Financial Community Update (February 2022)

Pangolin Finance update (February 2022)

Hello Pangolin Community!

The depreciation of PNG has negatively impacted the treasury funds. We are still in a position to cover our monthly expenses and will continue to do so into the future.

Treasury

We have moved our funds to a Gnosis Safe Wallet where our working funds are managed from. This has streamlined our efficiency whilst providing security on our funds. We have thus reduced our treasury to 3 active working wallets, namely:

PNG (equivalent) USD (equivalent)
Pangolin Primary Wallet 3,480 1,218
Pangolin Governance 5,595,806 1,958,532
Gnosis Safe Wallet 12,910,734 4,518,757
18,510,020 6,478,507

The move to Gnosis has helped diversify the funds where we now hold stable coins which simplifies the payment of suppliers and other expenses.

Expenses

Expenses have remained stable as staff costs and supplier expenses are consistent, however the depreciation of PNG vs USD has significantly increased these when measured in PNG. Most suppliers and staff costs are based on USD and therefore any movement in the price of PNG will impact on the expenses. You will see that our expenses have ramped up significantly in the last few months as a result.

MainAccount Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021 Dec 2021 Jan 2022 Feb 2022 MTD
Capital Expense Total 8,287 5,600 3,045
Gas Fees Total 332 1,440 720 3,516 2,778 6,338
General Expense Total 2,000 4,000 2,000 5,443 19,000 54,162 31,565 70,446 0
Marketing Total 85,653 6,316 8,279 26,963 5,696 21,471 71,566 8,465 70
People Costs Total 31,148 33,302 40,258 36,060 65,164 56,778 169,108 198,584 193,843
Professional Fees Total 7,848 20,776 39,035 50,543 83,791 48,532 61,982 69,725 208,999
Traveling Expense Total 4,946 2,215 19,329
Grand Total 126,649 64,395 89,904 128,735 184,917 189,718 356,328 353,557 402,911

Our focus on building a solid core team that can contribute to the success of Pangolin remains key. We have moved staff costs to monthly and USD based in most instances. With our current treasury balances we have over 4 years of funds available to sustain Pangolin without considering any swap fee income.

Kind regards,

MoC

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