Mentor Capital Issues Q3 Financials with $1.5 M Revenue YTD
SAN DIEGO–(BUSINESS WIRE)– Mentor Capital, Inc. (OTC Markets: MNTR) announced its third quarter consolidated financial results in conjunction with its Form 10 filing which included 2013 and 2012 audited financial reports. The complete financial filing can be viewed at the company’s web site, at www.sec.gov and at the company’s Filings and Disclosure page at the OTCMarkets.com website under the Mentor Capital ticker (MNTR).
On an unaudited basis the company, as of September 30, 2014, reports that it holds $553,467 in cash, which is an increase from $40,184 held on December 31, 2013. As of September 30, 2014, the company had $2,664,141 in current assets which is an increase from $403,912 at 2013 year end. Consolidated total assets were $5,538,768 on September 30, 2014 which is an increase from $1,690,155 on December 31, 2013. Non-affiliate liabilities total $151,980 on September 30, 2013 compared to $27,366 on December 31, 2013. Common equity is $3,997,543 on September 30, 2014 which is an increase from the deficit of ($293,869) at December 31, 2013. The 2014 first nine month revenues were $1,546,128 compared to $24,000 for the first nine months of 2013. The company had a gross profit of $483,773 at Sept 30, 2014 YTD which compares to a gross profit of $24,000 at September 30, 2013 YTD. The net loss for the first nine months of 2014 was ($11,268) which is an improvement from the net loss of ($181,183) for the first nine months of 2013. 12,539,342 average diluted common shares were outstanding during the first nine months of 2014 vs. 6,650,227 during the same period of 2013.
Mentor Capital focuses new investments into the cannabis and medical marijuana space. Reported financial results are consolidated from several portfolio entities. Nevada Cannabis Ventures, Inc. is funding the formation of the management company for a hedge fund headquartered and somewhat focused in Nevada. MicroCannabiz provides a definitive directory of 4,500 cannabis entities, and other information related cannabis services. $1.5 Million was also paid through Bhang Corporation to Bhang owners, who have kept the $1.5 Million. They have refused to issue any Bhang shares to Mentor Capital, publicly repudiating the contract they signed a few months earlier. Mentor Capital is pursuing through the courts the return of the $1.5 Million which will be redeployed into the cannabis space. Mentor Capital focuses on investments in private medical marijuana companies but holds some few public cannabis shares in its stock portfolio. GW Pharmaceuticals is our largest holding there. Mentor Capital has transitioned out of all of its public cancer stocks and has only minority positions in Brighter Day Health and Shaw Capital (medical devices) as residual private cancer investments pending socially responsible exit opportunities. WCI is a final remaining significant non-cannabis legacy investment.
About Mentor Capital: By acquisition or stock purchase, Mentor Capital, Inc. seeks to invest in leading cannabis companies. Additional important information for investors and founders seeking expansion funding 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,” or “intends,” 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 activities, problems securing the necessary financing to continue operations, problems encountered in commercializing cannabis products, potential of competitive products, services, and technologies, difficulties experienced in product development, difficulties in recruiting knowledgeable personnel and potential problems 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: https://MentorCapital.com/disclosures/
The Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Chet Billingsley, CEO
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