Thank you for a thoughtful question.

There are two parts to the refund periods as we see it, and they are kind of competing with each other in terms of importance.

1. As an anonymous team there is the issue of trust that we wanted to address with the Guaranteed Investor Refund period.

The refund period consist of a total of 150 days.

During the first 100 days any investor in the ICO can INSTANTLY and AUTOMATICALLY get 80% of their invested Ether back, by simpy returning all or part, (for a partial refund) of their tokens to our ICO Ethereum smart contract address.

During the 2nd refund period, which lasts the following 50 days after the first 100 days have ended, any ICO investor can INSTANTLY and AUTOMATICALLY get 40% of their invested Ether back, by simply returning all or part (for a partial refund) of their tokens to our ICO Ethereum smart contract address.  

We believe that 100 and 150 days will be enough time for investors to get a good feeling for and understanding of a lot of things surrounding Angel Token, such as:

- How we are as a team. By that I mean that investors will have plenty of time to chat to us and discuss various issues surrunding the ICO, potential investments and many other things. It is basically a time for investors to "get to know us".

- To see how we make investment decisions, and potentially even see how one or a couple of those decisions turn out. Investors will quickly come to understand how we deal with things inside the private investors community, and see how we address various issues and questions.

- To see how the price of Angel Token will develop on the open exchanges. Investors may have many opportunities to trade in and/or out of Angel Token with a profit. Or they may be disappointed with how the price develops during the first 3 months and rather claim their 80% or 40% refund because they don't think the price will develop favorably fast enough for them.

The point is that they have this time to see what happens to the price, which is obviously an unknown factor for us as a team as well, since it will largely depend on the investing public perception of Angel Token.

2. Investors want fast and good return on their capital.

Since we are unable to touch the 80% of investor funds that are locked up in the Ethereum smart contract, we are not able to use those funds for trading activities.

We believe that a 150 day total refund period, with 1 period of 80% and 1 of 40% gives both us and investors the right balance of allowing us to prove ourselves as a team and get to know each other, and at the same time allowing us to use investor funds in a reasonably effective way.

If we extended it further than these 150 days we would be locking up investor funds for too long without making good use of them, giving investors less than an optimal return.

Obviously the more funds we raise the more sense the above percentages and time periods make, but even where we are now, at around $500,000 raised we feel pretty good about the upcoming months.

As a very last point and to answer you directly, yes we hope that we will have achieved some good results by the time of the first refund period coming to an end at March 7th, 2018. However, regardless where we are in terms of investments/returns we believe that investors will have a very clear understanding of us as a team and what we are about, and it will be easy for them to decide if they want to stay invested with us or sell on an exchange or request the refund by then.