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Litecoin Foundation 2Q19 update: Reserves increase as Litecoin’s price appreciation more than offsets operating loss

Litecoin Foundation 2Q19 update: Reserves increase as Litecoin’s price appreciation more than offsets operating loss
The Litecoin Foundation recently released its unaudited financial statements for 2Q19. As noted previously by The Block, the foundation had received a sizable $468,000 donation from Litecoin founder, Charlie Lee, back in late 2017, but the organization has since been eating through its reserves to pay its operating expenses. In 2Q19, the organization showed signs of financial improvement thanks to a slight increase in reported donations, reduced staff costs, and higher reserve levels.
2Q19 Financials
The foundation’s revenues consist of donations, online merchandise sales, and ticket sales to its annual Litecoin Summit.

*converted from SGD to USD at a rate of $0.73; certain line items were reclassified prior to 3Q18
Source: Litecoin Foundation, The Block
Donations
Following our last report analyzing the foundation’s financial statements, Litecoin Foundation board director Xinxi Wang noted in an interview with Chinese news site XCong , that the foundation had received “hundreds of thousands of dollars worth of donations” in 2Q19.
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