Many of you may know I've been personally funding Apollon. We are currently seeing and have continued to see a loss of revenue for the past several months, which has resulted in us not being able to cover our expenses each month. We've now hit the point where we cannot continue operations as the money I’ve put in has dried up. We needed around 2,000 RYON nodes in order to pay for the base businesses expenses, and unfortunately, we haven’t reached that number. We’re currently at 1,169 nodes online, which is a slight decline from last month, and this doesn’t cover our base expenses for the business.
As such, we’ve come to the cross-roads as I simply cannot afford to continue to put money into this company to keep it afloat. So, given that we’re not adding any new nodes to the platform, and we’re continuing to lose money every month, we’re at the point where we have had to make a very hard decision. And that decision is to shut down the company down.
What happens next and how does this affect you?
The rest of the team, Markus, Adrian, Minh and Lukas, have decided that they, as a group are going to join with a couple of members from the community, Imperator and Conferenz to start another business on the side that will use XAP. They believe that they can do something to bring value to XAP. I’ve asked them what this might be, and they won’t share anything with me. So, I can’t speculate as to what that might be. They’ll share that with you when they feel it’s time to.
Now, if I was an XAP holder, I would wait and see what those guys have up their sleeves. Maybe they have a magic bullet that will turn the market around, if it does, great, if it doesn’t, you’re all in the same place as where you began, so no harm no foul.
For clarity on my position in all of this, as the CEO, it’s my responsibility to protect the IP that Apollon holds and to turn that into something if I can in the future if the market comes back. I am going to keep the NodeBuilder IP within the company and wait for the market to come back, if it ever does. If that time arrives, then we’ll spin this service back up and see if we can make a go of it during a bull market. As I think is clear to all at this point, NodeBuilder is a bull market product and RYON is a bear market product, so I’ll just have to wait for a bull market to come back up again. Regarding any credit balances on the books, the company is insolvent, which means it does not have any money, so I cannot refund you your funds at this time. However, what I will do is keep those balances on file, and if I’m able to spin this back up in a bull market, then I will honour those credits on accounts. The RYON service will end on February 22nd, 2019.
The only thing I can say is, I’m sorry, I failed you all. No one goes into a business intending for it to fail, you go into it intending for it to succeed, but failure is a part of life and the best I can offer is that I’m very sorry to all of you that I did fail and I’ll do my best to learn from this.
Hopefully the other guys can make a go of this, and I wish them the best of luck.