Financial Community Update (November 2021)

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
Marketing Total 85,653 6,316 8,279 26,963 5,696 21,471 154,378
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
Grand Total 126,649 64,395 89,904 128,735 184,917 186,878 781,479

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
Pangolin Governance 11,981,371 20,607,959
Total 14,736,964 25,347,579

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.

4 Likes