User, 20 Oct 2026: the plan is that the shareholders fund the whole
plant and get shares for that (no bank loan).
- total-investment.md "Two plans": Funding paragraph: Plan B's ~217M
THB paid in as share capital; the lead investor's 60 % at least ~130M,
the 40 % at most ~87M (~121M / ~81M before the reserve; Plan A ~109M /
~73M); capital registered in full and called in instalments against
the tranches; BOI's 3:1 met with no debt; nothing pledged.
- boi.md, README Project Status and the share-price bullet follow.
- Business plan A and B: the ask, the decisions, section 12.2 (funding
bullet replaces the 3:1 equity floor), section 14 and the BOI
requirements paragraph; "not in this plan" now names bank debt; both
rebuilt (63 pages, checked).
- share-price.md re-based: 2,170,000 shares of 100 THB, the 40 % ~86.8M
THB; illustrative calls 25/40/20/15 % against the tranches; premium
rows on 217M; value per share once running with no debt (adverse 11 to
42 THB, central 80 to 314, favourable 176 to 688 per 100 THB paid);
VC method and CAPM recomputed; the calculator's ~22 % IRR is now the
shareholders' pre-tax return (~18 % after tax, rough); missed-call
rules (CCC 1120 to 1125); the levered case kept as "if a loan were
added later".
- Deck: slide 12 (all equity, 60/40 bar ~130M / ~87M, none pledged,
share capital called in instalments), slide 13 (re-based table, chart,
premium cards, VC line), slide 17 (co-investor card, calls) and notes
("lenders" -> "investors"); both PDFs rebuilt; deck verify clean.
User, 20 Oct 2026: add a page about possible share prices, do some
calculation on normal market data.
- docs/finance/share-price.md (new): market data with sources and
dates (Damodaran January 2026 EV/EBITDA, P/E and betas for emerging
markets and global; Thailand ERP 6.18 % (July 2026); ThaiBMA 10-year
2.30 % (19 Oct 2026); illiquidity discount 20 to 35 %; venture target
returns by stage; SET peers SCGP, TPAC, SITHAI, GRAMMY; Thai Civil and
Commercial Code on par value and premiums).
- Results, all estimates: A founding round at par, pari passu: 542,500
shares of 100 THB at Plan B's 54.25M equity floor, the 40 % ~21.7M
THB; B a premium only for documented pre-round costs (102 to 137 THB);
C value per share once running at ~163M THB debt: adverse ~0, central
126 to 1,016 THB, favourable 508 to 2,512 THB; D a financial investor
today 18 to 236 THB (central); E calculator cross-check. Recommendation:
par for the founding round; pre-emption and information rights for the
40 %.
- Deck: new slide 13 "Share price: what the 40 % could cost" in both
themes, with notes; the ask slide points to it; 17 slides, both PDFs
rebuilt; site slide notes trimmed.
- README bullet, layout line and Project Status link; total-investment
shareholding paragraph links the page.
User, 20 Oct 2026: the main investor W wants to hold at least 60 % of
the company (the BOI-promoted company), so only 40 % is for sale.
- total-investment.md "Two plans": the 60/40 rule; Ploy Printing's
stake, founders' shares and any further co-investor come out of the
40 %; at Plan B's ~54M THB equity floor (3:1) and one share price
that is at least ~32M / at most ~22M THB (arithmetic only; share
price, valuation and in-kind shares not agreed).
- README Project Status and boi.md (foreign-ownership privilege) point
to it.
- Business plan: section 12.2 states the split (A: ~28M / ~18M, B:
~32M / ~22M at the equity floor, arithmetic), the co-investment bullet
and the decisions list name the 40 %; A and B rebuilt (63 pages each,
TOC and em-dash check clean).
User, 19 Oct 2026: the main investor wants to go with Plan B; fix the
stale docs the deck build found.
- total-investment.md "Two plans" and README: the main investor wants
Plan B (~217M THB, labelled ~215M); Plan A stays as the comparison.
- boi.md: duty without BOI on the launch plant's ~2.3M USD of imported
machinery (~0.11M duty, ~0.17M import VAT), as total-investment states;
the calculator's ~2.5M includes the water treatment; the old ~2.75M
was the superseded start fleet.
- roadmap.md item 2: the BOI application stacks automation, R&D and the
battery if it qualifies; solar lost promotion on 1 July 2025.
- project-timeline.md: October re-read note (launch plant with
galvanics commissioned first, long lease of raw land, Plan B price;
calendar not redrawn); galvanics rows no longer "Phase 5".
- revenue-model.md: blended price at 60 % specials ~124 to 174 THB
(3.76 to 5.27 USD), the Thai gap "three to six times".
- site-candidates.md, scale.md: utility yard with air-cooled chillers,
no cooling tower; electroplating permission needed from the start.
- Business plan: working capital 4.5M to 9.6M THB (as total-investment);
A and B docx and PDF rebuilt (63 pages each, TOC checked).
User, 17 Oct 2026: "only put solar on the factory, prepare the other
buildings for solar, option a and b should operate on biomass".
- Steam: two 500 kg/h biomass modules (Getabec class, 6M to 10M THB) plus
a fuel store and handling block (1M to 2M, estimate) in both plans; the
electric bank becomes the alternative. ~0.67M THB of fuel a year against
~4.9M for electric steam; grid demand ~264 kW instead of ~980 kW.
- Solar: ~520 kWp on the factory roof (the biomass-case optimum is ~500 to
550 kWp, hourly sketch in sustainability.md "PV size with biomass
steam"); office roof and parking canopies built PV-ready (~120 kWp
later). ~87 % used on site, ~61 % of the plant's electricity.
- Calculator: biomass default, bFuel row, pvKWp 520, pvSelf 87, iso fills
the factory roof first and shows the other roofs as PV-ready.
- Numbers: launch plant ~168M / 232M / 296M with contingency; Plan A
~182M (~2M above 180M: the Chinese-route lever priced only electric
boilers; a Chinese biomass quote is the way back), Plan B ~217M (label
~215M), ~35M more. Calculator EBITDA A 2.17M, B 2.23M USD.
- CSV, total-investment, revenue-model, sustainability, scale, biomass,
site-candidates, boi, steam-cooling, construction RFQ (canopies
PV-ready), README, roadmap; business plan draft 0.3 rebuilt (A and B
63 pages) with new renders.
Solar (user, 17 Oct 2026: "use as much roof space as possible")
- PV on every roof and canopy: ~640 kWp on the Payap scenario plot
(factory roof ~523, canopies ~54, flat office roof ~65 kWp around the
AC units); ~300 kWp on the Mueang Chi hall. Calculator: pvKWp 640,
new pvSelf 85 % (zero export, hourly sketch), PV cost per kWp times the
array, office-roof PV in the iso view, roofs drawn full.
- 12.8M to 16.6M THB at 20 to 26 THB/W; CSV baseline 34.37M to 56.34M;
launch plant ~168M / 231M / 294M THB with contingency; Plan B ~216M
(label ~215M), ~39M above Plan A; Plan A unchanged (it leases the
array), its solar lever ~17.5M. PV payback ~4.2 to 5.9 years.
- Permits (rooftop solar no factory licence since 28 Dec 2024, ERC
exemption under 1,000 kVA, PEA zero export) and PPA discounts sourced
in sustainability.md.
BOI correction
- Announcement 3/2568 (in force 1 July 2025) ended BOI promotion for
solar installations; only the battery may qualify (12M THB per MW cap).
Removed the "BOI solar measure" from boi.md, total-investment,
revenue-model, sustainability, site-candidates and both plan versions;
Plan B's case for owning the array is the PPA bill it avoids
(~0.07M USD a year).
Open source (user, 17 Oct 2026)
- digital-factory.md "Open source throughout, and working with other
plants": everything we run and build is open source on NixOS, our code
published (licence to decide), vendor firmware the stated exception;
later the stack and factory-automation services for other pressing
plants, not in the revenue.
- Business plan section 5.6 plus an executive-summary bullet, reading
guide and not-modelled mentions; draft 0.3 rebuilt (A 60, B 61 pages),
renders re-made with the roofs full.
- Rooftop PV, 300 kWp (size still illustrative): 20 to 26 THB/W installed
with the Deye hybrid inverters, 6.0M to 7.8M THB (was 25 to 35 THB/W,
7.5M to 10.5M). Sources in the utilities CSV: DEDE Thailand PV Status
report (Mahidol survey: 22 to 25 THB/W for factory systems of 10 kW to
1 MW, 2023), CapSolar 2026 (20 to 25 under 1 MWp), Saimai Solar's list
(300 kW for 5.4M THB), Deye hybrid inverter retail (160,500 THB per
50 kW).
- Battery 271 kWh, now installed: 2.0M to 3.5M THB (was the bare Gobel
list price, 1.4M to 2.0M, which matches DEDE's 5,000 to 7,000 THB/kWh
for LiFePO4); adds enclosure, fire protection, controls and installation,
below CapSolar's 12,000 to 15,000 THB/kWh for a fully installed factory
BESS because the hybrid inverters do the conversion (estimate).
- Utilities baseline 27.57M to 47.50M THB; launch plant ~160M / 222M /
283M THB with contingency; Plan B ~208M (~149M to 266M), ~31M more than
Plan A; Plan A's total unchanged, its solar lever ~9.7M. PV payback
~3.8 to 5.4 years (sustainability.md). Calculator, README, roadmap,
revenue model and both business plan versions (renders included)
updated.
- Plan B now starts like Plan A with one Duplex system and one Classic,
but takes none of the six levers: owned solar and battery (with the BOI
solar measure), the full metrology stack, the visitor corridor, cassette
and CD-R, the bought crane and Thai-supplied utilities (user, 17 October
2026). ~193.8M THB before the reserve, ~209M with it (~150M to 268M),
~32M (~18 %) more than Plan A; the second Duplex is a growth step from
revenue in both (~15.4M THB, estimate).
- total-investment.md "Two plans" re-based (heading and anchor now
"B at ~210M THB", README and roadmap links updated); revenue-model.md
operating pictures: same volume and EBITDA as Plan A, depreciation on
Plan B's capital (operating profit 1.26M USD central, payback ~3.7 yr);
the extra earns nothing in the modelled table, which the docs say.
- Calculator: Plan B preset = the launch plant with contingency kept out
(EBITDA 2.07M USD, cash payback year ~4.3, IRR ~21 %); budget card marks
180M and 180M plus 25 %; preset label "Plan B (~210M, all in)".
- Business plan draft 0.3, both versions rebuilt: every Plan B branch of
the three content files rewritten; renders regenerated with the
isometric view turned to the front of the site (road, car park, office,
corridor facade) for the cover and Figures 8 to 10.
User (October 2026): price the Pheenix galvanics line at OMS's reference
plus 20 %, and work on a new business plan in two versions, one at
roughly 180M THB and one at +25 %; the plans do not include contingency;
Plan A keeps every machine and uses cost levers only.
- total-investment.md: Pheenix block 324k to 445k USD (OMS 4-cell wet
room with know-how transfer, EUR 234k to 321k, plus 20 %; was 320k to
650k estimate); launch plant now ~161M to 285M THB with contingency,
midpoint ~223M. New section "Two plans": Plan A = launch plant with
solar PPA, metrology launch tier, corridor later, cassette and CD-R
later, rented crane, Chinese boilers and compressor: subtotal ~161.7M
+ ramp-up reserve 10 to 20M = ~177M THB (127M to 226M). Plan B = second
Duplex at launch (five presses), everything in: subtotal ~209.2M +
reserve = ~224M THB (162M to 286M). Contingency listed as not in
either price (~24M / ~31M at 15 %). The 180M / 216M answer marked
superseded.
- revenue-model.md: operating pictures of both plans at 60 % specials.
Plan A central EBITDA 1.73M USD, operating profit 1.34M, payback ~3.1
yr on the plan price; adverse loses money. Plan B (1.0 / 1.25 / 1.5M
records) central EBITDA 3.14M, operating profit 2.63M, payback ~2.2 yr;
adverse just covers depreciation; needs ~1.25M records sold.
- Calculator: Pheenix price basis "OMS +20 %" and "OMS directly"; new
contingency switch (in the total / shown separately); presets Plan A
and Plan B (replace "investor levers" and "five-press"); budget card
against 180M and 225M.
- galvanics.md price note, README, roadmap.
Checks: calculator regression updated and passing (0 fails, no page
errors), node --check on all scripts, site build (no dead links), no em
dashes added.
Launch plant (user, October 2026): one Duplex system and one Classic,
with cutting and galvanics in-house, everything in one capital round.
- scale.md: capacity table now launch plant 0.71-0.97M records/yr, the
second Duplex as a growth option; launch utilities (450-540 kg/h on
B-1/B-2, ~390 kW on 2 x 250 kW); calculator figure ~0.94M.
- pressing-line.md: launch plant section on top; five-press fleet kept as
the layout fleet the hall and backbone are built for.
- roadmap.md: long-lead orders for the launch plant, no bridge stampers
or outsourced cutting, commissioning order, what stays revenue-gated.
- revenue-model.md: operating picture of the launch plant: central
revenue ~3.75M USD, EBITDA ~1.6M, operating profit ~1.1M, payback ~4
yr on 216M THB, break-even ~0.3M records; adverse corner cannot cover
depreciation. Five-press table kept and labelled.
- fleet-calculator.html: start fleet 1 Duplex + 1 Classic, target 850k,
capex base 6.55M (cases 8.9 / 6.55 / 4.9M), Duplex beyond one, chiller
500 kW, imported machinery 2.3M, ladder from the launch plant.
- total-investment.md: superseded note updated.
Checked October 2026 on the investor's budget question. New
docs/suppliers/china-utilities.md: boiler makers (ZOZEN, Sitong,
Fangkuai, Taiguo, Yuanda, Yongxing, Taishan, Nobeth) with fit for 500
kg/h at 1.25 MPa, claimed certificates, Thai references and listing
prices; the Thai rules for an imported boiler (MR and MOI notification
B.E. 2549: ASME/JIS/EN or equivalent, certification-body verification,
once-through relief does not reach 10.5 bar, licensed controller, annual
inspection); compressor makers with Thai offices (Kaishan, Denair) and
sizing; hydraulic pump sets and accumulators (Huade, Yuci, Hengli, WMD,
Renowell, Inovance, NXQ makers), the shared-ring-main risks and Thai HPU
builders; duty and freight; open RFQs.
Result: about 2M THB at the midpoint (~2.5M with contingency), ~1 % of
the 216M target, mostly the boilers; Newbilt aggregates stay Newbilt's.
total-investment notes it and lists the uncosted central hydraulic
plant; utilities CSV gets the Chinese candidates and route estimates;
backlinks from equipment-suppliers, pressing-line, README.
Decided (user, October 2026): the plant launches with everything in one
capital round, commissioned in sequence: one Newbilt Duplex system, one
Classic, a Pheenix galvanics line with ZLD water, the Sibert line, a
Sillitoe cutting room, and the modular steam and cooling plant (2 x 500
kg/h boilers, 2 x 250 kW chillers, rooms for four each). No bridge
stampers, no outsourced cutting; cassette and CD-R stay; the second
Duplex and further Classics are growth options, not in the investment.
total-investment.md: new 'Launch plant' roll-up, 4.9M to 8.9M USD,
161M to 292M THB incl. 15 % contingency (midpoint ~227M), with what is
left out (ramp-up reserve ~10-20M THB, CD replication, financing, FX,
archive shelving) and the BOI assumption. The investor's question (180M
THB, maybe +20 % = 216M): fits at the low end only; at the midpoint four
levers that keep every machine (solar via PPA, metrology launch tier,
galvanics near OMS's reference, visitor corridor later) give ~193M, plus
reserve ~203-213M, inside 216M; 180M needs low quotes. The quotes that
decide it: Newbilt (Duplex, Classic), Pheenix galvanics, building with
soil test, metrology. Old full vision and phased entry marked superseded
until the mirrors are re-based.
Utilities CSV: chiller bank two modules (4.9-7.9M THB), boiler note for
B-1 and B-2 at launch, ZLD and DI rows now launch scope (carried with
galvanics); baseline 28.47M-48.73M THB. README project status.
User (October 2026): we only build tools and interfaces that interact
with ERPNext; invoices, stock and the rest are kept there, except
telemetry and other machine data.
digital-factory.md: standing decision, decisions 2, 3, 6, 7 and 10
rewritten (ERPNext holds every record of the business and of production,
including artist gates, metal-part genealogy as serial numbers with
parents, and quality inspections; the machine-data store keeps only
cycle and record rows, the hash chain and time series, keyed to ERPNext
names; ERPNext first, then custom fields or document types in cnx_erp,
then a tool, never a second business database). Systems table,
architecture labels, factory application section (modules as a table:
records in ERPNext, what we build, machine data outside; our only tables
are the machine-data ones), ownership table, integration rules 4 and 8,
phasing and estimates (cnx_erp app 2 to 3 person-months; total 3.5 to 6).
artist-platform.md: campaigns are an ERPNext document from launch, pledges
post as advance payment entries; traceability, README, facility security
(archive location on the serial number), production timeline (sets per
mother on the mother's serial number), crane-workshop spares store,
total-investment.
Factory console: KPI row no longer touches the postings card (user
screenshot); ERPNext page, order card, sidenote and ledger say every
record lives in ERPNext and only machine data stays outside; new
postings for artist gates, stamper metrology inspections, stamper set
serial numbers (grown, retired with play count). Checked headless:
Edge dark and light, 1440/1024/390, no overflow or page errors, rows
aligned, pw_fc, pw_wo, pw_feed and pw_erp pass.
Decided by the user (October 2026): the whole plant runs ERPNext, and
all tooling we develop has to interact with it.
digital-factory.md: standing decision in the summary; decision 10
(ERPNext owns the business documents, the factory application owns the
floor; ERPNext names are the shared keys); new section 'ERPNext: the
plant's ERP' with the ownership table (customers, prices, sales orders,
items and BOMs, work orders and job cards per station, batches and
quality inspections per compound lot, serial numbers for metal parts,
downtime entries, delivery notes, assets, accounting, payroll vs. cycles,
per-record inspection, genealogy and the hash-chained log staying in the
factory application), the integration rules (one typed Frappe REST
client in cnx-factory, an integration user per tool, webhooks in,
transactional outbox with idempotent postings so the floor never waits
on the ERP, business-sized postings, customisation as a Frappe app in
Gitea, nightly reconciliation, no public ERPNext endpoint, new tools use
the same client), hosting on NixOS (no nixpkgs module, NixOS/nixpkgs
#241921; Avunu frappe-nix as the start, frappe_docker as
oci-containers fallback; MariaDB + Redis; vinyl-erp on site behind the
gateway proxy; OIDC sign-on; upgrades on a restored copy), Thai
localisation (Ecosoft erpnext_thailand: VAT, WHT, PND, billing notes;
Ecosoft as partner to quote; payroll and BOI reporting to check),
phasing (dev ERPNext now; accounting and assets from the first capex
invoice; manufacturing at commissioning) and estimates. ERPNext added
to the architecture diagram, services, machines (vinyl-erp), module
list, backup, cost, build order and open decisions; the old 'ERP out of
scope, decide after launch' line replaced.
artist-platform.md: price list, customers, sales orders, campaign
pledges as payment entries, through the plant's outbox. traceability.md:
one ERP, one set of keys. README summary. total-investment.md added
scope: ERPNext (to quote, not in the sum, no licence fee).
Planned (October 2026, user): the archive in the office gets mobile
archive shelving, A-Z Solutions (Vienna) as the reference
(a-z-solutions.eu, checked October 2026: hand wheel or electric drive,
lockable, rails need early floor planning; no published prices).
facility-security.md, new section under Protecting the irreplaceable:
what it holds (fathers and mothers, ~1,200 to 2,400 parts a year; a
reference pressing per title only as a proposal), sizing estimates (about
0.2 kg per part, ~3 mm and ~75 kg per shelf metre; in the Payap office's
~4 x 5.75 m room two fixed runs, four double carriages and one aisle hold
~150 shelf metres, ~50,000 parts, 20+ years), what it asks of the
building (ground slab at full rating, ~11 kN/m2 under the block; rails in
the screed fixed before the floor finish; geared hand wheel; gas,
climate, leak sensor, access control; barcoded box addresses), open
points (quotes from A-Z and a Thai supplier, storage format from the
galvanics vendors, fathers in a second compartment or off site).
Mirrors: site-candidates.md (office ground floor), phase 1 RFQ (archive
keeps the full slab rating if the slab is zoned), digital-factory.md
(archive location as box and shelf position, sets per mother),
equipment-suppliers.md (section 8 entry), total-investment.md added scope
(to quote, not in the sum).
Phased build list for steam, cooling and hydraulics (launch, Duplex 1,
Duplex 2, Classic, options): everything cheap to oversize and costly to
retrofit (rooms, pads, headers and ring mains with a valved branch per
press position, tanks, HX frame, feeders, one sequencer) is built for the
five-press fleet at launch; boilers, chillers and hydraulic pump sets come
in identical modules as presses arrive. The Single 2.1 aggregate is
proposed as the first central pump set; per-branch isolation and filters.
Rooms sized for four modules each (user decision, estimates until vendor
footprints): boiler hall ~18 x 9 m for four 500 kg/h positions (fired case,
AIX DZL0.5 body), open screened chiller compound ~12.5 x 10.8 m with four
pads (250 kW at 40 C ~ Carrier 30RB 080-090), ~40 m2 pump and HX room; the
cooling tower pad of the water-cooled concept is dropped. Yard 178 -> ~379
m2. Four boilers carry ~8 presses with N+1; four 250 kW chillers carry the
five presses with CH-4 as reserve and no growth position unless the pads
take the ~350 kW frame (RFQ option).
- scale.md: yard table and basis, utility phasing section
- pressing-line.md: hydraulics phasing and re-quote questions
- steam-cooling.html: B-4 position, phasing and rooms card, details, RFQ
questions (pw_sc_check clean)
- construction RFQ: yard table, sealed area 6,549 m2 (68 %)
- total-investment: added-scope row +73k to +122k USD (building rate on
the ~200 m2 the yard grows by)
- Payap parts model: yard rebuilt from Params (blr_n, blr_inst, ch_*,
bh_*, cy_*, pr_*), renders updated
New page docs/steam-cooling.html (site /demos/steam-cooling/): the
utility plant as a clickable process diagram. Steam side: raw water,
softener and dosing, feed tank with heat-pump feedwater recovery, feed
pumps, a bank of two 500 kg/h boilers (third for N+1 as an option),
separator and metering, optional accumulator, blowdown, the 10 bar
header with a valved, metered branch and trap per press, drip legs and
condensate return. Cooling side: Newbilt's press outlets are open (max.
2 bar), so returns drain to a warm tank, pass the heat pump, an optional
dry cooler and a plate heat exchanger to a cold buffer tank, and VFD
pumps feed the 20 to 25 C header at ~10 bar to every press, the
extruders and the central hydraulic oil cooler; the chiller loop
(three 250 kW air-cooled modules at 40 C ambient, fourth as option) stays
closed and clean. Galvanics cooling (12 to 20 C) is a separate circuit.
Operating cases (launch, Duplex system 1, five presses, one module down)
show demand against installed capacity; design basis with sources,
equipment schedule, RFQ questions. Static SVG, no per-frame work.
Design basis at Newbilt's per-machine figures: steam 750 to 900 kg/h,
cooling 652.5 kW (625 presses, 15 extruders, 12.5 hydraulics), 305 to
540 l/min circulating. Also found: Newbilt's 53 l/min at ~60 C out is
~140 kW, above its 125 kW peak; listed as a re-quote question.
Re-based in the same commit:
- scale.md: electrical table (chiller bank ~210 to 325 kW electrical,
plant peak ~430 to 700 kW, ~950 to 1,330 kW with electric steam),
grid 800 to 1,000 kVA (1,250 to 1,600 with electric steam, Schedule
4 past 1,000 kW), tariff 4.5M to 6.8M THB/yr, battery ~1 h of chiller
peak, boiler and chiller banks, biomass up to ~550 t/yr at 1.5 M
records, utilities money line.
- sustainability.md, biomass.md: same figures; electric steam 5.2M to
6.0M THB/yr mature, 1.6M to 1.8M early; fuel saving 4.0M to 5.4M.
- utilities CSV: boiler bank, chiller bank with HX and tanks, softener
and loop treatment re-sized; baseline 23.98M-41.63M -> 30.07M-51.33M.
- total-investment.md: re-size as an added-scope row (+185k / +294k
USD); headline 4.7M to 8.9M unchanged until the investment re-base.
- pressing-line, equipment-suppliers, facility-security, fleet
calculator (boiler 1000 kg/h, chiller 750 kW), plant page detail
texts; README, landing page, build.sh.
User, October 2026: take the BOI duty-free import and VAT exemption into
consideration.
- boi.md: import VAT goes with the BOI duty exemption (Revenue Department
answer on the BOI OSOS FAQ, checked October 2026); what it is worth:
~2.75M USD of imported machinery at the start fleet (block midpoints)
would otherwise carry ~5 % duty (Thai MFN averages 4.1 % on HS 8477,
0 to 10 % across HS 84; estimate until the HS codes are set), ~0.14M
USD, and 7 % import VAT, ~0.2M paid at the border and recovered later
as input tax, mostly as a refund claim since exports are zero-rated.
- total-investment.md: the blocks are vendor prices without duty or
import VAT, so the headline already assumes promotion.
- Fleet calculator: BOI promoted / not promoted switch and export share.
Not promoted adds the machinery duty to capex and depreciation, shows the
import VAT as cash at the border, and charges duty on imported PVC
compound; promoted exempts both, with no compound duty on exported
records and 90 % off for domestic sales (sections 36(1) and 30). A note
under the KPIs shows what promotion saves either way. Defaults: payback
3.1 years with BOI, 3.2 without; adverse case operating result -31k
with BOI, -68k without. CIT and BOI CIT exemptions still not modelled.
Correction from the user: the two Duplex systems are not in the
two-extruder configuration. Each runs two HRP 12 presses from an EX 50
main extruder with an EX 35 auxiliary extruder beside it for a second
colour; the Classic stays. Fleet still five presses. Updated in
pressing-line (table, phasing, re-quote: EX 50 vs the VEX 50 of the 2024
quote, and whether one EX 50 keeps both presses at full rate), scale,
total investment (wording; estimates unchanged), roadmap item 4, README.
The current plan (user decision, October 2026) replaces the 50/50 target
(two semi-automatic presses and two Pheenix AD12s) with an all-Newbilt
fleet of five presses: two Duplex systems in Newbilt's two-extruder
configuration (two HRP 12 presses, an extruder each, one hydraulic unit)
and one Classic fully automatic press.
- pressing-line.md: new "Current plan" section (fleet table, what it
means, phasing from the Single 2.1 as the first half of system 1,
re-quote questions); site requirements per Duplex system.
- scale.md: capacity table and basis (368 to 448 records/h, ~1.06 to 1.5M
a year on two shifts, same range as before); pressing electrical row;
steam and cooling flagged, not re-based: five presses draw ~750 to 900
kg/h of steam and up to ~625 kW of cooling at Newbilt's per-press
figures, against the 400 kg/h / 250 kW sized for one Duplex.
- total-investment.md: fleet change as an added-scope row (system 2
~230k-300k and the Classic ~290k-460k, estimates; -60k / -160k against
the two blocks it replaces); headline unchanged until the re-base.
- roadmap items 4, 5 and 24, revenue model mature row, crane doc (the
Classic's weight now decides 5 t or 3.2 t), vendor landscape (AD12 is
the comparison for the Classic), README.
The business plan docx is not regenerated.
OMS (Lou Wullms) sent its introduction letter, filed in
docs/equipment/oms/: wet-room units with reference prices, two 4-cell
configurations (EUR 224,000 basic with two EFS2-200, EUR 311,000 advanced
with one AEFS4-250 and PLC; installation days extra), capacities of 24
and 32 shells in an 8-hour day, utilities, rooms, staffing, used
equipment, and five contacts for buying a cutting lathe. Recorded in
galvanics.md (tables, our reading: the advanced units add up to EUR
314,000, know-how transfer is left out of both totals although CNX has no
plating know-how, the basic set has no passivation unit), the exhibitor
follow-ups, vendor landscape (new section on used lathes and cutting-room
contacts, plus Lou's three websites), supplier map, roadmap items 6 and
13, total investment (basis note only, block unchanged) and the scale
people estimate. Open: forward the letter to Simona, as Lou asked.
Sibert (Ian Locke, 9 October): footprints and formal quotations when we
are ready; settle the pressing side first, hopefully with Pheenix, and
mention his recommendation if we do; impressed by the green-factory
plans (supplier feedback). Open: pass on the recommendation if Pheenix is
chosen.
CNX-01 in proplan: OMS basic and advanced added as options to D-002 with
their reference prices in THB; budget line 3 notes the OMS range.
Ian Locke's email of 5 October 2026 after Making Vinyl Europe:
- Budget of USD 250k for VSP, VSF and VSC confirmed; his time, spares,
shipping and travel extra; itemised quotation on request. The
total-investment block keeps its estimate until the re-base, the
difference (+190k low case / +80k high case) goes into the
not-yet-rolled-up table.
- Current specifications filed (VSF and VSC 2022, VSP 2023) plus the
VSF/VSP/VSC line-up drawing (4958 x 833 mm); the 2021 issues move to
sibert/specs-2021/. VSC is now 1000 kg with split OD hydraulic / ID
pneumatic forming; VSF 0-30 psi, 4-station head. Crane table, supplier
map, vendor landscape and the plant page details updated.
- Fully automatic VSPa exists; Sibert offers to move features to the VSP.
- Electroforming: OMS (Optical Media Services, Lou Wullms) named next to
Pheenix; added as a third galvanics candidate with open questions.
- Sequencing advice (presses, boilers, operators and live feedback loops
first) recorded in the exhibitor briefing, roadmap item 23, and as
digital-factory design decision 9 (operators see the data first).
quality-automation.md: the day-one per-lot tier becomes a table with an
instrument class and a rough price per check (moisture analyzer, strip
oven, density balance, spectrophotometer, gloss, sieves, muffle furnace,
stereo microscope), plus what was missing: a lab plaque press or two-roll
mill so speck, color and DSC tests do not tie up a production press;
sample conditioning as part of the method at 60 to 90 % ambient humidity;
magnets for metal in lots and regrind. Day-one tier ~USD 55k to 150k
(estimate); Karl Fischer and the ISO 182 Thermomat as options. Mature tier
priced (~120k to 240k), handheld XRF as an option, and partner labs (Payap
pharmacy, CMU science) to defer it.
total-investment.md: the day-one tier goes into "Added scope, not yet in
the roll-up" (55k to 150k USD, 1.8M to 5.0M THB); added total now ~290k
to 690k USD, about 7 to 9 % on the subtotal. Headline total unchanged.
docs/equipment/pheenix-alpha/: the four Pheenix Alpha electroforming flyers
(2024: PASU silvering, PPPU pre-plating, PDPU dual-cell plating, PMPB
passivation bench), renamed from their download hashes.
docs/equipment/sibert/: the VSP, VSF and VSC technical specifications
(2021), plus Sibert's 2008-09 optical-disc SPS literature and the 2008
Blu-ray stamper characteristics paper in sps-optical-disc-2009/. Two
byte-identical duplicates in the download were dropped.
New docs/equipment/galvanics.md, the metal-path counterpart to
pressing-line.md: datasheet tables for both ranges and what they change.
Pheenix is a second turnkey galvanics vendor next to Digital Matrix and
can quote lacquer-to-record as one vendor; neither range includes water
treatment. Utilities from the sheets (~27 kVA connected per line, DI water,
12-20 C cooling water, extraction sizes), ~5.6 m2 of footprint, and a cell
count estimate (one PDPU at the low end, two at the high end). The Sibert
machines are single-phase, 200/250/600 kg on castors, centre manually and
list no data interface; the VSC locates on the punched hole; the finisher's
water carries nickel. Weights, cycle times, prices and mould fit are listed
as quote questions.
Backlinks and small updates: README (bullet, layout tree, vendor list),
roadmap items 6 and 23, vendor landscape, supplier map, exhibitor briefing
(on-file notes, Sibert three-phase question answered), digital factory
(Pheenix PLC data, Sibert data question, RFQ clause 5), quality automation
(hardness on the centre slug, BD paper as the acceptance-spec model),
sustainability (finisher water), total investment block label (numbers
unchanged), scale (galvanics feeder note), crane weight table, process
flow, pressing-line stamper-fit question, plant page detail lines.
New docs/artist-platform.md: upload master and artwork with automatic
audio, artwork and rights checks; an itemised price calculator for every
customer (per-title vs per-copy lines, price-per-copy curve, lead time
from the production-timeline quote table, versioned price list); and
fan-funded campaigns that press and dropship per fan once the goal is
reached, refund otherwise. Covers goal maths, payments (charge into a
ring-fenced account, CNX as seller of record, legal opinion first; the
Qrates failure as the design rule), repress pre-orders, architecture on
the cnx-factory stack with the public side on a fleet machine, PDPA,
phasing (calculator public early as a run-size probe, campaigns only
after first releases ship), cost and open decisions.
Backlinks from README, process flow, production timeline, revenue model,
digital factory and roadmap items 1 and 20; total investment added-scope
table gains the platform line.
New docs/crane-workshop-tours.md: a 5 t single-girder EOT crane over the
whole production compartment (stops at the warehouse fire wall), a
machine door and crane-served workshop/machine bay at the ramp end, and
a glazed ground-level visitor corridor along the car-park elevation with
stations in process order, its own air and acoustic glazing so tours
need no PPE. Covers what each changes in the shell (crane-ready frame,
hook height under the 7.0 m eave, no full-height cross walls in the
crane zone, room lids and crane hatches), safety, costs and open
decisions.
Propagated: construction RFQ (crane-ready frame, new section 1c, machine
door, accessible 1:12 entrance now required), scale zone table (+210 to
280 m2, total ~1,400 to 2,000 m2), facility security, worker safety,
roadmap items 9 and 15, total investment added-scope table, README.
Sillitoe Audio Technology (Australia) sells a complete cutting system:
lathe, MMFB feedback cutterhead, cutting amplifier, Space / Time Control
automation with a virtual groove, vacuum and microscope, at a published
USD 125,000 ex tax and shipping. Vendor landscape gets the narrative and
an Agnew-or-Sillitoe comparison; supplier map, total investment basis,
roadmap item 13 and the digital factory's no-telemetry section (STC cue
sheet, Open Groove export, stylus hours) follow.
Currency
- Base currency moves from EUR to USD and THB throughout. Rates at
5 Aug 2026: 1 USD = 33 THB, 1 EUR = 1.155 USD, 1 GBP = 1.35 USD.
EUR/THB lands at ~38, so existing THB research needed no change.
- Vendor quotes keep their original currency with a USD/THB equivalent
alongside, so they stay checkable against the source PDFs.
- Full vision ~4.7-8.9M USD; phased entry ~1.7-2.9M USD.
New documents
- production-timeline.md: order turnaround stage by stage. Launch
8-14 weeks, mature 5-10, repress 2-3. Quantifies the in-house
galvanics turnaround claim the repo had asserted without a number,
and flags artwork as an unmodelled fourth approval gate.
- project-timeline.md: calendar to first paying release, ~Q4 2028.
Critical path is BOI certificate to press order to build to
commissioning. Two findings: Newbilt build time is absent from the
repo yet carries ~40% of the schedule, and the BOI rule may be
over-serialised since duty exemption attaches at importation rather
than at contract signature.
First market data (ResurRec, Bangkok)
- Invoice-derived prices, a factory tour, and a confirmed fleet of one
Newbilt Classic 12" automatic plus one semi-automatic.
- Price ladder recorded at 300/500/1000-3000/3000+ units. Decomposes
to roughly 34-50k THB fixed per title and 535-780 THB variable per
unit, which is 4-7x the price this model assumes.
- The incumbent presses 230-350k records/yr but buys every stamper as
an import. That single constraint plausibly explains their 150-unit
floor, their flat discount ladder and their large-run lead time, and
it is what an in-house galvanics line attacks. Logged as an open
question on whether galvanics should move from phase 5 to phase 1.
- Inferences are marked as inferences; the whole set is one buyer and
one plant, and the model is deliberately left unrebased until a
second data point exists.
Corrections
- Gross margin arithmetic did not follow from its own inputs. Restated
as ~1.95 USD at the midpoint with the 0.75-3.15 spread shown; the
previous "40 to 55%" was not supported.
- Direct cost low total 1.50 to 1.45 USD; contingency THB high 40M
to 38M.
- README indexes the construction RFQ, which was missing.
grabowski