread the word about our crowdfunding campaign via your networks and help us get to our minimum, so we can keep creating revolutionary crypto services.
Ka Kite
The Pay It Now Team.
Pay It Now is Growing!
18/08/2022 at 11:26 AM
It's been a busy couple of weeks!
We are growing daily as new PIN Merchants sign on and transact through our PIN Network. Over the last two weeks, the team have been flat-out bringing in new PIN Partners, finalising the PIN Marketplace and PIN Swap, and working towards our expansion to set up Pay It Now USA (Yes, you read that right). PIN USA is in the process of being set up and will be operational very soon.
Our PIN Marketplace will is very close to going live and available to the world. As a refresher, the PIN Marketplace is our online platform that offers PIN Merchants a medium to sell their products and services while customers pay with cryptocurrency. We are working on having the PIN Marketplace accept fiat currency and cryptocurrency in the future.
One of our recent PIN Merchants Partners is Mag & Turbo (New Lynn), who approached us to sign on to accept cryptocurrency payments.
Here are some of our established PIN Merchant Partners:
The Aussie Butcher (Auckland)
Shubh Indian Takeaways (Auckland)
Peter Timbs Butchery (Christchurch)
Ashby Cafe (Auckland)
Express Mart (Auckland)
The Portland Public House (Auckland)
Thirsty Liquor (Auckland)
Jax Burger Shack (Auckland)
Urban Mart (Christchurch)
Hukka (Christchurch)
We have over 85 PIN Partners, with more signing on every day. Our dedicated and passionate team are doing a fantastic job, along with all our supporters in getting Pay It Now established as a mainstream player in the payment provider market.
In other news, PIN Swap is close to being launched, our revolutionary crypto swap system without wallet connect.
We know it's been a while since our last update, but as you can now see, we've been busy, but we will endeavour to keep our supporters updated with any and all of our exciting upcoming ventures.
We ask all our supporters, our pledgers and even our fans to spread the word about our Pledge Me campaign and share it with your friends and whanau, and anyone you feel would not want to miss an opportunity to invest in Pay It Now.
Thank you once again
Ka Kite
The Pay It Now Team
Over a Quarter of the way there!
09/08/2022 at 4:10 PM
Woohoo, 25%!
We would like to take this opportunity to thank all our pledgers who have helped us get over the 25% mark of our minimum investment required! We are glad to have you be part of our Pay It Now journey.
We still have a wee way to go, so it would be fantastic and helpful if all our supporters could share our campaign with all your friends and networks to help us reach our goal and beyond.
An article on Pay It Now and our Pledge Me campaign has been published today in New Zealand Entrepreneur. Please check it out in the link below and share it around!
Once again, we thank you for your pledges, unending support, and Aroha.
Ka Kite
The Pay It Now Team.
Off to a good start!
03/08/2022 at 7:10 PM
Our Pledge Me campaign is off to a good start!
We thank our first investors and everyone who supports who we are and what we do at Pay It Now.
The road ahead is our journey, and our first investors have gotten us to nearly 20% of our minimum raise.
We need your help to spread the word around and share our campaign with anyone you know who would not want to miss out on an opportunity to invest in Pay It Now.
With your help and support, I know we can get to our minimum and beyond and help Pay It Now achieve its goals.
Thank you once again, and all the best!
The Pay It Now Team
P.S. An article about our Pay It Now crowdfunding campaign will be featured in the NZ Entrepreneur newsletter next week! Details to follow in the next update....
Offer Details
| Current Valuation | 13,000,000 |
| Raise Minimum | 200,000 |
| Raise Maximum | 2,000,000 |
| Share Price | 1.00 |
| Minimum Pledge | 250.00 |
| Maximum Shares Offered | 2,000,000 |
Explanation of valuation:
We used a Discounted Cash Flow model (DCF) to value our company.
We forecasted our financials 5 years into the future (2023-2027), ensuring to be on the conservative end with our assumptions.
We forecasted Unlevered Free Cash Flow for the years 2023-2027.
Used 5yr forecasted Unlevered Free Cash Flow to build Discounted Cash Flow (DCF) model.
The discount rate used was the Weighted Average Cost of Capital (WACC)
- WACC used was 17%
The net present value of 5yr Unlevered Free Cash Flow discounted to our WACC was then multiplied by a conservative-end terminal EBITDA multiple (4.0x) for both total Enterprise Value and total Equity Value.
The average of all final values was taken to give us our final valuation of approximately NZD$13M.
The Financial Summary
The Financial Summary assumes a capital raise of $2,000,000 NZD, allowing rapid global expansion. The global expansion rate is reduced proportionally if the total amount is not raised, reducing operational cost and loss/profit estimates.
PIN Partner Growth Rate
Assumes we achieve our goal growth rate of 50+ PIN Partners per month.
% Crypto transactions
Assumes a consistent average monthly turnover of PIN Partners
Increase in crypto transaction volume of 0.125% MOM.
AUS/UK/US expansion date assumptions
Enter Aus market Sep 2022
Enter USA & UK market Jan 2023
PIN Data, PIN Swap, and PIN-FT are not included in the forecast.
Financial Summary
| Prev Year | Current Year | Est. FY 2025 | Est. FY 2026 | |
|---|---|---|---|---|
| Revenue | NZ $30,039 | -NZ $282,255 | NZ $2,711,725 | NZ $7,799,349 |
| Operating Expenses | NZ $204,242 | NZ $1,963,554 | NZ $4,110,730 | NZ $5,722,754 |
| EBITDA | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
| Net Profit | -NZ $174,203 | -NZ $2,245,809 | -NZ $1,399,005 | NZ $2,076,595 |
Company Details
Company Name: Takeoff Media Limited
Company Number: 9429050716579
Company Documents
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Craig Duffield | Director | https://www.linkedin.com/in/craig-d-b675651b7/http:// | ✔ |
| Jitendra Maharaj | Director | https://www.linkedin.com/in/jitendra-maharaj-4049a2ab/ | ✔ |
Your raise details and documentation state an intention to be operating in Australia this year and USA early next year. However, a raise amount of NZ$300,000 would barely cover the legal expenses to incorporate in the US. Where do you expect the funds for regulatory licenses, staffing, and marketing in those geographies to come from?
Posted on 29-09-2022 by PaulHi Paul
Thank you for your question; our plans have changed somewhat due to massive demand in the Australian and American markets to offer Pay It Now services.
So, the team has taken action behind the scenes to make this happen sooner. In the past week, we have incorporated Pay It Now Aus PTY LTD (ACN: 662 643 496), and we are now working with our American base lawyers to incorporate Pay It Now USA; at the moment and is expected to launch very soon.
I mean no disrespect when I say this, but your cost estimates to set up a business in America are off by a significant amount. This may be because we are using our dedicated community members' resources and contacts in America and Australia to set up both companies at a fraction of the price you suggest.
I would be more than happy to discuss this over a phone call if you would like to find out more; if so, please email me at [email protected] to set a time for a call tomorrow morning.
Kind regards
Craig
Answered on 29-09-2022 by Craig Duffield
How many staff do you currently have? Which staff can access the staff share pool? What are there KPIs for and conditions for being awarded these shares?
Posted on 19-08-2022 by Jacob BoyesWe have 12 staff on our team (please see pages 25 and 26 of our IM). We have three staff members with share options available; the remaining shares are yet to be allocated. The KPIs and conditions for awarding these shares are to be determined for each employee and are at the company's sole discretion, per our shareholder's agreement and employment incentive share plan.
Answered on 19-08-2022 by Craig Duffield
Your forecasting expenditure of over $2m in the current year. How much have spent so far and is it in line with your forecast? Your equity is almost entirely tied up in crypto how are you paying these bills? Will it all be funded from the pledge me equity inflows? What is the primary expense? Also how what assumptions have you made around your projections of profitability in 2 years with $7m revenue in 3 years? Have you performed sensitivity analysis?
Posted on 19-08-2022 by Jacob BoyesThe forecasting expenditure of $2m is the estimate based on projections for global expansion into the American and Australian markets this financial year.
We have spent approximately $310,000 from our initial ICO and introduced shared capital which is well below the forecast because we have not started global expansion yet.
We started with the Initial Coin Offering of $261,953, which was our initial round of investment for PIN Token; after that, the Co-founders injected capital, and that's how we have been paying expenditure to date.
The cryptocurrency tied up is separated from the company's day-to-day expenses, and our primary expense is staff wages (Sales and Marketing).
The assumptions made around our projections are listed on the right of the P&L on page 23 of the IM.
We have listed the use of crowdfunding capital raised on page 19 of our IM
Projections assumptions are on page 23 of our IM.
Our financial models have allowed for conservative growth with regard to our revenue streams.
Answered on 19-08-2022 by Craig Duffield
What tokens are held in your wallet? How are they valued. How much have you personally invested in the venture? Is the Financial position audited? Do you have a p&l. How much is your annual salaries/bonus/share options?
Posted on 19-08-2022 by Jacob BoyesYou can bridge over the following Coin/Tokens onto the PIN Wallet:
AVAX, BNB, BTC, CAKE, ETH, ORE, PIN, QUICK, SHIB, UNI
Our valuation methods are listed on our IM Page 22
PIN Tokens are valued according to the market prices at decentralised exchanges; all of our cryptocurrencies are pulled from Market Rates.
We have personally invested approximately $70,000 in the company.
Our financial position is reviewed by our accountant, at this stage, the company is pre-funding, so there is no need for an external financial audit.
Yes, our P&L is on page 23 of our IM; we have an expanded financial P&L forecast available for investors; if these are required, we can arrange a video call after signing an NDA.
At this stage, no one in our company has received a bonus, and no promised bonuses are in place for any staff members. However, share options are available through our employee incentive plan as per the shareholder's agreement available on the detail page of PledgeMe. In addition, we are more than happy to disclose the Co-founder's salaries during a video call, and after signing an NDA, I hope you understand that this is a privacy issue.
Answered on 19-08-2022 by Craig Duffield
You state you will achieve critical mass in NZ next month which is 500 partners. How many partners do you have now. How did you determine this is critical mass. What is your definition of a partner. Have you acheived a. Single transaction with any of these partners?
Posted on 19-08-2022 by Jacob BoyesOn our IM on page 17, we state, 'Expect critical mass point in NZ to be 500 PIN Partner.' We calculated this assumption basic on the number of businesses applying to be PIN Partners versus the number of PIN Partners we have at the time. We then based this on how many PIN Partners we want to onboard per month.
We have now obtained 100 PIN Partners and are averaging one PIN Partner per day approaching us without our sales team approaching them. In addition, we are averaging two new PIN Partners a day for the last month, mainly obtained from B2B sales.
A PIN Partner is a merchant who has signed up with us and accepts PIN Payments through their business.
The PIN Network is seeing multiple transactions daily and is rapidly increasing as we bring more and more PIN Partners onboard.
Answered on 19-08-2022 by Craig Duffield
How many pin tokens do you guys own. How are you exchanging between crypto to pin to make the payment? What is the fee on this? Is that included in the 0.5% fees? Or will is that the fee in pin only excluding any crypto to pin exchange fees?
Posted on 19-08-2022 by Jacob BoyesHi Jacob,
Thank you for your questions; sorry about the delay; it has been a busy day.
The Developers / Co-Founders received 2 million PIN Tokens when the token was minted. Both wallets remain untouched and can be viewed on BSC Scan; please see the wallet addresses before.
Dev Wallet 1 - 0x70fdaf04c7dc2f3a653e08bb98a277a85ccab2a5
Dev Wallet 2 - 0x22ef5dd40ad9c21c21d066fde69af67de428fe32
We exchange other Cryptocurrencies to PIN by analysing price differences between various centralised and decentralised exchanges and determine which has the best rates to withdraw or to stake to receive the biggest APR. If we withdraw to our bank account, we use P2P trading through a centralised exchange. The fees required to change crypto to other crypto or fiat depend on the network congestion and what facility we utilise, but are in most cases less than 1%. We typically bunch withdraws together to offset any gas fees or exchange fees when withdrawing to fiat.
We also have stop losses to minimise downward movement and losses during a downturn in crypto prices. At the same time, we try to measure if there is profit to be made by holding these cryptocurrencies before they are traded at a centralised exchange.
Our merchants are charged a 0.5% + GST fee for every cryptocurrency transaction through their POS system using the PIN Network. The customer uses their cryptocurrency, and the merchant receives a local digital currency that is then cashed out to their bank account or into cryptocurrency if they choose this option. Our merchant fees are taken out at the time of transaction.
Answered on 19-08-2022 by Craig Duffield
You obviously don’t know about the bitcoin lightning network.
Posted on 10-08-2022 by JamesHi James
Thank you for your question. Yes, we are fully aware of the Lightning Network.
We encourage you to research our PIN Network to see how we differ, in our view for better, from the Lightning Network.
The most significant point of difference is Pay It Now (PIN) removes the volatility of the cryptocurrency market from the merchant to protect the price of the sale by instantly converting the transactions into local currency, which is then directly deposited in the merchant's bank account. This means the customer can use their cryptocurrency, and the merchant has the option to receive local currency or change their sales into a cryptocurrency of their choice.
We created this system after extensive and thorough market research and scoping our potential customers. We found that most businesses are hesitant to accept cryptocurrency due to the volatility of the cryptocurrency market, lack of knowledge, and tax implications due to losses and gains. However, when we discussed receiving money directly into their bank account and how our system would create a new generation of customers for their stores, the majority had their concerns eased and they signed on to the PIN Network. Being the first business from New Zealand and in New Zealand gives our customers and clients added confidence in their decision to join our network, amongst other reasons such as gaining a whole new generation and range of paying customers.
There are several other differences between the PIN Network and the Lightning Network, and you can find all this information at www.payitnow.io
If you have any further questions, please do not hesitate to contact us.
The Pay It Now Team
Answered on 10-08-2022 by Craig Duffield
Do you anticipate paying dividends? and if so when do you estimate starting paying dividends to shareholders?
Posted on 09-08-2022 by CamiaHi Camia,
Thank you for your question, we are currently in the growth phase of the business and are forecasted to turn profitable from FY2025. We estimate to be paying out dividends from FY2025 to our shareholders.
If you'd like anymore information, please feel free to contact us via our website.
Regards,
The Pay It Now Team.
Answered on 09-08-2022 by Craig Duffield
A question from a layman: In the longterm, do you think that your platform can be merged with existing infrastructure such as credit cards etc and then leverage off eftpos machines and the likes? The app and tech are great but requiring a different infrastructure is a barrier for now. In the long run I'd love a passive way to pay with my crypto which would make it feel much more familiar (ie no phones, just tap and go on a credit card) or will this tech be forever based on live market values of crypto and the app is essential to establishing what things cost as you want to make purchases. Thanks
Posted on 06-08-2022 by BrianHi Brain
What great questions these are, and thank you for asking them, as it promotes additional information sharing for aspects we have not talked about in our IM.
Pay It Now (PIN) has integrated with two point of sales software providers (Pos Perfect and Salespoint) and is now in talks with two more. The integration was a relatively straightforward task for these providers because, apart from the UI design, their software only needs to hit our APIs. Their software systems talk with our PIN Network to generate a QR code for the user to scan to complete the transaction. Check out this link to see this in action https://fb.watch/eJCjFO2DJl/
We are currently in talks with two EFTPOS providers in New Zealand about integration with their systems, which is an easy process to implement.
Another piece of tech that has just been started at PIN is a Progressive Web App, so merchants can download our POS system on any computer allowing merchants to use the PIN system on their existing counter computer till system.
We are looking at two options to create PIN NFC cards and a New Zealand-based credit card option. The only issue we see with credit cards is the additional fees because one of the PIN Network's points of difference is our super cheap merchant fees of 0.5%. Existing cryptocurrency credit cards charge around 2.9% and scalp the users with exchange fees.
We also have POS PDA devices to lease to a merchant or purchase. This week we took delivery of an ATM which we are testing to see if we can implement the PIN Network.
So as you can see, we plan to continue developing our tech to make it easier for merchants and users to use cryptocurrency in stores or online.
Answered on 06-08-2022 by Craig Duffield
Craig Duffield is one of the two company founders but he is not a shareholder. Why is that?
Posted on 05-08-2022 by CristianHi Cristian, my wife Anna Duffield is one of the major shareholders of the company.
Regards
Craig Duffield
Answered on 05-08-2022 by Craig Duffield
What does a customer need to do to make their first purchase using PIN?
Posted on 05-08-2022 by Terry WoodsHi Terry, Great question!
The customer would need to download the PIN Network App and sign up as a PIN Personal User. If they have existing cryptocurrency in other wallets they can bridge them over to their PIN wallet or buy cryptocurrency from within the PIN App. The acceptable cryptocurrencies are listed on the PIN app and website. After the customer is set up, they are ready to make a payment from the "Payments" option, which allows them to scan the QR code generated on the Merchants device and the funds are instantly transferred from the User wallet to the Merchant wallet in local currency value, which would be NZD in NZ. The whole sign up process take just a few minutes for the user.
The app can be downloaded from www.payitnow.network
I hope this answers your query. Please feel free to contact us from our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
Can you provide a simple description of what's involved to start accepting payments using PIN? eg install app, configure, etc. Are there sign up fees or monthly fees, or is it just a % transaction fee?
Posted on 05-08-2022 by Terry WoodsHI Terry,
To sign up as a PIN business account user you can visit the website www.payitnow.network and click on the "Business" link. From there you can click "Apply now" which takes you to the business application online form. Once the details are filled in, we receive a notification and the staff set you up with a PIN Partner account on our network. We then immediately email you your Business ID and User Name. The business user then downloads the App and logs in the "Business" option with the ID and User name provided. They can set up their own password after the first login. Thats it! The business owner is now set up to transact on the PIN Network. They can now enter in a new transaction and generate a QR code for a PIN customer to scan and pay instantly.
There are no sign up fees or monthly fees. a 0.5% per transaction fee is all the PIN Business user pays!
I hope this answers your query. Please feel free to contact us via our website for more information.
Regards,
The Pay It Now Team.
Answered on 05-08-2022 by Craig Duffield
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