First 10-K Filing for Marijuana and Cannabis M&A
Leader
Mentor Capital, Inc. (OTCQB: MNTR) announced that it has filed
its initial annual 10-K filing for the fiscal year ending December
31, 2014 with the SEC. Mentor CEO, Chet Billingsley, observes, “We
voluntarily took this step approximately a year earlier than
securities law would require because in the uncertain medical
marijuana and cannabis sector, detailed and reliable disclosure is
critical, especially to institutional investors.”
The Company reports that for the 2014 fiscal year Mentor had
revenues of $2,149,726 and a gross profit of $773,161 with a
resulting net loss of ($472,922) or (4.2 cents) per share. This is
improved from 2013 revenues of $32,000 and a corresponding loss of
(4.5 cents) per share.
The Mentor Capital, Inc. parent company has no non-affiliate
debt, and raised $3,426,243 from approximately 300 shareholders
during 2014 under the authority of an 11 USC 1145 order. $1,772,697
was invested into cannabis related companies during that twelve
month period and the Company maintained an increased cash balance
of $326,228 at the close of 2014 compared to $40,184 at the end of
2013. The Company closed 2014 with a book value of $3,379,240 up
from a negative value of ($293,869) at the end of 2013.
The Mentor Capital, Inc. transfer agent reports 4,175
shareholders as of December 31, 2014, with 14,483,215 shares
issued. There are 14,504,766 Series D warrants outstanding at the
2014 year-end at a strike price of $1.60 per share, and 689,159
Series H warrants are held by an investment bank at a $7.00 per
share strike price. During 2014 no unordered or unregistered share
offerings were made and no equity was granted to directors,
insiders, consultants or investor relations firms. A long-term
300,000 share repurchase plan was authorized in 2014 and during the
year 21,448 Mentor shares were repurchased out of the open market.
The Company’s shares finished 2014 at a closing price of $0.60 per
share representing a market capitalization of $8,689,929 compared
to a 2013 year ending closing price of $0.20 per share and a
corresponding market capitalization of $1,337,700.
The Company is managed by CEO, Chet Billingsley, (62) who
founded Mentor Capital first as an acquisition partnership in 1985.
He was qualified as a Registered Financial Advisor and received his
undergraduate education at West Point before receiving a Master’s
Degree in Applied Physics at Harvard University. CFO, Lori
Stansfield, CPA (55) was most recently Director of Audit Services
for a regional CPA firm. She graduated Magna cum Laude in
accounting and received a Master’s Degree from the University of
Colorado. Ms. Stansfield is certified as a public accountant in
both Colorado and California. The four non-officer directors are
independent and each has been or is a business owner and major
shareholder. Altogether, the directors and officers hold a 32.15%
interest in Mentor Capital with Mr. Billingsley’s interest reported
at 24.45%.
On March 11, 2014 Mentor entered into an agreement with Bhang
Corporation, and paid Bhang $1,500,000 between then and May 9,
2014. On June 24, 2014, Bhang repudiated the contract, giving
Mentor nothing, but refused to return the $1,500,000 paid to Bhang
and its owners. On August 11, 2014, Mentor filed a complaint in
Federal District Court for the Northern District of California for
rescission to seek a return of the $1,500,000. The court has
ordered the parties to arbitration. Until the matter is resolved,
Mentor considers the $1,500,000 invested in Bhang as an investment
for which it must make periodic disclosures.
The 10-K includes 2013 and 2014 audited financials and can be
referenced through the SEC’s EDGAR system at:
https://www.sec.gov/edgar/searchedgar/companysearch.html
Inputting the company name, Mentor Capital, Inc. or the
Company’s CIK code which is 0001599117, will bring up the report.
The 10-K can also be viewed at the Company’s web site at the
Investor’s Corner section under the Disclosures tab.
About Mentor Capital: The Company seeks to take
significant positions in medical marijuana and cannabis companies
to provide public market liquidity for founders, protection for
investors and to incubate private cannabis companies that have the
potential to be spun off as stand-alone pubic companies. Additional
important information for investors is presented at:
www.MentorCapital.com.
This press release is neither an offer to sell, nor a
solicitation of offers to purchase, securities.
Forward Looking Statements: This press release contains
forward-looking statements within the meaning of the federal
securities laws, including statements concerning financial
projections, financing activities, corporate combinations, product
development activities and sales and licensing activities. Such
forward-looking statements are not guarantees of future results or
performance, are sometimes identified by words of condition such as
“should,” “could,” “expects,” “may,” “intends,” “seeks,” “looks,”
“moves,” or “plans” and are subject to a number of risks and
uncertainties, known and unknown, that could cause actual results
to differ materially from those intended or anticipated. Such risks
include, without limitation: nonperformance of investments, partner
and portfolio difficulties, potential delays in marketing and
sales, problems securing the necessary financing to continue
operations, problems involving continued illegality of cannabis
products, potential of competitive products, services, and
technologies, difficulties experienced in product development, in
recruiting knowledgeable personnel and in protecting intellectual
property. Further information concerning these and other risks is
included in the Company’s Form 10 filing which, along with other
very important information about the Company, can be found
here:
http://mentorcapital.com/disclosures/
The Company undertakes no obligation to update or revise such
forward-looking statements to reflect new information, events or
circumstances occurring after the date of this press release.
Mentor Capital, Inc.Chet Billingsley, CEO(760) 788-4700
Mentor Capital (QB) (USOTC:MNTR)
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