Karma Weekly Report. 04–08 Sep 2017

George Goognin (Karma, founder), Ronny Boesing (OpenLedger, founder), Artem Koltsov (Casper, founder), Dmitry Raspopine (Trade Chamber of Russia in Denmark, consultant). Mariott Hotel, Copenhagen.

Hello, dear friends! 
Here's our first weekly report after the 500k USD presale completion.

What we've done

  • Technical specifications for the Alpha-version of the blockchain DApp have been written.
  • Blockchain DApp development was started.
  • Marketing, PR and content plan and strategy was compiled.
  • We've started making of the short movie about the project.
  • Business requirements for legal construction was written.
  • Legal construction development have been started. 
    We will work hard to be legal right from the alpha-version. Especially, we will try to adopt legal framework that will allow us to sell our application tokens both for crypto assets and for fiat money. Also, we're going to provide 100% KYC (Know Your Client) of the token holders during our tokensale at November to meet the AML (Anti-Money Laundering) and CFT (Counter-Terrorist Financing) requirements.
  • Business trip to Denmark complete. About 10 meetings with VC angels funds, government funds, startup infrastructure companies, official representatives and local IT-startups. And, finally, we've met Ronny Boesing, the CEO of the Worlds First Decentralised Exchange OpenLedger (OL). OL is our official promoter for the November tokensale. We've syncronised our plans and goals for this autumn, and launched marketing and PR activities.
  • Our Chinese events we've planned to visit from 9 to 15 of September, were cancelled or shifted due to the Chinese government messages about the ITOs and cryptocurrencies. Anyway, we'll planning our new business trips to Asia this autumn.

What we've spent

  • 20k USD. Advance for the PR and Marketing campaign. Here and after we’ll use the equivalent of USDs at the moment of spending. That's only for easy understanding. We are trying to maximize the share of our spendings in crypto assets, and minimize them in fiat.
  • 30k USD. Advance for the 3 months of the blockchain DApp development team.
  • 10k USD. All management salaries for 1 month.
  • 10k USD. Advance for the movie production.
  • 1k USD. Partial presale expenditures compensation.
  • 3k USD. Bounties for the presale campaign.
  • 2k USD. Business travel expenditures (St.Pete, Denmark).
  • 25k USD. Cash stash in fiat.
  • PS. Hooray, we've fixed about the 100k USD of our ETH-funds at the local maximum of the ETH/USD rate (390). Now we'll wait a bit untill the local minimum will be passed by.

What's the plan for the next week

  • Lots of meetings with funds and potential key partners.
  • Technical requirements for the design team (website, tokensale landing page, Karma App itself). We're about to start working on all of those tasks next week.
  • Launch the new content flow on a regular basis. There will be a lot of interesting and interactive formats, we'll be as transparent and accessible as possible. Our key goal is to enlarge our solid community, invite and involve a lot of entrepreneurs and investors.

Thank you very much for your attention!

Have a nice weekend :)