Jelurida Financial Report 2017-2018
02 March 2020
Jelurida had collected about 15 M CHF as of Nov 2017, when its crowdfunding campaign ended. Since the first tax year of the company was a long year, the first year accounting data covers the whole period from the establishment of the company in July 2017 until 31.12.2018.
In line with what was promised in the Jelurida Whitepaper, these are the relevant spending metrics we would like to report:
1. The total spent on marketing and promotion in the above period was 2.659 M CHF. This number includes 1.265 M worth of CHF spent on bounties and payments to cryptocurrency exchanges paid in IGNIS (JLRDA), ARDR, NXT and BTC at a time when the market price was very high (accounting rules require to be reported in fiat equivalent). It also includes 625k CHF worth of BTC and NXT, which were used for marketing purposes during the ICO itself. Excluding these two, the total spent on marketing and promotion after the end of the ICO comes to 769k CHF.
2. The total spent on product development and research, including salaries for employees and payments to contractors, as well as payroll overhead, was 952k CHF.
3. Total administrative and legal costs of running the company, including ICO related legal services costs, payments for legal opinions for exchanges and protection of the intellectual property of the software were 417k CHF.
4. Total other expenses were 275k CHF. These number includes unrealized financial losses of around 200k due to changes in fiat exchange rate, financial service fees, and payments to various service providers.
The total expenses up until 31.12.2018 were 4.3 M CHF. As of the end of 2018, the company assets, including both fiat and crypto holdings, were valued at 15,051,396.84 CHF.
To explain how the company started with 15 M CHF in Nov 2017 and after spending 4.3 M CHF still had assets worth 15 M CHF at the end of 2018, consider the fact that some part of the collected BTC were converted to fiat in December 2017 and January 2018 when the BTC price was significantly higher than at November 2017 when the ICO ended. The fiat reserves we had in the beginning of 2018 allowed us to survive the following bear market without the need to sell more crypto (BTC) until the middle of 2019 when the price started to recover.
As a very preliminary estimate, at the end of 2019 the total assets of the company including both fiat and crypto were approximately 20 M CHF.