Why release a transparency report?
Electric Coin Co. (ECC)* is committed to openness and transparency — as we help evolve and support the Zcash digital currency, and in support of our mission to empower people with economic freedom. This transparency report details company income, expenses and use of funds during Q4 2020 and Q1 2021.
Key takeaways:
- ECC and its parent 501(c)3 Bootstrap received coins at a value above the operating-expense level for Q4 2020 and for Q1 2021: For October and November, before Bootstrap was formed, ECC received coins at an average of $810,000 a month. Bootstrap received $537,000 for December. Operating expenses were $564,000 per month in Q4. Additionally, we distributed the remaining employee incentive compensation related to stock options and equity paid in ZEC for October and November. During Q1 2021 Bootstrap received coins at an average of $897,900 a month (at the Q1 average ZEC price of $117.28) and incurred average monthly expenses of $556,000.
- At the end of Q4 2020 and Q1 2021 the company held approximately $10.1M and $13.25M in USD and ZEC, respectively, based on the December and March closing prices of $63.99 and $156.92.
- During Q1 2021, the Bootstrap board of directors approved a plan based on Zcash coins for employee retention.
Click here to download the full ECC Transparency Report for Q4 2020 and Q1 2021
