C4IP-11: Fund Code4 Corp for July-December 2022

[ninek9]

Governance proposal

This is our Q3-4 budget request and report according to the process laid out in the DAO’s founding governance actions.

Code4 Corporation will provide proposed budget adjustments to the DAO for the upcoming 6 months on a 3-month rolling basis.

Previous Period Report

Last quarter we projected the following for Q2-3:

Here are the forecast/actuals for Q2:

This is our previous forecast and our new revised forecast for Q3. As you can see, we have revised our revenue numbers to reflect the impact we have seen and expect to continue to see in the short term, although booking has already picked up again since recent significant market events.

Current Period Request

We do not currently anticipate adding team members or significant investments during Q3-4. As you may have noticed, we are currently rolling out new audit contest offerings: private contests, versus battles, and solo audits. We expect to ramp up availability of these products through the end of the year. We've seen great benefit in awareness and relationship building from sending team members to in-person events, such as EthCC most recently, and will continue to look for opportunities to do more of that.

We are requesting an additional $630,606 USDC to add to our June 30 balance of $730,693 in order to accommodate our forecasted budget through December 31 of $1,361,299.

[IllIllI000]

Is there a breakdown of what "Professional Services" entails? Was this jump due to warden certification?

[ninek9]

Thanks for the question! A chunk of it was our annual management fee to the company that acts as the Cayman foundation's director, and then yes both legal services and KYC services associated with warden certification. Some of those costs were one-time startup fees, and I do not expect to maintain that level of spend quarterly. Of course, new requirements may arise as we build our offerings that may require non-forecasted expenses there.