AGLOCO update: We will be paid!

Great news AGLOCO members! AGLOCO is going to pay its members for the surfing hours...

This is the latest AGLOCO update on Member Distributions. I have copied the whole thing and pasted it here for future reference.

Since AGLOCO started its Viewbar in June, we have been working to deliver an early money distribution plan that will be work for both Members and AGLOCO at this time. It was decided to start with the AGLOCO Monthly Residual Payments. These are small monthly payments which will be made for hours earned each month and paid monthly for 10 years. The following rates have been set (amounts are expressed in US currency):

• June $0.48 per hour - ($0.0040 per month for 120 months)
• July $0.42 per hour - ($0.0035 per month for 120 months)
• August $0.54 per hour - ($0.0045 per month for 120 months)

AGLOCO Monthly Residual Payments become payable when declared such by AGLOCO. We are working to add the accounting feature to the account page to show this to each Member, but that will not be available until after all the Ask.com features have been integrated.

In addition to the AGLOCO Monthly Residual Payments hours may become eligible for Bonus Payments. If AGLOCO exceeds expectations and builds funds in excess of reserves needed it may be possible to make AGLOCO Bonus Payments. We do not expect this to happen anytime in the near future. The details on the Bonus Payments and the Monthly Residual payments will be placed on the account page along with the accounting display.

1. How is AGLOCO doing financially?

As you know AGLOCO launched stating it would make Member distributions when it was profitable. On this blog we said we would update you on the company results at the end of the summer. During the last three months, June, July and August, AGLOCO lost slightly more than $100,000. (As you are aware the Development team is still working for free. And also, the Development team and some of their friends are the source of the $100,000 so that AGLOCO can pay its bills.) The AGLOCO losses are getting smaller each month and at this point, we anticipate the September loss will be $10,000 to $15,000.

2. Will checks for the AGLOCO Monthly Residual Payments go out in October?

We would love to say definitely yes, but we can’t. So we will say Yes IF. The IF for the most part is how successful our Ask.com partnership is in generating revenue. As with most things in AGLOCO, it will really depend on the Members. It is Member use of the Ask.com search function that will answer the question of distributions in October.

While Ask.com will also become the dominant supplier of our US and Canada ads, we believe that as a global company AGLOCO currently will get the most revenue from the Ask.com search ads.

3. How will I get my money?

First AGLOCO puts money into your account at AGLOCO which you will be able to see on your account page. At present, Members may ask that a check be sent to them. AGLOCO will set up a couple of online payment systems like PayPal and will also set up an ACH system. If there is a cost to make the transfer, the Member will pay it – so that other Members do not have to bear that expense. A minimum for transferring money out will be set.

Since the account pages will not have the financial data available on them for several weeks, we will contact any Member who has earned over $100 to ask if they want a check now. (There are a number of you who get in this group very quickly).

4. Will I be able to sell my hours to other Members?

A number of requests have come from Members wanting to buy or sell hours. Currently AGLOCO does not allow the transfer of hours. AGLOCO is planning to change this and allow for Members to transfer hours. To do so it will be necessary for AGLOCO to suspend any consideration of exchanging hours for AGLOCO shares, otherwise trading hours would not be possible in some countries and would be too difficult (and expensive) for AGLOCO to regulate. We would like Member feedback on this issue prior to implementing it, so please make comments on this post.

AGLOCO will have to add the technical ability to transfer hours to each Member’s account database before the ability to sell will be possible. AGLOCO will probably limit transfers to at least 100 or more hours per transfer so that tracking this does not become a burden. If there is any cost to this, it will be borne by the Member doing the transfer so that all Members do not bear this cost.

5. How much will I be able to sell my hours for?

We anticipate that some Members will set up private exchanges or Members may use existing auction sites like eBay (assuming rules and escrows are met.) Therefore the price of hours will depend on the open market. And thus, the price is liable to fluctuate.

We know this is a lot of information in a small space, please ask any questions you have on this post and we will try to answer them

Thanks for all of your efforts for AGLOCO.

The AGLOCO Development Team

This is another Official reply to the comment made by Julie

AGLOCO Official said,

September 28, 2007 @ 5:14 pm

Julie – You are correct about the payments growing over time. Please note that we set this up to try to reward all the early people as much as we thought possible and yet not break our principal of not paying out more money than we make. We are very hopeful that we can confirm the first months of payments soon and that the first checks can go out in October.

As to when the tech team will have the new account page launched and when the trading of hours database will be ready, I would think a month or two before any of that is operational. So it will not be after then that AGLOCO will be able to accommodate sales of hours. And that is why we will manually send checks the first couple of months to Members with over $100 due them. I take it by your question you think that a positive step for AGLOCO.

AglocoDir – We are currently limited to USD. That is one of the reasons to use $100 as a limit as above that amount people can have exchange done fairly. When we have online payments we will strive to have many different currencies available.

For easy reference, this is Julie's comment...

I want to know if I got this right. For my June hours, Agloco is going to pay me $0.48. I am going to get the money a little every month. And the same is true of July hours and August hours and will be for September hours and October hours.

So if that is right, my monthly income from Agloco will go up every month that I earn more hours, because I am starting with a base from my previous months, right?

One more thing, can you tell me more about when can a sell my hours?