MFP#29: r3gen Finance - Accounting, Financial Operations & Advisory Scope Extension

[r3genDom]

r3gen Finance is pleased to present an offering to continue providing accounting and financial reporting services to Enzyme, with the addition of financial operations and advisory support. We aim to deliver exceptional value to the Enzyme council by providing you with accurate and insightful data that will serve as a strong foundation for more informed decision making and improved strategic planning, whilst streamlining your financial operations, maximising efficiency and offering financial advice to support protocol development and growth.

Engagement Phase 1 Recap

r3gen have completed their first phase of work with the Enzyme Council Association. The work scope covered bookkeeping and accounting from genesis to date, coupled with the production of historic annual financial statements (y/e 2020, 2021, 2022 and 2023) and monthly management accounts for the months of June, July and August 2023.

In addition to this, a Treasury Insights Report, officially out of scope, has also been generated to highlight specific observations noted during the initial bookkeeping phase. Discussions have also taken place as to how r3gen can support the Enzyme Council with wider financial advisory services relating to protocol development.

Ongoing support

1. Bookkeeping & Reporting
Bookkeeping & Reporting covers the ongoing accounting needs of Enzyme at a cadence that works for you. Ongoing support in this area ensures the Enzyme Council will always have up-to-date information available when it’s needed.

2. Financial Operations & Tooling Optimisation
Financial Operations, whilst essential to running an efficient organisation can be a complex and time consuming process, ultimately distracting team members from building and developing the protocol. Especially in the web3 world, processes such as vendor management, processing payments and payroll are a time consuming process. By outsourcing this you have the peace of mind that rigorous controls frameworks are followed and everything is being tracked, accounted for and reported.

3. Financial Planning & Analysis
Accurate financial information is key to making well informed long-term business decisions. We will provide budgeting, forecasting and runway analysis to lay a solid foundation to such decisions allowing for appropriate resource allocation, expense control and cash flow management.

4. Internal Controls and Best Practices
Ensuring an organisation has sufficient internal controls greatly minimises the risk of loss of funds due to fraud or mistake and when implemented effectively also reduces administrative burden. We will review these important areas, generate a controls report and implement the resulting recommendations, maintaining the processes moving forward.

This Fractional Finance Team offering seeks to provide a holistic solution to your organisation’s financial needs.

5. Financial Advisory Services
As we partner with Enzyme for a long term scope we have also seen an appetite for advisory services to be an important part of our product offering. R3gen is pleased to offer financial advisory support to advance the Enzyme protocol development, analysis of relevant data to support projects and access to r3gen’s network of web3 contacts to support growth endeavours.

What does it cost?
We are excited to explore a long term relationship with Enzyme, our pricing is outlined below.

As we are keen to be long term aligned with the success of Enzyme we would propose to take our entire fee in $MLN paid at the spot price at the point of payment, as was the case during our first engagement phase.

To further evidence our desire for a symbiotic partnership we propose to take 20% of our fee as a MLN denominated fee vested 6 months from the date of invoice; further encouraging positive contributions to the protocol.

Fractional Finance Team - USD Denominated Fee: $9,320 USD/month to be paid in $MLN using spot price at point of payment
Fractional Finance Team - MLN Denominated Fee: 115 $MLN/month

Monthly Total: $9,320 USD
Monthly Vested Contract Total: 115 $MLN

We look forward to continuing to work with the Enzyme Council and being able to contribute to the success and growth of the protocol.

This MFP is to cover a period of 12 months, totalling $111,840 in liquid payment paid monthly and 1,380 MLN through vested terms.