Kodak could win $ 5 million for the ICO brand license agreement

New details have emerged about the Kodak cryptocurrency license agreement.

According to the company’s 10-K annual report for 2017 , published on March 15, WENN Digital, which is developing KODAKCoin and the related digital rights management platform, paid the company $ 750,000 in cash.

In addition, Kodak received 50,000 ordinary shares of WENN, which according to the report were worth $ 1.25 million.

In addition, Kodak is expected to receive 3 million KODAKCoins after completing the initial offer of coins to be completed, which, as previously reported, was delayed (although a private presale is said to be in progress). These tokens will be valued one year after their reception, although the total value assessed will not exceed $ 3 million, according to the presentation.

The payments will count as a form of initial royalties, said Kodak, explaining in the presentation:

“The cash, the estimated value of the WENN shares and the estimated value of the tokens serve as an advanced fee that will be credited against royalties based on future sales … The anticipated fee is non-refundable. There are no future royalties based on sales. Payment will be due until the advanced royalty has been exhausted. ”

In the future, Kodak will receive 3 percent of the tokens issued by WENN if the total number of coins exceeds 100 million, according to the report.

In early February, the KODAKCoin team said that ICO was “moving forward at full speed,” although “in light of the growing global regulatory interest in ICOs,” project sponsors were moving to determine compliance with the token of the ICOs. relevant regulations.

“This phase will last a few weeks, after which we intend to sell KODAKcoins to eligible investors,” the team said at the time.

Last week, the KODAKCoin team published a “lightweight document” indicating that there are still doubts about whether regulators will finally classify the token as a value, which could generate commercial restrictions after its release.