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Mandala - Due diligence #129

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icochecker opened this Issue May 16, 2018 · 0 comments

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icochecker commented May 16, 2018

Mandala (MDX)

telegram-chat

mandala-team

Team

Nate Flanders (Co-Founder & CEO) - Dec 2017 - Present | Linkedin profile

  • Decent.Bet | VP of Operations - Apr 2017 - Present
  • Crypto Coin Trader | Co-founder - Apr 2017 - Present
  • Phone ResQ | CEO - Feb 2012 - Jul 2017

Anant Handa (Co-Founder & CSO) - Dec 2017 - Present | Linkedin profile | Twitter

Trevor Soares (CMO) - Jan 2018 - Present | Linkedin profile

Zach Daniels (CTO) - Apr 2018 - Present | Linkedin profile

David Hoverman (Director of Operations) - Month? 2018 - Present | Linkedin profile

Justin Hart (Director of Digital Marketing) - Feb 2018 - Present | Linkedin profile

Jerry Das (Director of Motion Graphics) - Feb 2018 - Present | Linkedin profile

Sam Jadali (Director of IT Operations) | Linkedin profile does not mention Mandala

Bridget Vandenbosch (Director of Communications) - Mar 2018 - Present | Linkedin profile

Darrell Prins (Senior Designer) - Jan 2018 - Present | Linkedin profile

Will Smith (Project Manager) - Feb 2018 - Present | Linkedin profile

Andrew Carman (Business Development) - Mar 2018 - Present | Linkedin profile

John Boyce III (Community Leader) - Feb 2018 - Present | Linkedin profile

Eric Slonaker (Community Leader) - Apr 2018 - Present | Linkedin profile

Zachary Lutes (Community Leader) - Apr 2018 - Present | Linkedin profile

Randy Hilarski (Social Media Strategist) | Linkedin profile does not mention Mandala

Anabell Hilarski (Social Media Strategist) | Linkedin profile does not mention Mandala

Meredith Darden (Social Media Strategist) - Apr 2018 - Present | Linkedin profile

Advisors

OFAC Check

mandala-ofac

Company

MANDALA PLATFORM LLC

File Number: 6861247
Incorporation Date / Formation Date: 26 Apr 2018
Entity Kind: Corporation
Entity Type: General
Residency: Domestic
State: Delaware

Office Address:

Registered Agent Information:
A REGISTERED AGENT, INC.
8 THE GREEN, STE A
Dover
Kent County
Delaware 19901
USA

Directors

  • Nate Flanders | Director, Executive
  • Anant Handa | Director, Executive

Source: Delaware entity search

mandala-linkedin

Mandala Holdings LLC

Registered Address:
CAYMAN ISLANDS

Authorisation Code: 543990153628
Entity File Number: BE-335269

mandala-cayman-verification

Certificate and Stamped Document Validation

Smart contract

Github

mandala-github

1 repo for the token sale

Product

May 12 2018

mandala-product

Roadmap

mandala-roadmap

Vesting

  • Team tokens vest over 1 year. 50% released after 6 months of crowdsale.
  • Advisors tokens vest over 3 months. 50% released after the crowdsale.

Mandala is considering changing the terms for team tokens to 2 years. 25% released every 6 month. They are also exploring on extending the vesting schedule for advisors tokens.

Check pending for codified vesting in the smart contract

Additional info

  • "The exchange will be undergoing deployment of GDPR and will be compliant"

List of countries that cannot participate in the Crowdsale:

  • USA
  • US Territories - Guam, Puerto Rico, US Virgin Islands, Mariana Islands, American Samoa
  • China
  • India
  • North Korea
  • South Korea
  • Bolivia
  • Ecuador
  • Bangladesh
  • Iceland
  • Kyrgyzstan
  • Morocco
  • Nepal
  • Malaysia
  • Indonesia

Token distribution

mandala-distribution

Token allocation

mandala-allocation

Q&A

1. Where is your company registered? Could i have a copy of certificate of incorporation, list of directors and details of registered office address?

We have 2 entities formed. One for our crowdsale under a Reg S to stay compliant with SEC in the Caymans:
Mandala Holdings LLC Registration #: BE-335269 www.mandalaex.com Country: Cayman Islands
The second entity out of Delaware where our Reg A+ is pending and the exchange will be hosted:
Mandala Platform LLC
Delaware
Registration #’s: SR 20183051040 - File Number: 6861247

2. Can i have details of any intellectual property which the company has created, registered or applied to register?

We currently are pending proprietary data systems for our automated trade assistant.

3. Can you share your Cap Table?

Our public cap table is visible in our white paper starting on page 16 - https://mandalaex.com/wp-content/uploads/mandala-whitepaper.pdf

4. Has there been any change in the shareholders in the past 12 months? If so what and why?

No there has not.

5. Has there been any change in the board of the company in the past 12 months? If so who and why?

No there has not.

6. Who are the founding team members? What is the citizenship of the founding team? Has the founding team changed in anyway in the past 12 months? If so who and why?

Myself Nate Flanders, as well as my Co-Founding partner Anant Handa - Both US residents. https://www.linkedin.com/in/nateflanders/
https://www.linkedin.com/in/ananthanda/

7. In your team who is a part time employee?

Our advisors and community leaders.

8. Does any of the founding team members have any involvement in helping raise capital for other token projects? Is the person in question regulated to do so?

Yes, Nate Flanders with Decent.bet in 2017 as Director of Operations and a founding member.

9. How much money has the company raised (equity/token) and over what period?

We raised 53,000 ETH in 30 days starting end of september.

mandala-correction

Edit: "Currently Mandala has raised in it’s presale period, just under $4mil."

10. What is your company's cash burn rate?

$4.8mil projected total before soft release of our platform.

11. Is your company GDPR compliant?

We are a US registered and compliant with SEC and other financial agencies.

12. What is the vesting schedule for Team and Advisors token?

Team tokens 50% released after 6 months of crowdsale, the remaining 50% after 12 months coded in smart contracts. Advisor tokens will get 50% after crowdsale - then remaining 50% after 3 months, also coded in smart contract.

13. Is vesting for Team and Advisors coded in the smart contract?

Yes

14. is your smart contract deployed for the ICO?

Currently in final stages of audit - however our platform to raise is live accepting contributions which will seamlessly tie into our deployed contracts and update to current data.

15. Was your smart contract audited by an independent cybersecurity company? If yes by whom?

Yes - currently in final stages of audit by Token Magic

16. Could i have a link to your github repo?

https://github.com/MandalaPlatform/

17. Do you have a working product on a testnet? Will mainnet be launched before the crowdsale?

Our main net is scheduled on our roadmap and per our developer progress currently early Q4. We will have an interactive demo published to the public within 3 weeks of today - Middle/end of may. (4/29/18)

18. Has the code for your product been published, and has is it been audited by an independent cybersecurity company? If yes by whom?

No - the source has not yet been released to the public as our trade engine framework is complete, now the remaining work to be done are UI/UX and partnership integrations. (Alpha to be available withing 60-90 days of 4/29/18)

19. Are you using a reputable 3rd party for KYC verification? How safe is it to upload my Identity Document on your site?

Yes - we are using an industry leading company called Trulioo.

20. Can us investors participate in the sale? If yes did you secure Reg-D?

No US investors cannot participate as we are filing a Reg A+ for the exchange (as well as acquiring broker dealer, ats, and MTL’s outside of what acquired BD includes) for our raise we filed a Registration S which exempts us from the US while our A+ is pending - the Reg S over our international entity will allow us to repatriate all internationally sold tokens and crowdsale funds into our US entity under compliance.

21. Where is my money going and what will it be used for? Is my money going to be used to "cash out" others?

The funds are broken down in our whitepaper - 40% allocated to development & security, 15% to legal, 25% to marketing, 20% to operations. Money will not be used to ‘cash out’ others.

22. What specific rights come with my investment?

Rights to investment primarily during crowdsale will be fund protection if softcap is not met ($3,000,000)

23. Are there financial statements? If so, are they audited, and by whom?

As we are pre-launch, there are no financial statements, only internal expense sheets as myself and my partner have bootstrapped the entire project until this point.

24. How, when, and at what cost can I sell my investment? For example, do I have a right to give the token or coin back to the company or to receive a refund? Can I resell the coin or token, and if so, are there any limitations on my ability to resell?

Legally we cannot suggest/comment on future token value or appreciation UNTIL our Reg A+ is finalized. During crowdsale periods, there will be the ability to receive a refund under the limitation that the tokens have not been withdrawn from our ICO dashboard yet, and there is at least 15 days remaining in the public sale. When the exchange is live - there will be no limitations to sell to main ICO participants.

25. If a digital wallet is involved, what happens if I lose the key? Will I still have access to my investment?

We will work to ensure recoverable situations for users - however, at this point, we do not have a developed solution for lost keys. Keys must be stored at users own risk.

26. Has the offering been structured to comply with the securities laws and, if not, what implications will that have for the stability of the enterprise and the value of my investment?

Yes, as mentioned above, we are actually in line to be the FIRST token and exchange combination company in the US to become fully compliant with the SEC.

27. What legal protections may or may not be available in the event of fraud, a hack, malware, or a downturn in business prospects? Who will be responsible for refunding my investment if something goes wrong?

We are working on a solution to insure security and insurance for raised funds with a cold storage partner. Also, under our rigorous compliance with the SEC, we are exploring insured options for our users. This is TBD. To keep it simply outside of bringing in a new aspect of security insurance, we would be responsible for repayment of lost funds to any unlikely compromise.

28. If I do have legal rights, can I effectively enforce them and will there be adequate funds to compensate me if my rights are violated?

Under our regulation, yes, users will have rights as members of our exchange. If we are liable or can help in prosecution, yes, there is a legal fund to help facilitate legal matters.

29. SpaceX raised $100K for it's seed round, why does your blockchain project need millions?

We projected $4.8 in our budget to get through crowdsale, development, and first steps of compliance registration. With our discounts available to the public - the $18 million hardcap will actually average to around $11million raised after all discounts/bonuses are applied

Q&A Source

Mandala Flags

Real Team:
GitHub: 1 repo for the token sale smart contract. Project Source code not yet released to the public.
Smart Contract: - Not yet deployed
Working Product: Q3 Mandala platform beta release. Q4 Mandala platform full release.
+2 yr Vesting for team: Team tokens vest over 1 year. 50% released after 6 months of crowdsale. Advisors tokens vest over 3 months. 50% released after the crowdsale. Mandala is considering changing the vesting schedule for team tokens to 2 years. 25% released every 6 month. They are also exploring on extending the vesting schedule for advisors tokens. Pending check for Codified vesting in the smart contract.
Have a company:
Transparent:

IcoCheck.io

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