Financial Community Update (September 2021)

Finance update - September 2021

Hi Pangolin Guardians,

By way of introduction as Master of Coin, I’d like to give you a brief description of myself and my experience. My education is that of traditional accounting, where I obtained a bachelor’s degree in Financial Accounting and followed it up with an Honor’s degree and ultimately qualified as a Chartered Accountant. I’ve worked in various industries, ranging from large multinational corporations to local industrial company’s. I strongly believe in transparency and honesty, especially when working with finances, and these qualities will be evident in my work. Whilst Pangolin does not operate as a company there still remains an obligation to disclose accurate information in an easy, understandable format to the community. I also welcome any suggestions to better serve you. I look forward to contributing positively towards Pangolin’s future

Treasury

Our treasury continues to have healthy overall balances, valued at 19m PNG or 36.9m USD at date of writing. The Wallets are split between our Governance, Secondary Voting, Working Capital and Swap Fees wallets, each governed by specific objectives and safeguarding initiatives.

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Income

The swap fees income is generated through the 0.05% (1/6th) swap fees from trading volume on Pangolin. The first week since going live our swap fees have accumulated the equivalent of 208k USD, which has exceeded our initial estimates for this income. The plan is to convert the various coins in the wallet to AVAX/USDT and transfer this to the Working Capital multisig wallet in order to satisfy the requirements of the Market Maker (Engaging a market maker).

Expenses

Below is the table of the expenses up to the last payrun on 1 September 2021, Payruns are done bi-monthly (ie 1st and 15th). The expenses below relate to the daily operations with Engineering costs (community contributors), Salaries (core team), Marketing and Legal fees contributing the majority of the expenses. We are starting to see expenses increase as we drive the objectives of the community in order to set a platform for the future of Pangolin. With that said there will be large cash outflows in the coming weeks/months as we incur CEX listing fees and provide working capital to the Market Maker. The listing fees will be classified as expenses as they are incurred as part of the daily operations of Pangolin, however the outflow to the Market Maker for liquidity and market depth is not an expense as the money is still ours and will remain on our balance sheet as an asset.

Note: Values stated in PNG

MainAccount June July August September Grand Total
Advertising 893 893
Airdrop 1,200 876 2,462 4,538
Design 1,766 3,140 4,906
Engineering 5,400 9,214 14,489 15,732 44,835
Gas Fees 332 595 927
Legal 2,448 11,562 24,546 38,556
Marketing 84,203 2,782 2,677 2,693 92,354
Medical Insurance 645 645
Mods 8,269 5,305 5,384 1,082 20,039
Petty cash 2,000 4,000 2,000 23,440 31,440
Salaries 22,880 27,998 23,745 26,662 101,285
Video editing 250 250
Grand Total 126,649 64,395 79,420 70,203 340,668
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Great work @JasperBrandewyn - when @hariseldon2 started issuing these reports to the community, I always thought they were a huge step up from what you get from on the forums of most AMMs and DEXs. The concept of “transparency” is still rare in this space.

Glad to see Pangolin has someone doing these on a permanent basis!

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Good work thank you !

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