Karma 2018.Q2 Financial Report
Hello, dear friends!
It's been a quarter since our 2018.Q1 report, so let's update the numbers.
We will continue adding the reports to the Google Spreadsheet, so everybody can enjoy the comfortable data access. Here are some comments on the doc:
Assets Portfolio Stabilization
We've changed most of our ETH to USD at approximately 700–740 USD/ETH rate. Our token sale ETH rate was 700, and now it's down to 450, so we've used our lucky chance in May. Hope we'll see BTC at 50 000 USD this year as those guys from BitMEX have told recently :)
Anyway, in Q2 we reduced the crypto part of our assets from 93% to 64% to stabilize the portfolio.
Quarterly Expenditures Cut 3 Times
That was a complex thing to manage:
- Cut the events expenditures 15 times as we've told in Q1 report. We still think that public mass conference participation doesn't worth those 30k USD per booth+keynote speech and 10k for travel expenditures.
- George has cut his salary to zero since March.
- Cut the production subcontractors 14% as we've planned.
We're still successfully fitting the 200–250k USD monthly burn rate as it was written in the white paper.
Exchanges
Due to the very hot community request about new exchanges, we've made 6 (yes, six) new listings in 1 month:
- CoinDelta (India)
- BitKoex (South Korea)
- BTC-Alpha (international)
- Market (international OTC p2p exchange)
- IDAX (international, mostly Chinese)
- HitBTC (international, TOP-6)
That's why we've got to spent a lot on exchanges in Q2:
- 173k USD on listings;
- 60k USD in tokens on airdrops and trading contests.
There are some important conclusions after those listings and airdrops:
- Since Q3 we will stop airdrops, because it's downgrading the KRM value and provides very local effect on trading volume and price.
- Since Q3 we will stop listings on middle and small exchanges and start focusing only on top markets. They're big and slow (NDA, deep analysis, reporting etc.) but we will keep you updated.
Monthly Operational Income Doubled
We’ve doubled our monthly income to 7k USD per month (according to June). So, the total quarterly income was 18k USD. To reach the financial autonomy we need to have as small as 10M USD of monthly loan deals volume or 50M USD under our management.
We will do our best to make it real in 2018.
To make this happen, we plan to launch Karma 2.0 this Summer.
Stay tuned
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