$750,000 in cash was paid out by WENN Digital, the company that developed KODAKCoin and its associated digital rights management platform, according to the Kodak 10-K annual report.
New details have emerged about Kodak’s cryptocurrency licensing agreement. Kodak bought 50,000 shares of WENN Digital and says it’s worth $1.25 million, according to the report. It is set to receive 3 million KODAKCoins following the completion of the initial coin offering. These tokens will be evaluated one year after receipt, but the total valuation will not exceed $3 million. Payments will be accepted as a form of prepayment. Kodak explained:
“The value of WENN shares and the cash counted as the value of the tokens serve as an advance credited against future sales-based royalties. Advance is not refundable. No sale-based license payment will be made until the future sale license is exhausted.”
KODAKCoin ICO has been delayed for several weeks
According to the report, Kodak has issued a WENN-issued token if the total number of tokens exceeds 100 million. will receive 3 percent of any token.
Earlier in February, the KODAKCoin team stated that the ICO is in full swing in light of the growing worldwide regulatory interest in ICOs. The team said that this phase will take a few weeks, after which it plans to sell KODAKcoins to eligible investors.
Coindesk