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SINOVATE Monthly Financial Statement:

SINOVATE
SINOVATE
May 31, 2019 · 2 min read

May 2019

SINOVATE formerly SUQA has and continues to promote total transparency across all activities and resources. Due to the impending hard fork and rebrand, a breakdown of Development Funds for the months of February and March 2019 were delayed. Please see distribution details below, which also includes a breakdown for April 2019:

February, March April financial article

Founders Fee from every mined block: 9.090909%

Marketing: 1.75 %

Exchange Listing: 1.75 %

Web Development and Hosting: 0.5 %

Legal Fees: 0.1%

Developer Fee: 2.5 %

Foundation Rewards: 2.5 %

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From late June 2019, the Founders Fee will be significantly reduced to 1.1%, to coincide with the impending hard fork.

Marketing, Web Development Administrators and Moderators (telegram community managers 5, discord community managers 5, twitter administrator 1, reddit administrator 1, bitcointalk Administrator 1, medium Moderator 1, campaign Manager 1, marketing team, content creators 4, art director 1, web developer 1, Backend developers, Insights and Nodejs developers

Team Total

  • 1 million SIN

Unique Mobile Apps development for all platforms

  • 1 million SIN

Infinity Nodes Development

  • 1 million SIN
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Expenditures

Below is a breakdown of total expenditures thus far:

Expenditure for February-March-April 2019: 8 million SIN

Expenditure from September 2018 — January 2019: 30.275 million SIN

Expenditure for May 2019: 3 million

Total Expenditures: 41.275 million SIN

Development Funds Wallet:

As shown above, the total amount received into the Development Wallet stands at 59.95 million SIN. 18.675 million SIN remaining from expenditures will not be used to acquire Infinity Nodes under any circumstances, and will be reserved for development and innovation purposes.

Join us and stay tuned for all forthcoming updates via our website and social media platforms:

Website . Discord . Telegram . Bitcointalk . Twitter . Facebook .Linkedin. YouTube.Team.

Author: Amit Kaushal

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