SINOVATE Financial Statement: November 2020

SINOVATE (SIN) provides transparency across business and development related activities to its community. This includes financial updates, where all monthly expenditures incurred are provided. This policy will be implemented on a continuous basis forever. Please stay at home, follow the rules, and most importantly stay safe.

Please see the distribution details for November 2020 below:

Breakdown of Treasury

Treasury funds fee from every mined block: 10%

Marketing: 25 %

Exchange Listing: 25 %

Development: 50 %

Expenditures

Core Developers, Web Developer, Back-end Developers, Insights and Nodejs Developers, Telegram Community Managers, Discord Community Managers, Twitter Administrator, Reddit Administrator, Bitcointalk Administrator, Medium Writers, Campaign Manager, Marketing Team, Content Creators, Art Director;

Team: 3500K SIN

Marketing (Twitter follower bounties, Google Ads, Facebook Ads, Marketers, Influencers and Promoters):1000K SIN

Pools: 50K SIN

BitcoinPRBuzz PR package: $25K (1.53172 BTC) 17 Million SIN https://blockstream.info/tx/590f947b3dc23383c3921cdd3f8145d1c9c990046d94b7afbc0a1ba6b0bfbfd9

Expenditures in November 2020: 21.55 million SIN

Below is a breakdown of total expenditures thus far:

Total Expenditures until October 2020: 163.234 million SIN

Expenditures in November 2020: 21.55 million SIN

Total Lifetime Expenditures: 184.784 million SIN

Development Funds Wallet: 143874784.77440938 until 24/11/2020

New Treasury Wallet: 2450136.96427105

As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 146.330 million SIN. The New Treasury Wallet has been created due to excessive transactions within the Development Funds Wallet, leading to technical issues associated with the private key. Also, as the private key was from the old SIN codebase, the Development Funds Wallet will shortly become obsolete.

Additionally, Operating Officer, Community Leader, and investor Tamer Dagli is owed a total of 38.454 million SIN, for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.

All previous Financial Statements are available via the SINOVATE Blog page.

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

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

Author: Amit Kaushal

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