New aspects have emerged about Kodak’s cryptocurrency licensing deal.
According to the firm’s 10-K once-a-year report for 2017, released on March 15, the company was paid $750,000 in hard cash by WENN Digital, which is establishing KODAKCoin and the related digital legal rights management system.
Moreover, Kodak acquired 50,000 shares of WENN frequent inventory, which the report stated was worth $1.25 million.
Further, Kodak is set to get 3 million KODAKCoins next the completion of the yet-to-be-completed first coin supplying, which, as described beforehand, was delayed (however a non-public pre-sale is stated to be in progress). Those tokens will be valued just one 12 months immediately after they are acquired, however the overall assessed benefit will not exceed $3 million, according to the filing.
The payments will depend as a kind of upfront royalties, Kodak stated, describing in the filing:
“The hard cash, considered benefit of the WENN inventory, and considered benefit of the Tokens provide as an progress royalty to be credited in opposition to profits-dependent royalties in the long run … The progress royalty is non-refundable. No long run profits-dependent royalty payment will be due until finally the progress royalty has been depleted.”
Going forward, Kodak will get 3 % of any tokens issued by WENN if the overall amount of coins is greater than 100 million, according to the report.
In early February, the KODAKCoin crew stated the ICO was “moving complete-speed in advance,” even though “in light of the increased globally regulatory interest in ICOs,” the project’s backers ended up moving to determine the token sale’s compliance with applicable rules.
“This period will very last for a number of weeks, immediately after which we intend to promote KODAKcoins to qualified buyers,” the crew stated then.
Final 7 days, the KODAKCoin crew produced a “light paper” that indicated there are nonetheless questions as to whether the regulators will finally classify the token as a safety, which could direct to buying and selling limits next its launch.
Kodak movie cartridge picture via Lenscap Images / Shutterstock