Meeting Highlights on May 28th:
Review of the SC project's budget for the third and fourth quarters of 2023. Review and deliberation of the financial statements and budgets for the first and second quarters of 2023. Hiring an auditing firm to conduct audits of the Foundation's and project parties' financial reports for the years of 2023.
(1) The budget review for the third and fourth quarters did not pass, primarily due to unclear operational expense expenditures.
(2) The financial statement review for the first and second quarters passed, mainly because the current operations and development status are satisfactory. However, criticism was raised regarding insufficient spending on WEB3 development.
Determination of the date and plan for the second SuperCells Foundation Board of Directors meeting.
Meeting Resolution: Tentatively scheduled to be held in Beijing before July 20th, along with the first council election.
Other topics raised by representatives:
(1) The project party requested investment institutions to lock in a position of 36 million tokens. The investment institutions responded that, based on financial regulations, investment returns have already been recorded, and withdrawing them would incur taxes. They will consider executing the request after receiving positive opinions from the tax authority.
(2) A medical research institution proposed the establishment of four sub-funds for diseases like diabetes. There was significant disagreement, mainly because many SCT holders believed there is a high probability of an upward price trend and did not agree with investing at the current stage. Suggestions were made by attending representatives to launch sub-funds by the Foundation, and this topic will be discussed in the next meeting.
(3) Current circulation statistics as of May 28th: 220 million tokens in circulation, representing an actual circulation ratio of 4.4%. Tokens in circulation on exchanges account for 20 million, mostly held by retail investors. The remaining 200 million tokens are held by the project party (62.5 million), investment institutions (three new institutions totaling 92 million), and medical service institutions (45.5 million), among others.
(4) Target price for the token: 0.5-1U.
(5) Expectations for the project party to launch a new round of STAKING and DEFI gameplay.
Visit to the Tokyo headquarters of the SC project party and one Tokyo stem cell service provider.
(1) Headquarters visit: details omitted.
(2) Visit to Yoshida Law Office: details omitted.