Pangolin Finance update (November 2021)
Good day Pango community!
November has been very exciting with the launch of Pangolin v2. The team has worked incredibly hard in making sure Pangolin V2 was deployed without too much trouble and whilst there were some hiccups along the way it’s been an incredible job well done.
Looking at our finances we have realised a consistency within the team and the expenses as a whole. We have realised a trend of around 190k PNG of expenses per month. The below expense table is in PNG value and as is expected our People Cost, Professional Fees (Engineering and Legal) and Marketing make up the majority of our expenses monthly.
|MainAccount||Jun 2021||Jul 2021||Aug 2021||Sep 2021||Oct 2021||Nov 2021||Grand Total|
|Capital Expense Total||8,287||5,600||3,045||16,932|
|Gas Fees Total||332||1,440||720||3,516||6,008|
|General Expense Total||2,000||4,000||2,000||5,443||19,000||54,162||86,605|
|People Costs Total||31,148||33,302||40,258||36,060||65,164||53,431||259,364|
|Professional Fees Total||7,848||20,776||39,035||50,543||83,791||49,039||251,032|
|Traveling Expense Total||4,946||2,215||7,160|
From a treasury perspective our balances remain healthy. Our treasury balance totalled the equivalent of 14.7m PNG (25.3m USD) based on conversion rates as date of time of writing. This balance would enable Pangolin to operate for 6.5 years (burn rate) without considering any of the income that would be realised through swap fees.
|Total PNG||Total USD|
|Pangolin Primary Wallet||803,573||1,382,146|
|Pangolin Secondary Voting Wallet - Voting||0||0|
|Pangolin Working Capital - Market Maker||1,131,428||1,946,056|
|Pangolin Swap Fees||820,592||1,411,418|
We are also excited to have introduced Kudoo into our finance management function. This has significantly improved how we account for our expenses and develop the internal controls within Pangolin.