Hi @steve
While it’s unfortunate for everyone who voted for you that you couldn’t deliver as much impact as you thought you could in your time as a director, your attempt to blame PNF’s financial systems for your failings is 1) a flagrant lie and 2) a reflection on your and Mike’s general inability to plan or collaborate.
First, PNF’s financial systems are a vast improvement from the system that @o_rourke ran in 2022 when they spent over $20m (in POKT and stables) in less than a year without any transparency or oversight.
When we joined in January 2023, there were no monthly management accounts or any form of forecasting system. So we onboarded with https://www.cryptedge.net/ to implement better forecasting and tracking to provide monthly management accounts to the board and quarterly accounts to the community.
We onboarded https://olambit.com/ as PNF’s new accountants in June 2024 (to help with some accounting automations). In July we finalised the June accounts with Olambit, handed over to Shane and released the Q2 accounts and transparency report.
Accounting records were kept for each month the foundation was in place, with a transaction ledger feeding into chart of accounts, journal, trial balance, income statement and balance sheet.
How would the quarterly transparency reports be created if not for monthly accounting? PNF was spending less than $2m per year so none of this is rocket science.
By the end of July, we were fully out, cut off from everything, and had zero meetings or discussions direct with Mike, Steve, Jinx or any of the other current PNF leadership team.
Having advised on 10s of billions of dollars of M&A, PE and VC transactions in my career to date, I have never experienced any situation where a new management team has never asked the previous management team questions about the finances.
All of the accounting information is with the current PNF leadership team, Cryptedge (for everything up until end of May 2024) and Olambit (for the full period), and the live balances (in POKT and the PNF SAFE on Ethereum) have been available for all with an internet connection 24/7.
If you really cared about solving a perceived problem, as opposed to creating an excuse for your lack of impact, why didn’t you reach out to ask?
I’m also not clear how a delay in reconciling some past transactions into your new system delayed you or Mike in delivering on the vision in your PIP-38 proposal?
Whatever the reason, the implication that historical records weren’t kept or were somehow a mess is completely false.
I hope that @o_rourke has a better plan than whatever this poor attempt to distract away from what’s actually happening now at PNF is.