We anticipate no issue in achieving a close (as we discussed in our article " Kodak: Crypto-Mania Crash Countdown"), a $2 million "investment" has already been announced by the lead investor in the Pre-Sale 1 round.īelow is a chart showing the key highlights, timelines, and milestones of the KODAKCoin ICO. The White Paper provides significant additional data points on the KODAKCoin ICO.Īccording to the White Paper, the minimum amount to close the KODAKCoin ICO is set at $2 million.
See WHITE PAPER LINK further below for the link to view it in its entirety for areas that might be of more interest to you. The WENN White Paper discusses several other topics in more depth, including: disclosures, an overview, management, strategic partners, WENN, the image market, WENN's business model, revenue streams, marketing, the KODAKCoin ICO, KODAKCoin Token attributes, a technical overview, high-level roadmap, and risk factors. We will focus on KODK's economics as it relates to its licensing agreement, the KODAKCoin initial coin offering (ICO), use of ICO proceeds, potential revenue streams for KODAKCoin owners, and the timetable when the KODAKOne system will become available. Over a week ago, we reviewed the WENN Digital's KODAKOne Platform White Paper that is available online (see WHITE PAPER LINK further below for the link to view it). We believe that the surge in KODK's common stock due to the announcement of the WENN licensing agreement is overdone. However, in total, we expect the combination to make a de minimis contribution to KODK's financial statements. Accounting challenges in valuing the equity stake in WENN will also be present. Valuation of KODAKCoin tokens owned by Kodak for financial reporting purposes will require an assessment of "fair value" and account for the lock-up period and illiquidity and other uncertainties (e.g., price). The KODAKCoin tokens received by KODK will likely be subject to lock-up like those of the investors. We believe that the economic benefits of KODK's licensing agreement with WENN will be immaterial to KODK's financial results and financial position for 2018, 2019, and likely for some time beyond.
After our review of WENN Digital's ("WENN") 42-page KODAKOne Platform White Paper ("White Paper"), we remain firm in our belief that the shares of Eastman Kodak's ( NYSE: KODK) common stock are overvalued.
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