Became known new details of the deal between Kodak and WENN Digital is a developer and Issuer KODAKCoin. In sum, the redemption of the rights, the shares and the amount of tokens that will be given to the company shall be five million dollars.
As stated in the annual report Kodak published March 15, WENN Digital had to pay $ 750,000 in cash for the right to use the name brand. In addition, Kodak received 50,000 shares of WENN, the total value of which is $ 1.25 million.
In addition, Kodak will receive 3 million tokens KODAKCoin at the end of ICO, which was delayed (according to rumors, is now closed pre-orders). Assessment of tokens will take place in a year after release, but the total cost will not exceed three million dollars.
These payments will be counted as advance royalty payments, the document says Kodak. The company will also receive payments depending on the level of sales: if investors redeem more than 100 million KODAKCoin, Kodak will receive three per cent of all tokens issued by WENN.
Recall that in February, the company announced that “ICO is in full swing,” despite persistent efforts to introduce special regulatory measures by government authorities in the USA regarding the collection of funds through redemption of tokens. Kodak warned potential investors that if cryptocurrencies will be recognized as securities, the amount KODAKCoin will be severely limited.