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.
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|
|Gnosis Safe Wallet||12,910,734||4,518,757|
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 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|
|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|
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.