Financial Community Update (October 2021)

Pangolin Finance update (October 2021)

Hello Pangolin Community!

Below is an update on our finance situation. Overall our Treasury is in a healthy financial position to support the development of Pangolin. As anticipated our monthly expenses have increased as we grow and take Pangolin to the next level.

Treasury

The vast majority of the Treasury tokens are held in PNG with only the Working Capital and Swap fees wallets holding USDT/USDC tokens ($478k in total).

PNG (equivalent) USD (equivalent)
Pangolin Primary Wallet 1,133,667 1,364,769
Pangolin Secondary Voting Wallet - Voting 1,000,001 1,203,855
Pangolin Working Capital - Market Maker 1,696,742 2,042,629
Pangolin Swap Fees 283,863 341,730
Pangolin Governance 13,973,371 16,821,896
Total 18,087,644 21,774,879

Expenses

Month to month expenses have ramped up, as additional resources are being added to the project with big one-off costs such as CEX listings, Market Makers, security and legal fees contributing to the increase. We have invested a lot of money in the backend to ensure the platform is secure and reliable.

Currently the average recurring monthly expense is 130k PNG; and with our current treasury balance of 18m PNG, it gives us approximately 11.5 years of funding, without even considering the income generated from swap fees (approx one million dollars per month). This is a healthy scenario, however we are on a growth trajectory and anticipate the recurring expenses to increase in order to build Pangolin as a long-term sustainable DOA.

MainAccount Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Grand Total
Capital Expense Total 8,287 5,600 13,887
Gas Fees Total 332 1,440 720 2,492
Marketing Total 85,653 6,316 8,279 26,963 1,850 129,061
People Costs Total 31,148 33,302 40,258 36,060 65,164 205,933
Petty Cash Total 2,000 4,000 2,000 5,443 19,000 32,443
Professional Fees Total 7,848 20,776 39,035 50,543 82,737 200,939
Traveling Expense Total 4,946 4,946
Grand Total 126,649 64,395 89,904 128,735 180,017 589,701

We are further developing stringent budgets and other internal controls into our Finances. This is done with the view to increase efficiencies and ensure the integrity of the finance procedures and reporting. The introduction of Kudoo into our finance processes is the next step in this direction and I’ll also be able to share this exciting development in the next updates.

Kind regards,

MoC

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