Recently new details about the cooperation of the Kodak brand with the company that holds the ICO under its brand.
According to the annual report of the company for 2017, issued on 15 March, the company paid $ 750,000 in cash by the company WENN Digital, which develops KODAKCoin and the appropriate platform.
In addition, Kodak received 50,000 shares of WENN, the cost of which equals approximately 1.25 million dollars.
In addition, Kodak should get 3 million KODAKCoins after completion of the ICO, which, however, has already been postponed several times. These tokens will be evaluated one year after their receipt, although the total estimated cost should not exceed 3 million USD.
All of these funds the company received as advance payments, which will not be refunded in any case:
Cash, stocks and WENN tokens are the reward advance against future royalties from sales. But the advance cannot be refunded under any circumstances.
In the future, Kodak will receive 3% of all tokens issued by WENN if their total number exceeds 100 million.
In early February, the team KODAKCoin said that the ICO is in full swing, and the launch is delayed due to growing interest from various regulators. The team must ensure that the process will not violate any law and, thus, the interests of investors are protected.
This phase will last for several weeks, after which we intend to start selling KODAKcoins.