Published: 2025-08-14
To stakeholders and the curious alike: this note sets out why our float exists, how it works, and why it continues to privilege sovereignty over speed. $MOVES is not a slogan; it is the accounting of motion. The business began as a disciplined way to turn a depreciating personal asset and a 15% APR auto note into a cash‑flowing route. It did not require outside money to start and it does not require outside money to persist. Capital is welcome when it amplifies safety, uptime, and route density; control is not for sale.
We price Distributable Operating Cash Flow (DOCF) and share a measured portion of it with holders. Units are non‑voting and the aggregate holder claim hard‑caps at 49.99% of DOCF. That is the essential bargain: exposure without governance. It keeps the steering wheel with the operator so that execution remains singular and accountable. It also keeps fairness stable across time: the first participant and the last encounter the same rule set and the same pricing logic.
The issuance rule is deliberately simple and deliberately hard to game: each round sells exactly
1.00% of the founder’s remaining claim on DOCF. The mathematics is basic and revealing. After
n rounds, the outside share equals 1 − 0.99ⁿ. This is Zeno’s insight, put to work for finance:
you always traverse half the remaining distance to a wall yet never pass through it. Each sale closes part of
the gap to 49.99%; no sale can cross it. The paradox that once troubled motion becomes a commitment
device that stabilizes ownership. We move; we never surrender the helm.
Zeno’s framing does more than cap the float; it disciplines behavior on both sides of the table. For the operator, it eliminates the time‑inconsistency temptation to “blow out” the cap at a later date. For participants, it clarifies that control cannot be purchased by stealth or aggregation. The geometry itself—an ever‑smaller 1% of remaining—creates a taper that is fast enough to matter and slow enough to protect the enterprise. In practical terms, roughly sixty‑eight rounds approach the ceiling; the float can thin by buyback but it cannot swell past the wall.
The liquidation of each round is game‑theoretic rather than theatrical. We do not parade an alphabet soup of series labels or promise governance premiums. We conduct a simple price discovery against free cash flow. A tranche is auctioned or struck at a yield that reflects route hazard, reserve policy, and execution history. Cash settles, units vest economic rights, and the schedule resumes. Because each subsequent tranche is smaller in absolute claim, adverse‑selection and hold‑up risks diminish over time. Early entrants are rewarded by time in the stream; later entrants are protected by reduced tranche size and increased data. Everyone faces the same rule, which is the point.
This structure also neutralizes the classic 51% problem. In open networks and closed companies alike, the failure mode is capture: assemble a quorum, redirect the flow. Here, holders own cash‑flow rights only, the aggregate claim halts at 49.99%, and distributions cannot be commandeered to starve maintenance or safety. If liquidity is needed, the issuer may repurchase at a published target yield; what returns is retired. The float can tighten as prudence allows, but it cannot be used to pry loose the controls that keep trucks safe and schedules honest.
Outside capital is therefore optional. The core economics are route economics: a truck that doesn’t roll earns nothing; a truck that rolls on disciplined paths pays down notes and funds reserves. The financing lesson that shaped our posture is simple enough to be missed in spreadsheets. The student‑loan stack is roughly four times the auto principal; its rate is roughly half the car note; and yet the monthly payment is similar. Term and amortization can disguise risk concentration. We prefer the visible discipline of fuel, miles, tires, and time. We publish a ledger of miles and maintenance, we reserve into a Sinking Fund before any distributions, and we let those numbers decide when to expand or sit tight. Debt is a tool; yield is a consequence; hype is a distraction.
Pricing is plain finance, not mystique. We forecast DOCF with conservative haircuts, credit a required reserve, and discount the stream to today at a hazard‑appropriate rate. The implied yield prices the tranche. There is no terminal fairy tale embedded here; distributions begin only after safety and maintenance thresholds are met and continue only as the route produces. Where venture seeks optionality through dilution, we seek durability through cadence: miles become margin; margin becomes distributions; distributions accumulate into trust.
None of this requires you to believe in more than what you can see: routes completed, vehicles maintained, cash accounted for, distributions posted. What $MOVES offers is a narrow, durable point on the Pareto frontier: investors receive exposure to present‑tense free cash flow; the operator preserves the authority necessary to deliver it. The Zeno rule keeps the first and last participant under the same covenant; the cap blocks capture; buybacks let the float tighten when cash exceeds need. In aggregate, this is a newsletter about endurance: an enterprise designed to remain real, not merely get rich.
If you stumbled on this dispatch, take it as a standing brief on how we intend to run the business for decades: price the hazard, publish the ledger, protect the helm, and keep the wheels pointed where the work is. Should a unit ever be offered to you, it will be done lawfully, with proper disclosures, and only to eligible participants. Until then, the door stays open to aligned capital—and the obligations to existing stakeholders remain paramount.