Summary
Over the past month, our operational expenses totaled $807,204, showing a notable increase of $173,446 compared to the previous month. This rise of 27.37% underscores a temporary deviation from our commitment to stability. However, these costs are aligned with our strategic focus on product development and readiness for shipment.
This report offers a comprehensive analysis of our financial performance in June 2024, emphasizing key metrics and budgetary insights.
Overview
- Last Month’s Treasury Holdings: $67,109,851
- Current Month Treasury Holdings: $31,765,250
- Variance (-$35,344,601, 52.67%): This change was primarily driven by fluctuations in token prices, which experienced a downturn last month. Additionally, our monthly operating expenses across all workstreams amounted to $807,204, further contributing to this variance…
Runway
The recent decline in the value of our treasury’s GTC holdings, primarily influenced by GTC’s performance, has impacted our Runway projection. Currently, our Runway is estimated to be 45 months (4 years), factoring in an anticipated expenditure of $700,000 across our Business Units and the Ecosystem Collective.
Our DAO currently holds a total of $22,885,275.00 worth of GTC tokens, with each token averaging a value of $0.71.
Our reliance on GTC now stands at 72.05% of our treasury, highlighting the significant impact of this token’s performance. To mitigate risks associated with market fluctuations and ensure financial resilience, it is crucial to diligently monitor and explore strategies for diversifying our treasury holdings.
Last Month’s Expenditure: Totaled $807,204, representing a significant 27.37% increase (equivalent to $173,446) compared to the previous month’s expenditure of $633,758. This overspend highlights challenges in resource allocation management. Moving forward, it’s essential to reassess our budgeting strategies to ensure more prudent spending and sustainable financial health.
June*
- Figures ran on July 15, 2024
May*
- Figures ran on June 4 2024
Token spend in June
During June, our total expenditure in USD reached $807,204. This breakdown comprises $658,556 in USDC, 39,379 GTC valued at $39,447 and $109,201 in USDC on Rain.
Key Financial Insights June
Total Contributor Costs
- Covering full-time team members, part-time support, including headcount and external consultants, amount to $708,901. This represents an increase of $157,766, marking a significant rise of 28.63% compared to the previous month. This increase is primarily attributed to the addition of software development resources (i.e. Wonderland project).
Other Notable Operating Expenses
- Software & Subscriptions: $25,201.
- Travel, Lodging, and Meals: $16,803, primarily driven by ETHCC. This cost will also impact our July figures, with a detailed breakdown to be provided in the next reporting period.
- General and Administrative: $56,298, covering various payments related to marketing expenses.
This breakdown highlights our challenge in adhering to budgeted expenses, reflecting significant overspending across various expense categories. Moving forward, we aim to strengthen our commitment to prudent and efficient spending to ensure better financial discipline and savings.
Summary
- June’s budget does not include any allocation for Grant Lab, as it does not have a budget for this month.
Monthly Breakdown
June
| Actuals | Budget | $ Variance | % Difference | |
|---|---|---|---|---|
| Headcount | $590,698 | $336,938 | $253,759 | 75.31% |
| Other Consultants | $118,203 | $55,500 | $62,703 | 112.98% |
| Software & Subscriptions | $25,201 | $17,726 | $7,475 | 42.17% |
| Travel, Lodging and Meals | $16,803 | $12,000 | $4,803 | 40.03% |
| General and Administrative | $315 | $7,571 | -$7,256 | -95.84% |
| Miscellaneous | $55,983 | $57,200 | -$1,217 | -2.13% |
Breakdown by business unit / workstream:
The Ecosystem Collective showcased remarkable financial efficiency by operating well below budget, with total expenses amounting to just $197,971, significantly under the allocated budget of $260,013. Despite handling substantial expenditures throughout the month, careful management enabled the Ecosystem Collective to conclude June with substantial breathing room within budget constraints.
- January and February represent MMM workstream performance.
In the Grants Lab business unit, expenses totaled $411,684, marking an increase of $176,211 from the previous month. This rise was primarily driven by the integration of additional engineering resources into our product development efforts (i.e. Wonderland) and an expansion in headcount
- January represents Grants Stack workstream performance.There is no budget for June.
In the Passport business unit, $197,549 were spent out of the allocated budget of $226,922, leaving $29,373 unutilized. Despite initial expectations of higher infrastructure costs, the Passport BU effectively managed June, successfully finishing the month comfortably below budget.
